Today, Lydia DePillis wrote on the Washington Post “Baby boomers are taking on ageism – and losing”. It tells the story of a senior GC failing to land a job in modern economy. Apparently, “Old Economy Steve” is too old for working on a profession that, paradoxically, requires experience and wisdom.
Become a real lawyer requires being exposed to the right life experience. Applying legal concepts and solving legal problems need situational and emotional intelligence. This is acquired by practical knowledge. Time and will is necessary for developing pillar skills for performing amazingly in any legal job: Ownership, resilience and curiosity.
In law, age is an advantage because is safer to bet on the seasoned lawyer. She/he eats newbies for breakfast. This is why old lawyers get shift done. Infographic below tried to convey this concept in a simple way.
Photo Credit: www.bigstock.com / Business exchange concept as two human hands from diverse cultural backgrounds exchanging financial and economic information and training as a metaphor for team success.
I just read the post from @JohnGrimley “Lawyers rush to win new work from the Trans-Pacific Partnership (TPP).” It just makes you wonder of the future of lawyers in Mexico.
TPP will free the major trade zone of the world with over 40% of global economy, and excluding China, for now. Mexican Ministry of Economy promised to release public versions of TPP for public discussion on November. TPP is set to discussion by Senate during Q2-2016 for approval or rejection.
Fine print is still unknown, so is not possible to learn if will open legal services market in the region, as it has happened in some Asian countries. It happened with NAFTA, partially.
The key items to watch for Mexican lawyers are: Licensing and bar requirements to practice law, dispute resolution on investments, will lawyers be uberized and if Mexico will dimishing application of civil law system. Unquestionably, the debates and answers will put some pressure on big law and judicial system.
Now, Mexican lawyers have incentives to compete with other TPP firms. Is it time for a NewLaw strategy?
Advocacy Concept by tashatuvango / Bigstockphoto.com
Photo credit: Typewriter Keys by Kristin Nador
American Bar Association (ABA) is making the Annual Blawg 100 List to include the best legal blogs of the World (Blawgs).
If you think this Blog should be listed, please nominate it here for consideration of the ABA. Nominations are due no later than 7 p.m. ET on Friday, Aug. 9, 2013.
But remember that ABA will not receive nominations from:
- Law bloggers who nominate themselves or nominate blogs to which they have regularly contributed posts.
- Public relations professionals in the employ of lawyers or law firms who nominate their clients’ blogs.
Please submit nominations and read more details about submitting a Blawg Amici, or friend-of-the-blawg brief, here: http://www.abajournal.com/blawgs/blawg100_submit/
As an incentive to my readers to be considered for nomination, below is a list of the top 10 must-read posts of 2013. Enjoy and decide for yourself the merits of this Blog.
Thanks a lot,
1. Mexican Telecom Reform: The Rise of the STEM Lawyers.
2. Mexico’s Booming Aerospace Sector: an Opportunity for Many.
3. Mexico Opportunities for the Korean Animation Industry.
4. An Overview of the Mexican Legal Market for Foreign Firms.
5. The Sweet Spot of the Mexican Telecom Reform (Part 1/3).
6. President Xi Jinping sees Opportunities for Chinese Companies in Mexico.
7. Honda Announces New Investment in Mexico.
8. Mexico Opportunities for Singapore Tech Companies.
9. Mexico Energy Grid Construction Provides Opportunity for Foreign Companies.
10. So you want to move to Mexico? Immigration Essentials.
Photo credit: Law School by Tulane Public Relations
Investor attention is turning somewhat away from the BRIC (Brazil, Russia, India, China) in recent months because their economies haven’t been growing as swiftly as they had been in years past. The four countries that are attracting the attention of international investors are Mexico, Indonesia, South Korea, and Turkey, or MIST for short.
Mexico in particular is attracting a lot of attention from investors; it’s currently the second largest economy in Latin America and is poised to become the world’s seventh largest economy in the coming decades. In fact, Mexico’s economy is predicted to become larger than that of the United Kingdom. Part of the country’s economic growth is due to the country’s conglomerates looking at international capital markets, and part of the growth is due to public/private partnerships in the infrastructure sector. Liberalization of Mexico’s oil sector could also fuel tremendous growth; reforms are currently being discussed inside the country’s government.
The country has one of the world’s most open economies. With a dozen free trade agreements that cover 44 nations, investors from all over the globe are scrambling to set up shop in the Spanish-speaking country. With a highly skilled and motivated workforce, the country has become the darling of international investment community.
The legal sector in Mexico is also very open to foreign firms. Interestingly, foreign law firms don’t need to register with any of the country’s local bar associations, and are allowed to use their home name to open offices. However, only Mexican-licensed lawyers are permitted to appear in court and advise on local law. It must be stated here that foreign law firms are allowed to employ Mexican lawyers to advise on Mexican law, international law, and home country law.
Mexican lawyers are not required to members of Mexico’s six bar associations.
While the legal market is open and bar association membership is not necessary, this does not mean that Mexico’s legal sector is unsophisticated or underserved. In fact, Mexico’s lawyers are among the most highly trained and educated in the world with skills that span the entire legal sector spectrum. The legal market is very competitive and very sophisticated, with a massive number of Mexican lawyers holding law degrees from Ivy League Schools and memberships in United States bar associations. International firms should not think of themselves as “swooping in” to fill a void in the legal market.
