INSTITUTE FOR
LAW & ECONOMICS A Joint Research Center of the University of Pennsylvania Carey Law School, The Wharton School, and the Department of Economics in the School of Arts & Sciences at the University of Pennsylvania ANNUA L REP ORT 2025-26
contents
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Message from the Co-Chairs
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Board of Advisors
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Message from the Dean
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Message from the Co-Directors
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Roundtable Programs 12 Fall Corporate Roundtable 14 Spring Corporate Roundtable
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Lectures 18 Distinguished Jurist Lecture 20 Past Distinguished Jurist Lectures 22 Law & Entrepreneurship Lecture 24 Past Law & Entrepreneurship Lectures
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Academic Events & Panel Programs 28 Penn/NYU Conference on Law & Finance 30 Junior Faculty Business & Financial Law Workshop 32 The Law & Finance of Private Equity and Venture Capital Conference 32 Curricular Partnerships 33 Chancery Court Program
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Pipeline Programs 38 Delaware Clerkship Program 40 M&A, Markets, and the State of the Profession 41 Business Law Hot Topics 42 Lunch & Learn Series
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Delaware Oral History Project and the Lipton Archive
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Affiliated Faculty
Message from the Co-Chairs On behalf of ILE’s Board of Advisors, we extend our sincere gratitude to everyone who contributed to ILE's accomplishments over the past year.
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e are especially thankful to the members of the Board of Advisors, as well as their colleagues and firms, whose active participation has been instrumental to ILE’s continued success. They support ILE generously, contributing not only financially, but also through their time, insight, and expertise. With its emphasis on topics that matter deeply to the academic, legal, and business sectors, ILE serves as a leading platform for thoughtful engagement and exchange on complex and fast-changing developments in business law and related disciplines.
ILE remains committed to advancing an ambitious agenda of programming and research that delivers meaningful value to multiple audiences, including students, academics, and members of the business community. The collaboration fostered among participants continues to be a tremendous source of energy and inspiration. From the Corporate Roundtables, which provided an engaging forum on timely issues, to public lectures with noteworthy speakers, this year once again reflected the strength and vitality of ILE’s programming. Of particular note, ILE was honored to welcome back Jay Clayton, EAS ’88, L’93, former ILE CoChair, to deliver the Distinguished Jurist Lecture in his new capacity as U.S. Attorney for the Southern District of New York. Another highlight of the year was a thought-provoking Law & Entrepreneurship Program with Jai Ramaswamy, L’99, Chief Legal Officer, Andreessen Horowitz. The Delaware Clerkship Panel and the Chancery Court Program offered valuable opportunities to hear from and engage with members of the Delaware judiciary and bar.
We were pleased to welcome as new members of our Board of Advisors Mary Eaton, Partner, Freshfields Bruckhaus Deringer US LLP; Nate Emeritz, Partner, Greenberg Traurig, LLP; Chris Foulds, Partner, Friedlander & Gorris, P.A.; Jason Klurfeld, Senior Managing Director and General Counsel, Evercore; Mark Lebovitch, Special Governance Counsel, Bernstein Litowitz Berger & Grossmann LLP; Ravi Purushotham, Partner, Simpson Thacher & Bartlett LLP; and Amy Wollensack, Partner, Akin Gump Strauss Hauer & Feld LLP. The leadership of ILE’s Faculty Co-Directors is central to every aspect of the organization’s work. Their ability to develop impactful programming, bringing together leading experts with wide-ranging perspectives, drives the success of ILE’s events and initiatives. Under their direction, ILE thrives as a preeminent forum for substantive discussion on issues of importance to legal and financial advisors, litigators, industry leaders, policymakers, jurists, and academics alike. MARK I. GREENE L’93 Cravath, Swaine & Moore LLP AMY SIMMERMAN C’02 Wilson Sonsini Goodrich & Rosati June 2026
ANNUAL REPORT 2025-26
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Board of Advisors
Richard B. Aldridge Morgan, Lewis & Bockius LLP Philadelphia, PA
William D. Anderson, Jr. Evercore New York, NY
Martin J. Bienenstock Proskauer Rose LLP New York, NY
Laarni T. Bulan Cornerstone Research Boston, MA
Brian Carney Apollo Global Management, LLC New York, NY
George A. Casey Linklaters LLP New York, NY
Charles I. Cogut Co-Chair, 2008-2019 Simpson Thacher & Bartlett LLP New York, NY
Steven M. Cohen Blue Raven LLP New York, NY
Michael Darby Dechert LLP Philadelphia, PA
Raymond J. DiCamillo Richards, Layton & Finger, P.A. Wilmington, DE
John DiTomo Morris, Nichols, Arsht & Tunnell LLP Wilmington, DE
Mary Eaton Freshfields Bruckhaus Deringer US LLP New York, NY
Nathan P. Emeritz Greenberg Traurig, LLP Wilmington, DE
John G. Finley The Blackstone Group L.P. New York, NY
Christopher Foulds Friedlander & Gorris, P.A. Wilmington, DE
Eric J. Friedman Skadden, Arps, Slate, Meagher & Flom LLP New York, NY
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Board of Advisors
Robert L. Friedman Chair, 2001-2007 The Blackstone Group L.P. New York, NY
Joseph B. Frumkin Co-Chair, 2008-2022 Sullivan & Cromwell LLP New York, NY
Daniel M. Gallagher Robinhood Markets, Inc. Washington, D.C.
