ContractsProf Blog

AIG Bonuses: Enter Force Majeure -- Stage Left

While lots of folks are scrambling around looking for contract-law defenses to retention payments such as those given employees at failed AIG, Congress is looking at resolving the issue by introducing a new player: force majeure.  The Pay for Performance Act of 2009 would amend the Emergency Economic Stabilization Act of 2008 (which authorized the Troubled Assets Relief Program), to retroactively ban payments of non-performance-related bonuses and "excessive cmpensation" for firms that receive TARP payments.  The rules govern not just executives, but all employees at such firms.  Here's the key language:

PROHIBITION:  No financial institution that has received or receives a capital investment under [TARP] or with respect to the Federal National Mortgage Association, the Federal Home Loan Montage Corporation, or a Federal home loan bank . . . , may, while that capital investment remains outstanding, make a compensation payment to any executive or employee under any pre-existing compensation arrangement, or enter into a new compensation payment arrangement, if such compensation payment or compensation payment arrangement--

(A) provides for compensation that is unreasonable or excessive, as defined in standards established by the Secretary in accordance with paragraph (2); or

(B) includes any bonus, retention payment, or other supplemental payment that is not directly based on performance-based measures set forth in standards established by the Secretary in accordance with paragraph (2).

The law directs the Treasury Secretary to develop standards for deciding whether compensation is excessive and to set up guidelines for what types of performance bonuses are reasonable.

That will take some help.  Treasury is looking for data and mapping analyists, financial analysts, financial economists, and risk analyists.  Pay goes as high as $133,000.  Details here.

[Frank Snyder]

Seattle U. Seeks Podium Visitor

Seattle University School of Law invites applications for a year-long “podium” visit in Contracts/Commercial Law for 2009-10. 

Contracts is a 1L required course: 3 credits in the fall, 3 credits in the spring, with a final exam at the end of each term. In addition to Contracts, the visitor will teach two out of three of the following upper division commercial law offerings: UCC Sales & Secured Transactions (4 cr), Payment Law (2 cr) , and Bankruptcy (3 cr). Compensation will be commensurate with skills and experience, and priority in hiring will be given to experienced faculty with outstanding academic credentials.

Seattle University School of Law, with 1,000+ students and a student-faculty ratio of 14:1, educates ethical lawyers who distinguish themselves through their outstanding professional skills and their dedication to law in the service of justice. Faculty, students, and staff form a vibrant, diverse, and collaborative community that promotes leadership for a just and humane world. The Law School's commitment to academic distinction is grounded in its Jesuit Catholic tradition – one that encourages open inquiry, thoughtful reflection and concern for personal growth.  Innovation, creativity and technological sophistication characterize our rigorous educational program, which prepares our graduates for a wide range of successful and rewarding careers in law, business and public service. The School of Law occupies a state-of-the-art building in one of the nation’s most vibrant and livable cities and is enjoying an exciting upward trajectory of programmatic growth and institutional advancement.

Founded in 1891, Seattle University is one of 28 Jesuit universities in the U.S. Dedicated to educating the whole person, to professional formation, and to empowering leaders for a just and humane world, Seattle University is located near downtown on 48 acres in the Capitol Hill neighborhood.

U.S. News and World Report's "Best Colleges 2009" ranks Seattle University among the top 10 universities in the West that offer a full range of masters and undergraduate programs. There are currently over 7,500 students enrolled within the university's eight schools and colleges. Seattle University is an Equal Opportunity Employer. For more information on Seattle University generally, please visit www.seattleu.edu; for more information on the School of Law, please visit www.law.seattleu.edu.

A letter of interest and resume should be sent via email to: Annette E. Clark, Vice Dean & Associate Professor of Law, at annclark@seattleu.edu.

Help Wanted

Upstate New York is beautiful in the fall, and beautiful in the winter, too, if you've got someone to shovel the snow for you.  So think about spending the year where the Vale of Onondaga meets the Eastern Sky (left) -- at Syracuse University School of Law, which is looking for someone to teach Commercial Transactions this fall and International Business Transactions in the fall or spring.  If you're interested, get in touch with Associate Dean Lisa Dolak.

For those who prefer sunnier climes and the sounds of Western Swing, you could do a lot worse than San Antonio (right), where St. Mary's University School of Law is looking for a visitor who can teach Contracts and other business-related courses.  Contact Associate Dean Victoria Mather for details.

