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LawBiz® TIPS – Week of August 12, 2014

LawBiz(r) newsletter

The NCAA received a blow this last week when a federal judge ruled against it; student-athletes now will receive funds when they leave school (even if they don't graduate) as compensation for the use of their names and likenesses by the school. And in another instance, student-athletes received the right to join a union. And in yet another instance, the Dodgers and DirecTV are in a stand-off about money. These are only a few recent examples of how the economics of our world is changing. Our legal profession is not immune from change. The Business of Law®, my 1995 trademark, was merely recognition of the economic base of our profession. Much has changed since then ... and continues to change.

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Asian-Infused Law Firms in California

Geography is an important consideration in the business of law. You want to be where the business is and where the business will be.

In terms of California law firms and Asian business, the geography takes care of itself. Due to California's geographical position, business from Asia "migrates" to California. Thus, California law firms with an orientation to Asian business are ideally situated, and those firms will grow.

In fact, the situation has sort of reached a critical plateau - a tipping point, if you will - where a number of the larger firms are actually sending lawyers to Asia to try to bridge the gap, and they have a significant presence in the Asian community there.

The Asian business has been successful for the law firms with an Asian practice. I don't see any of those firms cutting back.

China is the preeminent competitor of the United States, and it wants to hold that position. However, in order to be a worldwide competitor, China has to play by the rules. China has been accused of copyright and patent violations - specifically, piracy of U.S. movies, music, software, etc. - but if China is going to be in the world community, it can't do those things. It can't set up its own rules and expect to get business from other countries that do play by the rules. All countries competing in the world marketplace expect all other countries to follow all accepted rules and regulations so that there is a more level playing field. And once the rule of law takes a more preeminent position, lawyers are needed.

Those law firms that have a presence in Asia are the ones that are going to be called on first. There are firms that have made Asian work their niche. The more Asian companies play by the rules, the more lawyers will be needed, and the larger firms are going to get.

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"Ed educated me on how to implement a plan for the management of my law offices, which I have set up in Santa Monica. With his help, I was able to conceive and put into effect a business plan which promises not only to simplify my business, but to make it more profitable as well. He readily pinpointed my needs and offered sage advice on what I could do to rectify the problems that I have been facing. For this, I am forever grateful and will highly recommend him to anyone who asks."

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