Eduardo Gallardo Paul Hastings, LLP New York, NY
John Galloway Vanguard Wayne, PA
Joseph D. Gatto Orient Point Partners New York, NY
Perry Golkin PPC Enterprises LLC New York, NY
Mark I. Greene Co-Chair 2023Cravath, Swaine & Moore LLP New York, NY
Erik T. Hoover DuPont Wilmington, DE
Sarkis Jebejian Kirkland & Ellis LLP New York, NY
Gaurav Jetley Analysis Group New York, NY
Roy J. Katzovicz Saddle Point Group, LLC New York, NY
Jason Klurfeld Evercore New York, NY
Jeroen van Kwawegen Johnson Van Kwawegen LLP New York, NY
Daniel Lee Moelis & Company Los Angeles, CA
Mark Lebovitch Bernstein Litowitz Berger & Grossmann LLP New York, NY ANNUAL REPORT 2025-26
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Board of Advisors
Kenneth A. Lefkowitz Hughes Hubbard & Reed LLP New York, NY
Martin S. Lessner Young Conaway Stargatt & Taylor, LLP Wilmington, DE
Ted S. Lodge GoldenTree Asset Management, LP New York, NY
Scott B. Luftglass Fried, Frank, Harris, Shriver & Jacobson LLP New York City, NY
William P. Mills, III Cadwalader, Wickersham & Taft LLP New York, NY
Jennifer Muller Houlihan Lokey San Francisco, CA
Robert H. Mundheim A & O Shearman New York, NY
Charlotte Newell Sidley Austin LLP New York, NY
Ian A. Nussbaum Latham & Watkins LLP New York, NY
Jean Park Cooley LLP New York, NY
Morton A. Pierce Fried, Frank, Harris, Shriver & Jacobson LLP New York, NY
Ravi Purushotham Simpson Thacher & Bartlett LLP New York, NY
Alyssa Ronan Potter Anderson & Corroon LLP Wilmington, DE
Jeffrey J. Rosen Debevoise & Plimpton LLP New York, NY
Jennifer Shotwell Innisfree M&A Incorporated New York, NY
Amy L. Simmerman Co-Chair 2025Wilson Sonsini Goodrich & Rosati Wilmington, DE
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Board of Advisors
Joseph A. Stern Goldman Sachs & Co. New York, NY
Hon. Leo E. Strine, Jr. Chief Justice, Delaware Supreme Court, 2014-2019 Wachtell Lipton Rosen & Katz New York, NY
Marc Treviño Sullivan & Cromwell LLP New York, NY
Peter L. Welsh Ropes & Gray LLP Boston, MA
Amy Wollensack Akin Gump Strauss Hauer & Feld LLP New York, NY
Jennifer Zachary Merck & Co., Inc. Kenilworth, NJ
Hon. E. Norman Veasey Chief Justice, Delaware Supreme Court, 1992-2004 Gordon, Fournaris & Mammarella, P.A. Wilmington, DE
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Message from the Dean The Institute for Law & Economics brings together Penn’s exceptional interdisciplinary strengths to address the most significant and timely issues in business law, governance, finance, and public policy.
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ince its founding, ILE has distinguished itself by convening judges, regulators, business leaders, lawyers, investors, academics, and other experts whose diverse perspectives generate thoughtful analysis and meaningful insight into complex legal and economic challenges.
The breadth and caliber of ILE’s programming remain among its defining strengths. The Corporate Roundtables convene distinguished participants for substantive discussion and intellectual exchange. ILE’s public lectures and conferences draw audiences from across campus and around the world. Over the past year, ILE’s programs explored a wide range of issues, including developments in venture capital and innovation policy, state competition in corporate law, the independence and responsibilities of corporate officers and directors, corporate criminal liability and enforcement, and the implications of artificial intelligence for business and the law. ILE’s Junior Faculty Academic Workshop creates a forum for rising stars in business law alongside senior commentators, while its Lunch & Learn series and other student-facing programs give Penn Carey Law students the opportunity to meet and learn from leading professionals. The Penn/NYU Conference on Law & Finance celebrated its 20th anniversary, and the Conference on Private Equity & Venture Capital continued to establish itself as the leading international scholarly gathering of its kind.
ILE’s continued success is made possible by the generous support of law firms, financial institutions, corporations, foundations, and individual donors who recognize the Institute’s unique role and impact. Many of ILE’s supporters serve on its Board of Advisors, helping to shape its priorities while contributing their expertise as panelists, speakers, and commentators. We are especially grateful for the leadership and commitment of ILE’s co-chairs, Mark I. Greene L’93 and Amy L. Simmerman C’02, whose invaluable guidance and support have strengthened the Institute and advanced its mission.