The opportunities for foreign law firms appear to exist in partnerships with local firms or with small- to medium-sized firms. Large legal firms in Mexico are few and far between, with “large” in Mexico being a firm with around 70 lawyers. Brazil, on the other hand, has a good number of firms that employ over 200 lawyers. Mexican lawyers are strongly independent, something they do not want to sacrifice by joining large firms.
But it’s quite possible for there to be many opportunities for legal firms who want to establish “spin-off” or boutique legal practices. Because of the sense of independence that Mexican lawyers have, this is one area where the legal market has been growing and the trend does not appear to be slowing down. One of the reasons given for this boutique legal firm growth is that lawyers want to avoid the long wait with larger firms to become partners.
Photo credit: Seagate drives being tested by Robert Scoble
Flavius Vegetius Renatus (Circa 375 AD), writer of Epitoma Rei Militaris (The Military Institutions of the Romans) is often quoted for: “If you want peace, prepare for war”. Business was way more simpler back then, and this kind of advice applied easily to every day trades. Today, globalized and technology-based world has created a more complex and competitive business world with multinationals with no nationalities or boundaries.
As we speak, one trend is challenging business in Mexico … There is a re-shoring war upon us. So, if Vegetius allows me, I would re-quote him for the present time: “Mexico-based operation: If you want profits, prepare for re-shoring war”.
There are several advantages of Mexico that US or China may use for making profit on the current re-shoring trend into America, and eventually will allow Mexico to keep some of that re-shoring inside the country.
1. Location, location, location. As in real estate, in manufacturing, location offers the big advantage of working on-time, reducing delivery times and costs. Plus, Mexico has good infrastructure. Mexico has broad cross borders with the US, as well as 102 Ports and 15 hinterland ports to handle charge and export all over the world. It has 78 airports, 264,000 miles of road and 16,000 miles of railroad. Government has been discussing increase of its railroad infrastructure to meet demand by automakers in the center of the country.
2. Free Trade Agreements and Double Taxation Treaties. Mexico has signed 12 FTAs with 44 countries, 28 Reciprocal Investment Promotion and Protection Agreements (RIPPAs) and 9 trade agreements (Economic Complementation and Partial Scope Agreements) within the framework of the Latin American Integration Association (ALADI). In addition, Mexico is an active participant in multilateral and regional organisms and forums such as the World Trade Organization (WTO), the Asia-Pacific Economic Cooperation (APEC) mechanism, the Organization for Economic Cooperation and Development (OECD) and the Latin American Association for the Integration (ALADI). Since 2010, Mexico is negotiating its incorporation to the Trans-Pacific Partnership (TPP) with Australia, Brunei, Chile, Canada, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam. After this Agreement, Mexico will be a world-class connector with reduced or non-existing trade barriers with almost all countries.
3. Export incentives (IMMEX). Through the years, Mexican Government has implemented several export and manufacturing incentive programs for investors. Currently, IMMEX is the program that supports manufacturing companies for exporting. The main benefit is that raw materials are imported under 0% VAT rate (instead of 16%) or certain import duties, and could be transfer among IMMEX companies with same 0% rate. Machinery/tools could be temporary without paying VAT or import duties, too. Finally, at the end of supply chain, if this product/part is exported, VAT is not paid and machinery/tools could be re-exported without paying taxes. One of the main unexploited features of the IMMEX is that the same provisions apply to services. Then, outsourcing services of any kind (i.e. call centers, digital media rendering for video production, etc.) could apply for the same IMMEX benefits.
4. Engineers. Mexico is producing more engineers than ever, having a base of 400,000 software engineers and 65,000 graduating every year, Mexico is an “Engineering Powerhouse“. This number is powered by the fact that Mexico has qualified and skilled employees that have helped to success of diverse industries like consumer electronics, automotive/aerospace, textile and home appliances. In fact, Mexico has become a good ecosystem for clusters of auto/aero and consumer electronics to flourish.
5. Reliable legal framework. As labor law was amended to provide a more flexible labor system, and wages are reasonable, Mexico is competing with labor conditions in Asia. Government and politics are pushing amendments to free telecom and energy markets, and promised to set a more fair tax system. This could happen as soon as this year. El Pacto Por Mexico, a political alliance between the three major political parties, has outlined some of these amendments, and has guaranteed a majority in the Congress to pass the bill.
6. Domestic market. Mexico has a big domestic market of over 110 million people, with an average age of 26 years, Mexico has a great potential for growing inner market with products manufactured in the country.
Globalization is about producing in a place where business conditions, quality and price meet. Many companies will re-shore from China to US and/or Mexico forming a kind of North America manufacturing hub. Mexico has potential for landing any type of manufacturing operation, partially or totally, as can harbor either Chinese or US foreign investment.
As this re-shoring war is showing their first signs of hostility with companies moving away from China, it is time to apply some advice from Sun Tzu´s “The Art of War”: “Whoever is first in the field and awaits the coming of the enemy, will be fresh for the fight; whoever is second in the field and has to hasten to battle will arrive exhausted.”