In an increasingly globalized economy and legal profession, many continue to express concerns on domestic job loss as a result of “foreigners.” While the debate continues to be ongoing, we have always been adamant about the reciprocally of economic opportunities. Work performed in one destination creates a market for services in another. That is basic Adam Smith economics of competitive and comparative advantages. This principle is most clearly visible in practice in the unencumbered inter-state trade in the United States.
A recent report, “How America Benefits from Economic Engagement with India,” confirms these principles. “Although India has become synonymous with outsourcing, Indian companies created nearly 60,000 jobs in the US between 2004-09 through nearly 500 investment and acquisition deals worth $26.5 billion.”
The 60,000 jobs noted in the report are the direct number of job created by overseas countries. If calculated, the number of domestic jobs created to service the rapidly growing emerging market economies would be a significant source of domestic job growth.
Further, he types of jobs performed by overseas workers should also be considered, particularly as it relates to outsourced legal services. As aptly stated by the outsourcing figurehead at Pinsent Masons Nigel Kissack, “Opening e-mails does not train anyone to be a good lawyer. Our attorneys didn’t go to law school for that.”
Additional details on the report are available here.