Legal Ethics and Professional Responsibility Commons^™

Corporate Scenarios: Drawing Lessons From History, Madison Condon

Seattle University Law Review

As corporations are increasingly pressed to reveal information about their exposure to climate-related risks, they are often asked to undertake and disclose the outcome of “scenario analysis.” In this exercise, corporations, including financial institutions, examine how their business would fare under different pathways the future may take. One oft-used scenario, for example, is the International Energy Agency’s “Net-Zero by 2050: A Roadmap for the Energy Sector.” This Essay presents a history of the use of scenarios as a corporate planning tool, particularly in the oil industry, arguing that it is key for understanding our present moment and the role of …

Shareholder Expression In A Time Of Heightened Political Tension, Aaron A. Dhir

Seattle University Law Review

In this article, I provide context for my forthcoming research project on shareholder proposals and racial equity audits. Since the murder of George Floyd in May of 2020, progressive shareholder actors have increasingly used the proposal mechanism to advance diversity, equity, inclusion, and justice-related goals. These proposals have frequently gone beyond requesting the usual corporate fare of diversity trainings, intersectionality workshops, affinity groups, etc. Instead, a more ambitious type of proposal asks corporate America to conduct racial equity audits, defined as “an independent, objective and holistic analysis of a company’s policies, practices, products, services and efforts to combat systemic racism …

Corporate Governance Speech, Sarah C. Haan

Seattle University Law Review

The State has always regulated the intra-firm communications that make corporate governance possible, most commonly by mandating disclosures of information by a corporation to its shareholders. Some such laws are labeled “securities regulation,” but securities regulation is a broad category that extends to speech by actors who are outside the corporate enterprise as well. Also, the conventional securities regulation category does not capture all such laws; other examples, including informationforcing mandates, can be found in state corporate law. This Article uses the term “corporate governance speech” to describe the communications among shareholders, directors, and officers through which corporate governance is …

Dark Accounting Matter, Colleen Honigsberg

Seattle University Law Review

Physicists calculate that approximately 85% of the matter in the universe is composed of “dark matter” that “does not absorb, reflect, or emit electromagnetic radiation and is therefore difficult to detect.” The S&P 500 currently trades at a price-to-book value of 4.2, suggesting that book value accounts for less than 20% of the S&P 500’s market value. The remaining 80% appears nowhere in these firms’ balance sheets—it is invisible to contemporary accounting techniques and constitutes “dark accounting matter.”

Some “dark accounting matter” is composed of factors commonly described as components of “ESG.” Human capital, for example, is an intangible asset …

The Employees’ Dilemma: Balancing Internal Reporting, Whistleblowing, And Insider Trading Risks, Geeyoung Min

Seattle University Law Review

The Essay examines how recent developments in insider trading regulations and whistleblower reward programs can lead to unintended and counterproductive results of discouraging employees from using internal reporting channels within corporate compliance programs. While the presence of a robust and well-functioning corporate compliance program is a critical factor both in mitigating the level of public enforcement actions against companies and in protecting corporate managers from liability in private litigation, these programs often provide little incentive for employees to report potential misconduct internally.

Corporate compliance programs are designed to promote the upward information flow within the company, which is essential for …

How The Antidiscrimination Law Of Commercial Transactions Really Works, Helen Norton

Seattle University Law Review

A variety of businesses now cite 303 Creative when seeking First Amendment protection for their refusal to serve certain customers based on those customers’ protected class status. How this litigation will play out remains to be seen. But future courts need not, and should not, repeat the 303 Creative Court’s misunderstanding of how the antidiscrimination law of commercial transactions actually works.

