Business Law Prof Blog

Inaugural Peter J. Henning Lecture

I am pleased to share with you that the inaugural Peter J. Henning Lecture at Wayne State University Law School will be held next Monday, April 3rd, at 6:00 pm.  The speaker is the Honorable Jed S. Rakoff (United States District Court for the Southern District of New York) who knew Peter and valued his work.  See the flyer below.  Come if you are able.

As readers may recall, Peter was a mentor and friend.  His work and my work in insider trading law and practice intersected.  I offered some comments on my relationship with him here on the BLPB shortly after his untimely passing last year.  I also shared some thoughts at the 2022 National Business Law Scholars Conference and wrote a short related tribute to Peter forthcoming in the Wayne Law Review.  I will be at the lecture on Monday. 

I know many of you also have been touched by Peter or his work.  He was a special man who made great contributions in many spheres.  Please note in the flyer below that financial support for the lecture series is being solicited.  I hope that some of you will take advantage of this opportunity to honor Peter and his legacy.

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Stetson Law Symposium: Elon Musk and the Law

Last Friday, I had the privilege of speaking, with other colleagues, at the 2023 Stetson Law Review Symposium on "Elon Musk and the Law."  (See the flyer on the program, below.)  This symposium grew out of a discussion group I organized at the 2022 Southeastern Association of Law Schools Conference.  I posted about it here back in May of last year.

I could not have been happier with the way the symposium worked out.  The Stetson Law students, faculty, and administration were well organized, kind, and fun--a total pleasure to work with.  And I got excellent questions and feedback on my early draft paper, Representing Elon Musk, which focuses attention on the lawyer-client relationship under the American Bar Association's Model Rules of Professional Conduct.  I look forward to seeing the final published proceedings in two forthcoming books of the Stetson Law Review.

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ComplianceNet 2023 - March 31 Submission Deadline

This just in from friend-of-the-BLPB Josephine Sandler Nelson:

 

ComplianceNet 2023's deadline to apply has been extended to March 31, 2023. This is an amazing conference. See info below and at the website here. There is also a best paper prize that attendees should know about.

ComplianceNet 2023 will be hosted by American University's Washington College of Law in Washington, DC on June 21-23, 2023. It will have an anti-corruption theme, though papers on all topics related to compliance will be welcome. We are currently accepting panel or paper submissions, with an extended deadline of Friday, March 31, 2023. 
 
ComplianceNet seeks to bring together scholars from a range of different disciplines to study the interaction between rules (broadly defined) and individual, group, or organizational behavior. The first five meetings have been highly successful, bringing together academics from business, criminology, economics, law, political science, psychology and sociology, among other fields. See the ComplianceNet website at www.compliancenet.org for more details about the organization’s structure and goals.

Call for Papers - DePaul Law Review "Succession" Symposium Issue

The DePaul Law Review will devote the third issue of its 73rd volume (slated for publication in Spring 2024) to a Symposium addressing the Emmy-winning scripted drama Succession from a legal and pedagogical point of view. The aim of this special issue is to collect in one place the insights of a variety of faculty members with different legal subject-matter expertise, as a resource for all who are interested in the use of this award-winning work for the teaching, practice, and study of law. The DePaul Law Review has already secured the participation of a number of distinguished scholars. 

The DePaul Law Review invites proposals from others for two to four additional contributions to be included in this special issue. Proposals for a contribution of between 5,000 and 10,000 words are welcome from all who teach any area of law. (The print symposium will be accompanied by simultaneous online publication with live hyperlinks, allowing readers to access video links if the author desires.)

Potential contributions to the special issue might take a variety of forms. For example, these essays might:

• explore the legal implications of various plotlines through a variety of doctrinal lenses (e.g., mergers and acquisitions, wills and trusts, corporate law, employment law, criminal law);
• share classroom techniques for using Succession, and its scenarios or characters, in law teaching;
• consider how matters such as race, gender, sexual orientation, and class are represented on Succession, or how the show depicts law, law enforcement, and lawyers; or 
• draw on literary techniques to illuminate (or critique) Succession's approach to the myriad legal issues it presents.

Interested individuals should send an abstract outlining the topic and substance of their proposed contribution to the DePaul Law Review by email to Lizzie Carroll, Managing Editor of Lead Articles at lawreviewdepaul@yahoo.com, or to Prof. Susan Bandes, sbandes@depaul.edu, or Visiting Professor Diane Klein, dklein14@depaul.edu.  Abstracts (of 250 words at most) should be submitted by April 30, 2023. Proposals will be reviewed and invitations issued by June 1, 2023. Initial drafts will be due August 15, 2023, with final drafts due by October 1, 2023.

