Legal Profession Commons^™

Shareholders And Social Welfare, William W. Bratton, Michael L. Wachter

Seattle University Law Review

This Article addresses the questions of whether and how shareholders matter for social welfare, finding that different and contrasting answers have prevailed during different periods of recent history. Observers in the mid-twentieth century believed that the socioeconomic characteristics of real-world shareholders were highly pertinent to social welfare inquiries. But those observers went on to conclude that there followed no justification for catering to shareholder interest, for shareholders occupied elite social strata. The answer changed during the twentieth century’s closing decades, when observers came to accord the shareholder interest a key structural role in the enhancement of economic efficiency even as …

Central Bank-Led Capitalism?, Andrew Bowman Et Al.

Seattle University Law Review

Since the first acute episode of financial crisis in autumn 2008, the world has manifestly changed in dramatic ways that reinforce skepticism and challenge the old assumptions of political economy. Hence this Article about central banks, whose pivotal role in post-crisis capitalism has not been adequately politically or theoretically addressed in any existing literature and can now be opened up by a conjunctural analysis that recognises uncertainty and mutability. There are several reasons why this is an intellectually and politically interesting task. Central banks have become an object of controversy and public attention after being pivotally involved in crisis management, …

Making Money: Leverage And Private Sector Money Creation, Margaret M. Blair

Seattle University Law Review

Contrary to the beliefs of most macroeconomists, the financial sector in the United States has grown too large in the last few decades as a consequence of financial innovation that has encouraged the use of too much “leverage” (financing with debt) by financial institutions (as well as by consumers and other borrowers). In Part II, I connect the dots between excessive leverage, risk, and financial market volatility. In Part III, I explore the role that the “shadow-banking sector” has had in driving leverage. In Part IV, I explain why leverage at the level of financial institutions matters for the macroeconomy. …

The Governance And Disclosure Of The Firm As An Enterprise Entity, Yuri Biondi

Seattle University Law Review

During recent decades, the rapid pace of financial markets involving new modes of management, governance, and regulation has framed business firms. This corporate drift toward financialization is summarized under the “shareholder value” label. What do financial markets do? Unequivocally, they organize trading on shares that are securities: tradable financial entitlements established by law, which formalize expectations, and claims of financial rents paid by the issuing company. Actually, how continued quotation on share exchanges came to be the barometer of economic or social welfare is a different matter. The latter adoption has required quite a great leap from “the euthanasia of …

Rationales And Designs To Implement An Institutional Big Bang In The Governance Of Global Finance, Emilios Avgouleas

Seattle University Law Review

The colossal challenges facing international finance pertain to both its governance system and its dual utility and speculative functions, which have become ever more intertwined with the advent of financial innovation. In the aftermath of the Global Financial Crisis (GFC), a number of significant reforms are under way to address the second issue, including additional capital and liquidity requirements for banks, measures to battle interconnectedness in the financial sector, new resolution regimes that would allow banks to fail more easily, and stricter frameworks for bank supervision and monitoring of systemic risk. Yet limited progress has been made with respect to …

Framing Address: A Framework For Analyzing Financial Market Transformation, Steven L. Schwarcz

Seattle University Law Review

The title of this Symposium originally was “Rethinking Financial and Securities Markets.” It is, of course, somewhat presumptuous for scholars to try to rethink financial markets per se. Markets, including financial markets, are driven primarily by supply and demand. But scholars can and should try to influence the future of financial markets by rethinking their fundamental aspects. This Symposium presents work from leading scholars in the fields of law, economics, finance, and accounting. I will try to frame the discussion from the perspectives of these four disciplines. First, however, we need to identify what it is about financial markets that …

A Higher Calling: The Importance Of Pro Bono Efforts In The Legal Profession, Emmet Bondurant, Andrew Vail, Mary Benton, Cynthia F. Adcock, Lonnie T. Brown

Working in the Public Interest Conferences

Cover the importance of incorporating pro bono work into every career, including those in the private sector.

Education For Judicial Aspirants, Keith R. Fisher

Journal of the National Association of Administrative Law Judiciary

Introductory judicial education (IJE) is an avenue for improving both appointive and elective systems of judicial selection. The impetus for considering this topic can be traced back to lingering unease with judicial selection and the ongoing (though now somewhat stagnant) debate over merit selection. Moreover, changes in the nature of law practice and the judicial role over the past several decades have rendered the gap between those two activities increasingly large. Moreover, surveys of minority communities have consistently demonstrated a far lower degree of confidence in the impartiality and fairness of our nation’s judges. IJE is an effort to maximize …

Sff Auction 2013, University Of Michigan Law School

Event Materials

Program for the March 21, 2013 Student Funded Fellowships Auction.

March 2013 Newsletter

Ergo

No abstract provided.

Lawyer, Know Your Safety Net: A Malpractice Insurance Primer For New And Experienced Lawyers, Lauren Schulz, Michael Hunter Schwartz

Law Faculty Scholarship

No abstract provided.

