Among old adages about lawyers, one often heard is that those who would represent themselves have a fool for a client. And, on a related note, there’s a common view that lawyers should not serve on boards of directors—lest they run into conflicts about making strategic decisions versus giving legal advice.
But the very real trend of attorneys serving as directors would seem to belie that view: their numbers nearly doubled from 2000 to 2009. And a new working paper by a trio of finance and law academics argues that the benefits of “lawyer-directors” far outweigh the costs—not only because they lower certain risks, but because they boost the overall value of a company by nearly 10 percent.
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