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Full-Text Articles in Law
The Partnership Mystique: Law Firm Finance And Governance For The 21st Century American Law Firm, Maya Steinitz
The Partnership Mystique: Law Firm Finance And Governance For The 21st Century American Law Firm, Maya Steinitz
William & Mary Law Review
This Article identifies and analyzes the de facto and de jure end of lawyers’ exclusivity over the practice of law in the United States. This development will have profound implications for the legal profession, the careers of individual lawyers, and the justice system as a whole.
First, the Article argues that various financial products that have recently flooded the legal market are functionally equivalent to investing in and owning law firms and create all the same governance challenges as allowing nonlawyers to directly own stock in law firms.
Second, the Article analyzes Arizona’s groundbreaking legalization of nonlawyer participation in law …
Fiduciary Judgment Rules, Julian Velasco
Fiduciary Judgment Rules, Julian Velasco
William & Mary Law Review
Because of the strong moral rhetoric and robust equitable remedies available in fiduciary law, it is not surprising to find lawyers and legal scholars seeking to expand the reach of fiduciary law principles into new relationships and new areas of law. However, expansion often does not work very well because of the demanding and pervasive nature of fiduciary duties. Thus, jurists often turn to the business judgment rule and its policy of underenforcement of fiduciary duties as a way to fit fiduciary law principles into other areas of law. The problem with this approach is that it is based on …
The Role Of Aspiration In Corporate Fiduciary Duties, Julian Velasco
The Role Of Aspiration In Corporate Fiduciary Duties, Julian Velasco
William & Mary Law Review
Corporate law is characterized by a pervasive divergence between standards of conduct and standards of review. Courts often opine on the relatively demanding standard of conduct, but their judgments must be based on the more forgiving standard of review. Commentators defend this state of affairs by insisting that it provides guidance to directors without imposing ruinous liability. However, the dichotomy can lead many, especially those who focus on the bottom line, to call into question the meaningfulness of standards of conduct. Of particular concern is the increasing popularity, in legal and scholarly circles, of the notion that fiduciary duty standards …
A Systems Approach To Corporate Governance Reform: Why Importing U.S. Corporate Law Isn't The Answer, Troy A. Paredes
A Systems Approach To Corporate Governance Reform: Why Importing U.S. Corporate Law Isn't The Answer, Troy A. Paredes
William & Mary Law Review
No abstract provided.
The Team Production Theory Of Corporate Law: A Critical Assessment, Alan J. Meese
The Team Production Theory Of Corporate Law: A Critical Assessment, Alan J. Meese
William & Mary Law Review
No abstract provided.
Adjusting To The Managerial Revolution: The Law Of Corporations In The Federal Courts Of Delaware 1900-1941, Stephen B. Presser, Richard E. Simpson
Adjusting To The Managerial Revolution: The Law Of Corporations In The Federal Courts Of Delaware 1900-1941, Stephen B. Presser, Richard E. Simpson
William & Mary Law Review
No abstract provided.