Ted Frank, class action crusader
Today’s WSJ has a great article about class action crusader Ted Frank, who is (1) out to kill class actions or (2) make them fairer by getting better settlements for plaintiffs (and worse for their lawyers), depending on whether you believe Ted or those whose oxen he has gored (class action lawyers). I believe Ted. For ... Ted Frank, class action crusader
Selling judgments
The ABA Journal discusses a law student’s entrepreneurial solution to the legal job market: start his own market. It’s called Judgment Marketplace, and it enables trading court judgments. The aim is to make a dent in the nearly 80 percent of judgments in the U.S. that aren’t collected. The firm ultimately may “serve as a ... Selling judgments
Deregulating lawyers: not more incompetent lawyers but fewer lawyers
Jordan Weissman is scared about Winston & Crandall’s plan to deregulate all the lawyers. He admits that the idea has some appeal, but concludes that “a lot of it is also completely bunk.” He says the proposal is basically irrelevant for big law, where clients are looking for top talent (although he’s on board with ... Deregulating lawyers: not more incompetent lawyers but fewer lawyers
The uncorporate approach to poor earnings
Yesterday’s WSJ reported that hedge funds are facing possible investor redemption demands: As the year comes to a close, some investors say they are reviewing how their managers have performed through the recent volatility and are making decisions about whether to cash out of underperforming funds. Investors who want out before the end of the ... The uncorporate approach to poor earnings
Removing barriers to entry in practicing law
Clifford Winston argues for this in the NYT. For much more, see our symposium with Winston and many others.
A new approach to consumer regulation: firm ownership
We have heard a lot about how business exploits consumer biases and therefore we need more regulation and disclosure. By the time the Consumer Financial Protection Bureau gets up to speed, maybe the regulators will realize their dream of consumers behaving as they should. In the meantime, Ryan Bubb and Alex Kaufman have another approach ... A new approach to consumer regulation: firm ownership
Surowiecki on small firms
The New Yorker’s James Surowiecki writes that politicians are misguided in the current push to help small business. He notes a recent book on how regulatory bias against the growth of A & P, including the Robinson-Patman Act, hurt consumers by raising prices. He also notes evidence that the countries with the highest percentage of ... Surowiecki on small firms
The emerging venue battle in El Paso/Kinder Morgan
T-R’s Alison Frankel writes (HT Pileggi) about dueling suits in Texas and Delaware challenging the El Paso/Kinder Morgan merger: Three class actions in Texas state court and two class actions and a shareholder derivative suit in Delaware Chancery. It looks like this merger may bring to a head the “escape from Delaware” phenomenon I discussed ... The emerging venue battle in El Paso/Kinder Morgan
Law and economics and the future of law teaching
My blogging colleague Josh Wright has a useful summary of the “Chicago School’s” views of the future of law and economics. I have some further thoughts. I think the key challenge and imperative for law and econ scholars in law schools will be to relate what they do to the market for their output — ... Law and economics and the future of law teaching
Where the jobs are
The WSJ reports: Washington, D.C., nosed out San Jose, Calif., as the nation’s highest-income metropolitan region, fueled mainly by its army of attorneys, consultants, lobbyists and outside government contractors. Census data for 2010 show median household income was $84,523 in the D.C. area, compared with $83,944 for the San Jose region, the epicenter of Silicon ... Where the jobs are
A questionable criticism of “alternative” entities
Steve Bainbridge invites my opinion of Delaware lawyer Edward McNally’s view that alternative entities “may not protect investors.” By “alternative entities” he is referring to limited liability companies and limited partnerships, despite his own recognition that they “have become the preferred form of entity for new businesses” (so why aren’t corporations “alternative entities”)? He uses ... A questionable criticism of “alternative” entities
The end of the $160,000 first year associate
The WSJ discusses the declining value of first-year associates as clients are refusing to pay for training. Clients question whether new associates have “a sophisticated knowledge of the business world, and many nuts and bolts, such as how to prepare a witness for a deposition or the precise terms that, say, need to be included ... The end of the $160,000 first year associate
