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Magic circle law firm: Difference between revisions
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The rate of increase in [[charge-out rates]] and, yea, even law firm revenues, has been so steady as to draw comparisons with the performance of Fairfield Sentry’s investment in [[Madoff|Madoff Securities]]. No-one tell Harry Markopolos. | The rate of increase in [[charge-out rates]] and, yea, even law firm revenues, has been so steady as to draw comparisons with the performance of Fairfield Sentry’s investment in [[Madoff|Madoff Securities]]. No-one tell Harry Markopolos. | ||
But it is not just the steady increase in [[charge-out rates]] which has the feel of a conjuring trick about it. The Magic Circle’s showpiece is surely how it can make personal responsibility disappear without a trace, simply by waving a [[legal opinion]] at it. The lion’s share of the economic interactions that precipitated the dot-com bust, the Russian crisis, [[Enron]]’s collapse, the credit crunch, [[Bernard Madoff]]’s gargantuan fraud, the [[global financial crisis]], the London Whale, WireCard, 1MDB —all of these will have been done under the watchful eye and diligent documentary assistance of law firms, not one of which has sustained so much as a claim on its professional indemnity insurance policy as far | But it is not just the steady increase in [[charge-out rates]] which has the feel of a conjuring trick about it. The Magic Circle’s showpiece is surely how it can make personal responsibility disappear without a trace, simply by waving a [[legal opinion]] at it. The lion’s share of the economic interactions that precipitated the dot-com bust, the Russian crisis, [[Enron]]’s collapse, the credit crunch, [[Bernard Madoff]]’s gargantuan fraud, the [[global financial crisis]], the London Whale, WireCard, 1MDB —all of these will have been done under the watchful eye and diligent documentary assistance of law firms, not one of which has sustained so much as a claim on its professional indemnity insurance policy as far as has been widely reported. Even Vinson & Elkins only paid thirty million dollars to Enron/ | ||
Now it is no part of the [[JC]]’s intention to suggest complicity, neglect or even carelessness on the part of these law firms — they are peopled by tireless, astute and upright people, to be sure — but it is to wonder about [[Causation|cause]] and [[Correlation|effect]]. | Now it is no part of the [[JC]]’s intention to suggest complicity, neglect or even carelessness on the part of these law firms — they are peopled by tireless, astute and upright people, to be sure — but it is to wonder about [[Causation|cause]] and [[Correlation|effect]]. | ||