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Commercial law in the 20s will be ‘complex, multinational, online and virtual’
There will be a bounty of challenges and opportunities for lawyers in the commercial space this decade, even before one factors in the coronavirus pandemic, says one partner.
Jerome Doraisamy
In conversation with Lawyers Weekly, Norton Rose Fulbright partner Martyn Taylor said that – ignoring COVID-19 and its economic aftermath – the biggest issues and challenges for partners and senior lawyers in the commercial law space this decade will be driven by technological change and innovation.
“The challenge is to apply historic legal concepts to novel situations and to identify solutions that facilitate such innovation.”
In dealing with the challenges lying ahead in this 10-year period, good commercial lawyers will not only know the law, but also know the nuances of the wider commercial environment and have deep knowledge of their clients, Mr Taylor submitted.
“Law firm partners have an advantage as they are sitting across a wide range of clients involved in many different sectors and industries. They have broad commercial awareness and experience as well as deep legal knowledge,” he reflected.
“As such, they often have greater insight into trends and solutions, based on the cross-application of their experiences in different sectors with other clients. In a world of increasing pace and complexity, the practical insights provided by experienced commercial lawyers can be highly valuable. This means commercial law partners are well placed to be trusted legal advisers at the highest levels.”
Ultimately, it will be an exciting space for emerging leaders in law to be involved in this decade, Mr Taylor proclaimed.
“My favourite area of commercial law is competition law as it goes to the essence of commercial strategy and requires a deep understanding of the functioning of markets across virtually every sector of the economy,” he said.
“In the world of the 2020s, competition law is grappling with a new generation of issues arising from unique features of the digital economy, including network effects and multi-sided markets. It is at the cutting edge of the technological trends and innovation that is shaping our world. Watch this space…”
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Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly and HR Leader. He has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. In June 2024, he also assumed the editorship of HR Leader. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of the Minds Count Foundation.
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