ILE owes much of its vitality to its faculty leadership. Lisa Fairfax and Elizabeth Pollman have brought intellectual rigor, energy, and vision to the Institute, strengthening its scholarship and deepening its engagement with the profession. With the indispensable work of Managing Director Naseem Brady behind every program, ILE is well positioned to continue advancing thoughtful inquiry into the questions that will shape business and society in the years ahead. SOPHIA Z. LEE Dean and Bernard G. Segal Professor of Law, University of Pennsylvania Carey Law School June 2026
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ANNUAL REPORT 2026-26
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Message from the Co-Directors
We are pleased to share an update on ILE’s activities during another robust and rewarding academic year.
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LE’s Corporate Roundtables continued our distinctive focus on bridging academia and practice. The Fall Corporate Roundtable opened with Kartik Hosanagar of The Wharton School on the risks, benefits, and opportunities of artificial intelligence in business. A panel of leading practitioners then explored market developments and perspectives on AI and corporate governance, followed by an afternoon roundtable on emerging trends in corporate leadership and governance that brought together corporate directors, in-house counsel, investors, and outside advisors. The Spring Corporate Roundtable turned to the pressing subject of technology and the business of law, in a highly interactive format with academic experts alongside legal technology leaders and advisors. The conversation surfaced timely questions about how AI and legal technology are reshaping the legal profession, from changing business models to training junior lawyers.
We also pushed forward our work on a range of other programs and initiatives. The Law & Entrepreneurship Program featured a fireside chat with Jai Ramaswamy L’99, Chief Legal Officer of Andreessen Horowitz, on the topic “Venture Capital at a Crossroads: Politics, Policy, and Technology Innovation.” Our annual Distinguished Jurist Lecture was delivered by Jay Clayton EAS ’88, L’93, United States Attorney for the Southern District of New York and former Co-Chair of ILE, who spoke on “Remedying Corporate Criminal Behavior: Why Time Matters and How We Can Improve.” It was a special pleasure to welcome Jay back to ILE in his new role and to draw on his unique perspective at the intersection of law, markets, and public service. This year marked the fourth annual Junior Faculty Business and Financial Law Workshop, which has quickly established itself as a signature program. The presenters received feedback from senior academic and practitioner commentators, including members of the ILE Board of Advisors, in a setting designed to support the development of new scholarship in the field. Topics ranged from shareholder primacy and capital market efficiency to agentic AI in financial advising, corporate purpose, and the political economy of open banking regulation.
The Chancery Court Program explored “Director Independence Beyond the Checkbox,” with The Honorable Lori W. Will of the Delaware Court of Chancery joined by a distinguished panel of Delaware practitioners. The discussion offered a candid look at how independence is assessed in practice and where current doctrine may be evolving.
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The Penn/NYU Conference on Law & Finance celebrated its twentieth anniversary this year, a milestone we are proud to share with our colleagues at the NYU Pollack Center for Law & Business. The two-day program featured eight papers, evenly divided between law and finance scholars, with topics including bankruptcy and debt structure, proxy voting, shareholder democracy, litigation and damages, the political economy of Delaware corporate law, and depositor behavior. The conference’s vitality and longevity are a testament to the value of sustained interdisciplinary engagement.
We also offered a broad range of student-oriented programming and engagement with our alumni community. The Lunch & Learn series welcomed a remarkable group of speakers, including Dan Gallagher (Chief Legal, Compliance and Corporate Affairs Officer at Robinhood) and Rodney C. Pratt (Senior Vice President and Chief Legal Officer of LVMH North America), whose conversation served as the keynote for the Journal of Business Law’s annual symposium on business law in the global markets of fashion and luxury. The Delaware Clerkship and Firm Networking Program brought Vice Chancellor Paul Fioravanti, Justice Abigail LeGrow, Senior Magistrate Selena Molina, and a group of alumni practitioners to the Law School for a substantive discussion with students considering clerkships and Delaware practice. We hosted “M&A, Markets, and the State of the Profession: A Conversation on Women & Dealmaking” at the Penn Club of New York in the spring. The dinner program brought together senior and junior women in M&A and transactional practice for an exchange about navigating today’s market and legal environment, and about building careers in dealmaking.
Oxford, Goethe University Frankfurt, Bocconi University, and the European Corporate Governance Institute. This year’s program was held at Goethe University in Frankfurt and featured fourteen paper presentations by leading PE and VC scholars from around the world, along with academic and practitioner panels.