Dear Lawyer: If You Decide It's Not Economical To Represent Me, You Can Fire Me As Your Contingent Fee Client, But I Agree I Will Still Owe You A Fee., David Hricik

Mercer Law Review

Contingent fees are a relatively recent development in American law. Once banned through common law doctrines, contingent fees have become a tool that allowed delivery of legal services to those who would otherwise be unable to front attorney fees in a case.

No doubt in part because of the historic prohibition against contingent fees, and also because clients in the typical personal injury case in which they were used were not sophisticated consumers of legal services, courts, legislatures, and bar associations have since the outset heavily regulated their use? Yet, the regulation has not been Draconian. Instead, courts have balanced …

In Memoriam: The Honorable Harry L. Carrico, Hon. John A. Gibney Jr., Wendy C. Perdue, John G. Douglass, William G. Broaddus, Victoria A.B. Willis

University of Richmond Law Review

No abstract provided.

How Lawyers' Intuitions Prolong Litigation, Andrew J. Wistrich, Jeffrey J. Rachlinski

Cornell Law Faculty Publications

Most lawsuits settle, but some settle later than they should. Too many compromises occur only after protracted discovery and expensive motion practice. Sometimes the delay precludes settlement altogether. Why does this happen? Several possibilities—such as the alleged greed of lawyers paid on an hourly basis—have been suggested, but they are insufficient to explain why so many cases do not settle until the eve of trial. We offer a novel account of the phenomenon of settling on the courthouse steps that is based upon empirical research concerning judgment and choice. Several cognitive illusions—the framing effect, the confirmation bias, nonconsequentialist reasoning, and …

Science, Technology, And Catholic Identity In The Education Of Professionals, Keith Douglass Warner O.F.M., David S. Caudill

Faculty Publications

The reception of Ex corde ecclesiae has been uneven across the disciplines, with scant interest in distinctly Catholic pedagogies outside of the humanities. This essay argues that Catholic universities can distinguish themselves by how they present science and technology in their curriculum by drawing from the interdisciplinary field of “science, technology & society,” or STS. We argue that discussions about Catholic identity, science, and human values can and should extend into the curriculum while simultaneously safeguarding academic freedom, and that this can readily be done in professional schools, such as law and engineering. We outline the contributions that STS as …

Justice For All, Patricia Kay Oliver

Pepperdine Law Review

Fourteen years into her career at a top U.S. law firm, no one would have imagined that Patricia K. Oliver would walk away from her private practice to return to the world of her poverty-filled childhood in Compton. But in 2011, she left her practice to serve as the President and Executive Director of Christian Legal Aid of Los Angeles (CLA-LA). This is the story of her journey, which she was honored to share at the Pepperdine Law Review's The Lawyer of the Future symposium.

A Blueprint For Change, William D. Henderson

Pepperdine Law Review

This Article discusses the financial viability of law schools in the face of massive structural changes now occurring within the legal industry. It then offers a blueprint for change - a realistic way for law schools to retool themselves in an attempt to provide our students with high quality professional employment in a rapidly changing world. Because no institution can instantaneously reinvent itself, a key element of Professor Henderson's proposal is the 12% solution: approximately 12% of faculty members take the lead on building a competency-based curriculum that is designed to accelerate the development of valuable skills and behaviors prized …

Legal Education: Rethinking The Problem, Reimagining The Reforms, Deborah L. Rhode

Pepperdine Law Review

Whether or not law schools are in a crisis, it is certainly true that legal education currently faces a number of significant challenges. The fundamental problem is a lack of consensus over what the problem is. Legal educators and regulators are developing well-intended but inadequate responses to the symptoms, not the causes of law school woes. In addition to identifying the problem, this Article discusses potential reforms. Financial issues represent a significant source of much of the current criticisms face by law schools today. Tuition rates have increased at a pace far outstripping the steep hikes seen at universities as …

The Future Of Legal Education Reform, James E. Moliterno

Pepperdine Law Review

As a historical matter, the legal profession obstinately resists change. Its ponderous, backward-looking and self-preservationist characteristics are embodied in the ABA's Ethics 20/20 Commission, which endeavors to protect, preserve, and maintain. But the profession suffers from such thinking. It must look forward; grow more attuned to outside events and trends; and become a player in how change is assimilated into established ways, and how established ways are replaced by more effective ones. Law schools require reform. The academic focus bears little relation to the reality of practice. Graduates must better able to contribute to clients of law firms and to …

Louis D. Brandeis And The Lawyer Advocacy System, Robert F. Cochran Jr.

Pepperdine Law Review

The law practice of Louis Brandeis serves as an appropriate vehicle for examining both the history of the legal profession in the United States and the role of lawyers as philanthropists. Brandeis was one of America's most successful and innovative lawyers at the turn of the twentieth century, and serves as a role model for lawyers in his dedication to public service. Brandeis, of course, is best known for his work as a Justice on the United States Supreme Court; however, he is less well known for his work as a lawyer-though he practiced law for 40 years before he …