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Richard Painter on Litigation Financing and Insurance
Fifteen years ago I published an article urging that non-lawyers be allowed to finance the cost of legal representation in return for a percentage of a judgment or settlement if the plaintiff is successful. Common law prohibitions on champerty were widely believed at the time to prohibit third parties from buying an interest in litigation. ... Richard Painter on Litigation Financing and Insurance
Renee Newman Knake on Corporations, the Delivery of Legal Services, and the First Amendment Part I
Last month the New York Times ran an editorial with the headline “Addressing the Justice Gap,” observing that “the poor need representation and thousands of law graduates need work.” The piece proposed several solutions, but notably absent was the reform most likely to deliver legal services to those in need and to create jobs for ... Renee Newman Knake on Corporations, the Delivery of Legal Services, and the First Amendment Part I
Bruce Kobayashi on Creative Destruction and the Market for Legal Services
Innovation and entry by entrepreneurs is a powerful force for change. Joseph Schumpeter saw these forces as the primary engine for long-term growth, even as the process of creative destruction destroyed existing wealth, including monopoly rents associated with established regulatory regimes. The forces of creative destruction seemingly have their sights squarely on the legal profession, ... Bruce Kobayashi on Creative Destruction and the Market for Legal Services
Eric Talley on Deregulating Lawyers: Comments From a Knee-jerk Skeptic
I have spent the last few days reading the recent study by Clifford Winston, Robert W. Crandall, and Vikram Maheshri, entitled “First Thing We Do: Let’s Deregulate All the Lawyers” (Brookings Institution, 2011, $19.95). In it, the authors marshal a variety of empirical methods to argue that the current practice of state bar admission and ... Eric Talley on Deregulating Lawyers: Comments From a Knee-jerk Skeptic
Thomas Morgan on Realistic Questions About Modern Lawyer Regulation
If this symposium is asking the single question whether U.S. jurisdictions should deregulate the practice of law, my answer has to be no. My problem is that the question itself conflates at least three questions, and the answers to each should be different. The first question is whether people other than licensed lawyers should be ... Thomas Morgan on Realistic Questions About Modern Lawyer Regulation
Gillian Hadfield on Right-Regulating Legal Markets
Although it has the zing of a slogan that I myself have often used, the call to ‘deregulate’ the legal profession is misleading. Yes, most of us who argue that the legal profession is excessively closed to competition—in a way that hampers both access and innovation, as I have argued in recent papers—think that the ... Gillian Hadfield on Right-Regulating Legal Markets
William Henderson on Are We Asking the Wrong Questions About Lawyer Regulation?
The TOTM Unlocking the Law Symposium is designed to raise a host of questions surrounding lawyer regulation, including ending lawyer licensure requirements and the ban on non-lawyer investment. My thesis, for better or worse, is that we may be asking the wrong questions. Despite the stringent regulations placed on lawyers, ingenious entrepreneurs—most of them non-lawyers—are ... William Henderson on Are We Asking the Wrong Questions About Lawyer Regulation?
Robert Crandall on We Need More Lawyers!
Several years ago, when Cliff Winston and I began looking at the incomes earned by lawyers, we were struck by several facts. First, after accounting for age, years of education, experience and various other demographic influences, we found that the income premium earned by lawyers had increased by about 50 percent between 1975 and 2004, ... Robert Crandall on We Need More Lawyers!
Larry Ribstein on Deregulating Lawyers Whether They Like it or Not
Much of the writing on deregulating the legal profession asks skeptically whether it could or should happen. It was logical to wonder what could change when the profession was locked up tight by the lawyers themselves. What opposing political interest group was comparably well-organized or well-informed? Consumers could sue to break up the regulatory monopoly, ... Larry Ribstein on Deregulating Lawyers Whether They Like it or Not
Exclusion Still Doesn’t Explain Verizon’s Stock Price Non-Reaction to the DOJ Challenge Announcement (Correcting AAI’s Letter to the WSJ Editor)
Yale’s George Priest authored an op-ed in the WSJ on September 6th in which he raised a few of the arguments discussed here at TOTM over the past several weeks regarding the proposed AT&T / T-Mobile merger. For example, we’ve focused upon the tension between the DOJ complaint’s theories of competitive harm (coordinated and unilateral ... Exclusion Still Doesn’t Explain Verizon’s Stock Price Non-Reaction to the DOJ Challenge Announcement (Correcting AAI’s Letter to the WSJ Editor)
Unlocking the Law Symposium
Licensing and regulation of lawyers, long questioned by scholars, is emerging as an important public issue. Legal costs are rising for individuals and firms with increases in litigation and regulation. These costs tax business growth and entrepreneurship and impede ordinary Americans’ access to the civil justice system. Meanwhile, the development of new business structures and ... Unlocking the Law Symposium
The tangled duty to tell the whole truth
A recent NY App. Div case, Pappas v. Tzolis, presents a tangled web that illustrates the current state of the LLC contracting architecture in the U.S. I previously discussed the lower court opinion in this case, concluding that ” any appeal of this judgment should be interesting.” (See also Peter Mahler.) I was right about ... The tangled duty to tell the whole truth
