Lawyering is an essential component of democratic capitalism, but too much lawyering can be too much of a good thing. A disproportionate amount of our talent in the United States goes into law as opposed to business, which creates wealth. Lawyers redistribute the wealth, but they do not generally produce wealth.
Judge Silberman’s classic 1978 article, “Will Lawyering Strangle Democratic Capitalism?” — originally published at my old magazine Regulation, though before my time there — is available in PDF form from Cato here.
Related: “Scalia: ‘We Are Devoting Too Many of Our Best Minds to’ Lawyering” [WSJ Law Blog]