Law Firms, Ethics, and Equity Capital: A Conversation

The correspondence collected here represents an effort to start a conversation. Pending legislation in the United Kingdom, based on what is known as the Clementi Report, would permit non-lawyer equity investment in law firms, subject to regulatory oversight. In other words, UK law firms could become publicly-traded businesses. This legislation has been proposed as part of reforms heralded as improving the delivery of legal services to consumers. By contrast, such investment in law firms is forbidden by ethical rules in the United States. What will happen when the two countries with the most dominant global law firms begin to move along such different paths? Australia already allows such investment, but the prospect of major UK firms raising capital in the equity markets has the potential to produce seismic shifts in the global market for legal services. It also could have far-reaching implications for the legal profession that we can only dimly anticipate. Until now, there has been remarkably little discussion -- especially in the United States -- about the possible effects of the UK legislation. This paper attempts to redress that situation. It consists of an exchange among Bruce MacEwen, an expert on law firm economics and editor of the on-line publication Adam Smith, Esq.; Mitt Regan, a Professor at Georgetown University Law Center, an expert on the legal profession; and Larry Ribstein, a Professor at the University of Illinois College of Law, an expert on partnership law

2013 Report on the State of the Legal Market

As we enter 2013, the legal market continues in the fifth year of an unprecedented economic downturn that began in the third quarter of 2008. At this point, it is becoming increasingly apparent that the market for legal services in the United States and throughout the world has changed in fundamental ways and that, even as we work our way out of the economic doldrums, the practice of law going forward is likely to be starkly different than in the pre-2008 period. The challenge for lawyers and law firms is to understand the ways in which the legal market has shifted and to adjust their own strategies, expectations, and ways of working to conform to the new market realities. While there is certainly evidence that some firms and lawyers have begun to make these adjustments, many others seem to be in denial, believing (or perhaps hoping) that the world will go back to normal as soon as demand for legal services begins to grow again. Legend has it that in 1519, when he and his cohort of some 500 soldiers and 100 sailors landed on the shores of the Yucatan intent on conquering the large and powerful Aztec empire, Spanish conquistador Hernando Cortez promptly ordered his men to burn the ships. Cortez knew that, unless more tempting alternatives were removed, it would be difficult to motivate his men to take on an empire with a large army that had been in power for more than six centuries. Hence, his bold and decisive order. The legal market today is an increasingly difficult and challenging environment, one that calls for clear thinking, strategic focus, and flexibility in addressing rapidly changing realities. To an unfortunate extent, however, many lawyers and law firms seem stuck in old models–traditional ways of thinking about law firm economics and structure, legal work processes, talent management, and client relationships–that are no longer well suited to the market environment in which they compete. Perhaps it\u27s time for us, like Cortez, to burn the ships–to force ourselves to think outside our traditional models and, however uncomfortable it might be, to imagine new and creative ways to deliver legal services more efficiently and build more sustainable models of law firm practice. This report describes the trends that have been observed in the legal market in 2012, exploring the longer term implications of those trends for the future, and suggesting some ways in which lawyers and law firms can better position themselves to deal with new emerging market realities

Marine Oil Snow Sedimentation and Flocculent Accumulation (MOSSFA) Workshop

The MOSSFA hypothesis is that the formation of marine snow/oil aggregates and its accumulation at the seafloor is related to events associated with the oil spill, various mitigation measures (e.g., the use of dispersants and in situ burning), and increased sediment-laden fresh water releases from Mississippi River impoundments. If this hypothesis is correct then this phenomenon takes on an added global significance as 85% of deep-water oil exploration occurs adjacent to deltaic systems. To better understand the sequence of events and the oceanographic processes involved, three of the Gulf of Mexico Research Initiative (GoMRI) funded Centers (C-IMAGE, DEEP-C and ECOGIG), all of which have Principal Investigators involved in the various aspects of the MOSSFA question, received funding to conduct two workshops related to Marine Oil Snow Sedimentation Flocculent Accumulation (MOSSFA). The intent of the first workshop was to bring together researchers working on MOSSFA to provide a synthesis of known facts, identify data gaps and propose follow-up research to help resolve key questions and uncertainties regarding the MOSSFA hypothesis

10 Key Mathematics Practices for All Elementary Schools With Strong Evidence of Effectiveness From High-Quality Research

The sixth installment of MCPER's "10 Key" series, this document distills the latest research findings into 10 easy-to-follow recommendations that states, school districts, and schools can use to improve elementary students' mathematics outcomes. Also included are examples of how to enact each principle in the classroom. Note: This file has been formatted for online viewing and is not a print file.Educatio

10 Key Policies and Practices for Schoolwide and Classroom-Based Behavioral Supports With Strong Evidence of Effectiveness From High-Quality Research

The seventh installment of MCPER's "10 Key" series, this document distills the latest research findings into 10 easy-to-follow recommendations that states, school districts, and schools can use to improve schoolwide and classroom behavioral supports. Also included are examples of each recommendation. Note: This file has been formatted for online viewing and is not a print file.Educatio

10 Key Policies and Practices for Teaching English Language Learners

The ninth installment of MCPER's "10 Key" series, this document distills the latest research findings into 10 easy-to-follow recommendations that states, school districts, and schools can use to improve instruction for English language learners. Also included is a list of research evidence supporting the recommendations. Note: This file has been formatted for online viewing and is not a print file.Educatio

How Do I Engage in Partner Reading With My Child?

How Do I Engage in Partner Reading With My Child? ----  ¿Cómo participo en lectura en pareja con mi hijo? ---- Educatio

How Can I Support My Adolescent’s Development as a Writer?

Educatio

10 Key Reading Practices for All Elementary Schools With Strong Evidence of Effectiveness From High-Quality Research

The third installment of MCPER's new "10 Key" series, this document distills the latest research findings into 10 easy-to-follow recommendations that states, school districts, and schools can use to improve elementary students' reading outcomes. Also included are descriptions of what students should know and be able to do at the elementary grade levels.Educatio