Should law firms take inspiration from the banking sector, and self-impose capital adequacy standards? A rather trite and self-satisfied answer would be that the banking sector has largely created its own crises over decades (and centuries), that its problems are varied but largely specific to the sector, and that law firms have nothing to gain by emulating the approach of banks.
An alternative response, and perhaps more realistic and humble, would be to acknowledge that law firms are subject to competitive and financial pressures unlike any they have previously experienced, and their instinct for self-preservation should cause them to embrace best practice wherever it may be found. As such, partners should require and em...
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