Stanford Law School Organization Crown Quadrangle U.S

Charles T. Munger on the Economic Crisis Stanford University Non-proﬁt A Proﬁle of D.C. Power Couple Jeff ’68 and Anne ’68 (BA ’65) Bingaman Stanford Law School Organization Crown Quadrangle U.S. Postage Paid 559 Nathan Abbott Way Palo Alto, CA

JK8E=FI;C8NP)''0@JJL</' stanford Stanford, CA 94305-8610 Permit No. 28 80 80 LAWYER

Join fellow classmates on October 22–25, 2009 as we celebrate spring 2009 issue

Special reunion events will be held for the classes of 1954, 1959, 1964, 1969, 1974, 1979, 1984, 1989, 1994, 1999, and 2004. WEATHERING THE Please visit us at STORM www.law.stanford.edu/alumniweekend The Future of Legal Practice for updates and to let us know you are planning to attend stanford From the Editor LAWYER From the Dean ISSUE 80/VOL. 43/NO. 2 By Larry Kramer Richard E. Lang Professor of Law and Dean Every few years we check in with you, our alumni, to gather input Editor regarding general communications from the law school and to gauge satisfaction with SHARON DRISCOLL [email protected] Can you imagine completing medical school without having ever been asked the magazine. Do you read Stanford Lawyer? Do you find the articles interesting? seriously to consider what kind of doctor you want to become? And not just medi- Do you value “Classmates”? Thank you to everyone who responded to the survey Associate Dean for Communications cal school. You could not do this at a school of psychology or education or engineering. You could not do last summer. While there’s a general view among communications professionals that and Public Relations SABRINA JOHNSON it at any professional school. Except for law. Robust career advising has never been part of the law school surveys tend to elicit disproportionately high negative responses, the opposite seems to [email protected] culture. Why? Because historically we have not needed to help our students choose. Law students could have held in this case. Art/Design Direction begin that process after graduating, by going to private firms that let them wander among practice areas DAVID ARMARIO DESIGN for three or four years before finally settling down. • This system was collapsing even before the current Here are some of the results: 98% read “Classmates” news from their class Production Manager financial crisis, which can probably be counted on to lay it permanently to rest. Clients are increasingly LINDA WILSON 91% also read the articles in the front of the magazine unwilling to pay for recent graduates to spend time just trying things out. Graduates arriving at their first [email protected] 96% rate the magazine as good to excellent job today find themselves assigned to whatever area in the firm needs their help most—and clients and 82% want a printed version of the magazine Contributing Editor firms want them prepared to hit the ground running. A ll of which means law schools can no longer ignore Tayla klein their responsibility to help students make intelligent choices about the kind of lawyer they want to be, and Stanford Lawyer is an important communication tool, serving a variety of audiences. Class Correspondents to prepare for it, while they are still in school. • One way in which Stanford is addressing this problem is It is the law school’s most widely distributed publication, providing readers with news 66 CREATIVE ALUMNI with SLSConnect, an innovative, interactive social and professional networking site built exclusively for of scholarship, programs, and alumni, student, and faculty achievement. It also serves Copy Editors Stanford Law alumni and students. I initiated the project because, during my five years here,I have been as a way for alumni to stay connected to each other through the “Classmates” section. JOYCE THOMAS Arthur Patterson so impressed by how close our graduates stay to one another (something easily seen by leafing through the And while alumni are the primary focus of our efforts, Stanford Lawyer is sent to peer magazine’s rich “Classmates” section). This is not the case at every law school. Our alumni care deeply law schools, leaders in the legal profession, and members of the media—highlighting Editorial Intern Kristen Barta (BA ’09, MA ’10) about the school, about its fortunes, and about its students’ prospects. There is, we realized, enormous our reputation as a top-tier law school. untapped potential in this tight-knit community: potential not only to strengthen ties among alumni but Stanford Lawyer is also a collaborative effort that requires the involvement of faculty, Production Associates LUANNE HERNANDEZ (BA ’05) also to innovate in delivering the best possible advice to students. SLSConnect can help in this effort. students, and alumni to rise above the ordinary. One of the greatest pleasures of my MARY ANN RUNDELL SLSConnect contains three interrelated components that benefit from your participation. First is a sort job is the interaction I have with this community (you) and I continue to be impressed by how much of your time you give to the magazine—whether for a quick question, a of “Wikipedia” for law students about different practice areas. The Career Wikis section describes what Stanford Lawyer (ISSN 0585-0576) is published for lengthy Q&A, contributing to “Classmates,” or as a class correspondent. alumni and friends of Stanford Law School. lawyers in different practice areas do day to day: what the work is like, what skills lawyers need, what they I’m pleased that so many of you are satisfied with the magazine, but know that there wish they had studied in law school, and so on. These are available for law students to browse, so they Correspondence and information is always room for improvement. The survey is finished, but my door is always open, should be sent to: can begin the process of discovering what career paths might interest them. Each wiki was started from my e-mail and phone on. Please feel free to continue the conversation. Editor, Stanford Lawyer a description prepared by alumni who work in the practice area. Like all wikis, however, to succeed we With great appreciation, Stanford Law School need others who practice to revise and update. Crown Quadrangle Sharon Driscoll 559 Nathan Abbott Way The Career Wikis section works with SLSConnect’s second component, the social networking feature, Editor Stanford, CA 94305-8610 that serves as a kind of “Facebook” for students and alumni. Students intrigued by a particular practice [email protected]

can reach out directly to alumni who work in the area—ask questions, make contacts, and learn more of Changes of address should be sent to: what they need to do in school and after. [email protected] upcoming events at sls Social networking through SLSConnect benefits alumni as well, making it easier to keep in touch with Copyright 2009 by the Board of Trustees of friends. SLSConnect also functions as a private portal for the law school: the place to go to learn about Conference on Intellectual Property Stanford Law School’s Leland Stanford Junior University Reproduction in whole or in part without permission reunions, updates on classmates, and other exclusive content—lectures, online conversations, and more. Law and the Biosciences Directors’ College http://lst.stanford.edu/iplawandbioscience www.directorscollege.com of the publisher is prohibited. We don’t expect SLSConnect to substitute for Facebook or LinkedIn. The social media landscape is May 8 June 21–23 Issues of the magazine are available online at a busy place. But with this in mind, we’ve kept offerings inside SLSConnect unique and exclusive to the Law School Graduation Ceremony Alumni Weekend www.law.stanford.edu/publications/stanford_lawyer SLS community. We ask only that you register, use the network as you see fit, and make yourselves avail- May 10 www.law.stanford.edu/alumniweekend Issues from 1966 to the present are available on able to students who seek the benefit of your wisdom and experience. October 22–25 microfiche throughW illiam S. Hein & Co., Inc., Sixth Annual E-Commerce Best 1285 Main Street, Buffalo, NY 14209-1987, The third component of SLSConnect rolling out next year consists of an interactive course guide. Practices Conference Fall Public Service Awards Dinner and or order online at www.wshein.com/Catalog/Gut.asp? Based on extensive interviews with faculty and alumni, the guide will be a connected tool offering guid- http://lst.stanford.edu/best_practices Shaking the Foundations Conference TitleNo=400830. June 12 Dates to be Announced ance about where to go in the law school and university to find the skills students need. T he guide will link Stanford Lawyer is listed in: For more information about these and other events, visit www.law.stanford.edu directly to the Career Wikis within SLSConnect. The addition of the course guide will help students make Dialog’s Legal Resource Index and Current Law use of what they learned from these wikis and their networks within SLSConnect. Index and LegalTrac (1980–94). With your help, SLSConnect could revolutionize the process of law school career advising. Everything Stanford Lawyer grand gold winner we’ve done in the past few years to enhance our curriculum—offering students more and better course opportu- welcomes letters from readers, though brevity increases the likelihood nities, making greater use of the whole university—will matter only if students can use the new curriculum intel- of publication, and letters may be edited for length and clarity. ligently. SLSConnect is thus an easy but important way for everyone who went to Stanford Law School to help students get the best possible education and, hopefully, make our connections to one another even stronger. K?<?<8;JF=JK8K< STANFORD LAWYER profession. the futureholdsfor tell uswhattheythink vators inlegalpractice article, leadersandinno- business model?Inthis a re-thinkofthefirm force as HellerEhrman such established firms Will storm? thefallof weather theeconomic How willlegalpractice PRACTICE OF LEGAL THE FUTURE 20 Cover Story :fm\iG_fkfîXg_Yp =i\[i`b9if[\e STUDIES ONTHERISE COUPLE TWO-STEP LAWRENCE M.FRIEDMAN School and why it is important. School andwhyitisimportant. of empiricalresearchinlegalscholarship atStanfordLaw before. Thisreportexaminesthe expandingapplication legal scholarsareemployingcomplex dataanalysislike never From toworker corporate governance safetytomediabias, 12 Khmer Rougereceivejustice One lawprofessor’s effortstoensurethatthevictimsof 10 successful dual-careermarriage. This profile looksatthebalanceofpowerinthis and movedtoNewMexicothenthenation’scapital. They metinclasswhentheywereboth2Ls,married, 8 Schoolfaculty marks 40yearsontheStanfordLaw FriedmanA lookatthelifeandcareerofLawrence ashe 6 In Focus 2 In Brief NEADJF IGMN H OE ANNEANDJEFFBINGAMAN:THEPOWER THEPROLIFICPROFESSOR:APROFILEOF ALUMNI ANDSCHOOLNEWS JOHN A. HALL:SEEKINGTRUTHINCAMBODIA JOHNA. JUST THEFACTS: EMPIRICALLEGAL Odignisim zzriustruderil nostrudeuOdignisim LAWERENCE FRIEDMAN Gait nostrudeuOdig dolore tatvuGait dolore nisim zzriustru Gait nostrudeu zzriustrud eril dolore tatvu dolore d eril dolore d erildolore Callout

SPRING ’09SPRING @JJL</'&MFC%+*&EF%) Transactions Clinic ontheOrganizations and story School includingafeature ClinicofStanfordLaw Legal Highlights from theMills 30 Clinic News faculty news School Stanford Law 28 Faculty News ’78. Grundfest Joseph A. economic crisiswithProfessor Charles Mungerdiscussesthe Munger, Tolles &OlsonLLP, Hathaway andco-founderof ofBerkshire Vice chairman CHARLES T. MUNGER 15 Matters Legal 89 86 FROMTHE DEAN 41 Departments AW from 2008 Photos 40 Alumni Weekend on issuesoftheday Faculty andalumnispeaking 38 In theNews Obama-election world organizations inourpost- relevance ofrace-basedstudent James Hairston’10onthe POST-RACE? POST-ELECTION, 36 Perspectives update of Ford (BA’88): Apost-election Professor RichardThompson 34 Point ofView CLASSMATES UPCOMING EVENTS IN MEMORIAM The Race Card The Race

Stanford Lawyer / Spring 2009 Stanford Lawyer / Spring 2009 1 1 80 in b THE ADMINISTRATION, ANDTHEPUBLIC KNOWABOUTTHEPOTENTIALDANGERSINMARKET. 2003, inwhichshediscussedEnron’s relianceonderivativesasafactorinthecompany’scollapse. thelawandallowssomefederaloversightofthismarket.”until Congressreforms of peoplewhohavelostalotmoney. Ithinktherearestillotherdisasterslike thatwaitingto happen outIwasright,becauseithasbeenadisasterforlot thatitturned sorry On theotherhand,Iamvery head oftheCommodityFutures Trading Commission(CFTC)from 1996to1999.Itwasstillearlydays Born saidinarecent Born wisdom ofherrecommendationsisclear. to make thepowersthatbelisten.Today, the Enron justaftershelefttheCFTCwasn’tenough stepson OTCderivatives.Eventhefallof latory further restrictedherofficefrom takinganyregu- dations wererebuked andabillwaspassedthat Robert Rubin, andCongress.Butherrecommen- ington, goingtoe-to-toewithAlanGreenspan, to someofthemostpowerfulpeopleinWash- the highlyleveragedmarket. Shepressedhercase derivatives whensheproposed moreoversightof for recentlylegalizedover-the-counter(OTC) LLP asanassociate in1965andwentontohead itsderivatespractice.Sheretired in2003. odds, shewaselectedthefirstwoman presidentofthe fewofthemmadeittograduation.Despitethe the numberofwomenallowedin eachclassandvery May ceremonyattheJohnF. andMuseuminBoston. KennedyPresidential Library Foundation arecipientof2009Profile hasnamedBorn inCourageAward; shewillbehonored ata wouldhave been.” thanitotherwise made thefinancialcrisismuchdeeperandmorepervasive economic crisis.“Ithinkthemarkets grew soenormously, withsolittle oversightandregulation,thatit of whichhasbeenblamedformuchthecurrent her effortstoregulateOTCderivatives,thefailure the District of Columbia Circuit with Judge Henry W.the DistrictofColumbiaCircuit withJudgeHenry &Porter Edgerton.ShethenjoinedArnold profession. Againsheexcelled,landingacovetedclerkship ontheUnitedStatesCourtofAppealsfor Senior Award. Shegraduatedatatimewhenwomencomprisedapproximately 3percentofthelegal From AConversationWith intheLaw: Brooksley Born,” “Legends Brooksley E. Born ’64 (BA ’61) was the right woman, in the right place, at the right time when she was Brooksley ’64(BA’61)wastherightwoman,inplace,attimewhenshe E.Born “I certainly am not pleased with the results,” “I certainlyamnotpleasedwiththeresults,” Considered a trailblazer for women, Born entered law school when there were still quotas limiting enteredlawschoolwhentherewerestillquotaslimiting Considered atrailblazerforwomen,Born In recognitionofherforesightandresolvewhileheadingtheCFTC, theJohnF. KennedyLibrary John F. KennedyProfile inCourageAward BROOKSLEY BORN Stanford magazine article of magazinearticleof TO RECEIVE “ I

FRONT ROW: RICHARDROTH’64(BA’61),BROOKSLEYBORN FELT ITWAS MYPUBLIC DUTYTOLETCONGRESS, Stanford LawReview Stanford BACK ROW, FROMLEFT: BRUCEGITELSON’64(BA’62), ROBERT JOHNSON’64,PAUL ULRICH’64, ’64 (BA’61),JAMES GAITHER’64 STANFORD REVIEW, LAW Alumni andSchoolNews and received the Outstanding andreceivedtheOutstanding Washington Lawyer

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Stanford Lawyer / Spring 2009 3 80 its wake. LEAVING MORETHANFORECLOSEDHOMES doesn’t stalladvancementsingreentechnology. Taylor andSteyertogether toensurethisshortsightedness Thomas Steyer(MBA’83)aredetermined environment. Taylor, ButKat credit-leery JD/MBA’86,andherhusband green energy developmentisfacingsteepchallengesinthecurrent court InstituteforEnergy. TheTomKat Centerwillfocusspecificallyon will beakey partofalarger universityinitiative,thenewlylaunchedPre- Stanford. donated $40milliontohelpfundarenewableenergy researchventureat Institute for International Studies(ofwhichThomasHeller,Institute forInternational Talbot Lewis Program onEnergy andSustainableDevelopmentattheFreeman Spogli Stanford. AlreadythePrecourt Institute for Energy ispartnering withthe collaborationsat is expectedtocreateavenuesfornewmultidisciplinary the Precourt InstituteforEnergy, andbyextension the TomKat Center, grid’s abilitytosupportfuturerenewableenergy technologies. that wouldbeusedtopowercarsandtheanalysisofcurrent power ects suchasthecreationoflighter, lesstoxic,andmoredurablebatteries theTomKatary) Centerisexpectedtotacklevitalrenewableenergy proj- fuelsmoreattractive.” would havealreadymadealternative if allofthosethingswerefullyincludedintothepriceagallongas,it ample, environmental damage,foreignpolicyimplications,wars— distortion. “Iftherealcostofgaswereincludedinourmarket—for ex- she says,isfindingawaytochangeenergy policywhileavoidingpolitical to realizetheirpersonalandentrepreneurialgoals.Part ofthatparadigm, that helpslow-incomeclientstonavigatethrough thebankingsystemand Bank,acommunitydevelopmentbank also helpedfoundOneCalifornia thropist whoisanactivememberofseverallocalfoundationboardsand of publicpoliciesthatmake renewableenergy moreaccessible. development ofaffordablerenewableenergy technologiesandpromotion alternatives tocoal. alternatives senior fellowandDavidVictor, professor oflaw, is director) todevelop Studies, isa SheltonProfessorand NadineHearn Legal ofInternational nb in The giftwillestablishtheTomKat CenterforSustainableEnergy, which In additiontoopeningdoorsforsustainableenergy development, While stillinitsinfancy(theinitiativeonlyofficiallylaunchedJanu- “We reallyneedanewparadigmaboutenergy,” saysTaylor, aphilan- ENERGY RESEARCH

