Journal article
Reputation and the value of lawyers
Corporate practice commentator, Vol.37(4), p807
Quarterly edition
01 Jan 1996
Abstract
Service as a reputational intermediary for clients is a defining function of lawyering and, as such, it is the basis for segregating reputational from nonreputational lawyers. This value in law practice is, except for very few super elite firms, on the decline. As the theory of reputational intermediaries states, the need for 3rd party screens arises when parties themselves find it too costly to independently establish their own reputations. No longer a cost-effective source of reputational bonding, perhaps law firms may be increasingly left selling technical legal competence at prices reflecting the competitiveness of the market for that simpler product. Despite the decline in demand for these associational reputation services, the reputation model offers an opportunity for rediscovering a critical and unique role for lawyers in ordering important social, including important commercial, relations.
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Details
- Title
- Reputation and the value of lawyers
- Creators
- Karl Okamoto
- Publication Details
- Corporate practice commentator, Vol.37(4), p807
- Publisher
- Callaghan and Company
- Edition
- Quarterly edition
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Thomas R. Kline School of Law
- Identifiers
- 991021866422104721