As always, ILE’s greatest resource is the quality of its supporters and their active engagement in our programs. We continued to benefit from our incredible Board of Advisors, including cochairs Mark I. Greene L’93 of Cravath, Swaine & Moore LLP, and Amy L. Simmerman C’02 of Wilson Sonsini Goodrich & Rosati, and we are delighted to welcome our new members. We are also grateful that our team includes Naseem Brady, who has stepped into the role of Managing Director and whose work has been essential to every program this year. We appreciate your contributions to the Institute’s continued success. LISA M. FAIRFAX Co-Director, Institute for Law & Economics Presidential Professor of Law ELIZABETH POLLMAN Co-Director, Institute for Law & Economics Perry Golkin Professor of Law June 2026
We wrapped up the year with “The Law & Finance of Private Equity and Venture Capital,” an annual collaboration between ILE, the London School of Economics, the University of
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Roundtable Programs At the heart of the Institute’s work is the roundtable series, which brings members of the Institute’s affiliated faculty and other academics together with corporate executives, practicing attorneys, judges, and public policymakers. Each roundtable takes up current issues that emerge from the research and teaching of the Institute and provides a forum for lively discussion. Over the years, the Institute’s roundtables on business, law, finance and corporate governance have engaged the interest and participation not only of scholars but also of leaders in the business and public sectors. The high caliber of the participants guarantees that each roundtable is intense and informative. ILE’s longstanding off-the-record policy for the roundtables is often the impetus for an energetic and wide ranging exchange of ideas among some of the nation’s most accomplished scholars, attorneys, and business people.
RO U N D TAB L E P RO G RAM S
Fall Corporate Roundtable Friday, December 5, 2025 WELCOME
Sophia Z. Lee, Dean and Bernard G. Segal Professor of Law, University of Pennsylvania Carey Law School
KEYNOTE SPEAKER Artificial Intelligence in Business: Risks, Benefits, and Opportunities
Kartik Hosanagar, The Wharton School, University of Pennsylvania
MORNING SESSION Market Developments and Perspectives on AI and Corporate Governance PANELISTS
Brian Carney, Apollo Global Management, Inc. Carolyn Cross, The Vanguard Group, Inc. David Kappos, Cravath, Swaine & Moore LLP Jason Klurfeld, Evercore Inc. Olga Kozak-Anlar, Robinhood Markets, Inc. Minh Van Ngo, Cravath, Swaine & Moore LLP Amy Simmerman, Wilson Sonsini Goodrich & Rosati MODERATOR
Elizabeth Pollman, University of Pennsylvania Carey Law School
AFTERNOON SESSION Emerging Trends in Corporate Leadership and Governance PANELISTS
Susan Chapman-Hughes, Toast, Inc.; The J.M. Smucker Co. Margaret M. Foran, Prudential Financial, Inc.; Council for Institutional Investors Jeffrey Gordon, Columbia Law School Jamie Greenberg, Goldman Sachs Marc Treviño, Sullivan & Cromwell LLP Amy Wollensack, Akin Gump Strauss Hauer & Feld LLP MODERATOR
Lisa M. Fairfax, University of Pennsylvania Carey Law School
The afternoon roundtable examined how evolving regulatory landscapes are reshaping the role of corporate leaders in both private and public companies. Panelists discussed the rise of purpose-driven leadership, the call for greater board accountability, developments in executive compensation, the political dimensions of corporate engagement, and the need for agility in a complex environment. The session concluded with a wide-ranging conversation about board composition in light of AI and other emerging technologies.
The panel explored how rapid advances in artificial intelligence are reshaping corporate decision-making, risk management, and regulatory expectations. The panelists highlighted growing investor focus on AI use and transparency, the need for boards to build technical literacy, and emerging governance models that balance innovation with ethical and legal safeguards.
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1 f rom left: Kartik Hosanagar (The Wharton School), and Lisa Fairfax (University of
Pennsylvania Carey Law School)
2 f rom left: Amy Simmerman (Wilson Sonsini Goodrich & Rosati), and Minh Van Ngo
(Cravath, Swaine & Moore LLP)
3 f rom left: Amy Wollensack (Akin Gump Strauss Hauer & Feld LLP), Marc Treviño
(Sullivan & Cromwell LLP), and Jamie Greenberg (Goldman Sachs)
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4 f rom left: David Kappos (Cravath, Swaine & Moore LLP), Carolyn Cross (The Vanguard
Group, Inc.), Brian Carney (Apollo Global Management, Inc.), Lisa Fairfax (University of Pennsylvania Carey Law School), Elizabeth Pollman (University of Pennsylvania Carey Law School), Amy Simmerman (Wilson Sonsini Goodrich & Rosati), Minh Van Ngo (Cravath, Swaine & Moore LLP), Olga Kozak-Anlar (Robinhood Markets, Inc.), and Jason Klurfeld (Evercore Inc.)
5 f rom left: Margaret M. Foran (Prudential Financial, Inc.; Council for Institutional
Investors), Susan Chapman-Hughes (Toast, Inc.; The J.M. Smucker Co.), Jeffrey Gordon (Columbia Law School), Lisa Fairfax (University of Pennsylvania Carey Law School), Elizabeth Pollman (University of Pennsylvania Carey Law School), Amy Wollensack (Akin Gump Strauss Hauer & Feld LLP), Jamie Greenberg (Goldman Sachs), and Marc Treviño (Sullivan & Cromwell LLP)
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6 f rom left: The Hon. Lori W. Will (Delaware Court of Chancery), and The Hon. Morgan T.