Baylor Law is Recruiting Business Law Faculty!

The following opportunities come to us from Patricia Wilson at Baylor Law.  The first two positions are directly related to business law.  The last two are more litigation-oriented but may be of interest to business litigation folks. *          *          * Baylor Law is currently recruiting to fill multiple faculty positions, as described below. The starting date for each position is no later than August 1, 2023. If you know of someone who may be interested in these positions, please encourage them to visit the Baylor Law employment opportunities webpage. Interested individuals are also welcome to contact Associate Dean Patricia Wilson by email or phone for more information. We are particularly interested in expressions of interest from individuals who would add to the diversity of our faculty. Please note that three of the listings are for full-time positions. However, if you or someone you know is interested in teaching as an adjunct, we regularly have adjunct positions available and are currently seeking adjunct instructors to teach transactional drafting and persuasive writing/litigation drafting. We are flexible in scheduling adjunct-taught classes, including developing a schedule that allows an adjunct to teach most classes remotely on Zoom.  Assistant Professor of Business/Transactional Law Tenure-track Baylor Law seeks an instructor who will have responsibility for electives in the areas of transactional, commercial, or business areas based upon Baylor Law's curricular needs and the applicant's experience. Such courses could include real estate finance, construction, oil and gas/alternative energy, debt financing, business succession planning, individual or entity income taxation, nonprofit organizations, digital/cybersecurity, elder law/special needs, retirement, international business transactions, international trade, consumer protection, bankruptcy, creditors remedies, negotiable instruments/payment systems, franchising, sports law, healthcare. More Information/Apply Full-time Lecturer Transactional Drafting; Non-tenure-track Baylor Law seeks a lecturer who will have responsibility for teaching in the Legal Analysis, Research & Communications (LARC) program. Responsibilities include working collaboratively with other faculty members of the Baylor Law Writing Program to create, teach and grade assignments for the LARC 4 course (Transactional Drafting) and coordinating all of the writing efforts across all three years of the curriculum to ensure consistency and best management of resources. The ideal candidate will have at least three years of transactional legal writing experience, including drafting and analyzing a variety of different contracts and business entity governing documents. More Information/Apply Full-time Lecturer Persuasive Writing; Litigation Drafting; Non-tenure-track Baylor Law seeks a lecturer with substantial experience in persuasive writing and litigation drafting, including drafting appellate briefs and a variety of different pleadings, trial motions, and similar work product. The selected individual will have responsibility for teaching in the Legal Analysis, Research & Communications (LARC) program, specifically LARC 3 (persuasive writing) and LARC 5 (litigation drafting). He or she will teach several sections of both courses each year and will be one of several LARC 3 instructors. With respect to the LARC 5 course, the candidate will be expected to collaborate and coordinate project planning with instructors for the LARC 4 course (transactional drafting). Thus, the ideal candidate will also have experience in analyzing and drafting a variety of contracts. The candidate will share additional responsibilities as well, such as periodically serving as a judge in the Practice Court program and collaborating with other legal writing faculty members to create problems for writing competitions. More Information/Apply Part-time Temporary Adjunct LARC 5 Baylor Law seeks a temporary adjunct to teach a section of the LARC 3 course, a course on persuasive writing, and LARC 5 course, a course that focuses on litigation drafting. The candidate should have experience in  drafting appellate briefs or producing similar work product, or litigation drafting, including drafting a variety of different pleadings, trial motions, and similar work product. More Information/Apply Prospective applicants can direct questions to Associate Dean Patricia Wilson at 254.710.6591 or 254.722.2564, or Patricia_Wilson@baylor.edu.

Wake Forest Law - ESG and Blockchain

I am honored to be speaking later today on ESG, blockchains, and corporate governance at this symposium at Wake Forest University School of Law.  This practitioner-centered symposium promises to offer significant information useful to my teaching and scholarship.  My fellow speakers hail from law firms and other organizations across the United States.  I am excited to share and learn!

Yale Law Clinical Fellowships

I just heard about this a few days ago, but I do not think anyone has posted on it yet.  Sadly, it looks like the formal application deadline has passed.  But they may still be accepting applications.  Those considering applying may want to inquire . . . .

