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Articles 1 - 4 of 4
Full-Text Articles in Law
Fiduciary Duties And Exculpatory Clauses: Clash Of The Titans Or Cozy Bedfellows, Louise Lark Hill
Fiduciary Duties And Exculpatory Clauses: Clash Of The Titans Or Cozy Bedfellows, Louise Lark Hill
University of Michigan Journal of Law Reform
Centuries ago, when land represented the majority of wealth, the trust was used primarily for holding and transferring real property. As the dominant form of wealth moved away from family land, the trust evolved into a device for managing financial assets. With this transformation came the use of exculpatory clauses by both amateur and professional trustees, providing an avenue for these fiduciaries to escape liability for designated acts. With the use of exculpatory provisions, discussion abounded about whether fiduciary duties were mandatory or subject to modification. The latter view eventually prevailed, with the majority of jurisdictions viewing fiduciary duties as …
Reform That Understands Our Seniors: How Interdisciplinary Services Can Help Solve The Capacity Riddle In Elder Law, Thomas Richard Stasi
Reform That Understands Our Seniors: How Interdisciplinary Services Can Help Solve The Capacity Riddle In Elder Law, Thomas Richard Stasi
University of Michigan Journal of Law Reform
This Note suggests an interdisciplinary approach to assist in determinations of legal capacity. It also urges an amendment to the Model Rules and current law firm business models, so attorneys can better approach capacity challenges. While this Note does not presume to resolve the problems faced by capacity determinations, the purpose is to offer functional alternatives to the current working models. Part I reviews the Model Rules' treatment of capacity issues, detailing attorneys' conflicting ethical duties and the ambiguous methodology for capacity evaluations. Part II examines the customary processes that attorneys presently follow for seeking diagnostic evaluations and highlights their …
Private Equity Firms: Beyond Sec Registration As An Investment Adviser How To Build And Administer An Effective Compliance Program, Susan Mosher
Michigan Business & Entrepreneurial Law Review
The Securities and Exchange Commission (the “SEC” or the “Commission”) recently adopted new rules and rule amendments under the Investment Advisers Act of 1940 (the “Advisers Act”) that serve to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).1 The new rules and rule amendments under the Advisers Act relate to provisions of Title IV of the Dodd-Frank Act (the Private Fund Investment Advisers Registration Act of 2010) that, among other things, require certain private fund advisers and private equity firms to register with the Commission.2 This article is intended to assist firms that …
Providing Capital For Law Firms In A Credit Crisis: Non-Lawyer Equity Ownership, Brett Novick
Providing Capital For Law Firms In A Credit Crisis: Non-Lawyer Equity Ownership, Brett Novick
University of Michigan Journal of Law Reform Caveat
Last year, a New York federal district court dismissed a lawsuit by Jacoby & Meyers LLP attacking a New York law that prevents non-lawyers from owning an equity interest in law firms. On November 21, 2012, the U.S. Court of Appeals for the Second Circuit resuscitated the lawsuit, remanding the case to the district court and granting Jacoby & Meyers LLP leave to amend its complaint. Non-lawyers owning an equity interest in law firms is not a new idea, as countries such as Australia and the United Kingdom already allow it, and the United States should follow their example to …