OECD Produces Report On Liberalisation Of Global Legal Services Sector

by Glen Shapiro, LawAndTax-News.com, New York

28 September 2004

A report compiled by the Organisation for Economic Cooperation and Development (OECD) for presentation to World Trade Organisation members has suggested that further liberalisation of the legal sector on an international level will result in a higher standard of service and lower prices for clients.

With the issue of legal sector liberalisation set to come under discussion as part of the Doha round of talks under the General Agreement on Trade in Services (GATS), the OECD suggested that measures such as the removal of obstacles preventing foreign lawyers from practicing in many countries "could lead to benefits that go well beyond the growth of the sector, including higher quality and lower prices for all consumers of legal services".

The report went on to observe that:

"As these are for the most part corporate clients, the increased availability of these services, and the more secure environment that they create, can help to attract foreign investment, create business opportunities for local suppliers and enhance overall economic efficiency."

The OECD also drew attention to the rapid growth of the Asian legal services sector, revealing that in Hong Kong, the industry's total revenue tops $1.5 billion annually.

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