The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
Following a career of more than 50 years as a lawyer, including more than three decades concentrating on letters of credit, James G. Barnes has retired. A supremely accomplished lawyer, Jim spent his entire professional career with Baker & McKenzie. His seminal contributions to understanding and developing LC law and practice cannot be overstated.
Most in the LC industry who followed and benefited from his wisdom and insights associate Jim Barnes’ many contributions to field with his collaborative work with Professor James E. Byrne, founder of IIBLP and DCW. Unmatched by any other duo operating in the area of LCs, Jim & Jim effectively influenced the course and direction of codified US law governing letters of credit and were the masterminds behind the creation of the first set of international rules specifically for standby LCs, ISP98.
On the occasion of his self-described “slow rolling retirement” from LC matters, Jim Barnes recognizes his collaboration with Jim Byrne (p. 12). Other LC professionals who frequently interacted with Jim on projects and at LC events then offer their reflections on Jim Barnes and what he meant to the letter of credit field.
