{"id":69735,"date":"2020-02-22T08:35:24","date_gmt":"2020-02-22T13:35:24","guid":{"rendered":"http:\/\/danielschristian.com\/learning-ecosystems\/?p=69735"},"modified":"2020-02-22T08:39:12","modified_gmt":"2020-02-22T13:39:12","slug":"it-is-high-time-to-reform-the-rules-that-govern-the-practice-of-law-baxter","status":"publish","type":"post","link":"http:\/\/danielschristian.com\/learning-ecosystems\/2020\/02\/22\/it-is-high-time-to-reform-the-rules-that-govern-the-practice-of-law-baxter\/","title":{"rendered":"It is high time to reform the rules that govern the practice of law [Baxter]"},"content":{"rendered":"

It is high time to reform the rules that govern the practice of law<\/strong><\/a> — from legalservicestoday.com by Ralph Baxter<\/p>\n

Excerpt:<\/em><\/p>\n

Current regulations create a closed system<\/strong>
\nThe current regulatory model has created a closed legal services system. It limits who can participate in legal services in two fundamental ways.<\/p>\n

First, only those who undergo the time and expense of law school and become licensed as \u201clawyers\u201d are permitted to deliver legal services. It is a crime for anyone to do work that falls within the deliberately vague definition of \u201cthe practice of law\u201d unless they have a lawyer license.<\/p>\n

Second, only lawyers are permitted to participate in the financial rewards of a law firm. Investment by others is forbidden, as is sharing profits within a law firm with personnel who are not lawyers.<\/p>\n

The consequences of these limitations are clear and profound. The first limitation causes the cost of legal service to be much higher than it otherwise would be; it also causes the law firm workforce to have less diverse backgrounds (as other businesses have) resulting in less creativity and agility.<\/p>\n

The second limitation limits the capital law firms can raise, which, in turn, makes it harder for them to invest in new processes and technologies. The most successful firms in this closed system command high enough fees that they can generate their own capital. The majority of firms, however, would benefit from greater access to capital. This is particularly acute for firms which serve individuals and small businesses; in these practices the economic stakes of matters are relatively small, warranting lower fees, making the need for outside capital even greater.<\/p>\n

Also see:<\/em><\/span><\/p>\n