Law Commons^™

Alj Support Systems: Staff Attorneys And Decision Writers, Russell L. Weaver

Russell L. Weaver

No abstract provided.

It's Tax Not Trade (Stupid), Edward J. Mccaffery

Edward J McCaffery

Globalization, trade and other free market policies increase wealth. But the gains from trade are not being evenly spread among all citizens. People and politicians rage against foreigners. But it is the United States tax system, not trade, that ought to change, and wealthy Americans, not workers world-wide, who should be sharing the wealth. A nd it is the form of tax, not just its rate structure, that must reform, so that capital at last bears a meaningful share of the burden.

At Your Service: Lawyer Discretion To Assist Clients In Unlawful Conduct, Paul R Tremblay

Paul R. Tremblay

The common, shared vision of lawyers’ ethics holds that lawyers ought not collaborate with clients in wrongdoing. Ethics scholars caution that lawyers “may not participate in or assist illegal conduct,” or “giv[e] legal services to clients who are going to engage in unlawful behavior with the attorney as their accomplice.” That sentiment resonates comfortably with the profession’s commitment to honor legal obligations and duties, and to fidelity to the law.

The problem with that sentiment, this Article shows, is that it is not an accurate statement of the prevailing substantive law. The American Bar Association’s model standards governing lawyers prohibit …

Cholera As A Grave Violation Of The Right To Water In Haiti (2014), Sarah Dávila-Ruhaak, Steven D. Schwinn, Beatrice Lindstrom

Sarah Dávila-Ruhaak

This report is submitted to the United Nation’s Special Rapporteur on the Human Right to Safe Drinking Water and Sanitation concerning the United Nation’s responsibility in spreading cholera in Haiti as a violation of the right to water and sanitation. The submission discusses violations of the right to water, including the role of United Nations peacekeepers in introducing the virus to Haiti following the 2010 earthquake. The report addresses the United Nations’ unwillingness to accept responsibility for its role in the outbreak and its failure to establish redress mechanisms for victims affected by the cholera epidemic. It further discusses the …

International Cooperation And Organizational Identities: The Evolution Of The Asean Investment Regime, Sungjoon Cho, Jürgen Kurtz

Sungjoon Cho

Nonprofits, Politics, And Privacy, Lloyd Hitoshi Mayer

Lloyd Hitoshi Mayer

No abstract provided.

Shareholder Wealth Maximization As Means To An End, Robert P. Bartlett, Iii

Robert Bartlett

In several recent cases, the Delaware Chancery Court has emphasized that where a conflict of interest exists between holders of a company’s common stock and holders of its preferred stock, the standard of conduct for directors requires that they strive to maximize the value of the corporation for the benefit of its common stockholders rather than for its preferred stockholders. This article interrogates this view of directors’ fiduciary duties from the perspective of incomplete contracting theory. Building on the seminal work of Sanford Grossman and Oliver Hart, incomplete contracting theory examines the critical role of corporate control rights for addressing …

A Rational Approach To Business Entity Choice, Eric Franklin

Eric H. Franklin

Choosing the correct legal entity for a business is a decision that should not be taken lightly. For an entrepreneur, the legal entity decision carries consequences that will affect vital aspects of the business, including how it will be managed, taxed, and viewed by the public. Unfortunately, entrepreneurs generally give this decision little attention and make the choice without legal or tax advice. Compounding the issue is the fact that many states offer a dizzying number of legal entity forms. Indeed, many states offer more than a dozen different legal entity forms, despite the fact that most of these forms …

A Constitutinal Analysis Of The Ncaa’S New Autonomous Governance Model And Its Effects On Student Athletes, Non-Athletes, And Professors – Is The Termination Of Uab’S Football Program Just The Beginning Of Things To Come?, Tyler N. Wilson

Tyler N Wilson

No abstract provided.

Theories Of State Compliance With International Law: Assessing The African Union's Ability To Ensure State Compliance With The African Charter And Constitutive Act, Stacy-Ann Elvy

Stacy-Ann Elvy

No abstract provided.

On The Sudden Loss Of A Human Rights Activist: A Tribute To Dr. Jonathan Mann's Use Of International Human Rights Law In The Global Battle Against Aids, 32 J. Marshall L. Rev. 129 (1998), Mark E. Wojcik

Mark E. Wojcik

No abstract provided.

An Approach To The Regulation Of Spanish Banking Foundations, Miguel Martínez

Miguel Martínez

The purpose of this paper is to analyze the legal framework governing banking foundations as they have been regulated by Spanish Act 26/2013, of December 27th, on savings banks and banking foundations. Title 2 of this regulation addresses a construct that is groundbreaking for the Spanish legal system, still of paramount importance for the entire financial system insofar as these foundations become the leading players behind certain banking institutions given the high interest that foundations hold in the share capital of such institutions.

