Law Commons^™

Fee-Shifting Statutes And Compensation For Risk, Maureen Carroll

Indiana Law Journal

A law firm that enters into a contingency arrangement provides the client with more than just its attorneys’ labor. It also provides a form of financing, because the firm will be paid (if at all) only after the litigation ends; and insurance, because if the litigation results in a low recovery (or no recovery at all), the firm will absorb the direct and indirect costs of the litigation. Courts and markets routinely pay for these types of risk-bearing services through a range of mechanisms, including state feeshifting statutes, contingent percentage fees, common-fund awards, alternative fee arrangements, and third-party litigation funding. …

The Evolution Of Private Equity And The Change In General Partner Compensation Terms In The 1980s, Stephen Fraidin, Meredith Foster

Fordham Journal of Corporate & Financial Law

While the business model of private equity has remained largely unchanged since the 1980s, private equity as an industry has undergone a dramatic transformation. In the early 1980s, private equity was both highly profitable and highly controversial. Today, on the other hand, it is an important asset class and its returns are modest. This paper will document both of these changes and identify the several factors that contributed simultaneously to private equity’s declining profitability and to its increasing public acceptance. This paper will also identify another change that private equity underwent in the 1980s, which has been largely ignored: the …

Examining Pay Differentials In The Legal Field, Barbara Donn, Christine Cahill, Meghan H. Mihal

Indiana Journal of Law and Social Equality

This study investigates pay discrimination towards women in the legal field. Recent research has shown that a pay gap does exist in the legal field, and we show that this gap widens throughout the lawyers’ early careers. For our analysis, we focus on the pay differentials between associate level men and women at large private law firms in the United States. The data used in this study is provided by the American Bar Association and is a nationally representative data set following lawyers who began their legal career in 2000. We show that women earn less than their male counterparts …

Parenthood Status And Compensation In Law Practice, Nancy Reichman, Joyce Sterling

Indiana Journal of Global Legal Studies

This article asks how cultural frameworks of status influence the evaluation of performance including compensation and advancement of lawyers who were seven years into their practice. We borrow from the work on status expectations that goes beyond gender distinctions and assesses whether the concept of motherhood has a negative impact on assessment of female lawyers. Status expectations theory hypothesizes that mothers are valued less because they are less committed to the workplace and thus receive a motherhood penalty while men receive a fatherhood bonus in compensation decisions. Employing data from the After The JD study, we test the impact of …

The Student-Friendly Model: Creating Cost-Effective Externship Programs, James H. Bachman, Jana B. Eliason

Touro Law Review

No abstract provided.

The Crisis In Legal Education: Dabbling In Disaster Planning, Kyle P. Mcentee, Patrick J. Lynch, Derek M. Tokaz

University of Michigan Journal of Law Reform

The legal education crisis has already struck for many recent law school graduates, signaling potential disaster for law schools already struggling with their own economic challenges. Law schools have high fixed costs caused by competition between schools, the unchecked expansion of federal loan programs, a widely exploited information asymmetry about graduate employment outcomes, and a lack of financial discipline masquerading as innovation. As a result, tuition is up, jobs are down, and skepticism of the value of a J.D. has never been higher. If these trends do not reverse course, droves of students will continue to graduate with debt that …

The Crisis Of The American Law School, Paul Campos

University of Michigan Journal of Law Reform

The economist Herbert Stein once remarked that if something cannot go on forever, it will stop. Over the past four decades, the cost of legal education in America has seemed to belie this aphorism: it has gone up relentlessly. Private law school tuition increased by a factor of four in real, inflation-adjusted terms between 1971 and 2011, while resident tuition at public law schools has nearly quadrupled in real terms over just the past two decades. Meanwhile, for more than thirty years, the percentage of the American economy devoted to legal services has been shrinking. In 1978 the legal sector …

The Mediated Settlement: Is It Always Just About The Money? Rarely!, Steven L. Schwartz

Pepperdine Dispute Resolution Law Journal

Since our legal system of dispute resolution tends to remedy wrongs only by payment of money, most settlements will eventually involve negotiations over the amount to be paid and received. Yet, in both the theory and actual practice of mediation that has lead this writer to conclude that it is never just about the money. Effective lawyer representation of clients in mediation requires a different kind of investigation and preparation than lawyers may be accustomed to conducting. Similarly, an effective mediator must be adept in identifying the clues that reveal the "below the water line" interests at work and which …

A Critical Survey Of The Law, Ethics, And Economics Of Attorney Contingent Fee Arrangements, Adam Shajnfeld

NYLS Law Review

No abstract provided.