Zurn (Delaware Court of Chancery)
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RO U N D TAB L E P RO G RAM S
Spring Corporate Roundtable Friday, May 1, 2026 Technology and the Business of Law
The Spring Corporate Roundtable was held on May 1, 2026 at the Penn Club of New York. The Roundtable brought together members of the ILE advisory board and invited guests for a discussion exploring a wide range of legal industry trends including the rise of AI and legal tech, evolving business models of law firms, lawyer training in an era of disruptive technology, and much more. Professor David Wilkins (Harvard Law School) delivered keynote opening remarks. The Roundtable discussion featured speakers Joe Borstein (Baretz+Brunelle; LexFusion), Joe Green (Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP), John Morley (Yale Law School), and Nikki Shaver (Legaltech Hub). A reception and dinner followed with continued conversation.
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2 1 D avid Wilkins (Harvard Law School)
2 f rom left: Michael Gerstenzang (Cleary
Gottlieb Steen & Hamilton LLP), Nikki Shaver (Legaltech Hub), and Joe Green (Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP)
3 f rom left: Laarni Bulan (Cornerstone
Research), and Naomi Boyd (Robinhood Markets, Inc.)
4 f rom left: Shaun Ossei-Owusu (University
of Pennsylvania Carey Law School), Ken Lefkowitz (Hughes Hubbard & Reed LLP), Joe Frumkin (Sullivan & Cromwell LLP), Praveen Kosuri (University of Pennsylvania Carey Law School), and John Morley (Yale Law School; Anthropic Long-Term Benefit Trust).
5 f rom left: Joe Borstein (Baretz+Brunelle;
LexFusion), and Jack Pitts (Blackstone Inc.)
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Lectures ILE has continued its tradition of hosting a variety of public lectures featuring speakers on timely topics of particular interest to practitioners and students of business law and finance. Audiences are drawn from across the University and the legal and business communities. The preeminent speakers hold distinct appeal and inspiration for students at the Law School and The Wharton School, with whom they talk informally at receptions following each lecture, and the broader audience consisting of advisory board members and members of the judiciary. Of particular note is the Distinguished Jurist Lecture and the Law & Entrepreneurship Program Lecture, which are highlights of the Institute’s public programming. In hosting these events, the Institute aims to spotlight and honor jurists, regulators at the state and federal levels, and entrepreneurs who have led noteworthy careers and made significant contributions to their fields.
L E C T U RE S
Distinguished Jurist Lecture Thursday, January 29, 2026
This year’s Distinguished Jurist Lecture was delivered by Jay Clayton, EAS ’88, L’93, the United States Attorney for the Southern District of New York. Clayton assumed that role in August 2025, previously serving in an interim capacity. His public service career also includes serving as Chair of the U.S. Securities and Exchange Commission from 2017 to 2020, where he oversaw significant regulatory and enforcement initiatives affecting U.S. capital markets. In addition, while not in public office, he was a partner at Sullivan & Cromwell LLP, advising corporations and boards on complex securities, governance, and enforcement matters. Clayton also served as Co-Chair of ILE’s Board of Advisors from 2022 to 2025.
Jay Clayton, EAS ’88, L’93 United States Attorney, Southern District of New York
In his Distinguished Jurist Lecture, delivered on January 29, 2026 to a full audience at the Penn Club of New York, Clayton addressed the challenges of corporate criminal enforcement in “Remedying Corporate Criminal Behavior: Why Time Matters and How We Can Improve.” Drawing on his experience as a regulator and a U.S. Attorney for the SDNY, he emphasized the critical role that speed and certainty play in deterring misconduct and restoring trust in corporate institutions. He observed that delays in investigation and resolution can undermine accountability and weaken incentives for meaningful compliance reforms. Clayton concluded by describing the wide range of matters his office prosecutes, from violent crime and trafficking to securities and corporate fraud. The Distinguished Jurist Lecture was followed by a reception attended by members of the ILE Board of Advisors, practitioners, and faculty and alumni.
