TFP BLOG: What if your firm was a private equity portfolio company?

Saturday, May 28, 2011

What if your firm was a private equity portfolio company?

I enjoyed reading Arthur Ciampi's article in the Law Journal about the provocative law suit filed by Jacoby & Meyers to permit non-lawyer ownership of law firm partners. View the full article here:
http://www.law.com/jsp/nylj/PubArticleNY.jsp?id=1202495332432

What do you think? I will give you the chance to vote on it in a future poll. For now vote on the precursor poll to the left.

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NYCLA DRAFT DEFINITION OF PROFESSIONALISM

By professionalism we mean a group pursuing a learned art as a higher calling in a spirit that it is performing a public service, a service that is indispensible in a democratic nation founded on the rule of law. This calling is no less a public service because it may also be a means of livelihood. Pursuit of a learned art in the spirit of a public service is the essence of being a lawyer. It implies obligations of dignity, integrity, self-respect and respect for others.

The essence of professionalism is a commitment to develop one's skills to the fullest and to apply them responsibly and with the utmost diligence to the problem at hand. Professionalism requires adherence to the highest standards of integrity and a willingness to subordinate narrow self-interest in pursuit of the more fundamental goal of client service. Because of the tremendous power they wield in our system, lawyers must never forget that their duty to serve their clients fairly and skillfully takes priority over the personal accumulation of wealth. Lawyers must be willing and prepared to undertake zealous advocacy on behalf of their clients while retaining enough perspective to provide those clients with considered, well-informed and objective advice.

Although duties to their clients in particular matters are paramount, lawyers must throughout their careers remain conscious of and committed to the goal of improving the profession and the system of justice. This commitment includes taking personal and professional measures to increase the availability of legal services and abet even-handed and efficient application and administration of the legal system for all segments of society.