Private lawyers continuously create novel legal instruments that alter the economy’s structure

Evidence

There was a time many centuries ago when conveyances in trust were the novel creation of some bold solicitors. But pension trusts for employees exemplify a modern innovation in the use of the now venerable trust device. The leaseback, the percentage lease, stock options for executives, there are but a few of the instances of recent developments in lawyer law-making that would have sustained and repaid systematic study. — Henry M. Hart, Jr. and Albert M. Sacks, The Legal Process, 3298

Categorization

• XREF: Directly feeds the chapter’s percentage-lease problem and the editors’ thesis that some matters should stay private. — connects to: Hidden legal structures quietly lock in existing social and economic conditions — Lawrence M. Friedman and Grant M. Hayden, American Law: An Introduction, 1340; Legal innovations follow new commercial practices as they arise. — PAUL R. MILGRO, PAUL R. MILGRO - THE ROLE OF…, 33; The lawyer’s role was invention of private-law instruments under unclear doctrine — Henry M. Hart, Jr. and Albert M. Sacks, The Legal Process: Basic Problems in…, 3626 (+5 more)
• recurring: this claim recurs 2 times within its source

Broader Connections

• The lawyer’s role was invention of private-law instruments under unclear doctrine #expands (0.90) — Henry M. Hart, Jr. and Albert M. Sacks, The Legal Process, 3626
• Law often codifies autonomous private practice into universal obligation rather than inventing new forms. #contradicts (0.90) — Henry M. Hart, Jr. and Albert M. Sacks, The Legal Process, 4316
• Hidden legal structures quietly lock in existing social and economic conditions #corroborates (0.85) — Lawrence M. Friedman and Grant M. Hayden, American Law, 1340
• Legal innovations follow new commercial practices as they arise. #contradicts (0.85) — PAUL R. MILGRO, PAUL R. MILGRO - THE ROLE OF…, 33
• New economic forms usually revert to established practices rather than fully institutionalizing #complicates (0.80) — Shoshana Zuboff, The Age of Surveillance Capitalism, 145
• Private contracts can functionally entrench policy by making future change extremely expensive #exemplifies (0.80) — Daryl Levinson and Benjamin I. Sachs, Political Entrenchment and Public Law, 163
• The common law adapts to social and economic change #corroborates (0.75) — Ruggero J. Aldisert, Agatha D. Aldisert, Logic for Lawyers- A Guide to Clear…, 1311