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1 f rom left: Jay Clayton (U.S. Attorney, Southern
District of New York), and Mark Greene (Cravath, Swaine & Moore LLP)
2 P enn Carey Law alumni
3 f rom left: Ian Nussbaum (Latham & Watkins
LLP), and Morton Pierce (Fried, Frank, Harris, Shriver & Jacobson LLP)
4 f rom left: Roy Katzovicz (Saddle Point Group,
LLC), John DiTomo (Morris, Nichols, Arsht & Tunnell LLP), and Elizabeth Pollman (University of Pennsylvania Carey Law School)
5 f rom left: Laarni Bulan (Cornerstone Research),
and Jennifer Shotwell (Innisfree M&A Incorporated)
6 R oy Katzovicz (Saddle Point Group, LLC)
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L E C T U RE S
Past Distinguished Jurist Lectures OCTOBER 22, 2024 Evolving Issues in Delaware Law The Hon. Kathaleen St. J. McCormick, Chancellor, Delaware Court of Chancery JANUARY 29, 2024 Lessons from the Benches: Reflections from One Jurist’s Journey Through State and Federal Courts The Hon. Tamika MontgomeryReeves, U.S. Court of Appeals for the Third Circuit OCTOBER 26, 2022 Regulating Digital Assets: Law, Policy, and Economic Implications Kristin N. Johnson, Commissioner, Commodity Futures Trading Commission APRIL 7, 2022 Creating Common Law in the Corporate Context – Delaware Style The Hon. Karen L. Valihura L’88, Justice, Delaware Supreme Court FEBRUARY 24, 2021 Corporate Governance Post-Pandemic and PostPresident Trump Fireside Chat with The Hon. Leo E. Strine, Jr., Counsel, Watchell, Lipton, & Katz NOVEMBER 11, 2019 Modernizing Our Regulatory Framework: Focus on Authority, Expertise & LongTerm Investor Interests Jay Clayton L’93, Chairman, U.S. Securities and Exchange Commission
OCTOBER 16, 2018 How Some Appellate Judges Think The Hon. Thomas L. Ambro, Judge, U.S. Court of Appeals for the Third Circuit NOVEMBER 15, 2017 The Procedural Implementation of Enhanced Scrutiny The Hon. J. Travis Laster, Vice Chancellor, Delaware Court of Chancery NOVEMBER 29, 2016 Current Policy Priorities Antonio Weiss, Counselor to the Secretary of the U.S. Treasury, Department of the Treasury OCTOBER 14, 2015 Science, Technology, and Immigration in the 21st Century The Hon. Barrington D. Parker, Jr., U.S. Court of Appeals for the Second Circuit MARCH 19, 2015 Fixing Lawyers’ Mistakes: The Court’s Role in Administering Delaware’s Corporate Statute The Hon. John W. Noble, Vice Chancellor, Delaware Court of Chancery NOVEMBER 19, 2013 The Paucity of Criminal Prosecutions Arising from the Financial Crisis: Unaccountable? The Hon. Jed S. Rakoff, U.S. District Judge, Southern District of New York
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OCTOBER 10, 2012 Financial Stability Regulation Daniel K. Tarullo, Governor, Board of Governors of the Federal Reserve System FEBRUARY 15, 2012 Regular Order as Equity The Hon. Leo E. Strine, Jr., Chancellor, Delaware Court of Chancery OCTOBER 25, 2011 The Delaware Court of Chancery from 1989 – 2011: An Insider’s View The Hon. William B. Chandler III, Chancellor, Delaware Court of Chancery MARCH 23, 2011 Treasury’s Performance as Pay Tsar: Precedent or Aberration? Kenneth R. Feinberg, Feinberg Rozen, LLP OCTOBER 29, 2009 Private Securities Litigation — Time for a Fresh Start? The Hon. Lewis A. Kaplan, U.S. District Judge, Southern District of New York NOVEMBER 11, 2008 Delaware Directors’ Fiduciary Duties: The Focus on Loyalty The Hon. Randy Holland, Justice, Delaware Supreme Court
OCTOBER 24, 2007 The Future of Securities Regulation Brian G. Cartwright, General Counsel, Securities and Exchange Commission OCTOBER 11, 2006 The Embattled Corporation The Hon. Richard A. Posner, U.S. Seventh Circuit Court of Appeals and University of Chicago Law School MARCH 16, 2006 Technology Mergers in a Shrinking World The Hon. Vaughn R. Walker, Chief Judge, U.S. District Court for the Northern District of California MARCH 3, 2005 Corporate Federalism: Event Horizons in Corporate Governance The Hon. Myron T. Steele, Chief Justice, Delaware Supreme Court OCTOBER 28, 2004 A Twelve-Year Retrospective on Delaware Corporate Jurisprudence and Governance Issues The Hon. E. Norman Veasey, Chief Justice, Delaware Supreme Court MARCH 4, 2004 Corporate Decision-Making in Delaware Courts The Hon. Carolyn Berger, Justice, Delaware Supreme Court
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L E C T U RE S
Law & Entrepreneurship Program Wednesday, October 22, 2025
ABOUT OUR SPEAKER Jai Ramaswamy
Our most recent Law & Entrepreneurship Program featured Jai Ramaswamy (L’99), Chief Legal Officer at Andreessen Horowitz, for a fireside chat titled “Venture Capital at a Crossroads: Politics, Policy, and Technology Innovation.” The discussion covered a wide-ranging exploration of the forces shaping today’s venture capital and technology ecosystem.
Reflecting on his role at Andreessen Horowitz, Mr. Ramaswamy shared insights into how regulation, politics, and rapid technological change intersect to influence innovation and investment. He provided a perspective on the challenges of regulating artificial intelligence in a way that protects the public without stifling innovation, competition, or entrepreneurial drive. The discussion also examined key issues facing the venture capital industry, the evolving balance of power in founder-led startup governance and state corporate law competition, and the shifting dynamics between public and private markets. He answered student questions on topics spanning from crypto and fintech startups to navigating an entrepreneurial career, and continued a lively conversation with attendees at the reception and with ILE advisory board members at the dinner that followed.
