Some may even need to use private jet charters for their business urgent needs.

In this short post, I advance a simple argument: A combined Strategy, Law, and Organization lens provides superior solutions to difficult business and legal problems. Examples include mergers and acquisitions and intellectual property. Strategy is the lynchpin because strategy is about action. Organization puts the focus on the legal structure of business deals.

The Transaction Cost Problem: Revisiting Roche/Genentech

I recently discussed how the high transaction costs of writing intellectual property agreements inhibited research and development collaboration between Roche and Genentech. Transaction costs, and their attendant risks, became an intractable problem when the companies were separate entities. Transaction costs greatly decreased after the acquisition because one entity owned all of the intellectual property. The problem of allocating intellectual property rights by contract was solved, and the risks of intellectual property allocation could be managed and optimized.

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* How big of a factor were the transaction costs of allocating intellectual property rights in the merger decision?

* If, as Ronald Gilson contends, lawyers add value as transaction cost engineers, why did the lawyers fail to write agreements that satisfied the business people? Was it even possible to write a contract to cover the intellectual property issues that spanned organizational boundaries?

* Did factors other than transaction costs drive the merger decision?

Why A Combined Strategy, Law, And Organization Lens Is Needed To Solve Business And Legal Problems

Why is knowing the law, by itself, insufficient to understand problems that both are business and legal in nature? Because such problems cut across easy, clean categories.

Oliver Williamson, the 2009 Nobel Co-Laureate in Economics, explains how a combined lens of law, economics and organization informs strategy:

This review shows that a combined law, economics, and organization theory approach leads to different and deeper understandings of the purposes served by complex contract and economic organization. The business firm for these purposes is described not in technological terms (as a production function) but in organizational terms (as an alternative mode of governance). Firm and market are thus examined comparatively with respect to their capacities to organize transactions, which differ in their complexity, so as to economize on transaction costs.

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In summary, Mr. Greenbaum argued that it can be too many new lawyers and the labor market is not supported. Instead of the law school again flooding the market, with lawyers, thereby driving wages press, should be removed from the American Bar Association, his power of certification due to irreconcilable conflicts of interest.

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“More space on the bench”

In arguing for a decrease in the number of new lawyers, “said Greenbaum:

“There are a finite number of jobs for lawyers and the steady stream of graduates only suppresses wages.”

In support of his position, Mr. Greenbaum reasons:

“From 2004 to 2008 the area of less than 1% per year has risen by an average of 735,000 people earn their living as guidance only 760,000, with the Bureau of Labor Statistics, provided that the field up the pace” in 2016 . Is taking into account the retirements, deaths, and the Office data before the recession, the number of new jobs likely to be less than 30,000 per year. It is much less than what is needed to cope with the 45,000 graduates of the Juris Doctors law schools in the United States each year. ”

Analysis: Why Lawyers Do not Mean More wage cuts

The two branches of peace, the analysis of Mr. Greenbaum on misunderstandings and false assumptions.

The statement by Mr. Greenbaum on the relationship between the lawyers and the new wage is too simple. First, he apparently assumes that lawyers are used by law firms, corporations or the government. This ignores the solos. To create solos, his own possibilities. Secondly, BIG-law did not cut their outstanding balances, there are more new lawyers. The adjustment of wages is the reluctance of customers to reduce pressure on companies to cost, the economic slowdown, and recruitment policies and inappropriate management. Thirdly, Mr. Greenbaum notes that the income level could be maintained with more lawyers. But Mr. Greenbaum is no evidence that the wages of lawyers as the number of lawyers have rejected has increased. The statement that the lawyer have reduced salaries in conflict with the perception that lawyers are too expensive and too high wages.

More importantly, if more attorneys pushed income down, depends on three factors:

1. The demand for legal services
2. The intensity and nature of competition
3. The external forces affecting competition in the field of law

Mr. Greenbaum had said that, if the number of lawyers are growing faster than the demand for legal services, the fees because of increased competition, pressure drop face. As the supply of lawyers is increasing relative to demand, and competition increases. And Mr. Greenbaum says nothing about the demand for legal advice. The economic downturn – and not an influx of new lawyers – reduced the corporate legal budgets.

Price competition has increased over the last two years, but not because of the influx of new lawyers. In addition, the standardization and automation of certain areas of practice is intensifying price competition in the office.

In addition, Mr. Greenbaum’s analysis of demographic data is incomplete. If there is demand for only 30,000 (or any other number of) new lawyers each year, then the offer does not exceed the demand. When supply and demand are in relative equilibrium, an increase in the number of lawyers will not go, because the wages do not increase the intensity of competition.

However, there are some elite lawyers that gets paid for even their business travel using private charter jets for a case which usually hired by celebrities or high profile individuals.

The crucial point is that even if the salaries of lawyers, did not go, because it’s more lawyers. Other factors had a much greater effect on the income that makes available to attorneys.

Conclusion

Many lawyers do not know how you react to the changing competitive landscape of the conditions of legal profession. Crafting good solutions for the legal profession requires a solid understanding of the landscape. If lawyers do not understand what in their own profession, how they can understand the activities of their customers?

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If the case is won, the client will pay the agreed compensation for the lawyer. This service is upheld legally by the government and should be managed by the lawyer to assist his or her client. The service is quite beneficial to both parties. On one hand, the client will be protected from legal costs, especially if he or she loses the case. On the other hand, the lawyer will receive the appropriate compensation if he or she wins the case for the respective client.

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