Did you know that global trade growth is projected to dip to just 1.7% this year, a significant downturn from previous years, according to the International Monetary Fund? As we navigate the current landscape, global trade shifts—driven by rising tariffs, geopolitical tensions, and evolving supply chains—are creating both challenges and opportunities for lawyers in developing economies. For legal professionals and law firm leaders, understanding these dynamics is key to seizing new roles and advancing careers in a rapidly changing environment. At Imperial Partners, we’re closely monitoring how these shifts are reshaping the legal sector in developing economies, and we’re here to help you navigate the opportunities they present. Here’s what you need to know now.
Rising Tariffs and the Demand for Trade Expertise
Tariffs are reshaping global trade this year, with significant implications for developing economies. The United States has introduced reciprocal tariffs, currently on a 90-day pause, targeting 57 trading partners, including small and vulnerable economies like Cameroon and Lesotho. These measures, ranging from 11% to 50%, disproportionately affect developing nations without significantly reducing the US trade deficit, as noted in a recent UN Trade and Development report. Meanwhile, the World Trade Organisation forecasts a potential 0.2% decline in global merchandise trade volume at present, with North American exports dropping sharply by 12.6%.
For lawyers in developing economies, this creates a surge in demand for expertise in international trade law. Governments and businesses in regions like Africa and Southeast Asia need legal professionals to navigate new tariff structures, negotiate trade agreements, and mitigate the impact of trade imbalances. For instance, the African Continental Free Trade Area (AfCFTA) is expected to boost exports by over 30% by 2035, requiring lawyers skilled in cross-border trade regulations. If you specialise in trade law, your expertise is more valuable than ever in these markets.
Supply Chain Reconfigurations and New Legal Roles
Global supply chains are undergoing significant changes at present, driven by nearshoring and friendshoring trends. Whilst these trends reversed last year, as businesses moved away from limiting trade to geopolitical allies, the ongoing uncertainty—exacerbated by a 40% drop in the Comprehensive Shanghai Export Containerized Freight Index between January and March this year—continues to reshape trade patterns. Developing economies like Mexico are seeing sustained trade growth with the US, despite the unfulfilled promise of nearshoring benefits, according to White & Case. However, vulnerabilities persist due to protectionist measures and supply chain disruptions.
This reconfiguration is creating new legal roles in developing economies. Lawyers are needed to advise on supply chain contracts, manage risks from geopolitical tensions, and ensure compliance with evolving regulations. In Latin America and Southeast Asia, where domestic demand is robust, legal expertise in logistics, customs, and dispute resolution is in high demand. However, the complexity of these supply chains—often lengthened by trade restrictions leading to higher prices—means lawyers must be adept at handling multi-jurisdictional challenges to help clients maintain competitiveness.
Opportunities in High-Growth Sectors Amid Uncertainty
Despite trade challenges, certain sectors in developing economies are poised for growth at this time, offering opportunities for legal professionals. UN Trade and Development highlights that information and communication technology (ICT) and apparel sectors are showing resilience, providing avenues for diversification. In contrast, traditional sectors like energy and metals have seen declines, with energy trade falling 7% last year. The World Bank notes that growth in regions like Sub-Saharan Africa and South Asia is expected to rise to 3.4% and 4.9%, respectively, driven by strong domestic demand.
Lawyers in developing economies can capitalise on these trends by focusing on high-growth sectors. For example, the ICT sector requires legal expertise in digital trade regulations, intellectual property protection, and data privacy—especially as developing economies integrate into global markets. In apparel, lawyers can support businesses navigating export regulations and trade agreements. However, the broader context of declining official development assistance (an 18% drop from 2023 to this year, per UN Trade and Development) and fiscal pressures means that legal professionals must also be prepared to address financial and regulatory constraints for their clients.
Navigating the Current Landscape with Imperial Partners
Global trade shifts are creating a dynamic landscape for lawyers in developing economies, with rising tariffs, supply chain changes, and high-growth sectors driving demand for specialised legal expertise. Whether you’re advising on trade agreements, managing supply chain risks, or supporting growth in ICT and apparel, these trends offer a chance to advance your career in regions poised for economic resilience. At Imperial Partners, we understand the unique challenges and opportunities these shifts present. Our global reach connects you with exclusive roles in developing economies, whilst our personalised and confidential approach ensures your career move aligns with your ambitions. Reach out to us today to discuss career options and take the next step in thriving amidst the evolving global trade landscape.