Two Goals For Executive Compensation Reform, Brett H. Mcdonnell

NYLS Law Review

No abstract provided.

The Difference Between Filing Lawsuits And Selling Widgets: The Lost Understanding That Some Attorneys’ Exercise Of State Power Is Subject To Appropriate Regulation, Paul Taylor

The University of New Hampshire Law Review

[Excerpt] "It is often argued that all attorneys practicing in the United States – regardless of the function they perform in the American justice system – are purely private actors working in a free market system. This article examines whether it is true that all attorneys in every instance should be equated, as a matter of public policy, with other private actors.

This article explores why not all attorneys function in a free market, and consequently their remuneration should not always remain unregulated. Attorneys who file lawsuits can, by simply filing a complaint at their unfettered discretion, immediately subject defendants …

Large Law Firm Misery: It's The Tournament, Not The Money, Marc S. Galanter, Thomas M. Palay

Vanderbilt Law Review

Will young lawyers truly be happier and more fulfiled if they can restrain their appetite for money? Professor Schiltz's wonderful sermon certainly provides a stirring argument in the affirmative. In his eyes, it is greed (or materialism) that has led to the decline of the profession and makes lawyers unhappy. Lawyers' lust for money is at the root of their unhappiness with the profession.' This is broken down into two steps: "[m]oney is at the root of virtually everything that lawyers don't like about their profession: the long hours, the commercialization," etc., etc. And their obsession with money leads lawyers …

The Breath Of The Unfee'd Lawyer: Statutory Fee Limitations And Ineffective Assistance Of Counsel In Capital Litigation, Albert L. Vreeland Ii

Michigan Law Review

This Note argues that fee limitations deprive indigent defendants of their right to effective assistance of counsel. Part I of this Note reviews state court decisions that address Sixth Amendment challenges to fee limitations, yet fail to address the broader concerns about the appointed counsel system. Part II considers the inherent disincentives and burdens fee limitations impose on attorneys and suggests that the limits threaten the indigent accused's right to effective assistance of counsel. A comparison of the fee limitations and the time required to prepare and try a capital case reveals the gross inadequacy of statutory fee provisions. In …

Trademarks-Successful Plaintiffs In Trademark Infringement Actions Under The Lanham Act May Not Recover Attorney's Fees-Maier Brewing Co. V. Fleischmann Distilling Corp., Michigan Law Review

Michigan Law Review

In an action for trademark infringement under the Lanham Act and for unfair competition, the District Court enjoined the defendant company from further use of the trademark and awarded the plaintiff $60,000 in attorney's fees. On appeal, held, reversed in part. The issuance of the injunction was upheld but the court declared that attorney's fees are not recoverable in trademark infringement cases prosecuted under the Lanham Act since Congress had not expressly provided for such awards.

Reasonable Fee And Professional Discipline, William C. Romell

Cleveland State Law Review

The question propounded by this article is - what exactly is the "reasonable" fee, and conversely under what conditions may a fee be adjudged so unreasonable that the legal profession may administer justifiable discipline to the attorney charging such a fee?

Attorney And Client - Malpractice - Accrual Of Action - Statute Of Limitations

Michigan Law Review

Plaintiff, in March, 1934, while in the employ of a manufacturing concern, suffered severe injuries. In September, 1935, he employed the defendant, an attorney, to present and prosecute a claim for compensation. The claim was filed in March, 1937; it was dismissed by the Industrial Commission on the ground that it was barred by the two-year statute of limitations governing such claims. Apparently the attorney, continuing his efforts on behalf of his client, persuaded the employer to make a voluntary settlement, for the plaintiff alleges that, in May of 1940, he endorsed the employer's check over to the attorney, accepted …

Corporations-What Amounts To Practice Of Law-Solution Of The Difficulty By Agreements

Michigan Law Review

The defendant trust company advertised that it made a specialty of drawing contracts, deeds, mortgages and wills. It also purported to specialize in the drawing of trust agreements and the management of estates. In a statutory contempt proceeding, upon proof of the performance of these functions for compensation, held the defendant was engaged in the practice of law, and guilty of contempt. In re Eastern Idaho Loan and Trust, Co. (Idaho 1930) 288 Pac. 157.