Law Commons^™

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 …

A New Era Of Legal Services: The Elimination Of Unauthorized Practice Of Law Rules To Accompany The Growth Of Legal Software, Julian Moradian

William & Mary Business Law Review

Since the inception of bar associations in the early twentieth century, states have promulgated rules that prohibit unlicensed individuals from providing legal services. These unauthorized practice of law rules have created a monopoly on legal services, which in turn has inflated the price of obtaining legal services to a point where a significant percentage of individuals who need such services are unable to obtain them. Legal software has the potential to disrupt the market for legal services and make such services available to the mass market. However, for innovation and widespread use of legal software to gain traction, these unauthorized …