Cholera As A Grave Violation Of The Right To Water In Haiti (2014), Sarah Dávila-Ruhaak, Steven D. Schwinn, Beatrice Lindstrom

Steven D. Schwinn

This report is submitted to the United Nation’s Special Rapporteur on the Human Right to Safe Drinking Water and Sanitation concerning the United Nation’s responsibility in spreading cholera in Haiti as a violation of the right to water and sanitation. The submission discusses violations of the right to water, including the role of United Nations peacekeepers in introducing the virus to Haiti following the 2010 earthquake. The report addresses the United Nations’ unwillingness to accept responsibility for its role in the outbreak and its failure to establish redress mechanisms for victims affected by the cholera epidemic. It further discusses the …

The Associational Hoax: Corporate Personhood & Shareholder Rights After Hobby Lobby And Citizens United, Jaimie K. Mcfarlin

Jaimie K. McFarlin

No abstract provided.

Person, State Or Not: The Place Of Business Corporations In Our Constitutional Order, Daniel J.H. Greenwood

Daniel J.H. Greenwood

Business corporations are critical institutions in our democratic republican market-based economic order. The United States Constitution, however, is completely silent as to their status in our system. The Supreme Court has filled this silence by repeatedly granting corporations rights against the citizenry and its elected representatives.

Instead, we ought to view business corporations, like municipal corporations, as governance structures created by We the People to promote our general Welfare. On this social contract view, corporations should have the constitutional rights specified in the text: none. Instead, we should be debating which rights of citizens against governmental agencies should also apply …

Broad Shareholder Value And The Inevitable Role Of Conscience, Paul D. Weitzel, Zachariah J. Rodgers

Paul D. Weitzel

This article proposes an integrative solution to the modern debate on corporate purpose, the question of whether directors and officers must solely maximize profits or whether they may consider the effects on employees, the environment or the community. Many find pure profit maximization unseemly and suggest alternative theories, typically arguing that corporations owe a duty to a broader range of stakeholders. This position is inconsistent with the case law and unnecessary to allow conscience in the board room. We resolve the issue more simply by acknowledging that the purpose of a corporation is to promote the shareholders’ interests, which includes …

Through The Lens Of Innovation, Mirit Eyal-Cohen

Mirit Eyal-Cohen

The legal system constantly follows the footsteps of innovation and attempts to discourage its migration overseas. Yet, present legal rules that inform and explain entrepreneurial circumstances lack a core understanding of the concept of innovation. By its nature, law imposes order. It provides rules, remedies, and classifications that direct behavior in a consistent manner. Innovation turns on the contrary. It entails making creative judgments about the unknown. It involves adapting to disarray. It thrives on deviations as opposed to traditional causation. This Article argues that these differences matter. It demonstrates that current laws lock entrepreneurs into inefficient legal routes. Using …

The Family Llc: A New Approach To Insuring Dynastic Wealth, Evan M. Purcell

Evan M Purcell

No abstract provided.

Enduring Design For Business Entities, William E. Foster

William E Foster

The success or failure of an institution may hinge on some of the earliest decisions of its founders. In constitutional design literature, endurance is a widely accepted drafting objective. Indeed, constitutional endurance is positively associated with prosperous and stable societies. Like drafters of constitutions, business organizers have almost innumerable objectives for their enterprises, and attorneys drafting organizational documents must take into account these myriad goals. Oftentimes the drafting process fails to fully address some of the most important of these aims and results in suboptimal structures that lack predictability and reliability. This article looks specifically at small business organizations and …

What Can Corporations Teach Governments About Democratic Equality?, Tom W. Bell

Tom W. Bell

Democracies place great faith in the principle of one-person/one-vote. Business corporations and other private entities, in contrast, typically operate under the one-share/one-vote rule, allocating control in proportion to ownership. Why the difference? In times past, we might have cited the differing ends of public and private institutions. Whereas public democracies aim at promoting the general welfare of an entire political community, private entities aim at more specific goals, such as generating profits or managing a cooperative residence. As business entities have grown in size and in the range of services they provide, however, the distinction between public and private governance …

She Makes Me Ashamed To Be A Woman: The Genocide Conviction Of Pauline Nyiramasuhuko, 2011, Mark A. Drumbl

Mark A. Drumbl

In the nearly twenty years since 1994, the international community and the Rwandan government have pushed to hold individual perpetrators accountable for the genocide. Judicialization has occurred at multiple levels. Over ninety persons-those deemed most responsible-have been indicted by the International Criminal Tribunal for Rwanda (ICTR), an ad hoc institution established by the U.N. Security Council in November 1994. Approximately ten thousand individuals have been prosecuted in specialized chambers of national courts in Rwanda. According to the Rwandan government, nearly two million people have faced neo-traditional gacaca proceedings conducted by elected lay judges throughout the country. Gacaca proceedings concluded in …

Against Regulatory Displacement: An Institutional Analysis Of Financial Crises, Jonathan C. Lipson

Jonathan C. Lipson

This paper uses “institutional analysis”—the study of the relative capacities of markets, courts, and regulators—to make three claims about financial crises.

