Edward Poll, The Daily Record Newswire
The fact that the world is changing is no surprise to anyone, but the fact that the legal world is changing seems to be a surprise to far too many lawyers.
What happens globally affects every business area, including the legal industry. Lawyers who stay cognizant of what's happening in the world are going to be the thought leaders in their industries.
One current trend is for immigrants not only to transplant themselves, but also transfer their wealth. Immigration law, in other words, is becoming a composite of border clients and corporate clients. Lawyers who are aware of this can expand their business by helping immigrants branch out in that way.
One of the reasons that there are so many immigrants in the United States is that America is seen as a cheap investment - good, but cheap. Many immigrants are accustomed to paying higher fees, depending on what their exchange rate is.
I read an article not long ago about an investment trend occurring in San Francisco. Apparently, some Asians are buying very expensive condominium units, but nobody ever lives in them. They're buying those units because it's a very inexpensive and safe investment.
You would think that that would make the real estate brokers happy, but that's not the case. In fact, brokers are extremely worried; they want to sell high-dollar units, but there has to be some activity there to generate a sort of community feeling. If the premises are empty, the interaction at the street level just doesn't occur. And if it doesn't, other buyers will be discouraged from making a real estate purchase.
Of course, dealing with immigrant clients who have money to invest adds another layer of complexity to an immigration law practice in the sense that now you've got issues that go far beyond immigration - taxes, Homeland Security, etc. That makes things more complex, but it also adds another dimension - a potentially very profitable one - to a law practice.
The world is changing. Our economies are now globalized. What happens in China impacts the U.S., what happens here impacts Europe, and so forth.
The other day, I read an article discussing the fact that OPEC is not going to reduce the volume of its oil production. But we don't need Middle-Eastern oil production like we used to; for some reason, we're more independent in terms of energy than we've ever been.
So the global situation keeps changing, and the lawyer who doesn't appreciate the changes and adapt to them will find the valuation of his law firm - and his personal income - going down.
Immigration law and the changes that are occurring in that field represent just one situation that lawyers should be aware of. Pay attention to transformations in life and the law. In business, being a forward thinker translates to being a forward mover.
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Edward Poll is the principal of LawBiz Management. He coaches lawyers and is the creator of "Life After Law," a program that helps attorneys plan for profitable exits. He can be contacted at edpoll@lawbiz.com.
Published: Tue, Mar 03, 2015