[Frank Snyder]

University of Memphis Looking for Vistors

The University of Memphis Cecil C. Humphreys School of Law is seeking to fill several visiting positions for the 2007-2008 academic year.  Primary course needs include Contracts I (fall semester), Contracts II (spring semester), Business Organizations (fall semester), Civil Procedure I (fall semester), and Secured Transactions (spring semester).  Other possible areas of need include Remedies, Advanced Civil Procedure, Professional Responsibility, and Environmental Law. 

At this point we have substantial flexibility regarding one-semester or full-year visitorships.  The School of Law has a strong institutional commitment to the diversity of its faculty and is very interested in receiving expressions of interest from persons who will add to its diversity.  Please contact Professor Kevin H. Smith, Chair, Faculty Recruitment Committee, Cecil C. Humphreys School of Law, The University of Memphis, Memphis , Tennessee 38152 .

Electronic expressions of interest are strongly encouraged and should be submitted here.  The University of Memphis , a Tennessee Board of Regents institution, is an EEO/AA University. The School of Law does not discriminate on the basis of race, color, religion, national origin, sex, age, handicap or disability, or sexual orientation.

[Miriam Cherry]

Montana Looking for Visitor

Per Scott Burnham (Montana):  If you are interested in teaching contracts at The University of Montana for the 2007-2008 school year, contact Associate Dean Fritz Snyder. 

[Miriam Cherry]

UNLV Looking for a Podium Visitor

UNLV's William S. Boyd School of Law is looking for a visitor to teach some combination of Contracts, Sales & Leases, Payment Systems, and Secured Transactions during the 2007-08 academic year.  If you are interested, please contact Associate Dean Joan Howarth.

[Keith A. Rowley]

Mizzou and Tulane Looking for Commercial Podium Visitors

Visitors wanted in Sales, Secured Transactions, Modern Payment Systems, Negotiable Instruments or some combination of the above.  If interested in the Missouri position, contact James R. Devine, Associate Dean, University of Missouri School of Law, David Ross Hardy Professor of Law & Trial Practice; if interested in the Tulane position, contact Steve Griffin, Vice Dean, Tulane Law School. 

[Miriam Cherry/Hat tip: Blog Emperor Caron]

Case Seeks New Dean

Case Western Law School is in the market for a new dean.  The school announced that Gerald Korngold has stepped down as dean and that a dean search committee has been formed.  Applications and nominations should be sent by November 15, 2005, to:

Professor Sharona Hoffman
Chair, Dean Search Committee
Case Western Reserve University
School of Law
11075 East Blvd.
Cleveland, OH 44106

[Frank Snyder]

Tulsa Seeking UCC/Commercial Profs

This from the good folks at the University of Tulsa:

THE UNIVERSITY OF TULSA COLLEGE OF LAW invites applications from both entry-level and experienced faculty for one or more tenure-track and/or visiting faculty position(s) beginning in the 2006-2007 academic year.  Areas of teaching interest likely include: UCC, corporate law, commercial law and tax, as well as general curricular subjects.  We seek candidates with superior academic records from highly-regarded J.D. and/or graduate law programs and who, as demonstrated by their performance to date, have a proven record of excellence in scholarship and teaching or a strong potential to excel as scholars and teachers.  The University of Tulsa, an equal employment opportunity/affirmative action employer, is committed to diversifying its faculty and staff.  Members of under-represented groups (including people of color, people with disabilities, women, and veterans) are strongly encouraged to apply.  If you would like to learn more about the College of Law generally, you may visit our website at www.law.utulsa.edu.  Please submit letters of interest and resumes to Assoc. Prof. Janet Levit, Chair, Appointments Committee, University of Tulsa College of Law, 3120 E. 4th Place, Tulsa  OK 74104, or by email here.

[Frank Snyder]

Tennessee Seeks Business Law Visitor

The University of Tennessee is looking for a one-semester business law visitor, and is particularly interested in folks interested in coming into academia out of private practice.  Here's the notice:

THE UNIVERSITY OF TENNESSEE COLLEGE OF LAW invites applications for a one-semester visiting faculty position to commence in the fall semester of 2006 to teach business law related courses through the Clayton Center for Entrepreneurial Law.  Successful applicants must have a strong academic background and substantial, relevant practice experience.  Preference may be given to those applicants that are seeking to enter the academy from private practice.  Candidates must have a strong commitment to excellence in teaching, scholarship and service.

The University of Tennessee welcomes and honors people of all races, creeds, cultures, and sexual orientations, and values intellectual curiosity, pursuit of knowledge, and academic freedom and integrity.  The University of Tennessee College of Law provides equal opportunity in legal education for all persons, including faculty and employees, with respect to hiring, continuation, promotion and tenure, applicants for admission, enrolled students, and graduates, without discrimination or segregation on the basis of race, color, religion, national origin, sex, age, handicap or disability, sexual orientation, or veteran status.  In furtherance of the University's and the College's  fundamental commitment to a diverse faculty, minority group members and women are strongly encouraged to apply.