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Jai Ramaswamy currently oversees the legal, compliance, and government affairs functions at Andreessen Horowitz as Chief Legal Officer. He was previously the Chief Risk & Compliance Officer at cLabs, working on Celo, a mobile-first platform that makes financial dApps and crypto payments accessible to anyone with a mobile phone. He also spent several years in the financial services industry as the Head of Enterprise Risk Management at Capital One and the Global Head of AML Compliance Risk Management at Bank of America/ Merrill Lynch. Before joining the private sector, he served for over a decade at the Justice Department, as a white collar crime prosecutor in the Southern District of New York, at headquarters in the Computer Crime and Intellectual Property Section, and later as Chief of the Asset Forfeiture and Money Laundering Section — a role in which he oversaw the prosecutions of BNP Paribas and HSBC for Bank Secrecy Act, Patriot Act and sanctions violations. Mr. Ramaswamy has an undergraduate degree in government and economics from Harvard University, a law degree from the University of Pennsylvania Law School and a doctorate in social and political science from Cambridge University, U.K.
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4 1 from left: Jai Ramaswamy
(Andreessen Horowitz), and Penn Carey Law students
2 f rom left: Mark Lebovitch
(Bernstein Litowitz Berger & Grossmann LLP), Elizabeth Pollman (University of Pennsylvania Carey Law School), and Elena Norman (Young Conaway Stargatt & Taylor, LLP)
3 f rom left: Nate Emeritz
(Greenberg Traurig, LLP), Amy Simmerman (Wilson Sonsini Goodrich & Rosati), Michael Darby (Dechert LLP), and Jennifer Muller (Houlihan Lokey)
4 f rom left: Osagie Imasogie
(PIPV Capital), and Dean Sophia Z. Lee (University of Pennsylvania Carey Law School)
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L E C T U RE S
Past Law & Entrepreneurship Lectures SEPTEMBER 14, 2023 Real Estate Lawyer to Real Estate Executive Debra A. Cafaro, Chairman & CEO, Ventas
OCTOBER 26, 2016 The Immediate Challenges for the Next President of the United States David M. Rubenstein, Co-Founder and Co-CEO, The Carlyle Group
MAY 12, 2021 A Moderated Conversation Martin Lipton, Founding Partner, Wachtell, Lipton, Rosen & Katz With Theodore Mirvis, Wachtell, Lipton, Rosen & Katz
MARCH 16, 2016 Off the Field and Off the Record: The Future Through the Prism of Sports Philip de Picciotto, Founder and President, Octagon
NOVEMBER 17, 2020 A Moderated Conversation: Entrepreneurship and Venture Capital in 2020 & Ahead Scott Kupor, Managing Director, Andreesen Horowitz With Elizabeth Pollman, University of Pennsylvania Carey Law School
NOVEMBER 11, 2015 Counselor as Entrepreneur or Law as a Dynamic Venture Steven M. Cohen, Executive Vice President, Chief Administrative Office and General Counsel, MacAndrews & Forbes Incorporated
APRIL 10, 2019 China, Inc. – What It Means for American Innovation and Entrepreneurship John Schultz L’89, Executive Vice President, Chief Legal & Administrative Officer, Hewlett Packard Enterprise; Chair of the Board, H3C Technologies Company, Ltd. NOVEMBER 13, 2018 Intellectual Property – the New Global Currency Osagie Imasogie LLM’85, Senior Managing Partner, Phoenix IP Ventures JANUARY 17, 2018 Immersive Computing @ Google Matthew Apfel, Director, VR Video, Google, Inc. OCTOBER 25, 2017 Game Changers: Transformation of Sports Media (and a Career) Bill Koenig, President of Global Content and Media Distribution, National Basketball Association APRIL 12, 2017 A Banker’s Perspective on M&A Greg Weinberger, Co-Head of Global M&A, Credit Suisse Securities (USA) LLC
FEBRUARY 17, 2015 Doing Well and Doing Good: The Story of Plum Organics and the New Benefit Corporation Movement Frederick Alexander, Counsel, Morris, Nichols, Arsht & Tunnell LLP and Advisor for Legal Policy, B Lab Neil Grimmer, CEO and CoFounder, Plum Organics Bart Houlahan, Co-Founder, B Lab Ray Liguori, Vice President of Corporate Development, Campbell Soup Company Keely Stewart, Associate Corporate Counsel, Campbell Soup Company NOVEMBER 18, 2014 Happy Guy in Distressed…From Pre-Med to JD to Distressed Investing Steven T. Shapiro, Founding Partner and Senior Portfolio Manager, GoldenTree Asset Management APRIL 23, 2014 Blackstone Navigating a Sea of Regulatory Change John G. Finley, Senior Managing Director and Chief Legal Officer, The Blackstone Group NOVEMBER 12, 2013 Shazam! – A ’63 Law Grad is Transformed into a High Tech
