Our conversation discusses various industry trends, including increasing interest in sustainability and international business, the importance of education in keeping-up with trends and cultures, the differences in legal education and practice between the U.S. and Europe, and the need for flexibility when adjusting to foreign environments. We also touch on specific topics such as privacy regulations and the ethical considerations of artificial intelligence.
As you are involved in direct investing and licensing, which industry trends are you keeping an eye on at the moment?
Lately, I noticed there is much more interest in sustainability. The European Union is becoming increasingly stringent with ESG (Environmental Social Governance) requirements. In advising clients as lawyers, we need to be in tune with the new legal environment around those requirements. For example, the new European Union’s Corporate Sustainability Reporting Directive (CSRD) on ESG reporting will apply to U.S. businesses that have operations in the European Union or have subsidiaries within the European Union. In the past, the focus has been more on the environmental aspects of ESG; however, the COVID-19 crisis became a key moment in the discussion around the social aspect of ESG and it highlighted, for instance, our society’s financial disparities, a shortage of affordable housing, the importance of our connection to nature, the gender and diversity gap, and an increase in mental illness. As a result, organizations are trying to be more transparent and mindful in the treatment of their employees, in their relationships with their supply chains, and in their support of their respective communities.
Such a shift impacts the legal profession as well, particularly as the new generations of attorneys are very interested in social issues and sustainability, it's part of their belief system.
How do you think business can best handle international relations in addition to supply chain and privacy issues?
It's no longer an option for a business not to have international operations. We live in a global economy, customers are located anywhere in the world. For all of the businesses that we work with now, there's an international component, whether it's opening an office in a foreign country or entering into agreements with foreign distributors, the mindset of businesses is much more in tune with the global economy. I think COVID-19 taught all of us how important supply chain issues are. Another important component of international operations is the treatment of privacy. The European Union is leading in regards to privacy. There is a regulation that is called GDPR (General Data Protection Regulation) which regulates how businesses treat personal information of customers and vendors. In the U.S. we don't have a similar umbrella regulation but rather specific state and industry regulations., Utah, for instance, now has a privacy statute. Companies need to make sure they have a privacy policy and that they comply with such policy. Cyber security has also been incredibly important with companies having to try to avoid issues in that regard and trying to be ready to respond quickly to a cyber attack.
Another key factor in today’s economy (and therefore in today’s legal market) is artificial intelligence (AI), its implications and proposed regulations. ChatGPT 3.5 is being used not only by individuals but also by businesses and the 4.0 version now has more advanced and impactful features, but we cannot ignore that AI brings about ethical issues. At the end of March of this year, Italy temporarily banned ChatGPT after raising concerns about how ChatGPT processes and saves user data, and other European countries followed suit, until those privacy concerns were finally addressed. We are witnessing a delicate balance between technology progressing along with artificial intelligence and machine learning and the protection of privacy.
How do you see the relationship between education and sustainability evolving in the future, particularly in the context of international business?
Education is key. Education is extremely important in preparing the new generations for a very different business environment along with a very different economy which is really global in nature. Regardless of your field, you should keep an eye out for international trends, be prepared to understand the culture in other countries and how to interpret foreign news. I read the U.S. news of course, but I also read European news on a daily basis because it's important to understand what the trends are in other jurisdictions. For me, that is crucial in order to be able to better advise my clients.
As a general proposition, education needs to be open to new perspectives. Understanding the global market will also help with diversity issues in the workplace because if we are more understanding and more aware of other cultures as we get our education, we will be more open to work with individuals coming from different cultures. I think that new generations are much more open and flexible in that sense.
Education in the US is much different from other countries, Italy for instance. How is law different in Italy compared to the U.S? What was that process attending the College of Law at the University of Utah in order to obtain your U.S law license?
It was interesting. At first, I was frustrated that I had to go back to law school after having already completed my legal education in Italy. In the long term, it was a really good investment of resources and time because the United States from a legal perspective is a common law system, which is very different from Europe, which is generally a civil law system. In Europe, you have codes (for example the civil code, the criminal code, etc.), while in the United States, you have statutes, along with case law and judges who are bound by prior decisions. It's a much more practical approach compared to the Italian system.
The education in the law sector was also very different in Italy. In Italy, I studied the history of the law along with the philosophy of law, for instance. In the United States, there is a more practical approach to the law. Also, law schools in the U.S. tend to follow the Socratic method, where you are called in class and expected to speak out based on the materials that you have read in preparation for class; in Italy, on the other hand, classes consist in lectures given by law school professors, and exams tend to be oral exams, as opposed to written essays or multiple choice exams. In addition, in Italy law is an undergraduate program; you go to law school right after high school and once you graduate from law school, you have to do an internship for two years before you're allowed to take the bar exam. There is a three-day written examination along with an oral examination in front of a committee composed of judges, law professors, and attorneys in which they test you on many different subjects. It's very intense and very difficult. The passing rate in northern Italy where I took the bar exam was very low, around 30%.
. Another obstacle I overcame was dealing with the language barrier. I did not speak English when I first came to the United States and I had a few months to learn the language before I applied to law school. I took intensive English classes at the University of Utah and shortly after, I took the LSAT, followed by applying to law school. The advantage in living in a foreign country while you are learning a foreign language is that the learning process is much faster, although you have to be rather flexible.
How can businesses best ensure they are complying with international regulations and prompting sustainable practices across their operations?
It's a delicate balance–knowledge is power. Businesses have to learn about the new regulations and that's where attorneys can be very helpful in educating them, whether it's an in-house lawyer or whether it's outside counsel. In addition, entrepreneurs should plan on attending relevant international conferences and trade shows, which will also prove helpful in understanding how to best negotiate with their foreign counterparts.. For example, it's hard to do business in Southern Europe unless you establish a relationship with the other side first. This could take many dinners, time, and a lot of communication back and forth. Here in the U.S., business people tend to move faster and communicate a lot via e-mail and text messages. The personal touch that is so crucial in negotiations in certain foreign countries sometimes is missing here.
What role do you see the legal profession playing in promoting sustainable business practices?
Law for me has a very important role, which is to contribute to society's progress. A lot of times new trends emerge in the economy, in the social settings, in people's expectations and the law has the ability to codify those trends and needs and to find and provide solutions for those needs. Law goes hand in hand with progress and has a very important role to play in that regard.
Which particular skills - whether they are business-related or soft skills - played a role in your selection as a recipient of Utah’s 40 under 40 Award?
In terms of that recognition, I was really honored to receive the award. I would say my differentiator is my international background. Because of my education in two different continents and in two different legal systems, I have been able to have a broader approach to issues and able to find creative solutions to clients' problems. Being Italian definitely allowed me to focus on creating and maintaining relationships over time and to be open to work with a number of different people. I find that the human factor is the foundation of every business. Every company is really about its people and you see that in the private sector, in government, in education. My very strong recommendation to students is to genuinely cultivate relationships throughout your career because that's the key. I think that answers a basic human need, in that everyone wants to feel like they are part of a community; but it's also a good long-term business practice.