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Author: Steven J Harper
Publisher: Basic Books
ISBN: 0465097634
Category : Law
Languages : en
Pages : 274
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Book Description
A noble profession is facing its defining moment. From law schools to the prestigious firms that represent the pinnacle of a legal career, a crisis is unfolding. News headlines tell part of the story—the growing oversupply of new lawyers, widespread career dissatisfaction, and spectacular implosions of pre-eminent law firms. Yet eager hordes of bright young people continue to step over each other as they seek jobs with high rates of depression, life-consuming hours, and little assurance of financial stability. The Great Recession has only worsened these trends, but correction is possible and, now, imperative. In The Lawyer Bubble, Steven J. Harper reveals how a culture of short-term thinking has blinded some of the nation’s finest minds to the long-run implications of their actions. Law school deans have ceded independent judgment to flawed U.S. News & World Report rankings criteria in the quest to maximize immediate results. Senior partners in the nation’s large law firms have focused on current profits to enhance American Lawyer rankings and individual wealth at great cost to their institutions. Yet, wiser decisions—being honest about the legal job market, revisiting the financial incentives currently driving bad behavior, eliminating the billable hour model, and more—can take the profession to a better place. A devastating indictment of the greed, shortsightedness, and dishonesty that now permeate the legal profession, this insider account is essential reading for anyone who wants to know how things went so wrong and how the profession can right itself once again.
Author: Steven J Harper
Publisher: Hachette UK
ISBN: 0465097634
Category : Law
Languages : en
Pages : 320
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Book Description
A noble profession is facing its defining moment. From law schools to the prestigious firms that represent the pinnacle of a legal career, a crisis is unfolding. News headlines tell part of the story—the growing oversupply of new lawyers, widespread career dissatisfaction, and spectacular implosions of pre-eminent law firms. Yet eager hordes of bright young people continue to step over each other as they seek jobs with high rates of depression, life-consuming hours, and little assurance of financial stability. The Great Recession has only worsened these trends, but correction is possible and, now, imperative. In The Lawyer Bubble, Steven J. Harper reveals how a culture of short-term thinking has blinded some of the nation’s finest minds to the long-run implications of their actions. Law school deans have ceded independent judgment to flawed U.S. News & World Report rankings criteria in the quest to maximize immediate results. Senior partners in the nation’s large law firms have focused on current profits to enhance American Lawyer rankings and individual wealth at great cost to their institutions. Yet, wiser decisions—being honest about the legal job market, revisiting the financial incentives currently driving bad behavior, eliminating the billable hour model, and more—can take the profession to a better place. A devastating indictment of the greed, shortsightedness, and dishonesty that now permeate the legal profession, this insider account is essential reading for anyone who wants to know how things went so wrong and how the profession can right itself once again.
Author: Erik F. Gerding
Publisher: Routledge
ISBN: 1134642695
Category : Business & Economics
Languages : en
Pages : 560
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Book Description
Financial regulation can fail when it is needed the most. The dynamics of asset price bubbles weaken financial regulation just as financial markets begin to overheat and the risk of crisis spikes. At the same time, the failure of financial regulations adds further fuel to a bubble. This book examines the interaction of bubbles and financial regulation. It explores the ways in which bubbles lead to the failure of financial regulation by outlining five dynamics, which it collectively labels the "Regulatory Instability Hypothesis." . The book concludes by outlining approaches to make financial regulation more resilient to these dynamics that undermine law.
Author: Adam J. Levitin
Publisher: Harvard University Press
ISBN: 0674979656
Category : Business & Economics
Languages : en
Pages : 401
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Book Description
The definitive account of the housing bubble that caused the Great Recession—and earned Wall Street fantastic profits. The American housing bubble of the 2000s caused the worst global financial crisis since the Great Depression. In this definitive account, Adam Levitin and Susan Wachter pinpoint its source: the shift in mortgage financing from securitization by Fannie Mae and Freddie Mac to “private-label securitization” by Wall Street banks. This change set off a race to the bottom in mortgage underwriting standards, as banks competed in laxity to gain market share. The Great American Housing Bubble tells the story of the transformation of mortgage lending from a dysfunctional, local affair, featuring short-term, interest-only “bullet” loans, to a robust, national market based around the thirty-year fixed-rate mortgage, a uniquely American innovation that served as the foundation for the middle class. Levitin and Wachter show how Fannie and Freddie’s market power kept risk in check until 2003, when mortgage financing shifted sharply to private-label securitization, as lenders looked for a way to sustain lending volume following an unprecedented refinancing wave. Private-label securitization brought a return of bullet loans, which had lower initial payments—enabling borrowers to borrow more—but much greater back-loaded risks. These loans produced a vast oversupply of underpriced mortgage finance that drove up home prices unsustainably. When the bubble burst, it set off a destructive downward spiral of home prices and foreclosures. Levitin and Wachter propose a rebuild of the housing finance system that ensures the widespread availability of the thirty-year fixed-rate mortgage, while preventing underwriting competition and shifting risk away from the public to private investors.
