Customer Reviews

The Money Lawyers: The No-Holds-Barred World of Today's Richest and Most Powerful Lawyers

5 star:		(2)
4 star:		(1)
3 star:		(1)
2 star:		(0)
1 star:		(1)

 

 

Goulden points out that a 2003 Manhattan Institute study concluded that litigation settlements exceeded $200 billion/year, about 2% of GNP, and far more than any other country. (Eg. Dow Chemical sets aside $1 in 160 for litigation in the U.S., $1 in $40,000 in Europe.) Lawyers get about $40 billion of this.

Two questions immediately come to my mind: 1)Is this true? The current administration has made great claims on the costs of malpractice suits on medical costs - more objective sources, however, dispute those findings. 2)Do malpractice lawsuits serve a valuable need? Repeated studies have found enormous amounts of error in healthcare - neither laws nor economic incentives to-date have helped. In fact, economic incentives are a large part of the problem - the more errors, the more revenues and profits! However, rising malpractice costs persuaded anesthesiologists to substantially improve their practice - clearly a benefit.

Regardless, "The Money Lawyers" then goes on to cover several leaders in the field, starting with David Boies, of Microsoft and the 2000 Presidential election fame. His background, early cases (eg. defending CBS against General Westmoreland in a slander suit, defending IBM against monopoly charges), case selection logic, and questioning approach are summarized for readers.

Another titan covered is Thomas Hale Boggs - leading lawyer lobbyist - his firm representing 225 or so entities and collecting more in fees than any other lawyer lobbyist firm in '04. Particular strengths include free trade, Alaskan oil drilling, finding federal funding for eg. universities and Iraq reconstruction firms. Boggs' start was undoubtedly helped by being the son of the Democratic House majority leader, and he prides himself on having a bipartisan staff with expertise in a wide range of areas.

This book vividly describes how lawyering has become a money-driven business, not just a profession. It explores the lucrative world of class-action litigation where plaintiff-lawyers- "The Class-Action Club"-garner billions of dollars in damages and fees through suits against manufacturers of items such as breast implants, asbestos, and diet pills. Also featured are the new superlawyer David Boies of IBM/Florida vote fame; the Washington DC., lawyer-lobbyist Tom Boggs; and the messy divorce of securities "strike-suits law" William Lerach of San Diego and Melvyn Weiss of New York. Additionally, the dark side of "white-shoe law" is detailed in an account of how a Wall Street firm cast out partners so that survivors could make more money, and the price the firm paid for its blatant loyalty

I liked this book a lot. It covers a variety of lawyers and law firms to give the reader a representative view of various law practices with seemingly questionable morals or ethical practices. It runs the full gamut, from Plaintiffs lawyers dealing with diet pills and breast implants, to securities class-action litigation, to lobbying, to white shoe law firms and David Boies. All these different lawyers are used to show much of what is wrong with many of the major players in the legal system today.
On another note, this book appears to have been very poorly edited. Typos abound, and transitions are done very poorly. Goulden jumps around between lawyers and topics, and does not stay very focused at times. The book also should have been a bit more comprehensive, e.g. discuss what's right with the legal system, problems with conservative jurists and lawyers, etc. But on the whole, I liked it.

Doctoring the facts must be good business. Joseph Goulden appears to be the latest author to fall victim to the temptation of letting his own preconceived story override both the truth and logic. In this case, Goulden proudly trumpets his own moral character and purported research skills while fumbling badly with even the most simple concepts of the law and legal practice. The books most documented (and best written) facts are those taken directly from the New York Times or Wall Street Journal -- although Goulden often confuses editorials with news reports. From there, however, the book generally rambles through anecdotal stories or imaginary meetings or phone calls that Goulden supposes took place. When it comes to most sordid details, there's obviously a reason why books like this fail to document any sources.

You might be able to overlook all of these failures if, at least, the sordid details were interesting. Unfortunately, they're not. If this was meant to be fiction, it's a dull and poorly written story that certainly isn't going to be a threat to the Grisham or Turows of the world. If actually intended as fact, it's still dull and poorly written and Goulden has much to learn about the most basic aspects of primary research and accuracy (or at least consistency when you're inaccurate).

Joseph Goulden's latest book should be required reading for every law student. It might make them stop and think: "What am I going to do when I get admitted to the bar? Become a 'money lawyer' or be able to look myself in the mirror every morning and look my kids in their eyes when I tuck them in?" Based on extensive research and hundreds of interviews, Goulden's portraits of America's most powerful "money lawyers" are not pretty. The billion-dollar industry of class action lawsuits is described in all its greed. A Hollywood film based on his fascinating account and detailed analysis of the silicone breast implants class action cases would make "A Civil Action" look like a kindergarten sand-box squabble. "The Money Lawyers" is an eye-opening book for anyone interested in the law, and especially for those concerned about the future of the American legal system. And in conclusion, Goulden, offers some sound suggestions on what to do about rampant abuses.