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Stanford Lawyer / Spring 2009 5 6

Stanford Lawyer / Spring 2009 in focus from the Santa Clara County District Attorney’s Office, dated 1922. Last from Office,dated1922.Last theSantaClaraCountyDistrictAttorney’s Alameda Countycivilrecordsfrom the1950sand1960s.Criminalfiles across wheneverhecan. California Rice KirkwoodProfessor ofLaw, whorescuesthemfrom recyclingbins M.Friedman,won. ButtheyarehistoricaltreasurestoLawrence Marion and papers—theforgotten evidenceoflegalbattles longsincelostand among manycoveredwithdozensofboxes,allcrammedfrayingfiles isalarge conferencetable, one Stanford’s RobertCrown Library Law of It marches on. So what’s not so very oldtoday It marcheson.Sowhat’snotsovery doesn’tstop. old.Buthistory and justgetridofthem,unlessthey’revery outofspace scholars.“Countycourthousesrun tion’s leadinglegalhistory documents ifyouknowhowtoreadthem,”saysFriedman, oneofthena- ing with Max Rheinstein at Chicago. “He was a wonderful man—very ing withMaxRheinsteinatChicago. “Hewasawonderfulman—very school—why not?” ested in,justwasn’tinmyrange ofexperience,”hesays.“SoIthoughtlaw inter- languages,somethingIwas very PhD inancientMiddleEastern a lawdegreebecause,hesays,couldn’tthinkofanythingelse todo. from theUniversity ofChicagowithaliberalartsdegree,hestayedonfor Friedman’s startinthelegalacademycamebychance. man isstillgoingstrong andhisresearchisasrelevantever. School’sfaculty,this yearwillcelebrate40yearsonStanfordLaw Fried- cited legalhistoriansintheworld.Aquintessentialscholarand teacherwho awards andhonorstofillseveralpages.Heisoneofthemost frequently in theAmericanAcademyofArtsandSciences,recipientenough his seminalwork yer, parthistorian,sociologist,Friedman isaPulitzerPrize finalistfor sent asnapshotofthelegalprocess atvariousperiodsoftime. and theseeminglyinconsequentialindividualsinvolvedinit,theyrepre- documents fascinateFriedman. Providing storiesofboththelegalsystem andinFriedman’sgoes onofthemanyfileskept inthelibrary office.These wills andtestamentsfrom County, SanBernardino circa1964.Thelist He became interested in legal history whilepursuinghisLLM,study- He becameinterestedinlegal history “Nobody inmyfamilyhadbeentocollege.Sotheideaofgoing fora LAWRENCE M.FRIEDMAN Crime andPunishment inAmericanHistory D THE PROLIFIC PROFESSOR: By SharonDriscoll V “Legal records are amazing social recordsareamazingsocial “Legal eep inthebasement is tomorrow.” After graduating graduating After (1993), a fellow (1993),afellow V V Part law- Boxes of Boxesof He joined the faculty in 1968 and soon He joinedthefacultyin1968 andsoon up-and-coming lawschooldrew him. Palo climateand Alto,wherethewarm one moremove—thistimewestward to Friedman andhisfamilydecidedon Schoolasavisitingprofessor,Law many, manypeople,includingmyself.” wise, selfless,andthoughtfulmentorto he createdthefield.Andwasavery that’s everlived,”saysFriedman. “Infact, is thegreatestAmericanlegalhistorian wings ofJ.Willard Hurst,whowasand but alsotoworkunderthesheltering ty tonotonlyteachatagreatlawschool 1961, heknewhadtoaccept. sity ofWisconsin madehimanofferin there.ButwhentheUniver- were born andbothoftheirchildren life inSt.Louis settledinto ing.” Heandhiswife,Leah, law, aboutwhichIknewabsolutelynoth- there forfouryearsteachingcommercial recalls Friedman. “Iwoundupstaying placement. “Isaid‘I’mtheguyforyou!’” ment. Heasked Friedman tobehisre- only begrantedifhefoundareplace- go onaleaveofabsence,whichwould andwantedto University SchoolofLaw The friendhadbeenteachingatSt.Louis approached himwithanopportunity. thrilled when,aftertwoyears,afriend tates. Butheaspiredtoteachingandwas andes- where hespecializedintrusts Army, hejoinedaChicagolawfirm was reallyquiteforeign.” jet planes,andtheideaofoverseastravel of theU.S.Army. Butthatwasbefore be ahundredtimes—thefirst,courtesy outI’vesincebeentoBritainmay- turns I’ll neverbeinBritain,”hesays.“As it can IstudytheBritishlegalsystemwhen wealthytraveledandIthoughthow very reasons henowcalls“quaintanddated.” doned studyoftheBritishsystemfor studied,” hesays.Friedman lateraban- the onlythinghistoricalthatwasever becausebackthenthatwas legal history sweet.We very learned, studiedBritish Then following a year at Stanford Then followingayearatStanford “It wasaonce-in-a-lifetimeopportuni- lawschoolandastintinthe After Iwasgrowing uponly the “When any scholarship in years. And while the students have always been bright, today many more are interested in scholarship and go into the academy. It’s more international, more interdisciplinary. It’s just a completely different place now,” he says. Adding to what he calls today’s “cos- mopolitan” atmosphere at the law school is the growing number of advanced legal degree programs for foreign students, one of which he co-founded with Tom Heller, Lewis Talbot and Nadine Hearn Shelton Professor of International Legal Studies, in 1996: the Stanford Program in International Legal Studies (SPILS). Today, Friedman is the director of the program, co-teaches a seminar for all SPILS students, and is actively involved in the students’ research and education. “I guess I’m more proud of that program than I am of anything else I do,” he says. While his scholarship focuses on American law, his keen interest in the world outside this country’s borders has made him something of an ambassador for his discipline. He travels widely, reg- 7 ularly delivering lectures at universities abroad. Of the six honorary degrees he

holds, three are from foreign universities. Stanford Lawyer / Spring 2009 And many of his publications have been translated into various languages which include Chinese, French, German, Ital- ian, Japanese, Korean, Polish, Russian, and Spanish. Friedman encourages “People said that you couldn’t write a general history of American law. I was young and foolish and I thought, why can’t you? I’ve done projects like that a few times now.” LAWRENCE M. FRIEDMAN

started research on A History of American that he couldn’t believe hadn’t been scholars from around the world through Law, first published in 1973 and now in written before. “You’d think with all the SPILS, and he was a key organizer of the its third edition. interest in crime and a dozen books on inaugural International Junior Faculty “It was a case of fools rushing in,” he Lizzie Borden’s case alone that someone Forum, held at Stanford Law School in says, of the monumental task he took on would have written it before me. But October 2008. with his first text. “People said that you no,” he says. couldn’t write a general history of Ameri- The large auditorium fills with sleepy can law. I was young and foolish and I Since coming to Stanford Law, Fried- undergrads taking their seats—comput- thought, why can’t you? I’ve done proj- man has witnessed the school’s steady ers at the ready as they wait for the pro- ects like that a few times now.” rise up the ranks to its current top-tier fessor. Friedman approaches the lectern His Crime and Punishment in American position. “When I got here, there were and begins.

Stanford Lawyer / Spring 2009 IN FOCUS teachers andhersranthefamily wholesalefoodbusiness. would,” saysJeff.Theyboth hadstrong role models:Hisparents were whether bothwouldworkoutside thehome.“Itwasjustassumedwe to NewMexico.NeitherAnnenorJeffrecallsanydiscussion about curred tomethatIwould.” schools. ButIneverexperiencedanysexdiscrimination,and itneveroc- heard terriblestoriesaboutthetreatmentwomenreceived at otherlaw 14—compared withfiveorsixtheyearsbeforeandafter,” shesays.“You for women.“We hadanunusually large numberofwomeninourclass— other,” saysAnne. class onlawanddevelopmentspentthesemestergettingtoknoweach course fortheirlifetogether. their pathsdidn’tcross untiltheirsecondyearwhenaseatingchartsetthe and lawmightmake agoodcareer,” herecalls. activeinNewMexicopoliticsandgavemetheideathat was very Stevenson was.Ihadnoideawhatbeingalawyerevenmeant,”shesays. I decidedrightthenthatwouldbealawyerbecausethat’swhatAdlai idential bidin1952,whenshewasjust9yearsold.“Icriedfordaysand Arizona andheinNewMexico—inliberal,Democratichouseholds. thrive inahigh-powered,two-careermarriage. for thosewhoseektoinfluencepublicpolicybutalso from theyprovide thecenterofournationalgovernment, amodelnotonly D.C. establishmentfornearlythreedecades.Jugglingfamilyandwork powercouplehasbeensuccessfullynavigatingthe uniquely southwestern one heckofaride.From small-townbeginningstothenation’scapital,this Schoolhasbeen man ’68(BA’65),lifesincemeetingatStanfordLaw They were married shortly after their law school graduation and moved They weremarriedshortlyaftertheirlawschoolgraduationand moved Anne recallsthatthelawschoolwasa“phenomenalplace,” especially “We Merryman’s wereassignedseatsnexttoeachotherinJohnHenry Schoolinthesameclass,though Jeff andAnneenteredStanfordLaw Jeff, ontheotherhand,grewupwithlawyersinhisfamily. “An uncle Anne’s interestinlawyeringdatesbacktoAdlaiStevenson’sfailedpres- insmalltownsthesouthwest—she Jeff andAnnebothwereborn THE POWERCOUPLETWO-STEP THE BINGAMANS: By Randee FennerBy Randee (BA’75) F or Jeff’68and Anne K.Binga- governor, JackCampbell. withNewMexico’sformer his ownfirm Santa Fe of andeventuallytheformation vate practiceinbothAlbuquerque and convention. Thiswasfollowedbypri- as counselforthestate’sconstitutional him theuniqueopportunityofserving General’sOffice,whichgave Attorney est positionswaswiththeNewMexico Oneofhisearli- out ofgovernment. legal careerwasofficiallylaunched. the state’sfirstfemaleassociate,andher tookachance,makingher But onefirm that timedidn’thavewomenlawyers.” inNewMexicoat lawfirms 1970. “The ficulty findingajobinAlbuquerque in WITH THEIRSONJOHN JEFF ’68ANDANNEK.BINGAMAN(BA’65) Meanwhile, Jeff was working in and Meanwhile, Jeffwasworkinginand Anne initiallyencounteredsomedif- As Jeff’s Santa Fe practice grew, Anne Jeff says that if he hadn’t been pre- tee on Energy and Natural Resources. worked briefly for the attorney general’s vented by term limits, he probably would As President Obama enters office, Jeff’s office before being asked to join the law have run again. Instead, he ran for the committee is poised to act on a number of faculty of the University of New Mexico United States Senate in 1982, winning critical issues including energy efficiency, in 1972. She was the law school’s first an upset victory against the Republican renewable energy, and the reduction of female professor, and although she en- incumbent, a popular former astronaut. carbon emissions. joyed teaching and was granted tenure, Moving to Washington, D.C., with she knew it wasn’t her life’s calling. “I their young son, John, was a difficult quit without knowing what I’d do next, transition for the Bingamans, especially Since leaving public but it all worked out fine.” Anne. “Was it easy? No. Was it the service, Anne has launched yet another Anne’s dad encouraged her to right thing to do? Absolutely,” she says. career—this time as a telecommunica- start her own firm. She did and “It was sort of part of the deal. And I was tions businesswoman. Following her three days later was hired as anti- so proud of him.” years at DOJ, Anne joined a lead- trust counsel in a large ongoing case Anne soon jumped into Washington ing telecommunications company, and against Gulf Oil Corp. Although life, joining the D.C. office of an Atlanta then struck out on her own as founder, she had taken former Stanford firm as an antitrust litigator. Eventually, chairman, and CEO of Valor Telecom, a Law professor William Baxter’s ’56 she too moved into public service, when company with more than 550,000 land

“Was it easy? No. Was it the right thing to do? Absolutely. It was sort of part of the deal. And I was so proud of him.” ANNE K. BINGAMAN ’68 (BA ’65) (BA ’51) antitrust course, “Never in in 1993 she was appointed to head the lines that was headquartered in Dallas 9 my wildest dreams did I think I’d ever antitrust division of the Department of and went public on the NYSE in 2006. practice it,” she says. But she obtained Justice (DOJ) under President Clinton, In 2002, she started another company,

a default judgment on the antitrust her professor Bill Baxter’s former job, Soundpath Conferencing Services, Stanford Lawyer / Spring 2009 facts against Gulf Oil, valued at $1 bil- which he held from 1981 to 1983. which uses specialized software to pro- lion when entered in 1978, and other During her three-and-a-half-year ten- vide audio-conferencing for major law cases followed. ure at DOJ, Anne gained a reputation firms. Having sold that company in Au- for “coming down hard on corporate gi- gust 2008, Anne says she is “just fooling ants” and became committed to bringing around,” looking for her next business While Anne prac- competition to the telecommunications opportunity. ticed antitrust law, Jeff looked for oppor- industry. Although described by some Although they rarely discuss politics tunities in government. It came in 1978 as “aggressive,” she prefers to think of at home, and they practiced law together with his election as state attorney gener- herself as “proactive.” “I thought it im- only briefly, Jeff says there are “a lot of al—something he had thought about do- portant to identify specific principles and benefits that result from being married to ing since his earlier stint as an assistant then choose cases to illustrate those val- someone who shares your professional attorney general. ues,” she says. interests.” As for what suggestions they “It was a great job,” he says. “The va- Meanwhile, Jeff was gaining a repu- would give to couples trying to success- riety of issues ranged from water rights to tation as an outspoken senator, with fre- fully navigate dual career paths, that’s liquor licenses.” quent editorials on subjects ranging from easy: “Develop a high tolerance for chaos

the excesses of the armed services budget and incongruity,” they say. SL to the necessity of preventing weapons proliferation and the dangers of export- ing aerospace technology. Now the senior senator from New Mexico, Jeff has served on a number of committees, but he is perhaps best known as chair of the Senate Commit- 10

Stanford Lawyer / Spring 2009 in focus light of public scrutiny onpoorbehavior,”light ofpublicscrutiny Hallsays. be a focus of his scholarship. in thebourgeoning factories—an areaofresearchthatcontinuesto garment AidofCambodia.His taskthenwastoinvestigatelaborconditions Legal with asalegalintern toCambodiawhileatStanfordLaw He alsoreturned Mason Franklin twicebeforegraduating in2000. Prize Law inInternational at times,herecalls,“Iseriouslyquestionedmysanity”—hewon theCarl bythecareerchange—and 1997. Thoughhesometimesfeltoverwhelmed closely affecttheinjusticeshewitnessed.Heenrolled in atStanfordLaw Back atAlbion,hedecidedacareershifttolawwouldenable himtomore Khmer Rouge’svictims. in the quest forjustice for the of the suppressed report spurred reforms unfair hiringpractices,andlackofoversightinthecourt.Hispublication UnitedNationsinvestigationdetailingkickbacks, that exposedaninternal ject—most notablyoneinaSeptember2007issueofTheWall Journal Street last severalyears,Hallhasauthoredopinionpiecesonthesub- leadersoftheKhmerRouge.During in thetribunalsofsurviving is ahumanrightslegalscholarwhoseresearchhasimproved transparency changing vacationmadehimreexaminehisrole intheworld.Today, Hall professor ontheacademicfasttrackwhenalife- Hall’00wasahistory A. is nowanassociate professor of law andresearchfellowatthe lawschool’s in Orange,Calif.,afterafewyears inprivatepractice,andhe School ofLaw roughly 1.7millionCambodians. to recoverfrom thebloody1975–79reignofKhmerRougethatkilled professor at Albion College in Michigan. Cambodia was struggling history off foratrekthrough SoutheastAsia.Atthetime,HallwasanAmerican bodia startedwithabackpack.In1992,theKent, going to have the direct impactthose people in Cambodiawere having.” wasn’t something about it. I realized that teaching colonial American history witnessed. “It was the realization that there were people in the world doing I didn’tknowthingslike thathappened,”Hallsays ofthedeprivationshe working to rebuild the country’s decimatedlegalsystem. working torebuildthecountry’s corpsofhumanrightslawyers city butwasintriguedbytheinternational ending. He was appalledbythepovertyandsufferinghesaw in thecapital ber, effortledbytheU.N.was justasamassivetwo-yearreconstruction s ee king J By CorinnePurtill(BA’02) A ohn

truth • “A toolof human rightslawyers is toshinethe • He began teaching at Chapman University He began teaching at ChapmanUniversity • A. H A. HallarrivedinPhnomPenh inDecem-

in all

cambodia • E His journey toCam- Hisjourney : decade ago, John ngland, native took ngland, nativetook • “It wasn’t that “Itwasn’tthat •

Tribune for pieces more opinion several written has Hall 2009, 30, for March scheduled trial, first the to lead-up the in And Cambodia. in journalists of murders and freedom press to challenges International the Herald Tribune addressed that the in op-ed an he authored of 2008, summer the In Cambodia. in violations rights man policies. anti-corruption to setfirmer several otherkey documentspublicand the U.N.agreedtomake theauditand ByOctober, critics sooncameforward. paper’s AsiaandU.S.editions.Other His pieceranSeptember21,2007,inthe detailing thesecretinvestigation’sresults. opinion pieceforTheWall Journal Street of academicpublishing,Hallpennedan to keep quietthrough theslowprocess intheauditwastooimportant formation lack ofoversight.Realizingthatthein- qualified staff,overpayingsalaries,and side ofthecourt,suchashiringunder- serious problems ontheCambodian damning itwas,”hesays. one. got Hall audit. of suppressed the acopy get to vain in trying was town in ist journal every Penh, that Phnom it seemed in arrived Hall When results. the sealed immediately and investigation, internal an but publicly conducted charges the denied The U.N. claims. up their couldn’t back 2007,in but public hearings first the before since of corruption trials U.N.-backed the Khmer Rougetribunals. a tripin2007towriteanarticleaboutthe for humanrightslawresearch,including toCambodiaseveral times He returned Center forGlobalTrade &Development. gations of corruption.” gations ofcorruption.” standards andaddressestheserious alle- atribunalthatmeetsinternational serve brought de- tojustice,”saysHall.“They have waited 30 years to see the leaders RINN C o Hall continues to bring attention to hu to attention bring to continues Hall The U.N.’sowninvestigationfound “As soon as Iread it, I realized how accused had groups watchdog Legal “ The Wall Journal, International Street Herald The victims oftheKhmer Rouge Far Eastern Economic Review Economic Far Eastern , and e P u rtill is a freelance journalist. afreelance is SL .

