Five (5) Takeaways from the Business Weekly Series 15: How the legal industry can support a vibrant creative economy
1. Collaboration is key for success in the creative industry. Collaborations, whether internal or external, can come in different forms, such as franchising, working with major brands, among others. Finding partners with the right energy and values is crucial. This can bring fresh ideas, perspectives, and resources to a project.
2. Lawyers are crucial to the creative industry. Lawyers can provide assistance with the protection of intellectual property, provide legal support in contract negotiation to prevent exploitation of creatives and assist with the resolution of legal issues that may arise. Creatives should recognize the value of lawyers and seek legal support when needed.
3. One of the determinants of success in the creative industry is a creative’s strong understanding of marketplace and product value chain. This entails knowing the entire process of creation and distribution and understanding your target audience and competition. By doing so, better decisions and products are made.
4. Mentorship is encouraged as an opportunity for the personal growth of young entertainment lawyers. Mentors can provide guidance, share knowledge and assist with navigating the industry. Young lawyers should not approach mentorship with the sole mindset of learning from their chosen mentor but should also build a relationship with them as well as add value to their lives.
5. The gap between creatives and lawyers can be bridged through the presence of lawyers in the creative’s space and adding value to the process. This can help lawyers form a relationship with creatives, becoming an integral part of their team. It also ensures that creatives have access to legal services when they need them and their interests are protected throughout the process.