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YALE LAW SCHOOL CLINICAL FELLOWSHIPS

in the Veterans Legal Services Clinic   
and Housing and Community & Economic Development Clinics

Yale Law School seeks applicants for two clinical fellowships in the Jerome N. Frank Legal Services Organization, within Yale Law School's clinical program. These Fellowships are two-year positions with a third-year option, beginning on or about July 1, 2023, and are designed for lawyers with at least three years of practice who are considering a career in law school teaching. Each fellow will work with a different clinic. Responsibilities include representing clients, supervising students, assisting in teaching classes, and pursuing a scholarship agenda. Fellows also have an option to co-teach a section of a six-week fall program for first-year students, Introduction to Legal Analysis and Writing, for additional compensation. Candidates must be prepared to apply for admission to the Connecticut bar (candidates may qualify for admission without examination). All work will be conducted with the support of the clinical faculty and will focus on providing legal assistance to low-income and civil rights clients and organizations. 

The Jerome N. Frank Legal Services Organization is committed to building a culturally diverse and pluralistic faculty and staff to teach and work in a multicultural environment. Candidates must be able to work both independently and as part of a team, and must possess strong written and oral communication skills. Experience in creative and community-driven advocacy is a strong plus. Annual salary is $75,000-80,000. In addition, Fellows will receive health benefits and access to university facilities. 

Email a resume, cover letter, writing sample, and names, addresses and telephone numbers of three references to Osikhena Awudu, Program Manager, The Jerome N. Frank Legal Services Organization, osikhena.awudu@yale.edu.  Please indicate the clinic or clinics to which you are applying. Applications will be accepted until March 15, 2023 but will be reviewed on a rolling basis (early applications encouraged).

More details about each fellowship follow below.

Veterans Legal Services Clinic (VLSC)

VLSC is a semester-long, in-house clinic whose students represent veterans and their organizations in VA benefits, record correction, and civil rights litigation in administrative, state, and federal courts, and in state and federal policy advocacy.

Illustrative cases include representation of individual veterans seeking disability compensation benefits for injuries incurred during military service, in initial applications, administrative appeals, and judicial review in federal court; former service members in applications to upgrade a less-than-honorable discharge before Defense Department boards and on judicial review in federal court; plaintiffs in federal civil rights cases, such as a woman raped while a cadet at the U.S. Military Academy at West Point and Black veterans seeking reparations for historic discrimination in VA benefits programs; three nation-wide classes of Iraq and Afghanistan Era veterans who received less-than-fully-honorable discharges, despite having PTSD or related conditions attributable to their military service; a nation-wide class of U.S. Air Force veterans exposed to radiation after cleaning up two hydrogen bombs accidentally dropped on Spain in 1966, in the first appeals class action certified in the history of the U.S. Court of Appeals for Veterans Claims; and local and national veterans' organizations in campaigns to address gender discrimination in congressional nominations to the military service academies; curb retaliation against servicemembers who report sexual harassment or assault; and make veterans with bad paper eligible for state veterans' benefits.

The principal supervisor for the position will be Professor Michael Wishnie.

Housing and Community & Economic Development Clinics

The Community & Economic Development (CED) is a semester-long, in-house clinic that provides transactional legal services to clients seeking to promote economic opportunity and mobility. CED's clients include affordable housing developers, community development financial institutions, farms and farmer's markets, fair housing advocates, and neighborhood associations. CED's legal services help our clients to expand access to financial services, bring arts institutions and grocery stores to chronically under-resourced communities, break down barriers to affordable housing development in high-opportunity communities, promote access to healthy foods, and facilitate entrepreneurship among low-income people.

The Housing Clinic is a semester-long, in-house clinic that represents tenants facing evictions and substandard housing conditions; homeowners facing foreclosures and seeking affirmative relief for illegal behavior by mortgage lenders and servicers; and individuals and advocates in affirmative fair housing litigation.

On behalf of our clients, our students represent clients in federal and state courts; negotiate and draft contracts; provide advice on the tax consequences of deal structures and entity choices; structure and carry out real estate transactions; represent borrowers and lenders in financings; engage in legislative and regulatory advocacy; form for-profit and not-for-profit entities; and resolve land use and environmental issues. In addition to representing clients, students in their first semester of the clinic take a seminar which covers federal, state and local policies affecting urban and suburban places; substantive law in tax, real estate development, and corporate governance; and transactional and regulatory lawyering skills, such as negotiation and drafting contracts.

The principal supervisor for the position will be Professor Anika Singh Lemar.

