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Tournaments

Up or Out Rule for Lawyers. Two type of positions in private law firms:AssociatesPartnersPartners share in firm's profitsAssociates work for (relatively low) salaryPromotion Decision for Associate LawyersUP: Promote an associate to a partnerOUT: ask the associate to leave the firm. 2. . Bi

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Tournaments

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    1. Class 9 Tournaments

    2. Up or Out Rule for Lawyers Two type of positions in private law firms: Associates Partners Partners share in firm’s profits Associates work for (relatively low) salary Promotion Decision for Associate Lawyers UP: Promote an associate to a partner OUT: ask the associate to leave the firm 2

    3. Bilateral and Multilateral Contracting Parties of the Contract: One Principal, One Agent Three possible alternatives: One Principal, Many Agents Many Principals, One Agent Many Principals, Many Agents 3

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