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Law Firms, Ethics, and Equity Capital: A ConversationMilton C. Regan, Jr.Georgetown University Law Center Bruce MacEwenAdam Smith, Esq., LLC Larry E. Ribstein (Deceased)University of Illinois College of Law; PERC - Property and Environment Research Center Georgetown Journal of Legal Ethics, Vol. 21, 2007 Abstract: This paper is an exchange among Bruce Macewen, Milton Regan and Larry Ribstein on the potential implications of pending legislation in the United Kingdom that would permit outside non-lawyer investment in law firms. Such ownership is forbidden by ethics rules in the United States, but the participants discuss whether the rules would permit a law firm to sell derivative securities reflecting the value of the firm. The discussion quickly expands into an analysis of the possible impact of publicly-traded law firms on the global market in legal services, the obligations of lawyers to their clients, the role of lawyers in sustaining a well-functioning legal system, and the self-understanding of lawyers as professionals. With significant change in law firm financing just over the horizon, the aim of the paper is to prompt a wide-ranging discussion about the future of the legal profession in a global economy.
Number of Pages in PDF File: 36 Keywords: non-lawyer, law firms Accepted Paper SeriesDate posted: May 11, 2007Suggested CitationContact Information
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