Part I of this Essay explains the Court’s longstanding understanding of the antidiscrimination law of commercial transactions, and then describes the Court’s failure to engage with this precedent in 303 Creative. Part II then identifies the 303 Creative decision’s …

Understanding The Big Three’S Wavering Support Of Environmental And Social Shareholder Proposals, Jeff Schwartz, Jefferson Jensen

Seattle University Law Review

Because of their substantial equity portfolios, BlackRock, Vanguard, and State Street (the Big 3) are central players in corporate governance. It is, therefore, critical to understand how they vote. One puzzle is that their support for shareholder proposals on environmental and social matters appears to waiver. In 2020, for instance, BlackRock supported 11.1% of environmental proposals at S&P 500 firms. In 2021, it seemingly reversed course, supporting 55.2%. It then flipped again, supporting 32.1% in 2022. Such statistics suggest that the Big 3 are constantly changing their views on these topics. This Article seeks to better understand whether this is …

Volume 48 Masthead, Seattle University Law Review

Seattle University Law Review

Volume 48 Masthead

Green Dividends: A Case Study In Green Dividends And The Conditions For Private Ordering Solutions, Anne M. Tucker

Seattle University Law Review

This Essay introduces a novel private ordering solution to facilitate corporate investments in pro-social and environmental initiatives: Green dividends. Green dividends are an optional increase in shareholder dividends that are returned to the company to be reinvested in environmental initiatives or kept by a shareholder.

Green dividends pose an alternative to the current gridlocked debate that corporations can’t, won’t, shouldn’t, and shouldn’t even try to act in pro-social or environmental ways. Turning the common refrains on their head converts each narrative into an element for a successful private ordering solution: authority, accountability, shareholder buy-in, and government- backed enforcement. With Green …

Does Climate Disclosure Work To Reduce Greenhouse Gas Emissions? Emerging Evidence Suggests Cautious Optimism, Cynthia A. Williams

Seattle University Law Review

Significant regulatory resources have been spent developing global, voluntary climate and sustainability disclosure standards, such as the TCFD, TNRD, and ISSB’s Sustainability and Climate Disclosure standards, or domestically required disclosures, such as in the EU and in the U.S. Thus, it is important to evaluate whether this disclosure, particularly voluntary, qualitative disclosure, will have the power to shift the allocation of capital, will have a significant effect on the management of climate risk within firms, and ultimately will reduce climate change risk and biodiversity loss.

In this Article, several interrelated questions will be discussed. First, what does the empirical evidence …

Volume 48 Masthead, Seattle University Law Review

Seattle University Law Review

Volume 48 Masthead

Technology Competency Road Map In Rhode Island: Reforming Professional Rules And Continuing Legal Education With Modern Educational Frameworks And Instructional Design Principles To Protect Clients, Myrta L. Ventura

Roger Williams University Law Review

No abstract provided.

To Free A Predator: The Flawed Rationale For Overturning Bill Cosby’S Conviction, Michael C. Kovac

Dickinson Law Review (2017-Present)

No abstract provided.

Generative Ai And Finding The Law, Paul D. Callister

Faculty Works

Legal information science requires, among other things, principles and theories. The article states six principles or considerations that any discussion of generative AI large language models and their role in finding the law must include. The article concludes that law librarianship will increasingly become legal information science and require new paradigms. In addition to the six principles, the article applies ecological holistic media theory to understand the relationship of the legal community’s cognitive authority, institutions, techné (technology, medium and method), geopolitical factors, and the past and future to understand the changes in this information milieu. The article also explains generative …

Cancellation Of Removal For Inadmissible Non-Citizens, Anna Vanbuskirk

Law Student Works

Cancellation of removal is a defensive application for non-citizens in immigration removal proceedings. It is often colloquially referred to as “42B cancellation of removal” based on the form number of the associated application. This Pathfinder research guide provides an overview of cancellation of removal for inadmissible non-citizens. Those who satisfy the criteria in INA § 240A(b)(1) and successfully petition an immigration judge for 42B cancellation of removal are eligible for adjustment of status to lawful permanent residence.

