Explaining the Value of Transactional Lawyering
The most up-to-date version of this piece can be found in the Duke Law Scholarship
This article attempts, empirically, to explain 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 existing models for the future of legal education and the profession.
Date of Authorship for this Version
Schwarcz, Steven L., "Explaining the Value of Transactional Lawyering" (2006). Duke Law School Faculty Scholarship Series. Paper 63.