TY - JOUR

T1 - The financialization of large law firms : situated discourses and practices of reorganization.

AU - Faulconbridge, James

AU - Muzio, Daniel

N1 - This is a pre-copy-editing, author-produced PDF of an article accepted for publication in Journal of Economic Geography following peer review. The definitive publisher-authenticated version Faulconbridge, Muzio The financialization of large law firms : situated discourses and practices of reorganization. Journal of Economic Geography 2009 9: 641-661 is available online at: http://joeg.oxfordjournals.org/cgi/content/abstract/9/5/641

PY - 2009/9

Y1 - 2009/9

N2 - This article uses the case of the financialization of large law firms to develop debates about the process of the ‘capitalisation of everything’ whereby financial logics spread both geographically between countries and sectorally from one industry to another. Drawing on work that analyses how discourses of shareholder value have led to the re-organization of firms, the article argues that large law firms have undergone ‘surgery’ as part of attempts to make them appear more and more profitable when assessed using the metric profits per equity partner. The influence of geographical context—English regulation and institutions relating to the legal profession—on ‘surgery’ in the period 1993–2008 are also outlined as part of a situated analysis of the way regulations and institutions together prevent or enable the reproduction of financialized practices in different industries and places through the creation of conjunctural moments that help financial logics gain legitimacy.

AB - This article uses the case of the financialization of large law firms to develop debates about the process of the ‘capitalisation of everything’ whereby financial logics spread both geographically between countries and sectorally from one industry to another. Drawing on work that analyses how discourses of shareholder value have led to the re-organization of firms, the article argues that large law firms have undergone ‘surgery’ as part of attempts to make them appear more and more profitable when assessed using the metric profits per equity partner. The influence of geographical context—English regulation and institutions relating to the legal profession—on ‘surgery’ in the period 1993–2008 are also outlined as part of a situated analysis of the way regulations and institutions together prevent or enable the reproduction of financialized practices in different industries and places through the creation of conjunctural moments that help financial logics gain legitimacy.

KW - Financialization

KW - professional services firms

KW - law

KW - profit per equity partner

U2 - 10.1093/jeg/lbp038

DO - 10.1093/jeg/lbp038

M3 - Journal article

VL - 9

SP - 641

EP - 661

JO - Journal of Economic Geography

JF - Journal of Economic Geography

SN - 1468-2710

IS - 5

ER -