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trujillo-paumier Stanford Lawyer / Spring 2009 12

Stanford Lawyer / Spring 2009 in focus Kevin Quinn from Harvard University,Kevin Quinnfrom Harvard he found,forexample,thatthe regulation thatconsolidationreduces viewpointdiversity. With co-author revealed amorecomplexpicture thanaprevailingassumptionoffederal what occurredwithnewspaper mergers andacquisitions.Theevidence of viewpointdiversitybasedon SupremeCourteditorialsandexamining in Teaching andResearch.Hetackledtheissuebydevelopingameasure tant professor of law andRobertE.Paradise Faculty Fellow forExcellence Ho, assis- the actualeffectuntilweexamineevidence,”saysDaniel E. solidation, andwhilewecandebateintheabstract,won’t knowabout policymakers, resulting,scholarshope,inbetterlegal decisions. argument—butand normative alsoprovides actualdataforlawyersand pirical legalstudies,buildsupontraditionaltoolsofdoctrinal analysis approach tolaw, whichisemerging asanimportantnewfieldwithinem- natureoflegalargument. Thisfact-based er beforeandchangingthevery like nev- a few—legalscholarsareengagingincomplexnumber-crunching classactions,workergovernance, safety, andmediaconsolidation,toname hard numbersaren’tuniquetoIPlaw. Across thelawschool—incorporate ber (http:lexmachina.stanford.edu/).Questionsthatcanbeansweredwith colleagues inthecomputersciencedepartment,thatlaunchedlastDecem- tor JoshuaWalker, DirectorofProject EngineeringGeorge Grigoryev, and helpedbuildwiththeproject’s ExecutiveDirec- able databasethatLemley Stanford IntellectualProperty LitigationClearinghouse(IPLC),asearch- ing researchquestionbecausetheycan’tbothberight.” of Law. Iseethatkindofdisagreement,thinkit’saninterest- “Whenever (BA’88),William H.Neukom Lemley Professorcent,” explainsMarkA. because nooneknowshowmanycaseshavebeenfiled. patent law. Butforallthedebate,nobodyknowshowbigissuereallyis tive businesses,whileothersargue thatthesesuitsarealegitimatepartof existenceisaproblem, throwing awrenchintotheworksofproduc-very one ofthemostheateddebatesinintellectualproperty law. Criticssaytheir enforce patentsforproducts theyaren’tactuallymaking,arethesubjectof “There aremanysophisticated theoriesabouttheeffectsofmediacon- “There Making thissortofdata-drivenresearchpossiblewastheimpetusfor “Some sayhalfofpatentlawsuitsaretrolls; otherssayit’s2per- EMPIRICAL LEGALSTUDIES JUST THEFACTS: By MarinaKrakovsky (BA’92) P ON THERISE atent trolls, companies that is a challenge for all empirical research. is achallengeforallempirical research. degrees,gatheringdata ing it;tovarying rating agencieshadnointerest inreleas- question wasadifficulthurdle, sincethe answer: Theydon’t.) if theydowhatsaydo.”(Short rate thewheatfrom thechaff,solet’ssee guys aremakingclaimsthattheysepa- capitalists madehimwonder. “These Reports like provide avaluable service, at theoutsettothinkratingagencies swing shareholders’votes,wasinclined powerto gorillas” fortheirenormous “2,000-poundgoodgovernance firms of shareholders.Daines,whocallsthe boards protect andadvancetheinterests rate corporationsonhowwelltheir methods,thesefirms Using proprietary research oncorporateratingagencies. Robert M.Daines,mostnotablyinhis Pritzker Professor andBusiness ofLaw holder interestsarealsoafocusfor officers payanything. percent ofcasesdidindividualcorporate ed, fortheperiodhelooked at,onlyin4 at thesourcesofpayment.Ashesuspect- lecting dataonclassactionsandlooking one Klausnerwasabletoanswerbycol- ornotisanempiricalquestion— true Whetherthat’s charge fortheservice. while bothplaintiffanddefenselawyers funds from shareholdertoshareholder, shareholder lawsuitssimplycirculate penalizing derelictcorporateofficers, good reasontosuspectthatratherthan But theoretically, Klausnersays, there’s Securities andExchangeCommission. they supplementtheworkofU.S. actions aresociallybeneficialbecause taken thepositionthatsecuritiesclass fessor ofLaw. TheSupremeCourthas Munger Professor ofBusinessandPro- Michael Klausner, NancyandCharles comesfrom researchby accepted theory posure todiverseviewpoints. Constitution merger ofthe Getting the raw data to research this Getting therawdatatoresearch this Private sectoreffortstoprotect share- Another instanceoffactschallenging . Butthenobjectionsfrom venture mayhaveresultedin Atlanta Journal and Consumer Consumer more Atlanta Atlanta ex-

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Stanford Lawyer / Spring 2009 district courtsaround thecountry, each from team mustcollectinformation 95 data hesiftsthrough fortheIPLC.His is totallychaotic,”saysWalker aboutthe rawstuff “The form. and inunstructured distributed across hundredsofdatabases mean it’seasytofind—notwhen cords. Buthavingloadsofdatadoesn’t actions tocrimestatisticsandvotingre- from judicialopinions andregulatory dataismoreabundant than ever,ternet, the publicdomain.AndthankstoIn- empirical legalstudiesusedatathat’sin to group healthplans? savemoneyormerelyshiftcosts it truly tion alsobetterforemployees,anddoes two tougherquestions:Isnon-subscrip- them. Sheneedsmoredatatoanswer make fulluseoftheflexibilityitaffords that choosethenon-subscriptionoption sis alreadysuggeststhatthecompanies analy- 15 large herpreliminary firms, study. Nonetheless,collaboratingwith National ScienceFoundation tofundthis was awardeda$200,000grantfrom the a lottolose,”saysMorantz,whorecently havelittletogainand a hardsell.“They counsel toparticipateintheresearchwas confidential, however, gettingin-house and claims andotherdataareproprietary Because companies’occupational-injury lets employersoptoutofworkers’ comp. “Too manytimesweseearguments basedonsupposition.Ourgoalisnottopush occurred inTexas, theonlystatethat legal questions,butaquasiexperiment swer thisquestion,aswithmostempirical conduct acontrolled experimenttoan- past severaldecades).It’simpossibleto (whose costshaveskyrocketed overthe the jobthandoesworkers’ compensation efficient coverageforworkers injuredon a privatesystemprovides morecost- whether Scholar, todetermine is trying WilsonJohn A. DistinguishedFaculty rantz, associateprofessor oflawand For oneofherprojects, AlisonD.Mo- Unlike Morantz,mostscholarsdoing anagenda,buttogivepeoplethedatamake uptheirownminds.” applied Bayesian techniques to the same applied Bayesiantechniquesto thesame those whodidn’t,didn’t.”When Strnad a deterrenteffectkept findingone,and changed hismind:Researchers whosaw bate andchangesinmodels,nobody ever says,“Through allthisde- result, Strnad tors werethemselvesupforgrabs.Asa variables thatshouldrepresentthesefac- like povertyandunemployment;butthe of gunlawsfrom confoundingfactors challenge hasbeentoseparatetheeffect gunlaws,the crime ofconcealed-carry John Donohueabouttheeffectson Jr. Lott empirical scholarsJohnR. and ample, inthelong,bitterdebatebetween BeardsleyProfessorA. ofLaw. For ex- Charles means, explainsJeffStrnad, ars from agreeingonwhattheevidence beliefs keep evencarefulempiricalschol- tant incaseswherestrongly heldprior of allsortsphenomena.That’simpor- evaluate andcomparecomplexmodels proaches, whichenablescientiststo computationally intensiveBayesianap- powerful analyticalmethods,especially lel havemadepossibletheuseofmore of personalcomputersworkinginparal- plosion incomputingpower. Clusters effective intellectualproperty law. yield moreaccurateresults,with lawyers untoldhoursofresearchand who hopeshisworkwillsavejudgesand blood, sweat,andtears,”saysWalker, natural languageprocessing. “It’slegal puter scienceprofessor specializingin Manning (PhD’95),aStanfordcom- task thatrequirestheexpertiseofChris beforeitgoesintothedatabase,a form lish, itmustbeparsedintostructured isinEng- because therawinformation identify themasoranges.”What’smore, as Walker putsit,“findtheorangesand ring tothesamethings,teammust, ferent judgesusedifferentstylesforrefer- with itsownwebsite.Then,becausedif- Recent yearshavealsoseenanex- judgment,” says Kelman. He points judgment,” saysKelman.Hepoints where theresearchhasn’tinfluenced any issuethatgetsseriouslydebatednow analysis isubiquitous.“Ican’timagine option. ward theintermediate possible verdictswaystheirdecisionto- how, forexample,offeringjurors athird ed labsubjects’legaldecisionmakingon human rationality, onresearchthattest- Amos Tversky, apioneerinthestudyof with thelategreatStanfordpsychologist actually behave.Kelmanhimselfworked towardtestinghowpeople choice theory away from theabstractionofrational- relationships; andamoveineconomics econometrics asawaytomodelcausal economics movement,whichintroduced thelawand that itwasmeanttogovern; how lawinteractedwiththecommunities ciety movement,whichwasinterestedin tothreesources:thelawandso- history C. GaitherProfessor ofLaw, tracesits tury. ViceDeanMarkG.Kelman,James ment’s roots gobacktotheearly20thcen- legal studiesinrecentyears,themove- puting havefueledinterestinempirical allthesenumbers. idly crunch puters becamepowerfulenoughtorap- use remainedimpracticableuntilcom- have beenaround fordecades,buttheir result basedonaccumulatingevidence, update probabilities aboutanunknown useless.” Bayesiantechniques,which models theywerelookingattotally data, hefoundthat,asputsit,“All the Law inSeptember.Law “Howcanyoudebate appointment asprofessor atStanford rections system,whowilltake upher cor- Schwarzenegger onCalifornia’s Arnold a specialadvisortoGovernor background inempirical researchand Joan Petersilia, acriminologistwith to thenewestadditionfaculty, PLEASE SEEPAGE 33 Today theinfluenceofempirical andpersonalcom- While theInternet MARK A. LEMLEY(BA’88) MARK A. p17-21 15

K?<?<8;JF=JK8K< hre .Charles T. care about all the people who are going to be care aboutallthepeoplewho aregoingtobe But almostnoonesharedthem. loudly.wreck comingandvoicedhis concerns to thecurrentcrisis.Hesaw financialtrain andbusiness leadersthatled day’s government irritated bywhathecalls“theasininities”ofto- an eraofrestraintandsensibleregulation,heis ing inWWII,andenteringthebusinessworld livingthroughAfter theGreatDepression,serv- character Cassandrawhoismuchonhismind. mon sense.ButlatelyitisthemythicalGreek business practices—aswellassimplecom- sound investmentstrategiesandresponsible tation assomethingofano-nonsensevoicefor world. the in firms cessful one of in suc- most the apartner and Hathaway ing law to become vice chairman of Berkshirewith Warren Buffett in the mid-1960s—leav- forces joined he world, business the of icon an Now field. of top its the at ranked consistently today is that firm Tolles 1962—a &Olson in Munger, byco-founding career his in early profession legal the on mark his left he school, law entering before mathematics and of physics Astudent people can.” do many it, Ican “If ing, say- education for interdisciplinary advocate he’s of disciplines, astrong arange in taught much like his hero Benjamin Franklin. Self- CHARLES T. MUNGER CHARLES WITH MATTERS LEGAL “It is painful to see the tragedy coming, to “It ispainfultoseethetragedy coming,to Over theyearsMungerhasgainedarepu- Munger

Q is a man of many interests, & A 4/16/09 4:01:49 PM

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Stanford Lawyer / Spring 2009 butter. from mixingasignificant amountofsalmonellaintothepeanut spectable. Nobodycalleditillegal.Butwasn’tallthatdifferent business operationmixedwithaPonzi scheme.Thatmadeitre- topayforthemwasalegitimate after timeat30timesearnings andissuingstocktime buying companiesat10timesearnings just shotthrough Americanbusiness.Theconglomeraterageof prised thatwehaveconstantrepetitionofPonzi schemes. the outcomehappensagainandagain.Soweshouldn’tbesur- lawschoolisthat was thrown intothecaserepertoireofevery nation’s most influential attorneys. - nation’s mostinfluentialattorneys. interpretation, andhisnameregularlyappearsonlistsofthe andstatutory fraud, complexlitigation,corporategovernance, gation. Hisscholarshipfocusesonmattersrelatedtosecurities fense, andsettlementoffederalclassactionsecuritiesfraudliti- abouttheprosecution,vides detailed,onlineinformation de- Stanford SecuritiesClassActionClearinghouse,whichpro- andalsofoundedtheaward-winning of publiclytradedfirms, lege, thepremiervenueforcontinuingeducationofdirectors foundedStanford’sDirectors’Col- Grundfest rate governance. today aprominent voiceforsenseandresponsibilityincorpo- is to thePresident’s CouncilofEconomicAdvisers,Grundfest the SecuritiesandExchangeCommission(SEC)counsel commissionerat with manyofMunger’scomplaints.Aformer ismorethanfamiliar Rock CenterforCorporateGovernance, and Businessco-directoroftheArthurToni Rembe Joseph A. Joseph A. Grundfest ’78, ing toaddressissuespreviouslyignored. ously uncharted,perhapsthepowersthatbewillmorewill- the nationnavigatesthrough thiscrisis,enteringwatersprevi- said Munger, thatfollows.As aswepreparedfortheinterview clobbered, andnottobeabledoonedamnthingaboutit,” trine are a menace to the wider civilization. trine areamenacetothewider civilization. little aboutthedisciplinesthat areintertwinedwiththatdoc- about theoperationofourfinancialsystem? doff. Whatdoyouthink“l’affaireMadoff”teachesus clearly placedatitsdoor? thatwas Why didn’ttheSECunderstand thewarning MUNGER: GRUNDFEST: the financeormaththatMarkopolosreliedon. simply didn’tunderstand ceived Markopolos’swarning why, butI’mwilling tosuggestthatthelawyerswhore- The SECdidnothingwithit.We don’tknowthereason (SEC) articulatingwhyMadoffmusthavebeenafraud. memo totheSecuritiesandExchangeCommission Markopolos, ahedgefundexpert,sentdetailed Harry Lawyers who only know a mass of legal doctrine and very whoonlyknowamassoflegaldoctrineandvery Lawyers And ofcoursetherearemixedschemesthatpartlyPonzi OneofthereasonsoriginalPonzi scheme I’ll begin with two words: Bernie Ma- I’llbeginwithtwowords:Bernie the W. Franke A. Professor ofLaw SHARON DRISCOLL

