Clients engage transactional lawyers for two reasons. First is to identify risks to the client’s transactional objectives. Second, but equally important, is to advise on how to eliminate those risks, or at least reduce them to an acceptable level. For this predictive exercise, counsel relies on knowledge and experience, frequently utilizing time-tested solutions. But knowledge and experience can be disrupted by a variety of forces. Globalization is one such force that has changed the advice given to clients engaged in cross-border transactions. Recent insolvencies in countries such as Brazil, India, Mexico and Korea are a reminder that transactions do not always fulfill their promise, illustrating the importance of insolvency risk assessment and planning on the front-end of transactions.
Globalization and Enforcement Risk
Globalization is alternately cited as the cure for, or the cause of, many of the world’s problems. There is little doubt that the lowering of trade barriers has stimulated global economic activity, encouraging development and investment across national boundaries. But it is also disruptive.
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