Professional Responsibility in an Age of Alternative Entities, Alternative Finance, and Alternative Facts
19 Transactions: Tenn. J. Bus. L. 227 (2017)
University of Tennessee Legal Studies Research Paper No. 341
34 Pages Posted: 6 Mar 2018 Last revised: 10 Mar 2018
Date Written: 2018
Business lawyers in the United States find little in the way of robust, tailored guidance in most applicable bodies of rules governing their professional conduct. The relative lack of professional responsibility and ethics guidance for these lawyers is particularly troubling in light of two formidable challenges in business law: legal change and complexity. Change and complexity arise from exciting developments in the industry that invite — even entice — the participation of business lawyers.
This essay offers current examples from three different areas of business law practice that involve change and complexity. They are labeled: “Alternative Entities,” “Alternative Finance,” and “Alternative Facts.” Each area is described, together with significant attendant professional responsibility and ethics challenges. The essay concludes by offering general prescriptions for addressing these and other professional responsibility and ethics challenges faced by business lawyers in an age of legal change and complexity.
Keywords: business lawyer, professional responsibility, ethics, alternative entities, alternative finance, alternative facts
JEL Classification: K2, K20, K22, K42
Suggested Citation: Suggested Citation