Changes in the role of lawyers and corporate governance in Japan--How do we measure whether legal reform leads to real change?
Creighton Authors
Aronson, Bruce E.
Aronson, Bruce E.
Admin. Units
School of Law
School of Law
Subjects
Lawyers; Law reform; Japan
Lawyers; Law reform; Japan
Title
Changes in the role of lawyers and corporate governance in Japan--How do we measure whether legal reform leads to real change?
Changes in the role of lawyers and corporate governance in Japan--How do we measure whether legal reform leads to real change?
Authors
Aronson, Bruce E.
Aronson, Bruce E.
Journal
Washington University Global Studies Law Review
Washington University Global Studies Law Review
Volume
8
Issue
2
Pages
223-240
8
Issue
2
Pages
223-240
Date
2009
2009
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Citation
Bruce E. Aronson, Changes in the Role of Lawyers and Corporate Governance in Japan--How Do We Measure Whether Legal Reform Leads to Real Change? 8 Wash. U. Global Stud. L. Rev. 223 (2009).
Bruce E. Aronson, Changes in the Role of Lawyers and Corporate Governance in Japan--How Do We Measure Whether Legal Reform Leads to Real Change? 8 Wash. U. Global Stud. L. Rev. 223 (2009).
Abstract
This Essay is part of a festschrift in honor of John Owen Haley and appears in a special issue of Washington University Global Studies Law Review. Haley is best known for his work on continuity and change in Japanese law and society. This Essay utilizes a case study on change in Japan in the areas of the legal profession and corporate governance to explore the question of the appropriate criteria for evaluating whether legal reform results in "real" change in practice. Comparative studies tend to either focus narrowly on case studies and emphasize change that has occurred, or, more commonly, look for a complete systemic transformation and, finding none, conclude that legal reform is not effective. In either case, the choice of a standard for measuring change seems largely outcome determinative. This Essay seeks to illustrate the potential "middle ground" of significant change which falls short of a systemic transformation by formulating and applying criteria for measuring change in the areas of the legal profession and corporate governance in Japan. This exercise does, indeed, lead to different results than the most common analysis which focuses on the lack of any systemic transformation. In the case of the legal profession, this Essay's focus on the demand for legal services, the supply of lawyers, and an expansion in the role of lawyers arguably points to significant change in the legal profession over the past decade. In the area of corporate governance, a greater emphasis on the monitoring of management and change in ownership structure, rather than solely on the maximization of shareholder value, may result in a closer question than is generally acknowledged, with important changes in corporate practice indicated in a number of areas.
Copyright Holder
Copyright (c) 2009 Bruce E. Aronson
Copyright (c) 2009 Bruce E. Aronson