Interesting post at Law Firm Risk Management Blog. When I hear the debates about opening up ownership of US law firms, I remain puzzled about who favors it. A top lawyer at IBM thinks the idea isn't good for clients. If the argument is that outside ownership will increase legal services for the poor, I remain doubtful and worry about how insitutional investors will view the economic opportunities of representing the poor. It would be far better, it seems to me, to simply the law that applies to the lives of those in the lowest socio-economic strata and to open up new, cheaper ways for people to become lawyers. If the argument is that plaintiffs' firms need more access to capital, I remain doubtful that they can't already get all the capital they need. I'm not necessarily agasint outside investment. I just don't see how it would be an improvement for clients.
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