This guide navigates the researcher through an overview of the cancellation of removal criteria and how to find the relevant federal statutes, applicable …

Should Legal Writing Professors Continue To Teach Traditional Legal Citation Rules For Parentheticals Despite The Increased Usage Of (Cleaned Up) Parentheticals?, Donna L. Eng

UF Law Faculty Publications

With the rise of (cleaned up) citations from practitioners and courts, Legal Writing Professors should continue to teach traditional legal citation rules for parentheticals. Teaching traditional legal citations for parentheticals will not only prepare students for the real world of legal writing expected by many courts, but will also help them to avoid ethical pitfalls that may result from the use of (cleaned up) citations. The author also calls for a return to the use of traditional legal citation rules for parentheticals to mitigate any further impacts on the evolution of jurisprudence, and to comply with a lawyer’s ethical duty …

Maurer School Of Law Professor, Iu Vice President Elected President Of The American Society Of Comparative Law, James Owsley Boyd

Keep Up With the Latest News from the Law School (blog)

The American Society of Comparative Law has elected Indiana University Maurer School of Law Professor Hannah L. Buxbaum as its next president, the organization announced last week at its annual meeting.

Buxbaum is an internationally recognized scholar in the areas of private international law and international litigation and jurisdiction, and has most recently served as vice president of the ASCL. She is the John E. Schiller Chair in Legal Ethics at the Law School as well as Indiana University’s Vice President for International Affairs.

Panel Discussion: So You Want To Publish A Book?, Suzanne Kim, Steven W. Bender, Angela J. Davis, Susan D. Carle, Clara Platter, Katheryn Russell-Brown

Scholarly Articles in Law Reviews & Journals

Reaching wide and varied audiences for our academic work through book publishing served as the focus on this pipeline program panel. Through a dynamic conversation among leaders in book publishing from the academic and editorial sectors, we discussed the nuts and bolts of book publishing.

We are indebted, for this important dialogue, to American University Washington College of Law, NPOC, and all the conference’s co-sponsoring schools. We particularly want to thank Vice Dean Susan Carle of American University Washington College of Law, whose idea it was to host this panel. We were joined by the following expert book authors for …

From The Editors, Robert Dinerstein, Ezra Rosser

Scholarly Articles in Law Reviews & Journals

This issue includes articles, conference transcripts, and book reviews that date to 2019. The woeful delay is solely the result of our own editorial failure, and we wish to apologize on behalf of the Journal to our readers and to the many contributing authors who put their trust in us. Rest assured that procedures have been established to prevent reoccurrence of such unacceptable time lags. But do know that we appreciate having fallen far short of professional standards in this instance.

Panel Discussion: Balancing Scholarship, Teaching And Service To Succeed On The Tenure Track – A Workshop For Pretenure Colleagues And Faculty Aspirants, Brenda Smith

Scholarly Articles in Law Reviews & Journals

In imagining the National People of Color Legal Scholarship Conference, the planning committee brainstormed about the theme of the conference and the scope of panels and opportunities that would capture the breadth and vibrancy of scholarship by faculty of color. An antecedent, however, to that scholarship is the entry, success, and thriving of faculty of color in the academy.

University Of The District Of Columbia Law Review, University Of The District Of Columbia Law Review

University of the District of Columbia Law Review

No abstract provided.

Expectation V. Reality: Practical Problems With The Right Of First Refusal As A Defense Against Eminent Domain, Aerin Christensen

BYU Law Review

In the wake of the U.S. Supreme Court’s decision in Kelo v. New London, many states enacted new laws to protect property owners from eminent domain. One possible defense for property owners is a statutory right of first refusal. In theory, this is a common-sense protection that ensures that if property is not needed for a public use, it is returned to the original owner. Unfortunately, in practice a right of first refusal is not always an effective protection for property owners.

The plaintiff’s experience in the Utah case Cardiff Wales, LLC v. Washington County School District demonstrates Utah’s statutory …

The Profit Principle: Tracing The Moral Decline Of Corporate Law Firms, Sung Hui Kim

Michigan Law Review

A review of Servants of the Damned: Giant Law Firms, Donald Trump, and the Corruption of Justice. By David Enrich.