like thewrathofGodonthem.We needboth. we alsowantasystemthatidentifiescrooks andcomesdown our judgesdo. got betterjudgeswiththatsystem. erations ledtolifetimeappointmentsforfederaljudges.Andwe then leavetomake moneyintheregulatedfield.Suchconsid- and should everbeallowedtodoasyoupartiallydid—serve nancial regulationissoimportantthatnooneinsuchaposition the systemtheyaresupposedtoregulate.You can argue thatfi- reticence toact.AndMadoffwassuchaperson. comes respectableandhasahighpositioninlife,there’sgreat regardsasascumbag.Butoncepersonbe- whom everybody The entire momentum of existing thinking and existing custom The entiremomentumofexisting thinkingandexistingcustom cause newlitigationrisksforaccountants. afraid thatasensiblefixmight createnewresponsibilitiesthat promoters, (2)fixing thesystemishardwork,and(3)theyare they doitare:(1)there’sademandforfrom thefinancial most elementalprinciplesofcommonsense.Andthereasons profit from thesametrade. derivative tradeandtheaccountantsonbothsidesshowalarge which degeneratesintomark-to-model.Two make firms abig they’ve soldout. ers want.They’vesoldout,andtheydonotevenrealizethat in providing thekindofaccountingfinancialpromot- and enforcedbetteraccounting.Theyarewaytooliberal not havehappenediftheaccountingprofession developed We wantthesophisticatedinvestortoprotect himself,but fend forthemselves? What abouttheideathatinvestorsshouldbeableto What you fromwhichyoucanneverescape? tery shouldbealittlelikemonas- service So government Most ofthemplantogobacklivingoffmoneymadein of theissuesthatweconfrontinmarkettoday? Why aren’tourregulatorscapableofaddressingmany The SECisprettygoodatgoingaftersomelittlescumbag Accounting isabigsubjectand therearehugeforcesinplay. Can wefixtheaccountingprofession? Yes, andnobodyisevenbotheredbythefolly. Itviolatesthe lowing therules. And theycan’tbothberight.Butofthemarefol- Take derivativetradingwithmark-to-market accounting, practice youfindproblematic? Would yougiveanexampleofaparticularaccounting I wouldargue thatamajorityofthehorrors wefacewould profession? responsibility wouldyoulayatthefeetofaccounting situation,howmuchofthe As welookatthecurrent Yes. of both. And hereIthinkwhat’sintriguingiswehaveafailure can opt to do is retire, which is pretty much what opt todoisretire,whichprettymuchwhat 4/16/09 4:01:49 PM p17-21 17 and follygetpunishedappropriately, we’reinforabadtime. deep inthewholeculture,anditiswaymoreextreme.Ifsin ers andatinyclassofpeoplewerebuyingsecurities.Today, it’s spread. Inthe’20s,atinyclassofpeoplewerefinancialpromot- events fortoday’scrisis,weremuchgreaterandmorewide- Depression, butthemalfeasanceandsilliness,triggering than anythingthat’severhappened. crisis thatwe’reinnowis,itstriggeringcircumstances,worse the terriblefollieshaveconsequences.Theeconomic is inadirectionthatallowstheseterriblefolliestohappen,and responsible and honorable. That ethos, by the time the year responsible andhonorable.That ethos,bythetimeyear and culturetheyleftbehind, theplacesweremuchmore the prosperity theyleftbehindandthecustoms ofthefirms lents. Thepartnersweredependent fortheirretirementon tened bythe’30s,wereprivate partnerships,ornearequiva- that worked quitewell.Theinvestmentbanksof yore,chas- devices we’dputinthelasttimewehadabigtrouble—devices were insteadallowingfoolishdeparturesfrom thecorrective peoplewhoshouldhavebeenpreventingtheseasininities very change looklike abenignevent.Sojustoneafter anotherthe exchange. Then,next,derivativetradingmadetheoptionex- Federal System. Reserve these changesrepealedlongtimecontrol ofmargin creditbythe controlling financialleverageifwehaveoptionexchanges.So tostopanelephantwithapeashooter.man trying We’re not big constituencyinfavorofdumbchange.Buffettwaslike a vast profits forthepeoplewhowerecroupiers—there wasa securities market functionbetterasagamblingcasinowith and Warren Buffettwrote it.Whentheywantedtomake the just oneletterinoppositionsaying“youshouldn’tdothis,” bigger, morewidespreadEnron. counting customshadn’tbeenchanged.Whatwehavenowisa realize thatthemessatEnron nevercouldhavehappenedifac- fewpeople in leadinglawschoolsandbusinessvery faced conditionsasextreme. could reach to a level closer to the Great Depression? could reachtoalevelclosertheGreatDepression? economicwoes And doyouseeachancethatourcurrent The economyhasn’tcontractedasmuchduringtheGreat Worse thantheGreatDepression? Unlimited leverage comes automatically with an option Unlimited leveragecomesautomaticallywithanoption You getunlimited leverage. When theregulatorsputinoptionexchanges,therewas Very fewpeoplerealizehowmuchwe’vescrewedup.Even Well, wellbecausewe’venever nobodycanpredictthatvery ALAN GREENSPAN—ARGUED THAT DERIVATIVES TRADING,SUBSTITUTINGFOR “SOMEOFTHEMOSTADMIREDPEOPLEINFINANCE—INCLUDING TO MODERNECONOMICCIVILIZATION. THERE’S THE OLDBUCKETSHOP, WAS AGREAT CONTRIBUTION bets cameout.Itwaslike theoff-trackbettingsystem. littlestatementsofhowthe the houseandfurnished buy anysecurities.Itjustenabledpeopletomake betsagainst because itdescribedagamblingparlor. Thebucket shopdidn’t “bucket bucket ofderision, shop.”Theterm shopwasaterm thing thatwasalreadygross andwrong. Inthe’20swehad rivatives tookthatdangertonewlevelsofexcess—from some- and theaccountingthathasbeenallowed.Butcreditdefaultde- were subjecttonoeffectivecreditcontrol atall. hedgefunds,ownedbytheinvestmentbanks, But theinternal extent, theuseofcreditbycustomersthatwerehedgefunds. investment banks,toprotect themselves,controlled, tosome devised. Theamountofleveragewasutterlyawesome. system—one ofthemostextremecredit-grantingsystemsever banks tobecomehedgefundsindisguise,usingthe“repo” tradingdepartmentsatinvestment allowed theproprietary 2006 camealong,hadprettywelldisappeared.Ourregulators Motors Acceptance Corporation are too big to fail and get in Motors AcceptanceCorporation aretoobigtofailandgetin ing inotherbusinesses. It wasaprofoundly goodideatopreventthebanks from be- credittodoanythingitwanted. able tousethegovernment’s businesstobe insured bank,becausewedidn’twantevery demic economicsthatGreenspan’sviewwassocommon. There’s anotherwordforthis:bonkers. Itisnotacredit toaca- economiccivilization. shop, wasagreatcontributiontomodern argued thatderivativestrading,substitutingfortheoldbucket most admiredpeopleinfinance—includingAlanGreenspan— make suchbetsinthebillionsandofdollars.Some without havinganyinterestinthebasicsecurity, andpeopledid brought backthebucket shop,becauseyoucouldmake bets FOR THIS:BONKERS.” Interest rate swaps have enormous dangers given their size dangersgiventheirsize Interest rateswapshaveenormous swaps,andequityswaps. est rateswaps,currency markets, particularlycreditderivatives,andaboutinter- derivatives aboutthedangersofmodern warned You andyourpartner,Warren Buffett,haveforyears Well now, whenthecaptivefinancecompanieslike General We thatabusinesscouldn’talsobedeposit- hadarule chartered bank. majorfinancialinstitution isafederally in whichevery Isn’t itironicinasensethatwhatwenowhaveisworld That isright.Derivativestrading,withnocentralclearing, appeared. peared. Orthehousemadeitsmoneyandsuddenlydis- Until thehouselostitsmoneyandsuddenlydisap- ANOTHER WORD CHARLES T. MUNGER 4/16/09 4:01:50 PM

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Stanford Lawyer / Spring 2009 ing hurriedly to a crisis. ing hurriedlytoacrisis. credit. to thegovernment’s sis. We donotneedabunchofnon-bankswithunlimitedaccess to preventwhatwe’restumblingbackintoasareactioncri- This iscrazy. systemwaslongdesigned Ourwholeregulatory creditinhugeamountstosellmorecars. use thegovernment’s employmentinMichigangetsto main interestistopreserve trouble, wegivethemabankchartersothatcompanywhose decent civilization. After all, little Albert Einstein got a very all,littleAlbertEinsteingotavery decent civilization.After economy. Iregardpre-World War asanadvanced, IGermany in the’30s. the dangersthatwouldcomeif werespondedmuchasdid pothole onasideofmountain. Japan. Japanhadsomuchfiscalstimulusthatyoucan’tfind a I live,thestreetsareadisgracecomparedwith in Angeles,where andsoon.InthecityofLos ing infrastructure shovels inthemiddleofsomeforest.Heistalkingaboutfix- president doesnotplantohavepeoplestandingaround holding a wholelotofthingsthatareworthdoing.Byandlarge, the huge spendingstimulusfrom We thefederalgovernment. have sion aboutthewaymanyofitsdenizensbehave.We alsoneeda Democrat. deed. Idon’twanttotradehiminatthemomentforanyother people. Ithinkthat’saqualitythatweneedrightnow. todotherightthingevenifitoffendssome ing andwilltry Summers,whoisaferociously smarthumanbe- House Larry publican, andIlike thefactthatObamahasputintoWhite problems thatwehaveneverseenbefore.Iamaright-wingRe- do thingsthathaveneverbeendonebefore,becausewe has anychanceofworking.Ilike thefactthatitissowillingto Well, ofcourse.Butcountonsomechangesbeingsilly. save it. to order in Motors General change to youhave it’s that agiven I think Yes. We’re alsorecreatingoldproblems becausewe’rereact- theproblemsarecreatingnewproblems. tocorrect try So someofthestepsthatwe’reputtinginplacenowto I think it is dangerous to have big disasters in a modern I thinkitisdangerous tohavebigdisasters in amodern Sure. Butthedangersfrom whatwehavetodoarelessthan about deflation? is absolutelyunprecedented.Shouldpeoplebeworried worldwideareprinting moneyataratethat ernments andgov- As partoftheresponse,U.S.government We havetosavethefinancialsystem,inspiteofourrevul- mix offiscalstimulus,taxcuts,andthelike? Do youhaveanyviewsonthefiscalsideofthings—the wellin- Given thecircumstances,Ithinkhe’sdoingvery doing sofar? What doyouthinkofthejobthatPresidentObamais I thinktheproblem issoextremethatnothingnon-extreme wouldn’t haveevenconsideredlookingatayearago. The Federal istodaybuyingassetsthatit Reserve tic. I probably would have let Lehman go,too. tic. Iprobably wouldhaveletLehman That wouldhavecreatedunlimitedrevulsioninthebodypoli- had tosaveallthesebanksandmajorinvestmentbanks. would argue thatitwaspluperfectlyobviousthegovernment been shown.Inretrospect thevigorwasn’tquiteenough.I We’re hooked. Andsoaretheotheradvancednations. economic collapses.Ithinkwehavetodowhatwe’redoing. atomic bombs,andsoforth.Sowecan’taffordtohavehuge hashugedangersinaworldwherewehavenewpathogens, ery to powerinvariousmiseriescountries.Enoughmis- nated byAdolfHitler. We’ve seensomegod-awfulpeoplecome schools. Butinitseconomicmisery, becamedomi- Germany Catholic educationinGerman good, subsidizedprimary gone alongwaytowarddivorcing itfrom reality. profession hasbeen proud ofitslameleg. proud ofit.Theeconomics he hadalamelegandwasvery profession that’s like themanthatNietzscheridiculedbecause profession. You havebiggapsinwhatyouneed.You havea stand theseconsequences,youdon’thaveanadequatelyskilled isthatwhenyoudon’tunder- ing. Ithinkwhatwe’relearning sequences ofgoodandevil,badbusinessaccount- of badaccounting. Nor dotheyunderstand,atallwell,theeconomicconsequences good atworkingconceptsofandevilintotheirprofession. trading andhedgefundssoon.We needsomerevulsion. ure. We don’tneedallourbrightengineersgoingintoderivative you’re alwaysgoingtobesaved.You havetoallowsomefail- stupid. You thatnomatterhowawfulyouare, can’thavearule term financialconsequencesofthatfailure? term andwehadsomeofthemostdifficultshort- terwards dramaticallyaf- Even thoughthemarketseizedupvery I don’tthinkthatwasamistake. You can’tsaveeverybody. Brothersgo? they letLehman So onascaleof1to10,howbigmistakewasitthat reasonabletoreactwiththeextremevigorthat’s It isvery good”? What I’mhearingfromyou,Charlie,is“sofarso That’s what’swrong withpsychologyprofessors. Thereare nomics frompsychology… The samecouldbesaidofpsychology. Ifyoudivorce eco- If youtotallydivorceeconomics from psychology, you’ve ture intoaccount? toward anapproachtoeconomicsthattakeshumanna- So inordertocurethelameleg,youwouldleanmore Yes. Theysayit’snoteconomicsifyouthinkaboutthecon- ments outofthesubject. In fact,they’vemadeaprofessionofdrivingvaluejudg- I wouldargue thattheeconomistshavenotbeenall that so wrong? How andwhydoyouthinkeconomistshavegottenthis We neededatotalcorrectiontosystemthatwaseviland 4/16/09 4:01:50 PM p17-21 19 much ofacademia. other professors know. Thisisnotanunfairdescriptionof low professors becausetheyknowsolittleaboutwhatthese plines needandtheycan’tcommunicatethattotheirfel- have thisterriblyimportantdisciplinethatalltheotherdisci- so fewofthemthatknowanythingaboutelse.They ing civilization than the culture that came after it went public. ing civilizationthantheculture thatcameafteritwentpublic. partnership wasmorallysuperior andbetterforthesurround- way does,insteadoftheCitigroup did. toworkmore thewayBerkshireHatha- going tohavelearn left behindinloweringstandards.Ithinkthecultureissimply insistsonnotbeing for thewidercivilizationwheneveryone works andyouhaveseeninthepresentcrisishowwellit and thecompromises. stretch asmuchtheydid,withtheleverage,shadypeople worths. Therewasnoreasonforourfinancialinstitutionsto withotherpeople’snet comfortable withmorerisk,entrusted how lowisitsleverage.ButWarren andIwouldnothavebeen about BerkshireHathawayishowchicken itis,howcautious, interestingthings not risk-averseenough.Oneofthevery haven’t studiedthepastmodelsofdisasterenoughandthey’re one. IthinkthatmanyCEOsgetcarriedawayintofolly. They working hardateliminatingstandarderror. left alotofmoretalentedanddiligentpeopleinthedust,justby ren andIarebetterattuningoutthestandardstupidities.We’ve It’s notacompetencyifyoudon’tknowtheedgeofit.AndWar- people. Oneskillisknowingtheedgeofyourowncompetency. BEEN ALLTHAT GOODAT WORKINGCONCEPTSOFGOODANDEVILINTOTHEIR takes that you see other people make. takes thatyouseeotherpeoplemake. has simplybeentoavoidmakingthegarden-varietymis- You’ve oftensaidthatoneofthekeystoyoursuccess of themoretraditionalmodels thatyouvalue? Do youthinkwe’regoingto be abletogobacksome It wouldbevastlybetter. Thecultureof Goldman Sachsasa Do wegobacktotheoldpartnershipmodel? You’ve accuratelydescribedthewayculturegenerally tively andIwillfail.” at theirleverageratios,Ican’tpaymytraderscompeti- age andthey’remakingmoreprofits.UnlessIoperate the systemiswillingtogivethemthatadditionallever- athigherleverageand C, andD,they’rerunning minute. I’matbankAandcompetingwithbanksB, meplaydevil’sadvocate.PeopleLet mightsay, “Wait a An extremeoptimismbasedonaninflatedself-appraisalis executives making,whichonesjumpoutatyou? If youhadtocharacterizeafewmistakesthatsee Warren andIhaveskillsthatcouldeasilybetaught toother PROFESSION. NORDOTHEYUNDERSTAND, AT ALLWELL,THEECONOMIC CONSEQUENCES OFBADACCOUNTING.”

