It’s often been said that politics goes hand in hand with economics and so the subsequent suggestion is that if you want to follow the money to its source you’d best be advised to follow the politics surrounding it. However, I would personally vouch for the legal industry being the most closely related to that of economics, simply because it is indeed all about one’s interpretation of the legalities surrounding the financial sector if you’re to hit the big time financially.
So I’d go all the way to say that there is perhaps no closer link between two different industries than that of the legal and financial industries, with a good number of different angles from which to look at this relationship.
How the financial sector takes advantage of the legal sector
I suppose it sounds a bit bad putting it this way, but that’s exactly what it is, isn’t it? The financial sector is largely operated on the back of some heavy ground work which is completed by the legal sector, but before you start feeling sorry for anyone whom you might know who is working in the legal field you can perhaps take consolation of the fact that often the legal field is in full aid of the financial sector in this way.
To put all of this in plain English, think about some of the services offered by the financial sector which you are in a sense forced to use. The mandatory use of these services is likely as a result of some or other legal technicality, a great example of which is how some auto dealers won’t let you drive off the lot with a car you want to buy without auto insurance. They perhaps have some solid grounds for adopting and enforcing this policy, but it’s really only a matter of this policy being formulated by the car dealership itself, with a little help from their friends over in the legal field, of course.
It may be their policy which they’re legally bound by, but that takes nothing away from the fact that it is indeed a legal technicality which subsequently gives some legs to a financial sector service such as auto-insurance, in that you’re essentially now forced to take out auto insurance if you want to buy a motor vehicle.
How the legal sector is getting its own back
So considering the size of the financial sector in comparison to the legal sector, one might rightfully say that the clear winner is indeed the financial sector, but thanks to the efforts of some forward-thinking players in the legal industry, such as Christensen & Hymas, both the legal sector as well as the consumer can get their own back from the financial sector.
At the end of the day it’s about the money, isn’t it, so this relationship may as well play out in a positive way, such as when a personal injury lawyer wins a case for a client that’s been involved in an accident and could really do with some financial compensation?
