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Monday, August 22, 2011
Law - "Law Firms' Profits Called Inflated: Tallies by a Citigroup Unit Come in Lower Than American Lawyer's Measure"
That is the headline to a story today ($$$) in the WSJ. The reporter, Vanessa O'Connell, also has this entry today in the not $$$ WSJ Law Blog, headed "Are Law Firms Overstating Their Profits?."
Also in the WSJ today, an opinion piece by Clifford Winston and Robert W. Crandall, headed "Time to Deregulate the Practice of Law: Every other industry that has been deregulated, from trucking to telephones, has lowered prices without sacrificing quality." Jonathan H. Adler writes about it here in the Volokh Conspiracy blog. A sample:
The reality is that many more people could offer various forms of legal services today at far lower prices if the American Bar Association (ABA) did not artificially restrict the number of lawyers through its accreditation of law schools—most states require individuals to graduate from such a school to take their bar exam—and by inducing states to bar legal services by non-lawyer-owned entities. It would be better to deregulate the provision of legal services. This would lower prices for clients and lead to more jobs.
Posted by Marcia Oddi on August 22, 2011 02:30 PM
Posted to General Law Related