Law Firms, Ethics, and Equity Capital: A Conversation

36 Pages Posted: 11 May 2007  

Milton C. Regan, Jr.

Georgetown University Law Center

Bruce MacEwen

Adam Smith, Esq., LLC

Larry E. Ribstein

University of Illinois College of Law (deceased); PERC - Property and Environment Research Center

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.

Keywords: non-lawyer, law firms

Suggested Citation

Regan, Jr., Milton C. and MacEwen, Bruce and Ribstein, Larry E., Law Firms, Ethics, and Equity Capital: A Conversation. Georgetown Journal of Legal Ethics, Vol. 21, 2007. Available at SSRN: https://ssrn.com/abstract=985351

Milton C. Regan (Contact Author)

Georgetown University Law Center ( email )

600 New Jersey Avenue, NW
Washington, DC 20001
United States
202-662-9414 (Phone)
202-662-9408 (Fax)

Bruce MacEwen

Adam Smith, Esq., LLC ( email )

305 West 98th Street
New York, NY 10025
United States

HOME PAGE: http://www.AdamSmithEsq.com

Larry Edward Ribstein

University of Illinois College of Law (deceased)

PERC - Property and Environment Research Center

2048 Analysis Drive
Suite A
Bozeman, MT 59718
United States

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