Should law firms be allowed to trade in public exchanges and have third-party financing?
Law is one of the oldest professions known, however, at a stage where law firms have achieved a high level of sophistication, law firms are more and more immerse in the dynamics dictated by the global economy, where efficiency and added value are the main drivers. Traditionally and a lot of times...
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2020
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| Online Access: | https://dialnet.unirioja.es/servlet/oaiart?codigo=7265852 |
| Source: | Revista Auctoritas Prudentium, ISSN 2305-9729, Nº. 22, 2020 |
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dialnet-ar-18-ART00013666062020-03-05Should law firms be allowed to trade in public exchanges and have third-party financing?Quintana Hernández, Ivan DavidPartnershippublicly traded companiescapital structurenon-lawyer ownershipincentivesSociedades de personascompañías públicasestructura de capitalpropiedad de no abogadosincentivosLaw is one of the oldest professions known, however, at a stage where law firms have achieved a high level of sophistication, law firms are more and more immerse in the dynamics dictated by the global economy, where efficiency and added value are the main drivers. Traditionally and a lot of times mandatorily, law firms have been structured as partnerships or some variations of it (e.g. two-tiers partnerships). This paper argues in favor of allowing law firms to explore different capital structures instead of the traditional partnership, since it presents several opportunities. This paper explores the arguments against and in favor of allowing law firms to trade in public exchanges and to have in their capital structure non-lawyers with ownership interests over the firm. The paper uses developed legal markets as primary source for explaining the arguments and a reference to the Guatemalan legal market is made. This paper also explores the current incentives law firms have and how that incentives can be more in line with those of the clients, if the capital structure of law firms changes.La profesión legal es una de las más antiguas, sin embargo, en una etapa en la que las firmas de abogados han alcanzado un alto nivel de sofisticación, estas están inmersas en la dinámica dictada por la economía global, en donde la eficiencia y el valor agregado son los principales factores. Tradicionalmente y muchas veces por obligación, las firmas de abogados se han organizado como sociedades de personas o alguna variante de esta (e.g. organizaciones de dos niveles). En el presente ensayo se argumenta a favor de permitir a las firmas de abogados, explorar estructuras de capital alternativas a la sociedad de personas, puesto que presenta varias oportunidades. El presente ensayo explora argumentos a favor y en contra de permitir que las firmas de abogados coticen en bolsa y tengan como parte de su estructura de capital, no abogados como propietarios de la firma. Se utilizan mercados legales desarrollados como principal fuente para explicar los argumentos y realiza una referencia al mercado legal guatemalteco. El presente ensayo también explora los incentivos que actualmente mueven a las firmas de abogados y como dichos incentivos pueden alinearse mejor a los de los clientes si la estructura de capital de las firmas cambia.2020text (article)application/pdfhttps://dialnet.unirioja.es/servlet/oaiart?codigo=7265852(Revista) ISSN 2305-9729Revista Auctoritas Prudentium, ISSN 2305-9729, Nº. 22, 2020engLICENCIA DE USO: Los documentos a texto completo incluidos en Dialnet son de acceso libre y propiedad de sus autores y/o editores. Por tanto, cualquier acto de reproducción, distribución, comunicación pública y/o transformación total o parcial requiere el consentimiento expreso y escrito de aquéllos. Cualquier enlace al texto completo de estos documentos deberá hacerse a través de la URL oficial de éstos en Dialnet. Más información: https://dialnet.unirioja.es/info/derechosOAI | INTELLECTUAL PROPERTY RIGHTS STATEMENT: Full text documents hosted by Dialnet are protected by copyright and/or related rights. This digital object is accessible without charge, but its use is subject to the licensing conditions set by its authors or editors. Unless expressly stated otherwise in the licensing conditions, you are free to linking, browsing, printing and making a copy for your own personal purposes. All other acts of reproduction and communication to the public are subject to the licensing conditions expressed by editors and authors and require consent from them. Any link to this document should be made using its official URL in Dialnet. More info: https://dialnet.unirioja.es/info/derechosOAI
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Dialnet
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Dialnet AR
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| source |
Revista Auctoritas Prudentium, ISSN 2305-9729, Nº. 22, 2020
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| language |
English
|
| topic |
Partnership
publicly traded companies capital structure non-lawyer ownership incentives Sociedades de personas compañías públicas estructura de capital propiedad de no abogados incentivos |
| spellingShingle |
Partnership
publicly traded companies capital structure non-lawyer ownership incentives Sociedades de personas compañías públicas estructura de capital propiedad de no abogados incentivos Quintana Hernández, Ivan David Should law firms be allowed to trade in public exchanges and have third-party financing? |
| description |
Law is one of the oldest professions known, however, at a stage where law firms
have achieved a high level of sophistication, law firms are more and more immerse
in the dynamics dictated by the global economy, where efficiency and added value
are the main drivers. Traditionally and a lot of times mandatorily, law firms have been
structured as partnerships or some variations of it (e.g. two-tiers partnerships). This
paper argues in favor of allowing law firms to explore different capital structures
instead of the traditional partnership, since it presents several opportunities. This
paper explores the arguments against and in favor of allowing law firms to trade in
public exchanges and to have in their capital structure non-lawyers with ownership
interests over the firm. The paper uses developed legal markets as primary source
for explaining the arguments and a reference to the Guatemalan legal market is
made. This paper also explores the current incentives law firms have and how that
incentives can be more in line with those of the clients, if the capital structure of law
firms changes.
|
| format |
Article
|
| author |
Quintana Hernández, Ivan David
|
| author_facet |
Quintana Hernández, Ivan David
|
| author_sort |
Quintana Hernández, Ivan David
|
| title |
Should law firms be allowed to trade in public exchanges and have third-party financing?
|
| title_short |
Should law firms be allowed to trade in public exchanges and have third-party financing?
|
| title_full |
Should law firms be allowed to trade in public exchanges and have third-party financing?
|
| title_fullStr |
Should law firms be allowed to trade in public exchanges and have third-party financing?
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| title_full_unstemmed |
Should law firms be allowed to trade in public exchanges and have third-party financing?
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| title_sort |
should law firms be allowed to trade in public exchanges and have third-party financing?
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| publishDate |
2020
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| url |
https://dialnet.unirioja.es/servlet/oaiart?codigo=7265852
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| _version_ |
1709751210063429632
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