“I WOULDARGUETHAT THEECONOMISTSHAVE NOT not theriseofHitler. It’s in Japan,then,ashumantragediesgo,that’snotmajor. That’s to nogrowth atallfor10years,whichisroughly whathappened civilization. at theheightofthislastfollywasadisgracetosurrounding thesurrounding civilization.Investmentbanking much served andvery ﬁrm ton Companywasanhonorableandconstructive responsible investmentbanking.WhenIwasyoung,First Bos- ButIhavelivedinmyownlifewith tem thatresistreform. tion. However, therearepowerfulforcesintrinsictothesys- tory ofBerkshire Hathaway,tory youwill ﬁndthattimeafter neers willhavetodomoreengineering. Ifyoulookatthehis- aren’t alotofnewjobsinderivative trading,maybetheengi- who isquitefriendlytothisconcept. want ustogo.We probably haveamanintheWhiteHouse and useittoboostourchanceofendingupwhereyou I properly handled, ourrelationshipcanbeabigplus. butto get alongwithChina.Ithink, no practicalalternative talented, driven,andachievement-motivated.Ithinkwehave will manage. adapt to4percentgrowth insteadof10percentgrowth, China me optimisticthatChinawillkeep advancing.IfChinahasto vast virtuesintrinsictotheircultureandnaturethatmake gineers, andthat’shugelydesirable.TheChinesepeoplehave PLEASE SEE PAGE 33 rest there,giventhisglobaleconomicslowdown? aboutChinaandthepossibilityofun- Are youworried If you’reusedtogrowing 3to4percentperyearandyougo yearsout. able tomuddlealongwith01percentgrowth,2or3 Ithinkwe’llbefortunateifwe’re forward, Looking A lotofitisgoingtobeforced,sowe’llgosomeinthatdirec- We maybeforcedintomuch desirablechange.Ifthere A crisisis… We thinkalike. Andwemayeventake ourpresentmisery technology. Getting backtoprospectsforgrowth,Iwouldbeton China isanuclearpowerwithmorethanbillionpeople, dress thosequestions? debate. Anyviewsonthatandwhatwecoulddotoad- have theseperpetualfrictionsthattendtodominatethe with effective,low-cost,cleanenergysolutions.Yet we porters ofoil.It’sinbothourintereststocomeup ing naturalallies.Botheconomiesaretremendousim- In manywaysIseeChinaandtheUnitedStatesasbe- The peoplerisingfastestintheCommunistParty areen- painful, butit’s CHARLES T. MUNGER quite endurable.

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Stanford Lawyer / Spring 2009 storm PHOTO ILLUSTRATION BY FREDRIK BRODEN weathering JOAN O’C. HAMILTON (BA PORTRAITS BY LESLIEWILLIAMSON are seatedaround ahalf-moon-shaped including ChangchunYuan, JSM’94,JSD outfitted room in China.Theneteffectisa from Partners VirtualLaw (VLP), three huge digital screens at Cisco three hugedigitalscreensatCisco the On those screens, five attorneys from On thosescreens,fiveattorneys conference tableacross from ’95, are gathered in an identically ’95, aregatheredinanidentically the Beijing firm Broad the Beijingfirm &Bright, Systems’ SanJoseoffice half-real, half-virtual meeting. half-real, half-virtualmeeting. Stanford Law alumni, alumni, Stanford Law

Six attorneys Six attorneys four of them four ofthem BY .

’83) Stanford Lawyer / Spring 2009 22

Stanford Lawyer / Spring 2009 T firms trimmingbothassociatesandstaffthatdayin- firms ing tothelegalnewspaper bloggers quicklydubbed“Black Thursday.” Accord- 12alone,a daylaw losing theirjobsonFebruary been widespread,withanestimated800attorneys byHildebrandt International. ing toasurvey M&A workcontracted2.5percentin2008,accord- growing After by12percentin2007,forexample, acquisitions (M&A),andcorporatetransactions. meted. Especiallyhardhit:realestate,mergers and across broad categoriesofpracticeareashasplum- not seenforalmosttwodecades.Today, demand world economyiscreatinganupheavalinlawfirms sion, 2009. ing thecompetition?Welcome tothelegalprofes- LinklatersandReedSmithLLP.law firms Poon, alumandveteranofLondon Law aHarvard rate. What’snottolike?” addsVLPpartnerWena middlemen andcurbabout50percentofthehourly wecancutoutonelayerof tract withlocalfirms, thatlegallymustsubcon- bypassing bigglobalfirms to$1,000perhour.that startat$600andrun “By inChinaroutinely work withmajorfirms payfees a muchlowercost.For example,U.S.clientswho for asbiglawfirms liver thesamequalityofservice ofnetworkedcreate afirm partnerswhocouldde- year onthepremisethatitwouldusetechnologyto and AndreaChavez’96(MS’98),foundedVLPlast CEO CraigJohnson’74.Johnson,withRotandaro for partners,”Yuan replies. classmateandfriendYuan.ford Law RoseAnn M.Rotandaro Stan- ’95asksherformer major U.S.clientsfor, well,abargain. to having abouthowtheycanselllegalservices are atthesetwonewlyaffiliatedfirms attorneys startling isthefrankconversationseasoned fromthe all Layoffs in the first few months of the year have inthefirstfewmonths oftheyearhave Layoffs The economicshockwavemovingthrough the Top excitedlytalkingaboutlow-ball- attorneys “And we’rebillingat$300to$500,”addsVLP “Starts at$200forassociates,upto$450perhour areyoubillingperhour?”VLPPresident “What fancy technology, what’sevenmore just afewfeetaway. Aside her papers,it’sasifshe’s rifflesthrough nese attorney sensitive thatwhenaChi- “TelePresence” systemareso HE ACOUSTICSOFTHISCISCO The Recorder , prominent

NEED TOGOPUBLIC. YEAR—PERHAPS 6 TO YEAR—PERHAPS 6TO ON PREDICTABILITY. DO WITHCISCOINA CAN PREDICTWHEN Gordon K. Davidson ’74 Gordon K.Davidson’74 OR FORLITIGATION, FIXED FEEFORONE PATTERN, IT’SHARD BUSINESSWEWILL SAYS THEYWANT A COMPANIES WITH- 10 ACQUISITIONS, OUT AREGULAR BUT IFACLIENT A STARTUP WILL Chairman andPartner,Chairman 20 TO30INVEST- TO ESTIMATE A RELATIONSHIP (BS ’70,MS’71) PREDICT THE ACQUISITION “A FIXED-FEE FAIR PRICE. MENTS. WE Fenwick &West WELL, FOR DEPENDS WE CAN ” ACROSS THELEGALPROFESSION more consolidationandshrinkagearelikely ahead. accordingtoHildebrandt,and ers ofU.S.lawfirms, Therewere55merg-along withanother16firms. andThelenReid&PriestEhrman wereshuttered year, suchasSanFrancisco’s venerablefirms Heller with significantpracticesinthecapitalmarkets. Last drops areexpectedtobeworse,particularlyforfirms be flattonegative10percentandthatin2009the that 2008profits will perequitypartnerinmostfirms consultinggroup Hildebrandtprojects legal industry preparedwithCitiPrivate Bank,the ent Advisory tightrightnow,”market outthereisvery shesays. the callsfrom alumniwhohavebeenlaidoff.“The incoming associatesdeferrals.Moretroubling are haveoffered to arrivenextfall,althoughsomefirms studentsslated rescinding offerstoStanfordLaw zen. Robinsonsayssheseesnoevidenceoffirms Across theboard,associatesalarieshavebeenfro- 10 weeks,downfrom thetypical12ormoreweeks. areconsideringshorteningtheprograms firms to 8to programs in summerinternship for2009,andmany saystherewerewidespreadcutbacks reer services, worry. SusanC.Robinson,associatedeanforca- fession. AndthenewsforMarchwasequallybleak. another4,200jobshadbeenshedinthelegalpro- ary recent week.Accordingtoa of morelayoffscomesevery Andnews staff losttheirjobsatmanymorefirms. a coupleofweeksaftermorethan1,000lawyersand top100.Thatcamejust cluded manyintheAmLaw IT’S NOWONDERSUCHACLIMATE HASMANYPEOPLE better technologyandprocess toreininsoaring legal Cisco’s legalpartnersforseveral yearstoimplement Cisco. Chandlerhasbeenaggressively workingwith of vice president,generalcounsel, andsecretary outside counsel,”saysMarkChandler’81,senior working hardtofigureoutbetteralignmentwith counsel intheUnitedStatesrightnowthatisn’t isn’talargeis sustainable.“There corporategeneral anditsbillingmanagementpractices structure pling withjusthowmuchofthetraditionalfirm role lawyersplay todayingeneralandalsograp- . And soarethekey indicators.Inits2009Cli- Students andrecentgraduatesarestartingto National Journal Ripe forChange? article,bytheendofFebru- questioning the questioningthe (BS ’70,MS’71) Gordon K.Davidson ’74

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Stanford Lawyer / Spring 2009 C Changing BusinessofLaw,” looked atgather- of time-basedhours.” and speakingforsomanyyears aboutthestupidity And I’vebeenwriting regardless ofperformance. committee. We havelockstepadvancementbyyear the managementcommitteeandcompensation “We between stillhaveaseparationinmostfirms most fundamentalproblems, accordingtoLeonard: don’t applytous.Well, we’rewrong.” Amongthe the mentalitythatwe’reaguildandbusinessforces bottom-linehits,he says,“We’reenormous stillin abouttheirbusinessmodels anddespitethe firms Kramer. consultsextensivelywithlaw Leonard agreeswithDean Hildebrandt International, until thingspickup.” willhunker downandhopetowait that everyone sees fewsignsthatrealchangeisimminent.“Iworry he looksaround hesaysisdisappointedthat should allgetaonce-over, saysKramer. Butwhen fantasy ofwhatayounglawyer’slifeisreallylike, law students,insummerprograms thatcreatea and theexpensivewooingentertainingoftop ing salariesthathaveclimbedtothestratosphere; many clientstorewardinefficiency;associatestart- whichseemsto traditional billable-hourstructure, to stepupandreinventitself.Suchpracticesasthe date, thewidespreadshockscanbeanopportunity around managementpracticesmanyconsideroutof organized sion steepedintraditionandstubbornly School.Kramerbelievesthat,foraprofes-Law Professor E. Lang andDeanofStanford ofLaw Kramer, Richard teetering oncollapse,”saysLarry dates thiscurrentcrisis;it’samodelofpracticethat’s needfortheprofessionprise. “The tochangepre- tice oflaw, thisdayofreckoning comesasnosur- board. VLP advisory the relationship,”saysChandler, whoalsositsonthe et oflawpracticeandtheappropriate waytodefine now. fac- It’sconceptuallyageneralrelookatevery areathousandflowersbloomingright costs. “There The fall2007 To thoseattunedtoboththebusinessandprac- Stanford Lawyer Stanford the educational arm of the educationalarm Hildebrandt Insti man anddirectorofThe Foerster andnowchair- atMorrison& chairman LEONARD,FORMERARL A. feature,“The tute, WAY TODEFINETHE PRACTICE ANDTHE RELOOK AT EVERY BLOOMING RIGHT CONCEPTUALLY A ARE ATHOUSAND Mark Chandler ’81, Mark Chandler’81, RELATIONSHIP.” and Secretary ofCisco and Secretary Senior Vice President, FACET OFLAW APPROPRIATE General Counsel, FLOWERS GENERAL NOW. IT’S “THERE “THERE

HAVE BEENMAGNIFIED for amajorSiliconValley firm. aStanford alumwhorecruits universe,” observes verse; nowtheyarehappytobeemployedbythe out oflawschoollookingtobemasterstheuni- has dropped offtheradar. “In2000,peoplecame aboutassociates’work-lifebalancemostly cern sobering anddifficultissuesremain,althoughcon- as generalcounseltoday, thereisnodoubtthese and and othersworkinginawidevarietyoffirms high.” available onthisbasisarenowvery of lawyerswhoarewillingtomake themselves capabilitiesandqualifications at AppleInc.“The ’76(MBA’75),generalcounsel Dan Cooperman ket forlawyersisanimportanttrend,”believes development oftheindependentcontractormar- climate, manyexpectthistrendtocontinue.“The on theirpersonallives.Inthecurrenteconomic pressure to practicewithoutputtingsuchbrutal project-based help.Inexchange,thelawyersget chargeporations forafractionofwhatfirms for companythatprovides tocor- attorneys service to signonwithnewoutfitslike Axiom,alegal sociates wasafactorindrivingtalentedlawyers Profession. StudentsBuildingaBetterLegal Law School studentstolaunchanorganization called percent andhadeveninspiredsomeStanfordLaw attrition atmanylarge wasnearing30 lawfirms at aneye-popping$160,000peryear, associate today. Aswenotedthen,despite startingsalaries issue in2007,work-lifebalance,isbarelywhispered technologically efficientbusinesspractices.Butabig slowadoptionofmore revolt, aswellmanyfirms’ lating hourlyratesthathaveprompted clientsto fueledthesteadilyesca- associates, whichinturn profession. Theseincludesoaringsalariesfor have converged forthelegal intoa“perfectstorm” ing pressuresthatnow, withthiseconomiccrisis, BUT INTHELAST18MONTHS,SIMMERINGCONCERNS and more companies seem to be settling rather than and morecompaniesseemtobe settlingratherthan More with litigation,”saysHildebrandt’s Leonard. For example, “Nobodyknowswhat’sreallygoingon a fewdevelopmentsevenexperts didn’tseecoming. In conversations with Stanford Law alumni In conversationswithStanfordLaw andunhappinessoflarge-firm as- The turnover Business Outlook:Uncertain by the global recession and bytheglobalrecessionand RoseAnn Rotandaro’95andCraig Johnson’74

Stanford Lawyer / Spring 2009 25 26

Stanford Lawyer / Spring 2009 CEO ofWilson SonsiniGoodrich&Rosati.Also pressures onbilling,”saysJohnRoos’80(BA’77), control risingcosts,associates’salaries,andother on intheprofession. We arelookingatwaysto isdefinitelyaresetgoing “There different firms. We needtoretoolandreadjust.“ will belike theearly1990s,butmorepronounced. subject tomoreregulation.Myinstinctisthatthis that nolongerexist—buttheonesdowillbe Thereareinvestmentbanks the workwon’treturn. world. It’samistake todevelopthemind-setthat andthe tothecountry Economic activitywillreturn is fallingandeconomicactivitywillneverreturn. inthemiddlethinkssky and white.“Everybody says hedoesnotbelievetheimpactwillbesoblack however, firm, helps managea2,000-plusattorney arevulnerable.AtleastoneSLSalumnuswho firms butthemid-size highly specializedboutiquefirms, large willprosper firms aswill recession thevery But wejustdon’tknow.” trendline. if litigationreallychangedonalong-term the economyorboth.Thatwouldbeatectonicshift the costoflitigationthatcompaniesarerejectingor “Weing up,”saysLeonard. can’tfigureoutifit’sjust litigation isdownunprecedented,andit’snotpick- “That forfirms. often cushionseconomicdownturns Litigation tendstobeacounter-cyclicalpracticethat litigation fellintonegativedigitsfrom 2007to2008. prosecuting bigcases,henotes,anddemandfor is requiredtokeep associates busy. Thepresiding todomorethan thatdon’tincentivizefirms service move tomoretransaction-based billingandfeesfor way ofdoingbusiness.Theysay thatthefieldmust that thedaysarenumberedforbillablehour demics, companies,andbusinessconsultantspredict seems toremainmoretalkthanaction.Manyaca- bated foundationsoflegalwork—billablehours— in ahigh-rentlocation. tohaveaprivateoffice attorney world, forevery sense, inahighlynetworked, work-anywhere example, andquestioningtowhatdegreeitmakes Roos andothersarelookingatrealestatecosts,for Today,signs ofstabilityandstrengthforlawfirms. along withtheampersand,asoneofpremier posing, evenluxuriousofficeoncewasconsidered, listforreview:realestate.Anim- on manyfirms’ Those terms seemtomeandifferentthings Those terms The conventionalwisdomisthatduringthis However, oneofthemost hotly de- reforming GOING ONINTHE WE ARELOOKING John Roos’80(BA ’77) PRESSURES ON RISING COSTS, CEO ofWilson Sonsini DEFINITELY A PROFESSION. ASSOCIATES’ AND OTHER AT WAYS TO Goodrich &Rosati “THERE IS “THERE SALARIES, CONTROL BILLING.” RESET

