That associations for the practice of law

Could only take the form of partnerships,

Since only that organisational structure

Preserved the full personal participation

And liability of the lawyers themselves.

The partnership model was effectively

Incorporated into law in most states

Through the adoption of prohibitions

Against limitations on personal liability for

Lawyers.

D In order to enhance the status of lawyers

as 'professionals', state bars across the

Country promulgated rules forbidding

Lawyers from engaging in activities that

Are common for other types of businesses.

The current Rule 5.4 of the ABA's Model

Rules of Professional Conduct reflects

these prohibitions: for example, lawyers

Are forbidden from sharing legal fees with

Non-lawyers; prohibited from forming

Partnerships with non-lawyers for the

Practice of law; and are banned from

Practising in any type of association in

Which a non-lawyer has any ownership

Interest, is a director or officer, or has any

right to direct or control the lawyers'

Professional judgment.

ExamFocus

E

Part 5

What you have to do

This part of the examination consists of a single law-related text, from which six

Sentences have been removed. You have to read the text and then identify the

Correct sentence to fill each gap. Eight sentences are provided, which are marked

A-H. Sentence H is always the example, and one other sentence is a 'distractor',

Which does not fit any of the gaps.

What is being tested

The task tests your understanding of the meaning of the text, as well as of the way

It is structured, including the way discourse markers can be used to enhance the

Structure.

Tips

U First, read the text quickly to get a general understanding of what it is about, then read

Through all of the eight items. You should then return to the items individually and read the

Text more carefully to find out where they belong.

G Pay attention to any discourse markers - words that signal and link ideas - at the beginning

Of the items, as they may serve as clues. Similarly, words such as pronouns which refer back

To something said in a previous sentence can help you to identify where a sentence belongs.

\.) Make sure you read the whole text with your answers in place, to check that it makes sense.

Questions 43-48

Read the following extract from an entrepreneur's guide to venture capital

Negotiations.

For each gap 43-48, choose the best sentence A-H to fill it.

Do not use any letter more than once.

There is one extra sentence which you do not need to use.

There is an example at the beginning (0).

An entrepreneur's guide to venture capital negotiations

Venturecapitalistsoftenreferto the'pre-money' and'postmoney'valuationof

Abusiness. Pre-moneyvaluationisthe

Valuethepartiesagreeto placeontheentireenterpriseprior

totheinvestmeonfttheventurecapitalis(t0.) r.L.........

Becausethenegotiations areoftenconductedwith reference

to whatpercentageof thecompany'sequitytheinvestorwill

Receivefor itsinvestmentit,maybeeasiertoworkfrompostmoneyvaluationthanpre-

Date: 2015-12-11; view: 759