Law Commons^™

The Futures Of Law, Lawyers, And Law Schools: A Dialogue, Sameer M. Ashar, Benjamin H. Barton, Michael J. Madison, Rachel F. Moran

Articles

On April 19 and 20, 2023, Professors Bernard Hibbitts and Richard Weisberg convened a conference at the University of Pittsburgh School of Law titled “Disarmed, Distracted, Disconnected, and Distressed: Modern Legal Education and the Unmaking of American Lawyers.” Four speakers concluded the event with a spirited conversation about themes expressed during the proceedings. Distilling a lively two days, they asked: what are the most critical challenges now facing US legal education and, by extension, lawyers and the communities they serve? Their agreements and disagreements were striking, so much so that Professors Hibbitts and Weisberg invited those four to extend their …

Telling Your Story: Using Metrics To Display Your Value (H2), Wendy E. Moore, Thomas J. Striepe, Steve Lastres, Joy Shoemaker

Presentations

The American Bar Association, academic institutions, law firms, and governments are demanding more and more outcome-based performance. However, displaying these outcomes is difficult for law libraries. Law libraries possess an abundance of data, but determining which metrics will showcase your law library’s value and performance is difficult. Speakers from a law school, law firm, and court library will explain the different metrics they use to display their value to their stakeholders. After these short presentations, a “fishbowl” discussion will provide participants the chance to share and learn about different metrics and tools law libraries are using to best tell their …

An Invitation Regarding Law And Legal Education, And Imagining The Future, Michael J. Madison

Articles

This Essay consists of an invitation to participate in conversations about the future of legal education in ways that integrate rather than distinguish several threads of concern and revision that have emerged over the last decade. Conversations about the future of legal education necessarily include conversations about the future of law practice, legal services, and law itself. Some of those start with the somewhat stale questions: What are US law professors doing, what should they be doing, and why? Those questions are still relevant and important, but they are no longer the only relevant questions, and they are not the …

How Do Accounting Practices Spread? An Examination Of Law Firm Networks And Stock Option Backdating, Teck Meng Junior Tan, Patricia M. Dechow

Research Collection School Of Accountancy

We hypothesize that one way that accounting practices spread is through law firm connections. We investigate this prediction by examining companies that avoided reporting compensation expense by engaging in stock option backdating. We hypothesize that executives engaged in backdating because they were desensitized to its inappropriateness when they learned through their legal counsel that other companies were engaging in this practice. We identify backdating companies through backdating-related restatements of earnings. Using network analysis, we document that backdating companies are more highly connected with other backdating companies via shared law firms. Logistic regressions indicate that the odds of a company backdating …

Market Information And The Elite Law Firm, Elisabeth De Fontenay

Faculty Scholarship

As a subcategory of contract negotiations, corporate transactions present information problems that have not been fully analyzed. In particular, the literature does not address the possibility that parties may simply be unaware of value-increasing transaction terms or their outside option. Such unawareness can arise even for transactions that attract many competing parties, if the bargaining process is such that (1) the price terms are negotiated and fixed prior to the non-price terms, contrary to the standard assumption; and (2) some of the non-price terms remain private for some period of time.

A simple bargaining model shows that, when such unawareness …

Efficiency Engines: How Managed Services Are Building Systems For Corporate Legal Work, William D. Henderson

Articles by Maurer Faculty

No abstract provided.

Talent Systems For Law Firms, William D. Henderson

Articles by Maurer Faculty

irtually every large US law firm owes its rise and success to a talent system it adopted several decades ago. These talent systems were effective because they created highly skilled business lawyers in a way that aligned the interests of partners, associates, and clients. The most prominent example is the Cravath System, though other business lawyers throughout the US were making similar discoveries at roughly the same time. The tremendous forward momentum of these first-generation talent systems has created the problem of ahistorical partners — owners who collect the late-stage benefits of a talent system approach without understanding its original …

Agency Costs In Law-Firm Selection: Are Companies Under-Spending On Counsel?, Elisabeth De Fontenay

Faculty Scholarship

A growing body of literature examines whether corporate clients derive sufficient value from the law firms that they engage. Yet little attention has been paid to whether clients optimally select among law firms in the first place. One entry-point is to identify discrepancies in the quality of counsel selected by different corporate clients for the very same work. Using a large sample of loans, this Article finds that major U.S. public companies select lower-ranked law firms for their financing transactions than do private equity-owned companies, controlling for various deal characteristics. While some of this discrepancy can be attributed to value-maximizing …

Law Firm Selection And The Value Of Transactional Lawyering, Elisabeth De Fontenay

Faculty Scholarship

Following the contraction in demand for law firms’ services during the Great Recession, “Big Law” was widely diagnosed as suffering from several maladies that would spell its ultimate demise, including excessive fees, excessive size, increased competition from in-house counsel, the commoditization of legal work, and the decline in demand for “relationship firms.” While each of these market pressures is only too real for certain segments of the law-firm population, their threat to the most elite U.S. law firms has been largely misunderstood. Even as many firms reduce their fees and contract in size, we should expect certain firms to continue …

Human Capital Accounting, William D. Henderson

Articles by Maurer Faculty

No abstract provided.

Introduction To The Demography Volume, Samuel B. Bacharach, Pamela S. Tolbert

Pamela S Tolbert

[Excerpt] This volume represents another effort by Research in the Sociology of Organizations to focus on a crucial issue in organizational sociology. In some of the previous volumes, we concentrated on organizations and professions (Volume 8, 1991), the structuring of participation in organizations (Volume 7, 1989), and the social psychological processes in organizations (Volume 3, 1984). This volume concentrates on one of the most important emerging issues in organizational sociology—the issue of organizational demography.

Organizations Of Professionals: Governance Structures In Large Law Firms, Pamela S. Tolbert

Pamela S Tolbert

Despite the growing number of studies of professionals in organizations, surprisingly little attention has been given to the way in which professions shape organizations. This research addresses this issue by examining the determinants of formal structures in large law firms for decision making in two areas: compensation and promotion. We argue that the structures for compensation decisions are strongly influenced by contemporary business strategies adopted by law firms, as indicated by a number of organizational characteristics. Because promotion decisions are closely tied to the institution of professional authority, however, structures for these decisions are largely unaffected by such strategies. The …

Institutional Sources Of Organizational Culture In Major Law Firms, Pamela S. Tolbert

Pamela S Tolbert

[Excerpt] A large body of research has been generated within the last few years on the forms and functions of organizational culture and on the consequences of culture for organizational control and effectiveness. Surprisingly little attention has been given, however, to the sources of organizational culture and, in particular, to the features of organizations that affect its maintenance and transmission. This chapter uses an institutionalization perspective to explore these issues.