Lack of IP Oversight Could Derail Innovation, InvestmentBy Cinthya Alaniz Salazar | Mon, 09/12/2022 - 09:30
Q: As Basham, Ringe y Correa celebrates its 110th anniversary in Mexico, how has the firm adapted to market needs and emerging crises?
A: Basham has over 110 years of legal experience in Mexico as a 100 percent Mexican firm. During this period, we eschewed the biases that come from being a family firm to become a truly institutional firm, a turbulent process that speaks to our resilience. Basham has undergone a learning and adaptation process based on the vision and direction of five or six generations. Our approach considers the historical truth, the present moment and our accumulated knowhow.
During the initial stages of the COVID-19 pandemic, we had reservations about potential staff cuts and the operability and durability of our structures. Ultimately, we vowed to make all the necessary adjustments to keep our team intact, a decision validated later by the observed growth of the firm during this period. Seeing that the traditional model of work has become obsolete, the firm also made an important investment to move to a more modern and efficient office space. Overall, Basham is a firm that has repeatedly demonstrated its ability to grow and even thrive at times of sociopolitical and economic volatility, a legacy we aim to continue.
Q: What is the foundation of Bahsam’s commercial success?
A: Commercial success is contingent on many evolving variables but it begins with professionalism and unwavering ethical standards. During Basham’s 110-year history, the firm has never been at the center of scandal, corruption or other unethical issues because we have protected ourselves against these risks. Our unblemished reputation precedes us and provides our clients with an air of confidence that has allowed us to be viewed as genuine, long-term business partners.
We only represent companies and individuals in whom we can place our trust: companies we know are verifiably managed and directed in an ethical manner. If throughout our screening process we find that a potential client does not meet our ethical standards or wants to manage a case that conflicts with those standards, we will not pursue it further. It is this adherence to the highest national and international ethical standards that allows our partners to feel pride, satisfaction and tranquility in the work they do on behalf of Basham.
Q: What areas of law should Mexico consider fortifying to support the country’s economic competitiveness?
A: IP is an area of law that is now included in all global trade agreements because it is the basis on which companies today are built and can ensure their longevity. A large company, even if profoundly successful, will quickly cease to exist without trademark registration and patents for its most successful products and services. Companies with the initiative to protect their intellectual property from the start tend to become the most successful because it effectively safeguards their assets from piracy. Herein lies the importance of government oversight, support and follow-through of IP law; without it, a country risks disincentivizing innovation, domestic competitiveness and international investment.
Q: Mexico has become a distinctive strategic market. What challenges or risks is this shift likely to generate and how should businesses be preparing in response?
A: Despite its many shortcomings, Mexico has grown into one of the most sophisticated markets in the world. Doing business in Mexico is not easy; it has a complex business ecosystem with many legal requirements. To have a successful business in Mexico, companies need to ensure that their legal foundation is unquestionably sound. Any company considering a strategic expansion into Mexico should first map its needs in reference to regulatory compliance standards. During this process, they stand to benefit from local expertise that can provide cross-industrial knowledge and procedural knowhow.
Q: What objectives does Basham have for the Mexican market in 2022-2023?
A: To celebrate 110 years in business, Basham is working on the publication of several texts that cover the evolution of different areas of law from the Mexican Revolution to the present day. Throughout these publications, readers can follow how Basham has adapted to the
transformation caused by a changing society, macroeconomic disruptions and international influences. In a post COVID-19 reality, we aim to take and apply what has worked for the firm to continue attracting the highly qualified talent that will underpin the future of Basham.
Basham, Ringe y Correa is a fully Mexican law firm with 110 years of experience. It is now one of the largest full-service law firms in Latin America.