This document discusses the potential impact of choice of law in an alternative business structure (ABS) world. It notes that proposed reforms are inconsistent with core principles of the legal profession. It also discusses how states could lose legal jobs, tax revenue, and regulatory control if they do not adapt to changes in choice of law. The document suggests that more changes may be pending as different legal systems compete to be the governing law in commercial contracts around the world.

1. Nice Model,
Now Leave.
Potential Impact of Choice of Law in an
ABS World
James Peters
VP, New Market Initiatives
LegalZoom.com
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2. Liberalizing Legal Services
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3. “we think our bars should join forces in order to express our
common stand on the international scene.”
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4. “The proposed reforms
are plainly inconsistent
with the Core Principles
of the Legal Profession.”
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9. Time Magazine:
July 25, 1994
VA LEO 1584:
April 11, 1994
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10. What about today?
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13. Sort of…
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15. A lawyer shall not be subject to
discipline if the lawyer’s conduct
conforms to the rules of a jurisdiction
in which the lawyer reasonably
believes the predominant effect of the
lawyer’s conduct will occur.
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17. “North Carolina could become to law firms what Delaware is to
corporations.”
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18. "Every day, all round the world, the two legal systems battle it out to be the
governing law, for example on commercial contracts. So any advantages that
UK law has to win against US law, the better. Arguably this is good news for
UK law, to see the US being so backward." 18

19. Possible Results
• States lose:
oLegal jobs
oTax revenue
oRegulatory control
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20. More Change Pending?
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