3,542 research outputs found

    The Once and Future Ninth Amendment

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    A Statutory Model for Corporate Constituency Concerns

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    The modern corporation by its nature creates interdependencies with a variety of groups with whom the corporation has a legitimate concern, such as employees, customers, suppliers, and members of the communities in which the corporation operates. Corporate governance involves a system of contractual and fiduciary duties that influence directors and officers to make decisions consistent with defined obligations. This system requires that directors consider shareholders\u27 interests first and foremost in making corporate decisions because the share-holders are the, owners, of the corporation. Over the past several decades, a number of states have implemented this policy by enacting constituency statutes. These statutes transform the obligations of corporate directors by expanding the groups to which boards of directors are accountable in decision making, greatly impacting the management decisions of business firms. Both legal and economic changes result from redefining the duties of corporate directors, ultimately transforming American business

    Not If but How : Reflecting on the ABA Commission\u27s Recommendations on Multidisciplinary Practice

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    Multidisciplinary practice (MDP) has been aptly described as the, most important issue facing the legal profession today. The American Bar Association\u27s Commission on Multidisciplinary Practice (Commission) surprised most observers on June 8, 1999 by recommending that the American Bar Association (ABA) amend the Model Rules of Professional Conduct (Model Rules) to allow lawyers to combine with, and share fees with, other professionals within a single professional entity. Under the proposal, lawyers could create partnerships with accountants, developers, engineers, bankers, and all other professionals, thereby giving clients access to one-stop shopping at multidisciplinary firms
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