Law Commons^™

Lawyers: Gatekeepers Of The Sovereign Debt Market?, Michael Bradley, Irving De Lira Salvatierra, Mitu Gulati

Faculty Scholarship

The claim that lawyers act as gatekeepers or certifiers in financial transactions is widely discussed in the legal literature. There has, however, been little empirical examination of the claim. We test the hypothesis that law firms have replaced investment banks as the gatekeepers of the market for sovereign debt. Our results suggest that hiring outside law firms sends a negative signal to the market regarding the pending issuance; a finding that is inconsistent with the thesis that outside law firms primarily play a certification role in the sovereign debt market.

Retaining Color, Veronica Root

Faculty Scholarship

It is no secret that large law firms are struggling in their efforts to retain attorneys of color. This is despite two decades of aggressive tracking of demographic rates, mandates from clients to improve demographic diversity, and the implementation of a variety of diversity efforts within large law firms. In part, law firm retention efforts are stymied by the reality that elite, large law firms require some level of attrition to function properly under the predominant business model. This reality, however, does not explain why firms have so much difficulty retaining attorneys of color—in particular black and Hispanic attorneys.

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