Author: Richard Susskind
Publisher: OUP Oxford
ISBN: 9780199668069
Category : Law
Languages : en
Pages : 0
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Book Description
From the bestselling author of The End of Lawyers?, this book predicts fundamental and irreversible changes in the legal world and offers essential practical advice for those who intend to build careers and businesses in law. A definitive guide to the future for aspiring lawyers, and for all who want to modernize today's legal and justice systems.
Author: Glenn H. Reynolds
Publisher:
ISBN: 9781594036651
Category : College costs
Languages : en
Pages : 0
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Book Description
America is facing a higher education bubble. Like the housing bubble, it is the product of cheap credit coupled with popular expectations of ever-increasing returns on investment, and as with housing prices, the cheap credit has caused college tuitions to vastly outpace inflation and family incomes. Now this bubble is bursting. In this Broadside, Glenn H. Reynolds explains the causes and effects of this bubble and the steps colleges and universities must take to ensure their survival. Many graduates are unable to secure employment sufficient to pay off their loans, which are usually not dischargeable in bankruptcy. As students become less willing to incur debt for education, colleges and universities will have to adapt to a new world of cost pressures and declining public support.
Author: Erwin Orson Smigel
Publisher: Indiana University Press
ISBN:
Category : Law
Languages : en
Pages : 400
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Book Description
Author: Steven J Harper
Publisher: Basic Books
ISBN: 0465097634
Category : Law
Languages : en
Pages : 274
Get Book Here
Book Description
A noble profession is facing its defining moment. From law schools to the prestigious firms that represent the pinnacle of a legal career, a crisis is unfolding. News headlines tell part of the story—the growing oversupply of new lawyers, widespread career dissatisfaction, and spectacular implosions of pre-eminent law firms. Yet eager hordes of bright young people continue to step over each other as they seek jobs with high rates of depression, life-consuming hours, and little assurance of financial stability. The Great Recession has only worsened these trends, but correction is possible and, now, imperative. In The Lawyer Bubble, Steven J. Harper reveals how a culture of short-term thinking has blinded some of the nation’s finest minds to the long-run implications of their actions. Law school deans have ceded independent judgment to flawed U.S. News & World Report rankings criteria in the quest to maximize immediate results. Senior partners in the nation’s large law firms have focused on current profits to enhance American Lawyer rankings and individual wealth at great cost to their institutions. Yet, wiser decisions—being honest about the legal job market, revisiting the financial incentives currently driving bad behavior, eliminating the billable hour model, and more—can take the profession to a better place. A devastating indictment of the greed, shortsightedness, and dishonesty that now permeate the legal profession, this insider account is essential reading for anyone who wants to know how things went so wrong and how the profession can right itself once again.
Author: William Durran
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 610
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Book Description
Author: Deborah L. Rhode
Publisher: Oxford University Press, USA
ISBN: 0190217227
Category : Law
Languages : en
Pages : 245
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Book Description
A broad, comprehensive foray into the debate about the legal crisis, written by one of the most respected and authoritative scholars of the legal profession.
Author: Michael S. Ariens
Publisher: University Press of Kansas
ISBN: 0700633839
Category : Law
Languages : en
Pages : 400
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Book Description
In 1776, Thomas Paine declared the end of royal rule in the United States. Instead, “law is king,” for the people rule themselves. Paine’s declaration is the dominant American understanding of how political power is exercised. In making law king, American lawyers became integral to the exercise of political power, so integral to law that legal ethics philosopher David Luban concluded, “lawyers are the law.” American lawyers have defended the exercise of this power from the Revolution to the present by arguing their work is channeled by the profession’s standards of ethical behavior. Those standards demand that lawyers serve the public interest and the interests of their paying clients before themselves. The duties owed both to the public and to clients meant lawyers were in the marketplace selling their services, but not of the marketplace. This is the story of power and the limits of ethical constraints to ensure such power is properly wielded. The Lawyer’s Conscience is the first book examining the history of American lawyer ethics, ranging from the mid-eighteenth century to the “professionalism” crisis facing lawyers today.