G bill later. Allthisreallyneedsmore research.I to make thatcall,and youavoida$10,000legal afixedfeethere isnoinhibition Davidson. “With could havepreventedanexpensive mistake,” says a bestguess.’Itcouldbethat10-minutecall sel maysay‘Ihaveasmallquestion;I’lljustmake thehourlyrate,in-housecoun- fixed fees.“With save moneyandtake valuablelegalcounselwith such arrangementsandseespotentialforclientsto explain,” saysDavidson. discount.’ Thefixedfeeishardertocalibrateand togiveus a 10to15percent ‘I gotourlawfirm easier forthegeneralcounseltosayCFO, it’s to estimateafairprice.Infact,eveninternally it’shard for companieswithoutaregularpattern, fixed feeforoneacquisitionorlitigation,well, need togopublic.Butifaclientsaystheywant investments. We canpredictwhenastartupwill in ayear—perhaps6to10acquisitions,2030 We canpredictthebusinesswewilldowithCisco “A fixed-feerelationshipdependsonpredictability. value, lesshappytopayforeffort,”saysDavidson. of effortexpended.Clientsarehappytopayfor one-size-fits-all remedy. well,itisn’ta son andChandlersayworksvery despite anagreementwithCiscothatbothDavid- a relationshipwithCiscowhileback.However, numbers— clients arenotdemandingnegotiatedfeesinlarge even told partner atCravath,Swaine&MooreinNewYork schemes, we’dhavethem.” transition totransaction-basedfeesorotherbilling hourly system,butiftheclientsreallywantedto set. Neitherlawyersnorclientsareinlovewiththe that ithastobeacertainkindofclientandmind- weknowis rate anytimesoon,”saysRoos.“What profession isgoingtomoveawayfrom thehourly partnersaren’tsosure.“Idon’tbelievethelegal firm time togetridofthebillablehour.” Butmanylaw On the other hand, he is very happytoexplore On theotherhand,heisvery traditionhasbeentocharge “The bytheamount The NewYork Times though Davidsonenteredintojustsuch in January, isthe “This observations that that observations West, secondsRoos’s F ner of andpart- chairman ’74 (BS’70,MS’71), ORDON K.DAVIDSON enwick & enwick & think it works at the low end and the high end, but “PART OF WHAT the famously entrepreneurial Craig Johnson, in the middle it’s hard to tell.” WE’RE SEEING IS who created Venture Law Group (a new model Deborah L. Rhode, Ernest W. McFarland Pro- THAT for a branded, high-tech-oriented firm) in the fessor of Law and director of the newly launched THE CLASSIC ROLE 1990s and sold it to Heller in 2003, recently Stanford Center on the Legal Profession, agrees OF THE WISE, started VLP, which is a radical new idea. While that these tumultuous times demand more targeted TRUSTED LAWYER a temporary service company such as Axiom research from the academy—and that the start of WASN’T BEING maintains offices, VLP’s model—no physical of- the center couldn’t have come at a more oppor- PLAYED. fices, all lawyers as partners who keep 85 percent tune time. “We’ve just put in a grant to look at the WE HAD COMPANIES of what they bill—is a big departure from the alternative structures for law firms. We’ll look at GOING PUBLIC associate-dependent, high-overhead structure of billing, fee structures, quality of life. This kind of re- WITHOUT A most firms. “The large law firm business model is search should inform decisions moving forward,” BUSINESS PLAN, broken; nobody even disputes that it’s broken,” she says. “For example, in the last recession firms REPORTING claims Johnson. While some attorneys do try reacted with layoffs but then they didn’t have the THEIR ACTIVITIES to strike out on their own, the difficulty in do- manpower at the mid-associate level when busi- IN CONFUSING ing so hinges on generating enough business and ness picked up again.” Indeed, a number of partners OR EVEN keeping it. The idea behind VLP is to develop a at major firms say they are forecasting internally MISLEADING WAYS, brand and a reputation for being able to assemble that the huge drops in corporate valuations prob- MANAGING FOR an experienced, sophisticated team quickly, but ably make a burst of mergers and acquisitions THE SHORT TERM without a traditional firm’s overhead. inevitable; the question is how do you balance TO IMPRESS Some partners in mid- and large-size firms say staff in the interim. Rhode says the answer may THE STREET, AND that while the growth of contract lawyers and more lie in projects such as “strategic pro bono work” REACHING FOR independent staff attorneys is a trend that’s here to designed to retain and train particular associates QUESTIONABLE stay, they aren’t so sure such a virtual arrangement with particular skills. WAYS TO GENERATE can replace the stability and relationship-based As part of the wider rethinking, the profes- PROFIT WELL business of traditional law firms. “The economy 27 sion also must recommit to its most fundamen- OUTSIDE THEIR could lead to a prolonged reduction in lawyers in tal responsibility to serve clients by telling them CORE major firms,” says Stephen C. Neal ’73, chairman

“what they ought to hear, not what they want to COMPETENCE.” of Cooley Godward Kronish. “But I don’t think it’s Stanford Lawyer / Spring 2009 hear,” says William H. Neukom ’67, former gen- William H. Neukom ’67 time to change the concept of a private law firm. I eral counsel of Microsoft, former president of the Former general counsel think a lot of what we’re dealing with is not even as of Microsoft, American Bar Association, and now the CEO of former president of the much the economy as that we weren’t as disciplined the San Francisco Giants. Whether in situations American Bar as we should have been in our hiring and we have like the imploding of Enron, the dot-com bust, or Association, and now the to recalibrate.” CEO of the the current misconducts and mistakes in the finan- San Francisco Giants However, David Jargiello, former general coun- cial industry, he says, “Part of what we’re seeing sel to Heller who has since joined VLP, believes vir- is that the classic role of the wise, trusted lawyer tually all law firms today are vulnerable to a sudden wasn’t being played. We had companies going turn of fortune. “The traditional law firm model is public without a business plan, reporting their overly dependent on a small number of individuals activities in confusing or even misleading ways, with some to little to no loyalty to the organization— managing for the short term to impress the street, an exquisitely fragile structure. Because of this free and reaching for questionable ways to generate agency factor, any law firm is within a matter of profit well outside their core competence.” months of imploding.” And that reality is making for

Part and parcel of looking at fee structures and tense, uncertain days across the profession. SL efﬁciencies are these more fundamental notions about the proper role and value of a lawyer. “We JOAN O’C. HAMILTON (BA ’83) is a former bureau have to ask, ‘Are lawyers asserting themselves in the chief for BusinessWeek magazine: this fall Smart on Crime: A way that they should?” says Neukom. Career Prosecutor’s Plan to Make Us Safer, by San Francisco Some lawyers certainly are asserting them- District Attorney Kamala D. Harris, written with Joan, selves in new and different ways. For example, will be published by Chronicle Books. 28

Stanford Lawyer / Spring 2009 f ?%È9lqqÉK_fdgjfeAi%#A;&D98 Jlgi\d\:flikXggfèk\[9Xikfe @eFZkfY\i)''/k_\L%J% Lyman Award Special Master;Receives Thompson Appointed Xe[X[m`jè^feZi`dèXcaljk`Z\% d`îXk`fe#Yfi[\ij#Xe[i\]l^\\j gfc`ZpX[m`jfipZfdd`kk\\fe`d$ k_\FYXdXZXdgX`ê#Z_Xìè^`kj îflg#:lccXinXjXcjfXZk`m\è k`fek\XdËj`dd`îXk`fegfc`Zp Efm\dY\ikfZf$_\X[k_\kiXej`$ `jjl\j%@e`k`XccpXggfèk\[è jX]\kpi\^lcXk`fe#Xe[i\cXk\[ èmfcm\Zi`dèXcXe[Z`m`caljk`Z\# Gfc`Zp:fleZ`c%:lccXiËjnfibn`cc Xkk_\N_`k\?flj\;fd\jk`Z ]fialjk`Z\Xe[i\^lcXkfipgfc`Zp jg\Z`XcXjj`jkXekkfk_\gi\j`[\ek =XZlckpJZ_fcXi#kfj\im\XjX f]cXnXe[;\Xe\=%Af_ejfe D8Ë0-#G_;Ë'' #gif] c\Zk\[DXi`Xef$=cfi\ekèf:lccXi Gi\j`[\ek9XiXZbFYXdXj\$ Obama Administration Cuéllar Appointedto \jjfi acult èk\ieXk`feXccXn#DXikè\qËj JZ_fcXi%8e\d\i^è^mf`Z\è k_\AljkèD%IfXZ_#Ai%=XZlckp kfA\eepJ%DXikè\q#Zlii\ekcp k\eli\Xe[]lccgif] JkXe]fi[CXnJZ_ffcîXek\[ Tenure Martinez Granted \ekËjZ_ffjè^% c`YiXi`\jèXi\Xjf]k_\i\Z`g`$ Xe[dXk\i`Xcj]fik_\le`m\ij`kpËj m`[\j]le[è^kfgliZ_Xj\Yffbj X]XZlckpd\dY\i#k_\gi`q\gif$ *'p\Xij%Gi\j\ek\[XeelXccpkf Xe[k_\le`m\ij`kpfm\ik_\gXjk k\\ij\im`Z\kfJkXe]fi[Xclde` K_fdgjfeËj\oZ\gk`feXcmfcle$ 8nXi[%K_\XnXi[i\Zfê`q\j n`k_k_\)''/I`Z_Xi[N%CpdXe 8jjfZ`Xk`fe_fefi\[K_fdgjfe k_\aljk`Z\j% i\Zfdd\e[Xk`fej[ì\Zkcpkf K_fdgjfen`cci\gfikXe[dXb\ cXnZc\ibc\[kfk_\Xggfèkd\ek% \og\i`\eZ\XjXJlgi\d\:flik eXkliXci\jfliZ\jcXnXe[_`j \og\ik`j\ègifg\ikp#nXk\i#Xe[ cfn\iZflikal[^\j%K_fdgjfeËj ]XZk$Ôe[è^#ljlXccp_Xe[c\[Yp dXjk\i`jXggfèk\[kfZfe[lZk Õ`ZkjY\kn\\ejkXk\j#Xjg\Z`Xc fi`^èXcali`j[`Zk`fefm\iZfe$ f](0,'%9\ZXlj\k_\:flik_Xj k_\P\ccfnjkfe\I`m\i:fdgXZk Y\kn\\ek_\knfjkXk\jfm\i K_\ZXj\èmfcm\jXnXk\i[`jglk\ èk_\ZXj\ l`[f:XcXYi\j`f]k_\L%J%:flik L%J%Jlgi\d\:flikXe[Al[^\ Jk\g_\e>%9i\p\i 98Ë,0 f]k_\ 9cfZb%J_\Zc\ib\[]fiAljk`Z\ Xe[XeXkkfie\pXkA\ee\i i\j\XiZ_]\ccfnXkPXc\Le`m\ij`kp ]XZlckpè)''*#j_\nXjXj\e`fi 9\]fi\afèè^k_\JkXe]fi[CXn `kpkfn_`Z_k_\pXi\XccYfle[% jlg\im\eè^jfm\i\`êXlk_fi$ \emìfed\ek#Ylkn`k_flkk_\ eXcjfg\iXkè^èX^cfYXc`q\[ jZ_fcXij_`g]fZlj\jfeki`Yl$ fgè^XkJkXe]fi[CXnJZ_ffc%É Zf_fikf]pfle^jZ_fcXij[\m\c$ ;\Xe%ÈJ_\`jgXikf]XeXdXqè^ ÈA\eepnXjXjg\ZkXZlcXi \jjfif ]CXnXe[ XeelXcd\\kè^èAXelXip% gi\j\ek\[k_\XnXi[[liè^`kj <`^_k\\ek_$:\eklip=iXeZ\% k_\I`j\f]:fdd\iZ`XcJfZ`\kpè K_\GXi`j`XeD\iZ_Xek:flikXe[ Yffb Xjg\Zkf]=i\eZ__`jkfip#É]fi_\i Èk_\Y\jknfibèfc[jk\è#Jk\ccXN%Xe[ 8I\mfclk`feè:fdd\iZ\1 Z_fcXiXe[gif] 9\jkCXnp\ij c`jkjXi\Zfdg`c\[ \jjfif \jjfif \jjfi ]CXn# ]CXn#Xe[ \jjfi c`jk% 8?8 t

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Stanford Lawyer / Spring 2009 29 30

Stanford Lawyer / Spring 2009 c our students have the opportunity to learn it here first, to ask all itherefirst,toaskall our studentshavetheopportunity tolearn day.data? It’sthestuffcorporatelawyers dealwithevery But cations ofdoingX,Y, orZ?Howdowebestcommunicatethe ing? Doesthisneedtogetboard approval? What aretheimpli- toaccomplishhere?What’smiss- clients: Whatarewetrying through questions thatlawyersneedtoaskthemselvesandtheir look atlotsofcontracts,financialsandotherdocuments.We run the contextofrepresentingnot-for-profits. tives, methods,andtimelineforthework.Anditallhappens in withadetailed plansettingouttheobjec- transactional attorney and otherusefultools.It’sacrashcourseinhowtoactuallybe a ofriskmanagementandqualitycontrol guidelines, summary ofprofessional conduct,a rules and syllabus,theCalifornia ofawell-organizedform binder, completewithacourseplan of eachsemester, studentsarepresentedwithaplaybookinthe FIVE-YEAR PLAN. to leadthenewOrganizations andTransactions Clinic.With histhirdsemesterofteachingunderway, Clinic.Heleftthecorporateworld inAugust2007andembracedtheopportunity tion totheMillsLegal School’snewestaddi- experience,hisCVwastailor-madeforthedirectorpositionatStanford Law firm wasexploringthenextstageinhiscareerand,withbothcorporateandlaw partner atHellerEhrman the BayArea’smanynot-for-profit organizations. Atthestart mester drawingupaplananddevelopingclientsfrom among tion todetailthatisthehallmarkofclinic.Hespentase- Dressed injeans,Mitchell’scasualattirebeliesthekeen atten- THE ABC’SOFTRANSACTIONALLAW three whiteboardsreadyforbrainstorming. tidy, withstacksofbinder-clippeddocumentsand minded professor, hisoffice thepictureofbusiness- Mitchell (BA’80)istheantithesisofanabsent- “It’s like amedstudenttakinganatomy,” saysMitchell.“We AND TRANSACTIONS CLINIC: AND TRANSACTIONSCLINIC:

BUT THEFORMERCHIEFCORPORATE COUNSEL lini Vital Lessons in Law andBusiness inLaw Vital Lessons ORGANIZATIONS By Sharon Driscoll T Teaching Fellow, ensuretheyareprepared. Alicia E.Plerhoples,theOrrickHerrington&SutcliffeClinical ecutive directorsandboardmembers.Heretoo,Mitchell leases, andlicensingagreements.Clientinteractioniswithex- reviews,mergers,governance fiscalsponsorshiparrangements, includes arangeofbusinessprojects suchascomprehensive the questionstheywantandtoreflectonwhatthey’veseen.” communicated toorganizational leadership.” have togetoutoftheweedsandunderstandwhatneedsbe resources, andconstituencies.Andwhengivingadvice,they that theyarerepresenting,toreallyunderstandtheirmission, “It’s importantforourstudentstogetknowtheorganizations had tosupportbusinessstrategyandexecution,”saysMitchell. wedid it wasallabouttheproduct andthebrand.Everything portant itistounderstandthecompany’spriorities.AtLevi’s which has included senior executives from Levi’s. which hasincludedseniorexecutives from Levi’s. agement team”composedoflocal businessleadersandlawyers, They thenstudythetransaction andpresentaplanto“man- parel companythat’sconsidering asaleofoneitsbusinesses. “think like aclient.”Studentsarepresentedwith fictionalap- to mock seniormanagementpresentation,whenstudentslearn An essentialpartofthefirsthalfclinicsemesteris PRESENTING TOTHEBOARD EACHING LAW WAS NOTINJAY MITCHELL’S Although theclientsforthisclinicarenonprofits, thework “Working inthecorporateworldyouquicklyseehowim- “It’s our equivalent of a court appearance,” says Mitchell. “It’s ourequivalentofacourt appearance,”saysMitchell. at Levi Strauss & Co. and one-time Strauss&Co.andone-time atLevi c news

“The students put together a presentation and take the group through their analysis. Identifying relevant assets and audiences, third-party approvals, em- ployee reactions, impact on the business—it’s basic project assessment and planning. These are essential skills for a good transaction lawyer.” “It’s one thing to look at the law and come up with a recommendation. It’s another to present it to a board and have the chief financial officer of the company sitting across from you raise something you didn’t consider,” says Ashley Hannebrink ’10. “Practical considerations are sometimes lost on young associates. Jay and the clinic did a great job of em- phasizing how important they are.” “The management presentation really drove home the point that we need to know the client and our audience,” says Ryan Loneman ’09, who teamed up with Hannebrink during dated, other activities at the site, dispute resolution, and the like. last semester’s clinic to work with the Farmer-Veteran Coalition, “We understood that the rules governing the new market’s an educational nonprofit that trains veterans for a career in agri- management would set the tone for the venture, so we worked culture. The students drafted a fiscal sponsorship agreement and hard to design a straightforward, accessible document,” says an advisory board charter for the newly established group. The Magner, now an associate at Latham & Watkins LLP in San organization is one of a number of clinic clients active in sustain- Francisco, who visited the farmers market last summer along able agriculture and food system reform. with some 7,000 customers. In addition to the practical lessons of transactional law, clin- PRO BONO BUSINESS LAWYER ic students gain a keen understanding of the importance of legal Another agricultural organization clinic students worked counsel to the nonprofit community and how business-focused with was Collective Roots, an East Palo Alto nonprofit fo- JDs can engage in pro bono lawyering after graduation. cused on engaging youth and the community in food system “The clinic highlighted the importance of pro bono business reform. Here Brent Harris ’09 (BA ’04, MA ’04) and Melissa legal counsel and motivated both my clinic partner, Alice Yuan, Magner ’08 helped to establish the first farmers market in and me to pursue such work at our respective firms,” says Su- East Palo Alto, a city that doesn’t even have a supermarket san Dawson ’08 (BA ’03), an associate specializing in public for residents to purchase fresh produce. finance at Orrick, Herrington & Sutcliffe LLP, who worked on “This wasn’t just a legal challenge. There were many practi- a merger of seven Bay Area charter schools into a single organi- cal challenges like how best to make the business function and zation. “Working on a successful merger improved my ability to how to help people understand how it functions,” says Harris. manage transactions effectively, and receiving such preparation Part of the project involved establishing a plan for the new farm- before leaving Stanford Law was incredible.” ers market and a set of market rules to run it—making recommen- “It was a great precursor to the work I’m doing now,” agrees