Applications, including a letter of intent, resume, and the names and addresses of three references, should be sent to:

George W. Kuney
Associate Professor of Law and
Director of the Clayton Center for Entrepreneurial Law
The University of Tennessee
College of Law
1505 W. Cumberland Avenue
Knoxville, TN  37996-1810

[Frank Snyder]

U of Idaho Seeking Contracts, Commercial Law

The University of Idaho is looking for two tenure-track hires for next year.  Interests are in “Contracts, Commercial Law (particularly UCC Article 9 and State Debtor-Creditor Law), Bankruptcy, and Local Government as part of the College’s Business emphasis; and Criminal Law, Evidence, Practice Court (a simulated trial training course), Lawyering Process (a pretrial practice course), Civil Procedure, and Remedies.”  Contact is Prof. Elizabeth Brandt, College of Law, University of Idaho, PO Box 442321, Moscow, ID 83844-2321.  You can e-mail Prof. Brandt here.

Hofstra looking for Commercial laterals

"HOFSTRA LAW SCHOOL is expanding its faculty and seeks experienced lateral applicants for tenured and tenure-track faculty positions to begin in the 2006-2007 academic year.  We invite applications in all areas of law, but our strongest curricular needs include Business Organizations, Commercial Law, Securities, Transactional Skills and Tax as well as Environmental Law, Intellectual Property, Property, and Civil Procedure.  We have a strong institutional commitment to diversity and particularly welcome applications from women and minorities.  Applicants should have outstanding records as teachers and scholars."

Contact: Professor Nora V. Demleitner, Chair, Lateral Appointments Committee, School of Law, 121 Hofstra University, Hempstead, NY 11549, or by e-mail here.

[Frank Snyder]

Hamline Seeks Contracts Prof

Hamline University School of Law in St. Paul, Minnesota is looking for "promising scholar/teachers" to teach contracts  and commercial law.  Those interested should contact Professor Peter N. Thompson at this e-mail address.

[Frank Snyder]

Cleveland-Marshall seeking Contracts prof

The Cleveland-Marshall College of Law of Cleveland State University, is looking for three tenure-track faculty, one of whom will teach Contracts.  These days the former "Mistake by the Lake" is one of America's hottest locations -- routinely rated as one of America's "Most Liveable" cities and getting top marks as one of the best cities for urban hikers, with vibrant neighborhoods and miles of lakefront trails.  Click on "continue reading" for the ad.

Cleveland-Marshall College of Law, Cleveland State University, invites applications for three tenure-track faculty positions. Primary curricular needs are Contracts, Civil Procedure and Alternative Dispute Resolution, and Public International Law (including National Security Law). Other needs include Taxation and Trusts & Estates. Applicants must have a J.D. degree or its equivalent, a distinguished academic record, and a potential for significant scholarly achievement. In furtherance of our institutional commitment to a diverse faculty, we particularly welcome applications from women and minorities.  Cleveland State University is an equal opportunity employer.

Under the leadership of a new Dean, after completion of the most successful fundraising year in our history, and with a 5-year plan in place to make the law school smaller and stronger, Cleveland-Marshall College of Law is an exciting place to thrive. Moreover, Cleveland's world-class cultural amenities, such as the Cleveland Orchestra, the Cleveland Museum of Art, and the Rock & Roll Hall of Fame and Museum, its vibrant professional sports teams, and its reasonable real estate prices and commute to downtown Cleveland and the law school make it a pleasurable place to live.

Please submit letters of interest, resumes (including the names and addresses of at least three references), and a statement describing your scholarly research agenda no later than November 1, 2005, to Professor Deborah A. Geier, Cleveland-Marshall College of Law, 2121 Euclid Ave., L.B. 138, Cleveland, OH   44115.

Help Wanted

Seattle University School of Law is seeking to hire a tenure-track professor to teach in the commercial law field.  They have particular interest in:  UCC sales and secured transactions; bankruptcy; and payment systems.  "International commercial law would also be a desirable complement to the American commercial law courses taught."  The school will consider both entry-level and experienced candidates.

For further information and a full statement of University hiring policies, interested parties should contact the Chair of the Appointments Committee, Professor Lily Kahng.  You can e-mail her here, or write by mail to:
Seattle University School of Law
901 12th Avenue
Seattle WA 98122

[Frank Snyder]