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Reduced History of Legal Profession

Reduced History of Legal Profession. 19 th century. Railroads boom Joint stock companies Limited liability Slump gave birth to accounting. Patriarchal—kinship/family based -3 partners -40 managing clerks -Leverage ratio of p/mc 1:20 to 1:100 -Ethically variable. 20 th century.

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Reduced History of Legal Profession

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  1. Reduced History of Legal Profession

  2. 19th century Railroads boom Joint stock companies Limited liability Slump gave birth to accounting Patriarchal—kinship/family based -3 partners -40 managing clerks -Leverage ratio of p/mc 1:20 to 1:100 -Ethically variable
  3. 20th century Oil industry Development of financial services Domination by professionals -20 partners -100 assistants -Decline of managing clerks -Rise of ethics
  4. Late 20th/ Early 21st century Financial services Structured products Transactional work Rise of bureaucracy -400 partners (shrinking equity) -2000 associates, salaried partners, special counsel, professional support staff, contract attorneys -HR directors, CFOs, General Counsel -Move from ethics to regulation/risk management and compliance
  5. Law firms of the future? Law firm as brand?
  6. Global law firms of the future? Why not? Could happen as result of English Legal Services Act 2007 and new Alternative Business Structures in 2011
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