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Titolo:
Taking stock of taking stock
Autore:
Puri, P;
Indirizzi:
York Univ, Osgoode Hall Law Sch, N York, ON M3J 1P3, Canada York Univ N York ON Canada M3J 1P3 ll Law Sch, N York, ON M3J 1P3, Canada
Titolo Testata:
CORNELL LAW REVIEW
fascicolo: 1, volume: 87, anno: 2001,
pagine: 99 - 157
SICI:
0010-8847(200111)87:1<99:TSOTS>2.0.ZU;2-4
Fonte:
ISI
Lingua:
ENG
Soggetto:
CONTINGENT FEES; CONSTITUENCY STATUTES; ECONOMIC-ANALYSIS; LAWYERS; MARKET; LIABILITY; LAW; EFFICIENCY; LITIGATION; CONFLICT;
Tipo documento:
Review
Natura:
Periodico
Settore Disciplinare:
Social & Behavioral Sciences
--discip_BC--
Citazioni:
119
Recensione:
Indirizzi per estratti:
Indirizzo: Puri, P York Univ, Osgoode Hall Law Sch, N York, ON M3J 1P3, Canada York Univ N York ON Canada M3J 1P3 ch, N York, ON M3J 1P3, Canada
Citazione:
P. Puri, "Taking stock of taking stock", CORNELL L R, 87(1), 2001, pp. 99-157

Abstract

Silicon Valley law firms were among the first to experiment with taking stock in their technology start-up clients. They were followed by law firms in other financial centers in the United States and Canada, as well as more conservative law firms in England and the rest of Europe. This Article critically analyzes the practice of lawyers taking equity in their clients as compensation for legal services. First, it explains that equity billing can provide significant private benefits to law firms and clients, and can alsoprovide indirect public benefits. Second, it argues that equity billing can be usefully analogized to contingency fee arrangements. Third, it addresses ethical issues raised by equity billing. And fourth, it applies the economic theory of gatekeeping and explains that equity billing may impose externalities on third parties such as retail investors who rely on issuers' legal counsel to ensure compliance with securities laws. The Article concludes that a case cannot be made for prohibiting equity billing or capping the amount of equity that a lawyer can take in a client, and that the most appropriate form of regulation is heightened disclosure of equity billing arrangements, coupled with the preexisting regime of ethical rules and fiduciaryprinciples.

ASDD Area Sistemi Dipartimentali e Documentali, Università di Bologna, Catalogo delle riviste ed altri periodici
Documento generato il 22/01/20 alle ore 21:55:54