Yale University considers applicants for employment without regard to, and does not discriminate on the basis of, an individual's sex, race, color, religion, age, disability, status as a veteran, or national or ethnic origin; nor does Yale discriminate on the basis of sexual orientation or gender identity or expression. Title IX of the Education Amendments of 1972 protects people from sex discrimination in educational programs and activities at institutions that receive federal financial assistance. Questions regarding Title IX may be referred to the University's Title IX Coordinator, at TitleIX@yale.edu, or to the U.S. Department of Education, Office for Civil Rights, 8th Floor, Five Post Office Square, Boston MA 02109-3921. Telephone: 617.289.0111, Fax: 617.289.0150, TDD: 800.877.8339, or Email: ocr.boston@ed.gov.

Michigan Law - Entrepreneurial Teaching Fellowship

The University of Michigan Law School is seeking a clinical teaching fellow in its Zell Entrepreneurship Clinic (ZEC). Law students in the ZEC provide transactional legal services to early-stage startups and play a significant role in the entrepreneurial ecosystem of Ann Arbor. Typical matters include business entity formation, intellectual property, contract drafting, and other common early-stage legal issues. This is a two-year appointment with the possibility of extension for a third year, beginning in the summer of 2023.

You can find more info about the clinic here: www.law.umich.edu/clinical/ec, and the job posting here: careers.umich.edu/job_detail/231796/...

LSU Law is Seeking a Visitor or Adjunct for Business Associations Courses

This just in from friend-of-the-BLPB Christina Sautter:

The Louisiana State University Paul M. Hebert Law Center seeks visiting or adjunct professors for the 2023-2024 academic year to teach Business Associations I (fall and spring) and Business Associations II (spring).  Additional courses, such as Mergers & Acquisitions or Securities Regulation will also be considered. Interested individuals should email Pamela Hancock at phancock@lsu.edu for more information, as well as to obtain a link and instructions for uploading a CV and cover letter.

LSU is committed to providing equal opportunity for all qualified persons in admission to, participation in, or employment in the programs and activities which the University operates without regard to race, creed, color, marital status, sexual orientation, gender identity, gender expression, religion, sex, national origin, age, mental or physical disability, or veteran's status. LSU is committed to diversity and is an equal opportunity/ equal access employer. LSU believes diversity, equity, and inclusion enrich the educational experience of our students, faculty, and staff, and are necessary to prepare all people to thrive personally and professionally in a global society.

Central Michigan University Seeking Tenure-Track Entrepreneurship Faculty

Position Summary

The College of Business Administration at Central Michigan University invites applications for one or more entrepreneurship faculty members to begin service at the rank of assistant professor, associate professor, or full professor on August 21, 2023.

CMU anticipates the successful applicant will take a leadership role in the department. This could include serving as the Department Chairperson, serving as the Director of the Master in Entrepreneurial Ventures (MEV) program, or service in another administrative capacity. A reduced teaching load is available for successful applicants serving in one of these roles.

Tenure-track faculty are generally expected to teach three courses per semester, maintain an active research agenda, and actively participate in service activities. Courses may be face-to-face or online and at the undergraduate or graduate level. Faculty may also: advise students; engage in assessment of learning activities; help develop and promote CMU’s entrepreneurship offerings; support CMU’s New Venture Competition (NVC) and other extra-curricular initiatives; and strengthen partnerships on and off campus.  Candidates must have the ability to perform the essential functions of the job with or without reasonable accommodations.

Required Qualifications

Candidates must have a terminal degree: (i) a Ph.D. or D.B.A in entrepreneurship or a related business field (from an AACSB accredited institution); or, (ii) a J.D. (from an ABA accredited institution) with significant entrepreneurship-related experience; or, (iii) other relevant terminal degree (from a major national university) with significant entrepreneurship-related experience.  For those pursuing a Ph.D. or D.B.A., ABD applicants will be considered if it is clear that the applicant’s degree will be conferred at the time of appointment.

Message to Applicants

CMU encourages applicants from diverse academic backgrounds to apply. You must submit an online application to be considered an applicant for this position. To apply, please visit our website at https://www.jobs.cmich.edu/. Inquiries about the position may be directed to the Entrepreneurship Chairperson David Nows at David.Nows@cmich.edu; however, the applicant must apply directly through the online Central Michigan University applicant portal.

