What if there were qualified purchasers of legal services, something like what I understand to be a qualified purchaser of securities? My vague memory from the hallowed halls of Columbia Law School is that under certain circumstances if you meet legislative requirements of experience, savvy and wealth, some investor protections do not apply. With the knowing loosening of strictures against unauthorized practice of law, what if companies with revenue of more than $1 billion and a legal department of more than four lawyers were permitted to obtain legal services from anyone, even if they were not admitted to the bar of any state and regardless of their educational credentials.
Savvy in-house lawyers at big companies could make their own decisions about the quality of advice they receive and work done for them and the market flexibility would drive down legal costs.