First, financial crises are increasingly a problem of “regulatory displacement.” Through the ad hoc rescues of 2008 and the Dodd-Frank reforms of 2010, regulators displace market and judicial processes that ordinarily prevent financial distress from becoming financial crises. Because regulators are vulnerable to capture by large financial services firms, however, they cannot address the pathologies that create crises: market concentration and complexity. Indeed, regulators may inadvertently aggravate these conditions through resolution tactics that consolidate firms, and the volume and …

Regulatory Institutions Of The Global South: Why Are They Different And What Can Be Done About It?, Yugank Goyal

Yugank Goyal

Developing countries suffer from underperforming regulatory agencies compared to those in the developed world. The paper attempts to theorize general reasons behind such divergence. It argues that the differences lie in developing countries’ (a) higher priorities for redistribution, (b) structurally different institutional endowments, especially at informal level, and (c) limited informational channels. The paper proposes that a multi-stakeholder (with increased emphasis on judiciary and civil society) approach has potential to address the shortcomings. It tests these claims through studying cases of telecom and electricity regulation in India.

Present At The Creation: Reflections On The Early Years Of The National Association Of Corporate Directors, Lawrence J. Trautman

Lawrence J. Trautman Sr.

Effective corporate governance is critical to the productive operation of the global economy and preservation of our way of life. Excellent governance execution is also required to achieve economic growth and robust job creation in any country. In the United States, the premier director membership organization is the National Association of Corporate Directors (NACD). Since 1978, NACD plays a major role in fostering excellence in corporate governance in the United States and beyond. The NACD has grown from a mere realization of the importance of corporate governance to become the only national membership organization created by and for corporate directors. …

Intermediaries Revisited: Is Efficient Certification Consistent With Profit Maximization?, Jonathan M. Barnett

Jonathan M Barnett

Private certification mechanisms are a key component of the regulatory infrastructure in the financial sector and other commercial settings. It is generally assumed that certification intermediaries have profit-based incentives to deliver accurate information to the certified market. But this view does not account for repeated failures in certification markets. Those failures can be explained by an inherent defect in the incentive structure of certification intermediaries: entry barriers both support and undermine the consistent supply of accurate information to the certified market. Certification markets tend to converge on a handful of providers protected by switching costs, product opacity and reputational noise. …

Intellectual Property As A Law Of Organization, Jonathan M. Barnett

Jonathan M Barnett

The incentive thesis for patents is challenged by the existence of alternative means by which firms can capture returns on innovation. Taking into account patent alternatives yields a robust reformulation of the incentive thesis as mediated by organizational form. Patents enable innovators to make efficient selections of firm scope by transacting with least-cost suppliers of commercialization inputs. These expanded transactional opportunities reduce the minimum size of the market into which any innovator—or the supplier of any other technological or production input—can attempt entry. Disaggregation of the innovation and commercialization process then induces the formation of secondary markets in disembodied technology …

Hollywood Deals: Soft Contracts For Hard Markets, Jonathan Barnett

Jonathan M Barnett

Hollywood film studios, talent and other deal participants regularly commit to, and undertake production of, high-stakes film projects on the basis of unsigned “deal memos”, informal communications or draft agreements whose legal enforceability is uncertain. These “soft contracts” constitute a hybrid instrument that addresses a challenging transactional environment where neither formal contract nor reputation effects adequately protect parties against the holdup risk and project risk inherent to a film project. Parties negotiate the degree of contractual formality, which correlates with legal enforceability, as a proxy for allocating these risks at a transaction-cost savings relative to a fully formalized and specified …

From Patent Thickets To Patent Networks: The Legal Infrastructure Of The Digital Economy, Jonathan M. Barnett

Jonathan M Barnett

Scholarly and popular commentary often assert that markets characterized by intensive patent issuance and enforcement suffer from “patent thickets” that suppress innovation. This assertion is difficult to reconcile with continuous robust levels of R&D investment, coupled with declining prices, in technology markets that have operated under intensive patent issuance and enforcement for several decades. Using network visualization software, I show that information and communication technology markets rely on patent pools and other cross-licensing structures to mitigate or avoid patent thickets and associated inefficiencies. Based on the composition, structure, terms and pricing of selected leading patent pools in the ICT market, …

The Third Way: Beyond Shareholder Or Board Primacy, Kent Greenfield

Kent Greenfield

There is a third possibility in corporate governance: real duties imposed on boards, but which run to all the company's stakeholders not just shareholders.

The Third Way: Beyond Shareholder Or Board Primacy, Kent Greenfield

Kent Greenfield

There is a third possibility in corporate governance: real duties imposed on boards, but which run to all the company's stakeholders not just shareholders.