CMU, an AA/EO institution, strongly and actively strives to increase diversity and provide equal opportunity within its community. CMU does not discriminate against persons based on age, color, disability, ethnicity, familial status, gender, gender expression, gender identity, genetic information, height, marital status, national origin, political persuasion, pregnancy, childbirth or related medical conditions, race, religion, sex, sex-based stereotypes, sexual orientation, transgender status, veteran status, or weight (see http://www.cmich.edu/ocrie).

"Keeping Your Own Counsel" - Walter Effross

Friend-of-the-BLPB Walter Effross recently informed me of his blog, Keeping Your Own Counsel (subtitled “Simple Strategies and Secrets for Success in Law School”). The blog is a companion piece to Walter's new book designed for pre-law and law students, also entitled Keeping Your Own Counsel. Walter let me know that one can check out the book’s table of contents, preface, and first two chapters through Amazon’s “Look inside” feature and that a summary of six of the book's themes is in his most recent blog post.

He also noted that his February 25th blog post provides links to his conversations with leading in-house and outside counsel about the definition and goals of, career opportunities in, and ways to remain current on, the increasingly relevant practice of Environmental, Social, and Governance (ESG) law.  He specifically recommends one of those conversations--the one with Fox Rothschild LLP partner David Colvin--even to law students who are not specifically interested in ESG because it addresses practical ethical issues.  He indicated (and I agree) that the overall post may be of particular interest to our readers.  So many of us are focused on ESG and related regulation in our work at the moment . . . .

I send congratulations to Walter on the blog and the book, along with gratitude that he alerted us to both.

Teaching Question of the Day

I teach business law courses that involve planning and drafting in connection with business transactions. I know many of you do, too.  My question is, how do you teach your students to find drafting precedents (if that is part of your teaching) for transactional business law projects/tasks?  Do you advise students to use forms or to walk back provisions in fully negotiated agreements?

In our capstone 3L planning and drafting course at UT Law, Representing Enterprises, I let students take their own path in finding drafting precedents and ask them to report out their process to the class.   We talk through the pros and cons of their individual approaches, which I capture on the whiteboard.  My board notes from a recent class (during which we talked through how students located precedent bylaws for a closely held--preferably Tennessee--corporation) are included below.

 

Although Bloomberg Law was a popular resource for students who shared their process in this particular class meeting, the Securities and Exchange Commission's website and Google also got some love.  In the ensuing discussions, a student also mentioned Westlaw's Practical Law as a resource, although that's not reflected in this picture.

In other advanced business law planning/drafting courses, I invite representatives from Bloomberg Law, Lexis, and Westlaw into my classroom to train my students in how to find precedent documents (and other transactional resources) using their database's search tools.  One student involved in the discussion reflected in the photo above was enrolled in one of those advanced courses with me in the fall (and also had been a student in our transactional business law clinic).  He was among the folks who started his search process with Bloomberg Law.  His classmates told me he had been teaching them some of what he had learned in my course and the law clinic!  #peerteaching--loved it!

How do you help students find drafting precedents (and in what business law and legal education contexts)?  I am always willing to learn new methods and tricks.

Baylor Law: Transactional Drafting & Other Legal Writing/Drafting Openings

The following came to me from Patricia Wilson, Associate Dean and Professor of Law, Chair of the Faculty Appointments Committee at Baylor Law:

Baylor Law is accepting applications for two lecturer positions in our Legal Analysis, Research and Communication (LARC) program, as described below, to begin no later than August 1, 2023.  Please share with anyone you believe may be interested.

Lecturer (Transactional Drafting)

Candidates must possess a juris doctor. You will be asked to provide a letter of interest; curriculum vitae; transcripts, a list of three references in the application process, and two writing samples demonstrating the candidate's writing style.  Salary is commensurate with experience and qualifications.

The selected individual will have responsibility for teaching in the Legal Analysis, Research & Communications (LARC) program. Responsibilities include working collaboratively with other faculty members of the Baylor Law Writing Program to create, teach and grade assignments for the LARC 4 course (Transactional Drafting) and coordinating all of the writing efforts across all three years of the curriculum to ensure consistency and best management of resources. The ideal candidate will have at least three years of transactional legal writing experience, including drafting and analyzing a variety of different contracts and business entity governing documents. For more information about the Baylor Law Legal Writing Program, please visit www.baylor.edu/law/index.php?id=933907.

Lecturer (Persuasive Writing; Litigation Drafting)

Candidates must possess a juris doctor. You will be asked to provide a letter of interest; curriculum vitae; transcripts, a list of three references in the application process, and two writing samples demonstrating the candidate's writing style.  Salary is commensurate with experience and qualifications.

