3 ms·
Lawyers also operate within a sort of guild, culturally and otherwise. They make a lot of their own rules, which is especially relevant to a rule-based business
by dalbasal 4y ago
Lawyers also operate within a sort of guild, culturally and otherwise. They make a lot of their own rules, which is especially relevant to a rule-based business.
One of the guild-like rules that often exists limitations in the types of organisation types lawyers can form. There are rules against listing law firms and cashing out. Lawyers are required to manage themselves.
- ClumsyPilot 4y ago'One of the guild-like rules that often exists limitations in the types of organisation types lawyers can form.' This makes little sence - How would the limitation that you are talking about even work? The person at the top is not required to be a lawyer in the first place. There are plenty of corporate layers that work for public or private shareholder-held companies.
- kbutler 4y agoLawyers can work for a corporate client, but those corporations can't offer legal advice to third parties. Law firms that take on clients must be lawyer-owned. "Under Attorney Rule of Professional Conduct 5.4, law firms are barred from offering ownership or other investment/revenue-sharing opportunities to non-lawyers. Some recent developments in several states, however, offer the possibility that these long-standing restrictions could be scaled back, creating potential for dramatic changes in how litigation matters are funded and managed." https://www.thomsonreuters.com/en-us/posts/legal/practice-innovations-april-2022-non-lawyer-ownership/ https://www.thomsonreuters.com/en-us/posts/legal/practice-in...