Professional Self‐regulation in North America: The Cases of Law and Accounting

Professional and expert work holds the potential for misconduct that can harm clients or the public. According to the traditional model of professional self‐regulation, developed during the “golden age” of the professions in the mid‐20th century, societies grant professional communities freedom from external regulation in return for their commitment to regulate their members' conduct. Professions were said to cultivate distinctive ethical norms, socialize new practitioners, and engage in social control of deviant behavior. In light of dramatic changes in the professional world since that time, this essay reviews research on the legal and accounting professions in North America to assess the extent to which this traditional model still holds. The two professions continue to resemble the traditional model in some respects but diverge from it in others, and on some points, there is insufficient evidence to draw a conclusion. The traditional model of self‐regulation is probably best viewed as an ideal type that can serve as a standard of reference, not as an accurate representation of social reality. This conclusion opens up new topics for research and opportunities to inform policy.