The candidate should have substantial experience in persuasive writing and litigation drafting, including drafting appellate briefs and a variety of different pleadings, trial motions, and similar work product.  The selected individual will have responsibility for teaching in the Legal Analysis, Research & Communications (LARC) program, specifically LARC 3, our required persuasive writing course, and LARC 5, our litigation drafting course. He or she will teach several sections of both courses each year.  He or she will be one of several LARC 3 instructors. With respect to the LARC 5 course, the candidate will be expected to collaborate and coordinate project planning with instructors for the LARC 4 (transactional drafting). Thus, the ideal candidate will also have experience in analyzing and drafting a variety of contracts. The candidate will share additional responsibilities as well, such as periodically serving as a judge in the Practice Court program and collaborating with other legal writing faculty members to create problems for writing competitions. For more information about the Baylor Law Legal Writing Program, please visit www.baylor.edu/law/index.php?id=933907.

General Information

Both positions entail renewable one-year contracts, with the possibility of promotion to senior lecturer status after seven years.

We are especially interested in candidates who will enhance the diversity of our faculty.  Our search includes both entry-level and junior lateral candidates.  

Additional information for these two positions and other open positions at Baylor Law is available at: www.baylor.edu/law/facultystaff/index.php?id=980341

Catholic Law Seeks Business (and Other) Faculty!

Catholic Law seeks to fill several faculty positions to begin in Fall 2023. We are seeking candidates for entry-level and lateral positions, tenure-track or contract, in a wide variety of subjects, including Clinical Education, Lawyering Skills, Civil Procedure, Family Law, Trusts and Estates, Criminal Law and Procedure, Evidence, Corporate and Securities Law, International Law, and Contracts and Commercial Law.

Candidates in Clinical Education may have opportunities to teach in our existing clinics but also may propose new clinical areas. We are particularly interested in clinical offerings compatible with participation by our evening students.

We are also seeking candidates whose teaching and research interests may be in any of the above subject matter areas (or others) who are also interested in participating in our University’s Institute for Latin American and Iberian Studies.

Catholic Law is a national leader in preparing students of all faiths for the practice of law and is an integral part of The Catholic University of America, the national university of the Catholic Church, located on a beautiful residential campus in the heart of the nation’s capital.

Candidates must possess a J.D. or equivalent, superior academic credentials, and relevant professional experience, such as teaching, legal practice, or judicial clerkships. The application should include a letter of interest, CV, references, sample publications, and a personal statement addressing how your research, teaching, and service would make a distinctive contribution to the mission of our University and law school and the vision of Catholic education outlined in the Apostolic Constitution on Catholic Universities, Ex Corde Ecclesiae.

Interested applicants should email their materials to the attention of Dean Stephen Payne at guinn@law.edu.

As a Catholic institution, our mission commits us to respecting the “dignity of each human person,” and to welcoming scholars who will bring a “diversity of backgrounds, religious affiliations, viewpoints, and contributions” to the law school’s vibrant intellectual community. We recognize the importance of diversity in our faculty and encourage applications from those with diverse backgrounds.

The Catholic University of America is an Equal Opportunity Employer.

2023 Emory Law Transactional Law and Skills Conference & Tennessee's Business Law Journal

For those of you who may have been wondering about Emory Law's biennial Conference on the Teaching of Transactional Law and Skills, I have posted current information below.  I am pleased to see that our business law journal, Transactions: The Tennessee Journal of Business Law, is again publishing the proceedings.  This has been a great partnership between Emory Law and Tennessee Law over the years.  The proceedings of the 2021 Emory Law conference can be found here.

Just as I was ready to post this, I heard from the 2023-24 Editor-in-Chief of the journal, Bethany Wilson, that we are currently accepting articles for the Fall 2023 edition of Transactions. The articles published by Transactions typically focus on transitional business law issues and topics, including agency, antitrust, arbitration, bankruptcy, business associations, contracts, insurance, intellectual property, labor and employment, property, real estate, secured transactions, securities regulation, shareholder litigation, and tax. If you have any articles that you would be interested in having published by Transactions, please send them our way. Articles can be submitted via Scholastica or by emailing an abstract and copy of the article to bwilso92@vols.utk.edu.

 

Heminway on Fiduciary Duties and Succession - Tonight!!

