Regulation shapes every area of modern economic life. Getting regulation right—knowing when it is necessary, what it should accomplish, and what form it should take—is a critical part of policymaking in every society. Developing an effective oversight structure requires a complex analysis of each society’s particular historical, cultural, and legal foundations. Regulation of the practice of law is no different, although it has received surprisingly little public attention in the United States and Canada. That is not for lack of problems, and other countries with similar legal systems, such as Australia and England and Wales, have begun to do better at addressing common oversight failures. This Article explores why problems in American and Canadian legal regulation persist, and identifies reform strategies that build on recent innovations from abroad.