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The Death Of Big Law, Larry E. Ribstein
The Death Of Big Law, Larry E. Ribstein
Larry E. Ribstein
Large law firms face unprecedented stress. Many have dissolved, gone bankrupt or significantly downsized in recent years. This paper provides an economic analysis of the forces driving the downsizing of Big Law. It shows that this downsizing reflects a basically precarious business model rather than just a shrinking economy. Because large law firms do not own durable, firm-specific property, a set of strict conditions must exist to bind the firm together. Several pressures have pushed the unraveling of these conditions, including increased global competition and the rise of in-house counsel. The large law firm’s business model therefore requires fundamental restructuring. …
Delaware For Small Fry: Jurisdictional Competition For Limited Liability Companies, Larry E. Ribstein
Delaware For Small Fry: Jurisdictional Competition For Limited Liability Companies, Larry E. Ribstein
Larry E. Ribstein
Most of the work on jurisdictional competition for business associations has focused on publicly held corporations and the factors underlying Delaware’s dominance in attracting formations of large out-of-state corporations. We examine an analogous jurisdictional competition to attract formations by closely held limited liability companies (LLCs). The LLC offered the first attractive business form for closely held limited liability firms unconstrained by the legacy of corporate default rules. State legislatures have adopted and changed LLC statutes rapidly over the past 20 years. Unlike general and limited partnerships, which have been shaped by uniform laws, LLC statutes vary significantly. These circumstances offer …