>8IPK8O8C@ dations for issues such as how many farmers could be accommo- Yuan ’08, an associate at Kirkland & Ellis LLP. SL 32

Stanford Lawyer / Spring 2009 c deportation, aslongthe non-citizen signsanorder. from theUnitedStates,evenonewithvaliddefenses against Department ofJusticeandDHS toremoveanon-citizen called “stipulatedremoval.”Stipulated removalallowsthe aboutaprogram Security (DHS)todiscloseinformation lawsuit tocompeltheU.S.DepartmentofHomeland Guild ofSanFrancisco,and theNationalLawyers fileda Immigration Law Center,Immigration Law theACLU California, ofSouthern The Immigrants’ Rights Clinic, together with the National The Immigrants’RightsClinic,togetherwiththeNational @DD@>I8EKJËI@>?KJ:C@E@: expected tobereleasedfrom prisonsoon. pursuanttothe rehabilitationplan.Theclientis time served, agreed tore-sentencetheclient judge anddistrictattorney Project, todeveloparehabilitationplanfortheclient.The ’93, MA’94),oftheSLSSocialSecurityandDisability andworked the districtattorney withLisaDouglass(BA This semester, Fox Kathleen ’10facilitatednegotiationswith post-traumatic stressdisorderastheresultofsexualabuse. evidence thattheclientwasdisabledandsufferedfrom onthecasefailedtopresent in 1997,sincetheattorney not effectivelyrepresentedduringhisoriginalsentencing semester, theclinicsuccessfullyargued thattheclientwas hearing foraclientwhoisdevelopmentallydisabled.Last a treatmentfacility. The judgeagreed,andtheclienthassincebeenreleasedto accesstotreatmentinarehabilitationfacility.deserved Scott ’10argued thatinsteadofalifesentence,the client hearing. Atthehearing,JessicaFeinstein ’10andThomas November thattheclientwasentitledtoanewsentencing counsel byhistrialattorney. in Asaresult,thecourtruled substance abuseandwasdeniedeffectiverepresentationof who sufferedfrom post-traumaticstressdisorderand successfully argued onbehalfofaVietnamWar veteran “threestrikes”California’s law. June,theclinic Last on behalfofclientssentencedtolifeimprisonmentunder The CriminalDefenseClinicscoredtwomajorvictories :I@D@E8C;<=8K@FE:C@E@: news Kennedy v. Louisiana , a case in which , acaseinwhich in focus change over time? Can we explain spikes in understand why class actions have become The Prolific Professor: crime? How have our views on issues such increasingly popular outside the United Lawrence M. Friedman as equality, privacy, and marriage changed States during a period when they’ve come and why? He smiles just asking the ques- into disrepute here. To share information :FEK@EL<; =IFD G8>< . tions. And he’s lived long enough to have about class-action developments in differ- “We were talking about a shopping center witnessed many changes firsthand. ent countries, Hensler directs the Global in Santa Clara County. The Pruneyard. “I joke to my students that I’m now old Class Actions Exchange (http://globalclas- Do you know why it’s called the Prune- enough to be considered a primary source,” sactions.stanford.edu/). yard? Before this was Silicon Valley, it was he says. “Growing up in Chicago, there For the most part, empirical legal schol- an agricultural center and the area was full were no black policemen, no black bus driv- ars see themselves as neutral providers of of fruit trees. The Supreme Court decided ers, no black shoppers at Marshall Fields,” fact. “Too many times we see arguments the Pruneyard case … .” He goes on, ex- he says. “Yet in my lifetime so much has based on supposition,” says Lemley. And plaining the landmark case that pitted the changed. We now have an African-Ameri- although he’s referring to the IPLC, he shopping center against several local high can president. It’s amazing.” echoes sentiments shared by most empiri- school students assembling for the purpose His enthusiasm for the law, history, and cists when he says, “Our goal is not to push of collecting signatures, and then launches society is contagious. After embracing a an agenda, but to give people the data to into a lecture on the history of free speech new area of legal scholarship some 50 years make up their own minds.” SL in American law, the undergrads hanging ago, Friedman is now one of the icons of on his every word. Friedman started teach- the discipline. Today, young scholars seek MARINA KRAKOVSKY (BA ’92) is a ing the undergraduate class, Introduction to him out; they aid him with his research and freelance writer whose work has appeared in American Law, in 1985. cheerfully help him sift through those boxes The New York Times, the Washington Post, and “Law in all its forms—Congress, the of old files heaped on tables in the law li- Scientific American. courts, police—is ubiquitous in this coun- brary basement and in his office. And some try and extraordinarily important. Yet be- are lucky enough to gain a credit in one of cause legal training is a graduate program, the many, many papers and books he has legal matters the typical undergraduate student, even at written. But, indeed, who’s counting? Very Charles T. Munger an elite university, will not study the law,” likely, the thousands of scholars throughout :FEK@EL<; =IFD G8>< (0 33 says Friedman, who, in addition to this the world who regularly cite Friedman. SL class, still carries a full teaching load at the we did something that I describe as turn- law school. “I thought our undergraduate ing lemons into lemonade. Part of my students should have this class, so I intro- in focus Berkshire Hathaway holdings came from Stanford Lawyer / Spring 2009 duced it with support from the political sci- Just the Facts: a dumb investment. ence and American studies departments.” Empirical Legal Studies on I didn’t realize you made dumb in- the Rise vestments. Friedman’s office is a work in progress, or I certainly did. I think it’s part of a life :FEK@EL<; =IFD G8>< (+ many works in progress, with most avail- lived right that you learn how to make some able space covered with stacks of files and the serious issues we face today without lemonade out of your lemons. books. the benefit of this kind of research? I don’t So turn the clock back. Imagine that “I’ve written or edited around 27 books think you can.” you’re a young law school graduate and something like 200 articles. But who’s That wasn’t the case just 30 years ago, from a top law school, one of the top counting?” he says. says Deborah R. Hensler, Judge John grads the same way you were sev- He waves at the piles of folders and W. Ford Professor of Dispute Resolution eral years ago, what advice would stacked books in his office. “My most re- and associate dean for graduate studies, you give to a graduate looking at cent work, called Dead Hand, will be pub- who before coming to Stanford led the the world today? lished soon. It’s a social history of wills and RAND Corporation’s Institute for Civil Well, that’s easy. I would avoid fields trusts, a fairly short book that I enjoyed Justice, a center dedicated to empirical where prosperity depended to a consider- working on. So I’ve never abandoned research. When she began her law career able extent on misbehavior. I would not go wills and trusts but came full circle back to in the 1970s, she says, “The idea that you into a plaintiffs’ law firm. I would be afraid them,” he says. Within the circle of Fried- would bring empirical data to bear on of what that would do to me. And I would man’s expertise are many vortexes, each questions having to do with legal doctrine want to work for people at a business that demonstrating a broad range of interests. was mind-boggling.” Hensler’s recent I admired, and I would take less money to And curiosity. For Friedman is, above all work represents the qualitative strand of do that. else, a great thinker. What can coroners’ re- empirical legal studies; rather than run- Charlie, we’re at the end of our time ports tell us about our society and the law ning experiments or statistically analyz- and I’d like to thank you. You’ve re- that governs us? How do wills and estates ing large data sets, she uses interviews to ally been terrific. SL 34

Stanford Lawyer / Spring 2009 point of view examples ofchauvinism;itquickly spilledovertoObamahimself. Clinton speaks,menhear,Hillary ‘Take outthegarbage.’” Barack Obamaspeaks,men hear, ‘Take offforthefuture,’ andwhen dov complainedaboutClinton’s “naggingvoice”andopinedthat“when firstwifestandingoutsideaprobate court.”Author MarcRu- eryone’s Fatal Attraction compared hertothepsychoticjiltedloverplayedbyGlenn Closein comes ontelevision,Iinvoluntarilycross mylegs.”KenRudin ofNPR andshrillbanshee.MSNBC’sTuckergry she Carlsonquipped,“When cleavage. Theyhadberatedherasacastratingdragonlady andanan- Pundits hadfocusedobsessivelyonClinton’shair, makeup, wardrobe, dimmed, feministsbegantoseethewithresentmentand frustration. presenceontheticket. his orhervery by vention strong andunitedbehindacandidatewhowouldmake history won thenomination,DemocraticParty wouldemerge from thecon- historic precedents.Thefirstblack!woman!Nomatterwho Clinton. Democratswereeuphoricaboutthepossibilityofsettingnewand And byearly2008,thefieldhadnarrowed totwo:ObamaandHillary only acceptablackpresident—butwouldembracehim. domestic. TheNielsenratingsproved thattheaverageAmericanwouldnot would keep thehomelandsecurefrom terrorist threatsbothforeignand Palmer, secureintheknowledge thatastrong, ethical,andpragmaticleader Clinton andGeorge W. Bush.ThenationfeltingoodhandswithPresident Allen—to saynothingofsuchprime-timemediocritiesasWilliam Jefferson rivals JedBartletof the mostpopularpresidentsinceRonaldReagan,easilybestinghisratings David Palmer inthehitcounterterrorism drama madehistory and thethreatofassassinationwhenhetookoathoffice.President his opinionatedandoutspoken spouse,abitterfightinthegeneralelection, tricks ofhisrivalfortheDemocraticnomination,badpressgeneratedby thesmeartacticsanddirty handsome, andcharismaticsenatorhadsurvived theUnitedStatessworeinitsfirstblackpresident.Thetall, the 21stcentury Their righteous indignation did not stay confined to such conspicuous Their righteousindignationdid notstayconfinedtosuchconspicuous Clinton’sprospects But asthecampaignworeonandHillary Four forthepresidency. yearslaterBarackObamaannouncedhisrun A POST-ELECTION UPDATE By RichardThompsonFord (BA’88) andcolumnistMike saidshelooked Barnicle “like ev- THE RACECARD: A The West Wing and Commander inChief t thebeginning ’s Mackenzie ’s Mackenzie 24 , becoming , becoming Wasn’t

of of suggesting Obamawas,effectively, the nuanced versionofthesamecomplaint, Geraldine Ferraro offeredanevenless Walter mate running Mondale’sformer en orwhocouldbeintheWhiteHouse.” the questioniswhomustbeinkitch- restricting forceinAmericanlife,whether winners: “Genderisprobably themost op-ed declaredwomenthepresumptive has ittoughest,”Steinemclaimed,buther “I’m notadvocatingacompetitionforwho not taken asseriouslytheracialone.” which sheinsistedthat“thesexbarrieris for screed Gloria Steinempennedanangry Obama winningbecauseofmalechauvinism? The NewYork Times op-ed page, in op-edpage,in beneficiary of an electoral affirmative query had all of the conceptual futility of president. This obtuse and unresolvable action: “If Obama was a white man, he grade-school kids arguing over whether moral question, shot through with anxiety, would not be in this position. And if he Superman could kick Spider-Man’s butt desperation, and raw self-interest, had ru- was a woman of any color, he would not in a fight, but with none of the playful ined more potentially successful activist or- be in this position. He happens to be very charm. The culture wars of the 1980s ganizations, academic conferences, college lucky to be who he his.” broke out all over again on the opinion seminars, and political movements than Obama supporters were furious. And pages and blogs of the nation. Typi- all the agents provocateurs J. Edgar Hoover many blacks thought these comments cally, the opening salvo involved some ever deployed. Now it was poised to ruin trivialized racism—or worse, reflected it. thin and one-sided evidence that “estab- the Democrats as well. Lucky? Had black skin—what W.E.B. lished” that one or the other candidate Du Bois called the badge of insult—be- had it worse because of bigotry (Clinton By early 2008 the come instead a sign of privilege? Many has to put on makeup and worry about Democrats’ presumptive cakewalk to the thought the observation of comedian the color of her pantsuits/Obama can’t White House started to look like a cross Chris Rock struck closer to the mark: go on the attack without sounding like a between a street riot and a death march. “Not a single white person in America black thug) and then added a long litany Comedy Central’s Colbert Report began a would trade places with me. And I’m of injustices that had little or nothing to nightly feature on the latest squabbling rich!” Had Steinem and Ferraro forgot- do with Clinton or Obama (on the one among the Democrats, called “Democra- ten the racist death threats that Obama hand: slavery, Jim Crow, job discrimi- lypse Now,” which began with an ani-

“As the increasingly bitter struggle wore on, the question boiled down to this: Which is worse, racism or sexism?” RICHARD THOMPSON FORD (BA ’88) 35 received on an almost daily basis? Were nation, racial proﬁling, segregation, the mated graphic of a donkey being split in they so cloistered in their all-white, gated Tuskegee experiment, the Jena Six; two. While re-ﬁghting the culture wars,

communities and tony country clubs on the other: rape, pornography, anti- the Democrats were test-marketing the Stanford Lawyer / Spring 2009 that they didn’t notice the poverty and abortionists, sexual harassment, prosti- tactics that Republicans would later use despair of the black community on the tution, the glass ceiling, lazy and macho against whichever candidate was eventu- South Side of Chicago, where Obama husbands, laundries that charge more to ally nominated. worked as a community organizer and clean blouses than shirts). The sheer te- What started as a historic opportunity still attended church with his family? dious length of this catalog of grievances for Democrats to transcend the divisive Did they really think it was tougher to be was meant to overwhelm all arguments politics of race and gender turned out a rich white lady with a livery chauffer to the contrary, leaving only one conclu- to be another sad demonstration of the and a half a dozen yellow pantsuits than sion: Sexism (or racism) is worse. temptations and costs of playing the race to be a black man who can’t hail a cab (and sex) cards. The historic campaign for even when he’s wearing a business suit? The narrow question the Democratic nomination had slipped As the increasingly bitter struggle of whether Hillary Clinton’s campaign first into tragedy and then, as Karl Marx wore on, the question boiled down to had been hindered by sexism more than would have expected, into farce. SL this: Which is worse, racism or sexism? This Barack Obama’s had been by racism was muddled together with a larger question: RICHARD THOMPSON FORD (BA ’88) is Was racism or sexism the more pressing the author of The Race Card: How Bluffing About social problem? The real argument wasn’t Bias Makes Race Relations Worse, recently re- over which candidate had been harmed leased in paperback. This essay is an excerpt more by bigotry, but which type of bigotry from the new paperback edition of the book. was worse, which social justice struggle was more important, and, hence by implica- tion, whether it would be more profound to elect the first black or the first female 36

Stanford Lawyer / Spring 2009 perspectives Bar Associationtitled fully representational.According toareportpreparedbytheAmerican the nationandanotherleading theDOJ,legalprofession isstillnot leading able. Andtheharshrealityisthat evenwithanAfrican-American to thechallengesfacingtheirconstituencies, theywillcontinuetobevi- zations areprogressive intheirmissionsandpursueintegrativesolutions Students Association,insofarasethnicorgani-stressed byourBlackLaw continue toprovide As aninvaluablerole forthecommunitiestheyserve. our post-Obama-electionworld?Inmyexperience,theseorganizations the NationalBarAssociationorCharlesHouston in StudentsAssociation(BLSA) ortheirprofessionalLaw counterpartslike ward. We findourselvesasking:Havewereallyarrived? rather thandiminishtheimportanceofraceasweattempt to movefor- based organizations cometobeviewedasdivisivebecausetheyexacerbate and ultimatelyencouragedivision.Characterizedinthismanner, race- post-race society, theseorganizations andinstitutionshighlightdifference themselves underamorecriticalmicroscope. Thecritiqueholdsthatina of successinAmericatoday, race-basedorganizations andinstitutionsfind consensus amongliberalpunditsthatclass,notrace,isthekey determinant that appeartobepolarizingvestigesofracialpolitics.Amidthegrowing ofinstitutions sions, ithasalsobeenaccompaniedbyagrowing distrust pect ofasocietyfreeracialdivisionunderscoresmanythesediscus- post, EricHolder, daredtoraisetheissue.Whileoptimismforpros- to holdthe General,thefirst-everAfrican-American appointed Attorney conversation.Eventhenewly arly debates,publications,andeveryday oldestdemons? of ourcountry’s coming apost-racialsociety. Itbeggedthequestion:Hadweexorcisedone growing sentimentthatAmericahadbeguntocross thethresholdofbe- addressingthe office, anewdebatebegantakingshapeacross thecountry andourdiscourseonrace.Shortlyafterthe44thpresidenttook history Obama tothenation’shighestofficewasadefiningmomentinAmerican What isthepurposeofrace-basedstudentorganizations like theBlack Since theelection,thesequestionshavefiguredprominently inschol-

