The Decline in Lawyer Independence: Lawyer Equity Investments in Clients

Texas Law Review, Vol. 81, No. 411, 2002-2003

The University of Texas School of Law, Public Law and Legal Theory Research Paper Series Number 490

147 Pages Posted: 16 Jun 2013

See all articles by John S. Dzienkowski

John S. Dzienkowski

University of Texas at Austin - Kay Bailey Hutchison Center for Energy, Law & Business

Robert J. Peroni

University of Texas at Austin - School of Law

Multiple version iconThere are 2 versions of this paper

Date Written: 2002

Abstract

During the last twenty years, there has been significant innovation in the financial markets and the economy. We have witnessed the emergence of an increasingly integrated global economy, several waves of mergers and acquisitions, and the rise and fall of the dot-com initial public offerings (IPOs). These developments have largely taken place during a "bull market" in the United States, which lasted until early 2000. This bull market was credited with the creation of a tremendous increase in wealth, largely in the form of corporate equity appreciation, a significant part of which has been lost due to the downturn in the stock market since the spring of 2000. Some market efficiency theorists have attributed the growth to a "new" economy based upon innovation in technology and the provision of services in contrast to an "old" economy based upon traditional manufacturing activity and the sale of products. By contrast, critics have argued that this wealth creation was largely an overvaluation caused by inefficiency in the regulation of financial markets and an oversupply of capital from baby boomer investors.

Suggested Citation

Dzienkowski, John S. and Peroni, Robert Joseph, The Decline in Lawyer Independence: Lawyer Equity Investments in Clients (2002). Texas Law Review, Vol. 81, No. 411, 2002-2003. Available at SSRN: https://ssrn.com/abstract=2279483

John S. Dzienkowski (Contact Author)

University of Texas at Austin - Kay Bailey Hutchison Center for Energy, Law & Business ( email )

727 East Dean Keeton Street
Austin, TX 78705
United States

Robert Joseph Peroni

University of Texas at Austin - School of Law ( email )

727 East Dean Keeton Street
Austin, TX 78705
United States

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