As I noted in a post a few weeks ago, I am presenting on corporate fiduciary duties tonight as the Roy/Demoulas Distinguished Professor of Law and Business at the Waystar/ROYCO School of Law.  The title of my presentation is: What the Roys Should Learn from the Demoulas Family (But Probably Won't).  The presentation will run from 9:00 pm to 10:00 pm Eastern on Zoom at the following link:  https://us02web.zoom.us/j/86783560319?pwd=cTJza2N6elFyVGhBUFVjdk1Gb2oxQT09.

If you do not know about the Demoulas family and their fiduciary duty tangles up in Massachusetts, my presentation will inform you (and may even get you interested).  Members of the family were locked in litigation with each other for over 20 years.  Much of that litigation relates to alleged breaches of corporate and trust fiduciary duties.  And for those who have not watched the HBO Max series Succession, I will offer a window on some of the characters and plot lines, tying them in to observations about the Demoulas family.  

I welcome your attendance and participation!

Carney & Sharfman: Whither Judicial Valuation?

I teach a unit on the legal aspects of valuation in my Corporate Finance planning and drafting seminar every year.   I have often been able to secure as a guest speaker on one day during that unit a friend of mine who is a seasoned valuation expert (and was the expert whose opinion carried the day in the most recent Tennessee Supreme Court case on valuation in an M&A context).  

There is a relatively large body of academic literature on appraisal (a/k/a dissenters') rights and, more generally, the history of valuation law and practices in the M&A context.  In the Business Associations textbook of which I am a coauthor, I excerpt from Mary Siegel's 1995 article, Back to the Future: Appraisal Rights in the Twenty-First Century (32 Harv. J. on Legis. 79).  Her 2011 follow-on article, An Appraisal of the Model Business Corporation Act's Appraisal Rights Provisions (74 Law & Contemp. Probs 231 (2011)), also is a good read on appraisal rights history.  Other legal academics who have dipped their toes into these waters include George Geis, Bayless Manning, Brian JM Quinn, Randall Thomas, and Barry Wertheimer (who is no longer a law professor), and many more. 

I am excited to report that there is a new kid (really, two coauthor new kids) on the block.  Bill Carney has coauthored a new article on appraisal rights with Keith Sharfman entitled: The Exit Theory of Judicial Appraisal (28 Fordham J. Corp. & Fin. L 1 (2023)).  The SSRN abstract follows.

For many years, we and other commentators have observed the problem with allowing judges wide discretion to fashion appraisal awards to dissenting shareholders on the basis of widely divergent, expert valuation evidence submitted by the litigating parties. The results of this discretionary approach to valuation have been to make appraisal litigation less predictable and therefore more costly and likely. While this has been beneficial to professionals who profit from corporate valuation litigation, it has been harmful to shareholders, making deals costlier and less likely to complete.

In this Article, we propose to end the problem of discretionary judicial valuation by tracing the origins of the appraisal remedy and demonstrating that its true purpose has always been to protect the exit rights of minority shareholders when a cash exit is otherwise unavailable, and not to judge the value of the deal. So understood, judicial appraisal should not be a remedy for dissenting shareholders when a market exit or equivalent protection is otherwise available.

While such reform would be costly to valuation litigation professionals, their loss would be more than offset by the benefit of such reforms to shareholders involved in future corporate transactions. Shareholders presently have adequate protections, both from private arrangements and legal doctrines involving fiduciary duties.

I am grateful that Bill passed a copy of the article along to me yesterday.  This is a topic that generates significant interest in a variety of business law courses that I teach/have taught (including, in addition to Corporate Finance, Advanced Business Associations, Business Associations, and Mergers & Acquisitions).  Students love puzzling through the issues, asking, e.g.:

• Why do appraisal rights exist? 
• Why do we not see many reported appraisal rights opinions?
• How do planners and drafter address the existence of appraisal rights in practice?

Based on a quick peek at the table of contents of Bill's and Keith's article, I sense their work will offer the reader some answers to these and other related questions.

Arkansas Law is Looking for a Transactional Business Clinician

The University of Arkansas School of Law seeks to fill a tenure-track clinical position starting in the 2023-2024 academic year with a focus on economic development, transactions, business, or entrepreneurship. Lateral applicants are encouraged to apply. Clinical professors are expected to teach 6 to 8 students during the fall and spring semesters.

