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Reduced History of Legal Profession. 19 th century Patriarchal—kinship/family based -3 partners -40 managing clerks -Leverage ratio of p/mc 1:20 to 1:100.

Published byJodie Erin Jefferson Modified over 9 years ago

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Presentation on theme: "Reduced History of Legal Profession. 19 th century Patriarchal—kinship/family based -3 partners -40 managing clerks -Leverage ratio of p/mc 1:20 to 1:100."— Presentation transcript:

1 Reduced History of Legal Profession

2 19 th century Patriarchal—kinship/family based -3 partners -40 managing clerks -Leverage ratio of p/mc 1:20 to 1:100 -Ethically variable Railroads boom Joint stock companies Limited liability Slump gave birth to accounting

3 20 th century Domination by professionals -20 partners -100 assistants -Decline of managing clerks -Rise of ethics Oil industry Development of financial services

4 Late 20 th / Early 21 st century 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 Financial services Structured products Transactional work

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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