Re-Evaluating Gpt-4’S Bar Exam Performance, Eric H. Martinez

Faculty Scholarship

Perhaps the most widely touted of GPT-4’s at-launch, zero-shot capabilities has been its reported 90th-percentile performance on the Uniform Bar Exam. This paper begins by investigating the methodological challenges in documenting and verifying the 90th-percentile claim, presenting four sets of findings that indicate that OpenAI’s estimates of GPT-4’s UBE percentile are overinflated. First, although GPT-4’s UBE score nears the 90th percentile when examining approximate conversions from February administrations of the Illinois Bar Exam, these estimates are heavily skewed towards repeat test-takers who failed the July administration and score significantly lower than the general test-taking population. Second, data from a recent …

Artificial Intelligence And Legal Malpractice Liability, Vincent R. Johnson

St. Mary's Journal on Legal Malpractice & Ethics

No abstract provided.

A History Of Corporate Law Federalism In The Twentieth Century, William W. Bratton

Seattle University Law Review

This Article describes the emergence of corporate law federalism across a long twentieth century. The period begins with New Jersey’s successful initiation of charter competition in 1888 and ends with the enactment of the Sarbanes-Oxley Act in 2002. The federalism in question describes the interrelation of state and federal regulation of corporate internal affairs. This Article takes a positive approach, pursuing no normative bottom line. It makes six observations: (1) the federalism describes a division of subject matter, with internal affairs regulated by the states and securities issuance and trading regulated by the federal government; (2) the federalism is an …

Stakeholder Capitalism’S Greatest Challenge: Reshaping A Public Consensus To Govern A Global Economy, Leo E. Strine Jr., Michael Klain

Seattle University Law Review

The Berle XIV: Developing a 21st Century Corporate Governance Model Conference asks whether there is a viable 21st Century Stakeholder Governance model. In our conference keynote article, we argue that to answer that question yes requires restoring—to use Berle’s term—a “public consensus” throughout the global economy in favor of the balanced model of New Deal capitalism, within which corporations could operate in a way good for all their stakeholders and society, that Berle himself supported.

The world now faces problems caused in large part by the enormous international power of corporations and the institutional investors who dominate their governance. These …

Henderson And The Objective Observer Standard: The Future Of Race-Conscious Standards Post-Students For Fair Admissions, Gabriela Dionisio

Seattle University Law Review

On June 29, 2023, the Supreme Court of the United States decided Students for Fair Admissions v. President & Fellows of Harvard College, which struck down race-conscious admissions policies. Within just a year after its ruling, Students for Fair Admissions has already had a sweeping impact, reaching beyond higher education. Although the Supreme Court did not indicate whether Students for Fair Admissions applies to sectors beyond higher education, law firms, and other employers have already modified their diversity policies and initiatives, erasing race and company diversity considerations. Given those dramatic changes, there is growing fear that Students for Fair Admissions …

Same Crime, Different Time: Sentencing Disparities In The Deep South & A Path Forward Under The Fourteenth Amendment, Hailey M. Donovan

Seattle University Law Review

The United States has the highest incarceration rate of any country in the world. The American obsession with crime and punishment can be tracked over the last half-century, as the nation’s incarceration rate has risen astronomically. Since 1970, the number of incarcerated people in the United States has increased more than sevenfold to over 2.3 million, outpacing both crime and population growth considerably. While the rise itself is undoubtedly bleak, a more troubling truth lies just below the surface. Not all states contribute equally to American mass incarceration. Rather, states have vastly different incarceration rates. Unlike at the federal level, …

Public Primacy In Corporate Law, Dorothy S. Lund

Seattle University Law Review

This Article explores the malleability of agency theory by showing that it could be used to justify a “public primacy” standard for corporate law that would direct fiduciaries to promote the value of the corporation for the benefit of the public. Employing agency theory to describe the relationship between corporate management and the broader public sheds light on aspects of firm behavior, as well as the nature of state contracting with corporations. It also provides a lodestar for a possible future evolution of corporate law and governance: minimize the agency costs created by the divergence of interests between management and …