A candidate must have a J.D. degree from an ABA accredited law school and a commitment to teaching in an environment dedicated to excellence in teaching and mentoring of students. The ideal candidate will have at least three (3) years of practice experience in the clinic subject. At least one (1) year of clinical teaching experience is strongly preferred. Must be a licensed attorney and be eligible to become a member of the Arkansas Bar.

We look for innovative faculty with a preference for both practice and teaching experience. Applicants must demonstrate a commitment to service to legal education and to the wider community as well as a desire to engage in the intellectual life of the University. The University of Arkansas School of Law is dedicated to the aims of diversity and strongly encourages applications from women and minorities.

The University of Arkansas-Fayetteville, located in the northwest corner of the state, is the flagship campus of the University of Arkansas. U.S. News & World Report has consistently ranked the city of Fayetteville as one of the "top five" places to live in America. The region is welcoming, forward-thinking, and full of opportunities for outdoor recreation. The University of Arkansas is an equal opportunity, affirmative action institution. The university welcomes applications without regard to age, race/color, gender (including pregnancy), national origin, disability, religion, marital or parental status, protected veteran status, military service, genetic information, sexual orientation, or gender identity. Persons must have proof of legal authority to work in the United States on the first day of employment.

All applicant information is subject to public disclosure under the Arkansas Freedom of Information Act. Questions and expressions of interest should be directed to Professor Carl Circo, Chair of the Faculty Appointments Committee, at ccirco@uark.edu.

Please apply for this position at the link below:

uasys.wd5.myworkdayjobs.com/en-US/UASYS/details/...

Exercise Caution: Why Cautionary Statements May Misdirect

I have had the good fortune of talking to friend-of-the-BLPB Frank Gevurtz about some of his illuminating "takes" on Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, a decision we all wrestle with, it seems, in one way or another.  I recently ran into Frank (at the AALS Annual Meeting), and he informed me that some of those thoughts have made their way into a full-length article.  That article, Important Warning or Dangerous Misdirection: Rethinking Cautions Accompanying Investment Predictions, was recently posted to the Social Science Research Network (SSRN) and is available here.  The abstract follows.

We are constantly bombarded with cautions warning us of dangers to our health or wellbeing. Sometimes, however, cautions increase the danger. This article addresses one example: cautions warning investors of the risks that predictions regarding corporate performance will not pan out.

Here, the danger is investors falling prey to trumped up predictions of corporate performance, the result of which is to misallocate resources, increase the cost of capital for honest businesses, and create a drag on the overall economy. This article shows how the typical cautions accompanying predictions of corporate performance facilitate rather than avoid this danger by misdirecting both investors and courts from looking at what they should: the credibility of the speaker in giving the prediction.

To solve this problem, this article introduces a radically different approach to determining the legal impact of cautions accompanying predictions of corporate performance. This is to distinguish between cautions alerting investors to problems with the speaker’s credibility in giving the prediction versus those that simply list various risks that might lead the prediction to not pan out. The article thereby provides a roadmap for courts to replace their current misguided focus on the wrong type of cautions in the numerous cases raising the issue of when cautions serve as a defense to claims of securities fraud based upon a failed prediction.

Although Frank's draft article is ultimately directed at judicial decision-making, there is much in it for use by others.  I have been teaching materiality law and lore to my Securities Regulation students this past week.  So much of this article is relevant to our discussions.  In the article, Frank writes about (among other things) the bespeaks caution doctrine and the Private Securities Litigation Reform Act safe harbor for forward-looking statements, both of which are part of my materiality coverage.  I am finishing talking about these aspects of materiality litigation tomorrow.

While I am on the topic of materiality , I also want to thank BLPB co-editor Ann Lipton for her great post on Saturday on Tesla and Basic.  I use the Securities Regulation text coauthored by her, Jim Cox, Bob Hillman, and Don Langevoort (thanks for that, too, Ann!), which allows for a robust coverage of materiality.  The Tesla trial has been on our minds and in our classroom.  I am adding Ann's blog post to the mix.

Save the Date: 2023 National Business Law Scholars Conference

The call for papers will be posted soon, but I wanted to let everyone know that The University of Tennessee College of Law will be hosting the National Business Law Scholars Conference in person (!) in Knoxville, Tennessee on June 15 and 16.  As many will recall, Tennessee Law was scheduled to host the conference in 2020 and 2021, only to have to move the conference online late in the game both years because of COVID-19 infection rates.  While we were happy to host our business law friends on Zoom those two years, we are truly excited to have folks come to our campus!

More coming soon.  But go ahead and save those dates.  Please reach out to me if you have any questions.