The Archives

Everything written by Larry Ribstein on law, economics, and more

The NYT on legal education again

Last week the NYT’s David Segal attacked modern legal education in what many bloggers have criticized as an overwrought and inaccurate article. I joined the chorus. Referring to my article Practicing Theory, I noted that Segal had made the often-repeated mistake of blaming legal educators for teaching too much theory and not enough practice when ... The NYT on legal education again

Law professors, amicus briefs and blogging

Richard Fallon thinks that when law professors try to influence public debate, as when they sign amicus briefs, they should know what they’re talking about.  Here’s the abstract: With ever mounting frequency, law professors flood the courts with “scholars’ briefs,” in which they advise judges and Supreme Court Justices on how to resolve disputed issues ... Law professors, amicus briefs and blogging

The value of law school

Herwig Schlunk updates his analysis of the investment value of a law degree. Here’s the abstract: There continues to be an active debate on the question of whether or not law school is a good investment. I prefer to think of the question not in terms of “whether,” but in terms of “when.” In this ... The value of law school

Some thoughts on in-house lawyers

Those attending the Wisconsin in-house counsel conference this weekend (kudos to Jonathan Lipson for a well-organized and comprehensive program) got a great overview of the problems and opportunities facing the lawyers who work inside corporations.  Here’s some brief observations. As previously reported, my own contribution focused on how technology might significantly affect in-house lawyers’ work, ... Some thoughts on in-house lawyers

The NYT on law teaching

The NYT brings another David Segal story on legal education.  Today’s sermon: law schools don’t teach “lawyering.” Boiling away the overheated journalism, here’s the indictment:  Law profs are richly paid for writing mostly useless law review articles rather than “the essential how-tos of daily practice.” Students study cases about contract law but not contracts.  Clinics ... The NYT on law teaching

Why do insiders trade illegally?

Not, as economic theory would predict, because they need the money, according to Bhattacharya and Marshall, Do They Do it for the Money?  Here’s the abstract: Using a sample of all top management who were indicted for illegal insider trading in the United States for trades during the period 1989-2002, we explore the economic rationality ... Why do insiders trade illegally?


Should you have to do a costly SEC registration and work through a registered broker-dealer just to raise a little money for your start-up?  Today’s WSJ covers so-called “crowd-funding.” It tells of a guy who raised $41,000 from 17 investors.  The business has done well, but the website it used was ordered to stop doing ... Crowdfunding

Teeth-whitening and the law

Teeth whiteners are joining the struggle against regulation.  Prior posts have covered licensing of witches, horse teeth floaters, cat groomers, tour guides, taxicabs and, of course, lawyers. Now the WSJ reports that [d]entists are battling with spas, tanning salons and other nondental peddlers of pearly whites from North Carolina to New Jersey and, now, Connecticut ... Teeth-whitening and the law

TOTM goes to court

Last year I wrote here about Roni LLC v Arfa, which I cited as an example of the ”troubling lawlessness of NY LLC law.” In brief, the court sustained a non-disclosure claim based on “plaintiffs’ allegations that the promoter defendants planned the business venture, organized the LLCs, and solicited plaintiffs to invest in them” despite ... TOTM goes to court

Congressional insider trading

CBS is all hot and bothered about insider trading by Congress.  Steve Bainbridge is not so sure it’s illegal. Neither am I, and I question whether it should be on policy grounds (see here, first published here).  I suggest more disclosure, and reducing the opportunity for all kinds of corruption by having less law.

Filmmakers imagine finance

Margin Call is the best film to come out of the recent financial crisis. This is no polemic masquerading as a “documentary” (Inside Job) or good vs. evil melodrama (Money Never Sleeps). It is serious film, with superb acting, script, direction and photography, which uses the financial crisis as the realistic backdrop for a timeless ... Filmmakers imagine finance

The NYT on Romney @ Bain

A long front page article in today’s NYT tries to make political hay out of Romney’s time at private equity firm Bain Capital.  The article supports the White House’s efforts to, as the article says, “frame Mr. Romney’s record at Bain as evidence that he would pursue slash and burn economics and that his business ... The NYT on Romney @ Bain