POST-ELECTION, T Miles To Profession, ofMinoritiesintheLegal Progress Go: POST-RACE? By JamesHairston’10 he electionofBarack

what we strive to accomplish in BLSA. what westrivetoaccomplish in BLSA. that cutsacross raceandclasslines,is dialogue but alsoencouragesconstructive which acknowledgesandcelebrates race world. Thisoutward-lookingperspective, ities andpeopleofcolorthroughout the seek waystoaddressissuesfacingminor- spective, andoutlooktothetable—and bringing hisorherparticularhistory, per- community organization—with everyone our efforts.Rather, wecometogetherasa understanding ofblacknessthatinforms worldview, politicalideology, orcultural tension theworld.Thereisnomonolithic byex- hail from alloverthecountry—and liberal,gay,conservative, straight,andwe We areblack,white,Hispanic,Asian, its diversity, bothideologicalandracial. parent aboutthemembershipofBLSAis call fortherejectionofrace. of cross-racial coalitionbuildingthana would benefitfarmorefrom discussions efforts, Ibelievethepost-racediscourse body. Asaresultofthesuccessesthese diversity amongthefacultyandstudent follow through oninitiativestoincrease outings, hostacademicdiscussions,and demic andcareerresources,plansocial Students Association)toexchangeaca- Law Association, andStanfordLatino Students ciation, NativeAmericanLaw and Pacific StudentsAsso- IslanderLaw organizations atthelawschool(Asian closely withtheotherstudent-of-color verse andintegrated.We alsoworkvery the legalprofession istobecomemoredi- and alumni,workwefeelisessentialif and forge alliancesamongitsmembers much moretobedone. clear:Thereis of allagesbecomescrystal tice system,themessagetoblacklawyers underemployment, andthecriminaljus- who fallvictimtoilleffectsofpoverty, ate percentagesofAfrican-Americans When comparedwiththedisproportion- American studentsattendinglawschools. notes steadyattritionratesofAfrican- Thereportalso are African-American. only 3.9percentofournation’slawyers One thingthatmaynotbereadilyap- BLSA strivestobuildcommunity With this in mind, our monthly program- ming covers a broad spectrum of event types and topics. Our monthly general body meetings are the bread and butter of our organization. We use them first and foremost to check in with each other to ensure everyone is doing all right navi- gating the rigors of law school. During these meetings we discuss the range of short- and long-term initiatives on our calendar. These include everything from monthly academic talks, public service initiatives, and social events to annual events like our BLSA Conference (where we bring distinguished academics and practitioners to campus to discuss major issues facing minority communities and the legal world). The continued strength and versatil- ity of our organization is owed to the outstanding students and alumni at its core. There are no requisites for membership in BLSA. If there were any, being of Af- rican ancestry would not be one of them. Instead, as the membership and alumni continue to demonstrate to me on an ongoing basis, the only requisite seems to be dedication. Dedication to breaking down barriers to legal access for those who need it most, to serving one’s community (however broadly or narrowly construed), and to the prospect of be- queathing a better legal profession to the next generation than the one we inher- ited. Have we arrived? I don’t think so. But organizations like BLSA work hard every day to ensure that we are edging

closer. SL

The author, JAMES HAIRSTON ’10, is co- president of BLSA at Stanford Law School.

“What is the purpose of race-based student organizations like the Black Law Students Association or their professional counterparts like the National Bar Association or the Charles Houston Bar Association in our post-Obama-election world?” JAMES HAIRSTON ’10 CILE;=fm\ieXeZ\#hlfk\[èK_\E\nPfibK`d\jXik`Zc\È=èXeZ`Xc:i`j`jGifm`[\j=\ik`c\>ifle[]fi9ffdèCXnjl`kj#É ]ifdFZkfY\i(.#)''/% “There has to be a readjustment in our thinking, and our approach to other countries has to be through a spirit of cooperation. We must put behind us the you’re-with-us-or-you’re-against-us philosophy that has dominated for eight years.” =fid\iJ\Zi\kXipf]JkXk\ WARREN CHRISTOPHER ’49,hlfk\[èXCfj8e^\c\jK`d\jXik`Zc\ È,J\Zi\kXi`\jf]JkXk\8[m`j\?`ccXip:cèkfe%ÉK_\;\Z\dY\i.#)''/#jkfip[`jZljj\j?`ccXip:cèkfeËje\ngfj`k`feXe[ i\jgfej`Y`c`k`\j]fccfnè^k_\9lj_X[dè`jkiXk`fe%

ÈJfd\_Xm\Xi^l\[k_Xkn`k_e\nk\Z_efcf^pk_\i\`jX[`dè`j_\[\og\ZkXk`fef]gi`mXZp%¿9lkk_\fggfj`k\dXpXcjfY\kil\%E\nk\Z_e`hl\j dXpi\hlì\ljkf\ogXe[flile[\ijkXe[è^f]gi`mXZpXe[kfX[[i\jjk_\`dgXZkk_Xk[XkXZfcc\Zk`fe_Xjfeîflgjf]è[`m`[lXcjXe[efk j`dgcpXjè^c\g\ijfe%ÉD8I:IFKË/.#hlfk\[èK_\E\nPfibK`d\jjkfip]ifdEfm\dY\i*'#)''/%K_\Xik`Zc\ÈPflËi\C\Xmè^X ;`^`kXcKiX`c%N_Xk8YflkGi`mXZp6É[`jZljj\jk_\`jjl\f]gi`mXZpXe[k\Z_efcf^`ZXc[\m\cfgd\ek%

“This isn’t like steroids and sports … enhancement is not a dirty word.” HENRY T. “HANK” GREELY (BA ’74)#;\Xe\=%Xe[BXk\<[\cdXeAf_ejfeGif]\jjfif]CXn#[`i\Zkfif]k_\:\ek\i]fiCXnXe[k_\ 9`fjZ`\eZ\jXe[[`i\Zkfif]k_\JkXe]fi[:\ek\i]fi9`fd\[`ZXc

“Barry Bonds is innocent.” ALLEN RUBY ’68#9fe[jËjc\X[Xkkfie\p#Xjhlfk\[`ek_\LJ8KF;8PDXiZ_(#)''0#Xik`Zc\ È9fe[j]\[\iXcZXj\kXb\jc\^Xckn`jk%É

ALUMNI AND FACULTY SPEAK OUT Stanford Lawyer / Spring 2009

ÈN\nXek[`jXYc\[Z_`c[i\ekfY\n\cZfd\[èkfk_\nfic[%Dp]\Xi`jn\Ëi\dfmè^èk_\fggfj`k\[ì\Zk`fe%@]n\[\Z`[\kflj\gi\eXkXck\jkè^ kf\c`dèXk\^\e\$YXj\[[`jXY`c`k`\j#k_XkËjn_Xkk_\EXq`jn\i\kipè^kf[f#èk_\ìfneZil[\nXp%@k_èbn\Ëi\jXpè^k_XkZ\ikXè kpg\jf]c`m\jXi\eËknfik_c`mè^%É8E;I

“When the signs went up at Hillary Clinton’s speeches ‘iron my socks,’ it tells you something about the legitimacy of gender prejudice. You didn’t see signs at Obama rallies saying ‘shine my shoes.’ ” DEBORAH L. RHODE,

È?\n_fgXpjk_\g`g\iZXccjk_\kle\#Xe[:feî\jjZXeËki\j`jkZXccè^k_\kle\%K_\Y`^YXebj_Xm\efn^fkk\eèY\[n`k_:feî\jj% K_\nfi[nflc[Y\d`ZifdXeX^\d\ek%N_\e:feî\jjdXeX^\jXepk_è^#>f[_\cglj%ÉB@CC#;8M@;N<@EKI8L9#AC8;=cfYXcNXidè^#ÉnXjXifle[kXYc\[`jZljj`fe @ek\ieXk`feXcJkl[`\j#feEGIËj Xe[[ì\Zkfif]k_\GifîXdfefm\ieXe , è_\iDXiZ_(.#)''0# % B\ee\k_Xe[?Xic\Dfek^fd\ipGi \jjfif]cXn k\XZ_è^ Xe[[ì\Zkfif]k_\FGgle[`kjD\^_XeDZ:XèXe[CXliX@eîX_Xd% f]\jjfif \ijlg\im`j`fe%É dX^Xqè\èn_`Z__\[`jZljj\[k_\e\\[kfi\kffcc\^Xc\[lZXk kpflik_fl^_kjXe[gi\]\i\eZ\jkXb\ej\i`fljcpÉ jkfip#k_\Ô^_k]fik_\]lkli\f]pfle^nfd\eèk_\>FG #DXiZ_+#)''0%K_\èk\im`\n#gièk\[le[\ik_\_\X[cè\ÈJg\ ÈIffd]fi;\YXk\ÉYcf^#DXiZ_)#)''0%J_\Zfdd\ekjfek_\gifj ]GlYc`Z@ek\i\jkCXn #Gi`kqb\iGif] C8IIPBI8D

Stanford Lawyer / Spring 2009 39 40

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Stanford Lawyer / Spring 2009 87 88

Stanford Lawyer / Spring 2009 stanford From the Editor LAWYER From the Dean ISSUE 80/VOL. 43/NO. 2 By Larry Kramer Richard E. Lang Professor of Law and Dean Every few years we check in with you, our alumni, to gather input Editor regarding general communications from the law school and to gauge satisfaction with SHARON DRISCOLL [email protected] Can you imagine completing medical school without having ever been asked the magazine. Do you read Stanford Lawyer? Do you find the articles interesting? seriously to consider what kind of doctor you want to become? And not just medi- Do you value “Classmates”? Thank you to everyone who responded to the survey Associate Dean for Communications cal school. You could not do this at a school of psychology or education or engineering. You could not do last summer. While there’s a general view among communications professionals that and Public Relations SABRINA JOHNSON it at any professional school. Except for law. Robust career advising has never been part of the law school surveys tend to elicit disproportionately high negative responses, the opposite seems to [email protected] culture. Why? Because historically we have not needed to help our students choose. Law students could have held in this case. Art/Design Direction begin that process after graduating, by going to private firms that let them wander among practice areas DAVID ARMARIO DESIGN for three or four years before finally settling down. • This system was collapsing even before the current Here are some of the results: 98% read “Classmates” news from their class Production Manager financial crisis, which can probably be counted on to lay it permanently to rest. Clients are increasingly LINDA WILSON 91% also read the articles in the front of the magazine unwilling to pay for recent graduates to spend time just trying things out. Graduates arriving at their first [email protected] 96% rate the magazine as good to excellent job today find themselves assigned to whatever area in the firm needs their help most—and clients and 82% want a printed version of the magazine Contributing Editor firms want them prepared to hit the ground running. A ll of which means law schools can no longer ignore Tayla klein their responsibility to help students make intelligent choices about the kind of lawyer they want to be, and Stanford Lawyer is an important communication tool, serving a variety of audiences. Class Correspondents to prepare for it, while they are still in school. • One way in which Stanford is addressing this problem is It is the law school’s most widely distributed publication, providing readers with news 66 CREATIVE ALUMNI with SLSConnect, an innovative, interactive social and professional networking site built exclusively for of scholarship, programs, and alumni, student, and faculty achievement. It also serves Copy Editors Stanford Law alumni and students. I initiated the project because, during my five years here,I have been as a way for alumni to stay connected to each other through the “Classmates” section. JOYCE THOMAS Arthur Patterson so impressed by how close our graduates stay to one another (something easily seen by leafing through the And while alumni are the primary focus of our efforts, Stanford Lawyer is sent to peer magazine’s rich “Classmates” section). This is not the case at every law school. Our alumni care deeply law schools, leaders in the legal profession, and members of the media—highlighting Editorial Intern Kristen Barta (BA ’09, MA ’10) about the school, about its fortunes, and about its students’ prospects. There is, we realized, enormous our reputation as a top-tier law school. untapped potential in this tight-knit community: potential not only to strengthen ties among alumni but Stanford Lawyer is also a collaborative effort that requires the involvement of faculty, Production Associates LUANNE HERNANDEZ (BA ’05) also to innovate in delivering the best possible advice to students. SLSConnect can help in this effort. students, and alumni to rise above the ordinary. One of the greatest pleasures of my MARY ANN RUNDELL SLSConnect contains three interrelated components that benefit from your participation. First is a sort job is the interaction I have with this community (you) and I continue to be impressed by how much of your time you give to the magazine—whether for a quick question, a of “Wikipedia” for law students about different practice areas. The Career Wikis section describes what Stanford Lawyer (ISSN 0585-0576) is published for lengthy Q&A, contributing to “Classmates,” or as a class correspondent. alumni and friends of Stanford Law School. lawyers in different practice areas do day to day: what the work is like, what skills lawyers need, what they I’m pleased that so many of you are satisfied with the magazine, but know that there wish they had studied in law school, and so on. These are available for law students to browse, so they Correspondence and information is always room for improvement. The survey is finished, but my door is always open, should be sent to: can begin the process of discovering what career paths might interest them. Each wiki was started from my e-mail and phone on. Please feel free to continue the conversation. Editor, Stanford Lawyer a description prepared by alumni who work in the practice area. Like all wikis, however, to succeed we With great appreciation, Stanford Law School need others who practice to revise and update. Crown Quadrangle Sharon Driscoll 559 Nathan Abbott Way The Career Wikis section works with SLSConnect’s second component, the social networking feature, Editor Stanford, CA 94305-8610 that serves as a kind of “Facebook” for students and alumni. Students intrigued by a particular practice [email protected]

can reach out directly to alumni who work in the area—ask questions, make contacts, and learn more of Changes of address should be sent to: what they need to do in school and after. [email protected] upcoming events at sls Social networking through SLSConnect benefits alumni as well, making it easier to keep in touch with Copyright 2009 by the Board of Trustees of friends. SLSConnect also functions as a private portal for the law school: the place to go to learn about Conference on Intellectual Property Stanford Law School’s Leland Stanford Junior University Reproduction in whole or in part without permission reunions, updates on classmates, and other exclusive content—lectures, online conversations, and more. Law and the Biosciences Directors’ College http://lst.stanford.edu/iplawandbioscience www.directorscollege.com of the publisher is prohibited. We don’t expect SLSConnect to substitute for Facebook or LinkedIn. The social media landscape is May 8 June 21–23 Issues of the magazine are available online at a busy place. But with this in mind, we’ve kept offerings inside SLSConnect unique and exclusive to the Law School Graduation Ceremony Alumni Weekend www.law.stanford.edu/publications/stanford_lawyer SLS community. We ask only that you register, use the network as you see fit, and make yourselves avail- May 10 www.law.stanford.edu/alumniweekend Issues from 1966 to the present are available on able to students who seek the benefit of your wisdom and experience. October 22–25 microfiche throughW illiam S. Hein & Co., Inc., Sixth Annual E-Commerce Best 1285 Main Street, Buffalo, NY 14209-1987, The third component of SLSConnect rolling out next year consists of an interactive course guide. Practices Conference Fall Public Service Awards Dinner and or order online at www.wshein.com/Catalog/Gut.asp? Based on extensive interviews with faculty and alumni, the guide will be a connected tool offering guid- http://lst.stanford.edu/best_practices Shaking the Foundations Conference TitleNo=400830. June 12 Dates to be Announced ance about where to go in the law school and university to find the skills students need. T he guide will link Stanford Lawyer is listed in: For more information about these and other events, visit www.law.stanford.edu directly to the Career Wikis within SLSConnect. The addition of the course guide will help students make Dialog’s Legal Resource Index and Current Law use of what they learned from these wikis and their networks within SLSConnect. Index and LegalTrac (1980–94). With your help, SLSConnect could revolutionize the process of law school career advising. Everything Stanford Lawyer grand gold winner we’ve done in the past few years to enhance our curriculum—offering students more and better course opportu- welcomes letters from readers, though brevity increases the likelihood nities, making greater use of the whole university—will matter only if students can use the new curriculum intel- of publication, and letters may be edited for length and clarity. ligently. SLSConnect is thus an easy but important way for everyone who went to Stanford Law School to help students get the best possible education and, hopefully, make our connections to one another even stronger. Charles T. Munger on the Economic Crisis Stanford University Non-proﬁt A Proﬁle of D.C. Power Couple Jeff ’68 and Anne ’68 (BA ’65) Bingaman Stanford Law School Organization Crown Quadrangle U.S. Postage Paid 559 Nathan Abbott Way Palo Alto, CA

JK8E=FI;C8NP)''0@JJL</' stanford Stanford, CA 94305-8610 Permit No. 28 80 80 LAWYER

Join fellow classmates on October 22–25, 2009 as we celebrate spring 2009 issue