Sunday, May 20, 2007
Steven L. Schwarcz, professor at Duke University School of Law, has an article in the spring 2007 issue of the Stanford Journal of Law, Business & Finance highlighting the value of transactional attorneys entitled: Explaining the Value of Transactional Lawyering. Here is the abstract:
This article attempts to explain empirically the value that lawyers add when acting as counsel to parties in business transactions. Contrary to existing scholarship, which is based mostly on theory, this article shows that transactional lawyers add value primarily by reducing regulatory costs, thereby challenging the reigning models of transactional lawyers as "transaction cost engineers" and "reputational intermediaries." This new model not only helps inform contract theory but also reveals a profoundly different vision than those of existing models for the future of legal education and the profession.