A slightly embarrassing one for the legal profession

One of the questions we asked at a private discussion group we co-hosted earlier this year was: what’s the biggest hurdle which large corporates face when putting in place intercompany agreements for Transfer Pricing compliance?

The response from the head of TP of a well-known brand was: our lawyers constantly amending and adding to each others’ drafting. Not a great endorsement of the legal profession and its ability to focus on what’s important.

It’s certainly something we come across a lot: contracts which are overly long, and which don’t provide clarity on the essentials, namely the scope of each party's duties, the allocation of risk, and the pricing. If you’d like to learn more about the basics of intercompany agreements, you’re very welcome to join our live webinar for legal counsel tomorrow at 2pm UK time. You can reserve your place here.