Rethinking the Law Firm Organizational Form and Capitalization Structure

42 Pages Posted: 1 Jul 2015

See all articles by Edward S. Adams

Edward S. Adams

University of Minnesota - Twin Cities - School of Law

Date Written: 2013

Abstract

The goal of this Article is to examine the partnership model and advocate for a change in the Model Rules that would allow for public ownership of law firms, and to make disclosure of firm financials a mandatory requirement for all firms with over 100 lawyers. Part II explores the history and evolution of limited liability and law firm structures in the United States. Part III discusses incorporated law firms and MDPs and how they might benefit U.S. law firms. Part IV looks at the developments in the United Kingdom and Australia and the forces of globalization that have an effect on U.S. policy choices, concluding that global competition for legal services may force our hand. Part V advocates for similar changes in the U.S. public ownership because allowing public ownership in law firms will benefit both law firms and their clients and make firms more competitive globally. This Part concludes by advocating for mandatory disclosure requirements to benefit firms, prospective attorneys, and their clients.

Keywords: Bankruptcy, Model Rules of Professional Conduct, United Kingdom, Australia, Public Ownership, Organizational Structure, Capitalization Structure

Suggested Citation

Adams, Edward S., Rethinking the Law Firm Organizational Form and Capitalization Structure (2013). Missouri Law Review, Vol. 78, p. 777-818, 2013, Available at SSRN: https://ssrn.com/abstract=2624826

Edward S. Adams (Contact Author)

University of Minnesota - Twin Cities - School of Law ( email )

229 19th Avenue South
Minneapolis, MN 55455
United States

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