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Full-Text Articles in Legal Profession
Will Law Firms Go Public?, Roberta S. Karmel
Will Law Firms Go Public?, Roberta S. Karmel
Roberta S. Karmel
Law in the United States is a big business and big law firms are a global business. Currently, under rules of the American Bar Association (ABA) and most states law, firms are not allowed either to include non-lawyers as partners or accept equity investments from non-lawyers. This Article will argue that (even if law firms retain the form of partnerships) they eventually will accept investments from third parties, and possibly even go public, but this development could lead to a loss of professionalism, as it has with other industries, and could also lead to the end of self-regulation. Among the …
Corporate Indemnification And Advancement Provisions, Good Faith, And The Responsibility Of Corporate Attorneys To Protect The Corporation From Misconduct, Markena Diane Peavy
Corporate Indemnification And Advancement Provisions, Good Faith, And The Responsibility Of Corporate Attorneys To Protect The Corporation From Misconduct, Markena Diane Peavy
Markena D. Peavy
The last decade of corporate scandals has exposed that corporations are vulnerable to corruption and exploitation, which has significant and lasting effects on the national and global economy. This article examines the corporate attorney’s responsibility to serve as “gatekeeper” for the corporation, primarily in circumstances where the interests of corporate officials and the interests of the corporation are in direct conflict, and Section 145 of the Delaware General Corporation Law, which governs the indemnification and advancement rights of corporate officers and the confines of the corporation’s power to confer such rights. Delaware courts have long established that indemnification is to …