Private Equity Owners Can Remedy Law Firms' Agency Issues

By Michael Di Gennaro (September 22, 2023, 3:56 PM EDT) -- Law firms, like many businesses, are affected by agency problems, the significance of which depends on law firm size and structure as well as the relationships between firm stakeholders. An agency problem arises from the separation of ownership and control in a company and is defined as the problem of motivating one party, the agent, to act on behalf of another — the principal.[1]...

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