Is Delaware uncorporate law unconstitutional?
It is well known that Delaware unincorporated entity statutes (e.g., 6 Del. Code Section 18-1101) permit the waiver of all fiduciary duties, not only of care, but also of loyalty. Now along comes Lyman Johnson, a respected corporate scholar, to argue, in Delaware’s Non-Waivable Duties that those statutes violate the Delaware constitution (HT Pileggi). Johnson ... Is Delaware uncorporate law unconstitutional?
DeLong on Henderson III
On October 3 I wrote: The DeLong point I want to focus on is his last: “I genuinely do not understand why Henderson has his job.” By which he means Todd’s law professor job. DeLong’s sole reported basis for this is a post, not by Todd, but by my co-blogger Jay Verret, who refers to a ... DeLong on Henderson III
The death of big law and the birth of what?
This Friday (October 8), at the University of Washington School of Law in Seattle, I’ll be talking to students and lawyers at a Washington State Bar Association event about the death of big law, the pressures on modern law practice, the disgrace of the legal services market, major changes brewing in law practice and legal education, ... The death of big law and the birth of what?
Thomas and Wells on executive compensation
We recently welcomed Harwell Wells to the Illinois Corporate Colloquium to discuss his and Randall Thomas’s Executive Compensation in the Courts: Board Capture, Optimal Contracting and Officer Fiduciary Duties. The paper suggests a new approach to controlling executive compensation: the courts. The paper is partly historical, noting that courts have, in fact, been “surprisingly ... Thomas and Wells on executive compensation
Surowiecki on business in film
James Surowiecki, the New Yorker’s financial columnist, discusses “Money Never Sleeps” and “The Social Network.” Along the way he briefly recaps the history of business on film, citing the definitive work on the subject: The law professor Larry Ribstein, in his paper “Wall Street and Vine,” calls the late eighties “the golden era of anti-capitalist ... Surowiecki on business in film
Brad DeLong on Todd Henderson
More than two weeks ago, my co-blogger was subject to one of the most remarkable attacks I’ve seen in the blogosphere. I have declined so far to participate in the mostly hot-headed debate. But I write now because last Friday, J. Bradford DeLong, whose personal attack on Todd a couple of weeks ago was one ... Brad DeLong on Todd Henderson
A fourth of Big Law is about to disappear
Am Law Daily reports on a Hildebrandt analysis (HT Law Blog) predicting “that nearly 27 percent of the 65,000 non-partner positions at Am Law 200 firms could be cut or recategorized as lower-paying positions over the next five to seven years.” Causes include “flat demand for legal services,” price pressure from clients, outsourcing, Six Sigma ... A fourth of Big Law is about to disappear
The disgrace of the legal services market
The WSJ Law Blog discusses N.Y.C.’s Chief Judge Lippman’s campaign to solve the growing problem of poor people facing civil cases without lawyers – 2.3 million people in all state courts last year. Lippman wants more funding for legal aid lawyers. The main existing funding mechanism, the Interest on Lawyer Account Fund, has been depleted ... The disgrace of the legal services market
Incentive compensation for asset managers
I’ve argued, e.g., in Rise of the Uncorporation, that a reason why the uncorporation beats the corporation for some types of firms is the high-powered incentives these firms offer their managers. Sometimes the incentives may not be obvious because percentages, e.g., for “carried interest,” seem not to vary much across firms. But that can be ... Incentive compensation for asset managers
Jurisdictional choice for securities regulation
We usually think about jurisdictional choice for corporate law as applying to state business association laws, not the federal securities laws. But this distinction has never been clear given global securities markets, and it’s less true now than it used to be. The WSJ discusses the securities bar’s and regulators’ lamentations over last summer’s Morrison ... Jurisdictional choice for securities regulation
Single member LLCs and Olmstead
Steve Bainbridge has a post on this Florida Supreme Court case, which has started a major debate on revising the LLC charging order remedy. This might sound a bit arcane, but it actually has significant consequences for the use of LLCs as an asset protection device. For the full LLC background, see my earlier post and ... Single member LLCs and Olmstead
The face of the financial crisis: on Forbes.com
Looking for the “face” of the financial crisis? You don’t have to look far, as I explain on Forbes.com.
