Law firm panel: Difference between revisions

{{a|work|}}{{quote|“Within a couple of millennia, bankers in many parts of the franchise were doing little from dawn to dusk other than taking care of law firms. It wasn’t easy. The lawyers demanded a lot of them. Lawyers didn’t like personal responsibility for anything, so the bankers broke their backs forging disclaimers, liability waivers and caps for their advisors. Lawyers didn’t like sharing their fees with other firms, so bank operations teams laboured long days under the scorching sun building impregnable barriers to entry (so-called “panels”) within which their “captive” law firms could safely play without risk to their livelihoods.

The investment bank was not evolved for this. It was long adapted to gouging sovereign wealth funds, appropriating customer deposits towards casino banking and ripping faces from unsuspecting end-users: it was not designed to mutely agree terms of engagement and to carrying water for this high-paid advisors. Banker spines and brass necks paid the price.  

 

Moreover, the new tasks demanded so much time that banks were forced to install thousands of lawyers inside their businesses, who would

instinctively throw out instructions on any and every matter of doubt that crossed their minds. This completely changed the banks’ way of life.  

 

Banks did not domesticate law firms. Law firms domesticated banks.”