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Entrepreneur J. Haig Farris, President, Fractal Capital Corporation FEBRUARY 25, 2013 From Corporate Management to Sports Management: Turning Around the 76ers Adam Aron, CEO and Co-Owner, Philadelphia 76ers OCTOBER 18, 2012 The Cross-Cultural CEO: Growing a Business in a World Without Borders David Perla L’94, Co-Chief Executive Officer, Pangea3 LLC NOVEMBER 15, 2011 Too Dull for Davos: My Life in Long-Only, Objective-Based, Active Money Management and Why I Think It Still Makes Sense Paul G. Haaga, Jr., Chairman of the Board, Capital Research and Management Company MARCH 2, 2011 Competitive Places and Inner City Opportunities: Reflections on 25 Years of Community Investment Jeremy Nowak, President and Chief Executive Officer, The Reinvestment Fund NOVEMBER 2, 2010 The Financial Crisis: Aftermath and Implications H. Rodgin Cohen, Sullivan & Cromwell LLP MARCH 3, 2010 Managing Through Change, Managing Through Crisis in Financial Services Joseph D. Gatto, Chairman of Investment Banking, Barclays Capital Americas SEPTEMBER 30, 2009 The ‘Ten Points’ for Maintaining a Risk-Taking Entrepreneurial Spirit in a Large Corporation J.P. Suarez, Senior Vice President and General Counsel, Wal-Mart Stores International Division
MARCH 31, 2009 The PeopleSoft Deal Safra Catz, President, Oracle Corporation MARCH 3, 2009 Defining the 21st Century Campus: The Intersection of Education and Community The Hon. Michael Nutter, Mayor, City of Philadelphia SEPTEMBER 17, 2008 Retailers in a Recession: A Fireside Chat on Investing with Bill Ackman William A. Ackman, Managing Member, Pershing Square Capital Management, L.P. MARCH 31, 2008 Making Every Mistake Once Safra Catz, President, Oracle Corporation SEPTEMBER 19, 2007 Tales from Blackstone’s IPO Robert L. Friedman, Senior Managing Director and Chief Legal Officer, The Blackstone Group L.P. FEBRUARY 28, 2007 Law, Legal Risks, and the Financial Markets Isaac D. Corré, Senior Managing Director, Eton Park Capital Management NOVEMBER 29, 2006 Large-Scale Entrepreneurship: Business Development at GE Pamela Daley, Senior Vice President for Corporate Business Development, General Electric Company OCTOBER 26, 2006 Managing in the 21st Century Henry R. Silverman, Chairman & CEO, Realogy Corporation FEBRUARY 16, 2006 The Banker as Entrepreneur Michael J. Biondi, Co-Chairman, Investment Banking, Lazard Frères & Co. LLC
Debra A. Cafaro
Martin Lipton
Scott Kupor
John Schultz
Osagie Imasogie
Matthew Apfel
Bill Koenig
Greg Weinberger
David Rubenstein
Philip de Picciotto
Steven M. Cohen
Steven T. Shapiro
John Finley
J. Haig Farris
Neil Grimmer, Roy Liguori, Keely Stewart, Frederick Alexander, Bart Houlahan
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Academic Events & Panel Programs ILE organizes a variety of forums focused primarily on the academic community. A distinctive feature of these programs is the involvement of judges and practitioners, who bring their practical insights to bear on the implications of academic research. For over 20 years, ILE has sponsored an annual Conference on Law & Finance jointly with NYU’s Pollack Center for Law & Business, with faculty coorganizers from Penn Carey Law, The Wharton School, NYU School of Law, and NYU Stern School of Business. This year’s event was hosted at NYU Stern. Building on the success of the previous years’ academic workshops featuring work by early and mid-career scholars, ILE was pleased to again hold the annual Junior Faculty Workshop.
Rounding out the academic events, ILE in partnership with the Faculty of Law of the University of Oxford, LSE Law School, Bocconi University, and the LawFin Center at Goethe University organized the annual Law & Finance of Private Equity and Venture Capital conference, held this year at Goethe University in Frankfurt.
Finally, the Institute hosted the Chancery Court Program. Our panel programs are designed to explore important topics in the areas of law, business, and corporate governance. This year’s Chancery Court Program tackled timely issues facing the Delaware courts involving director independence.
ACAD E M I C E V E N T S
Penn/NYU Conference on Law & Finance CONFERENCE ORGANIZERS
Yakov Amihud, Ira Leon Rennert Professor of Entrepreneurial Finance, NYU Stern School of Business Stephen Choi, Bernard Petrie Professor of Law and Business, NYU School of Law Lisa M. Fairfax, Presidential Professor of Law, University of Pennsylvania Carey Law School Itay Goldstein, Joel S. Ehrenkranz Family Professor, Professor of Finanace, The Wharton School of the University of Pennsylvania Elizabeth Pollman, Perry Golkin Professor of Law, University of Pennsylvania Carey Law School David Yermack, Albert Fingerhut Professor of Finance and Business Transformation, NYU Stern School of Business
Friday, February 20, 2026 NYU Stern School of Business
Precedent Terms
How to Implement Shareholder Democracy PRESENTER
Luigi Zingales, The University of Chicago Booth School of Business CO-AUTHORS
Oliver Hart, Harvard University, Department of Economics Helene Landemore, Yale University, Department of Political Science COMMENTATOR
Jill Fisch, University of Pennsylvania Carey Law School MODERATOR
S. Abraham Ravid, Yeshiva University Sy Syms School of Business
The New Political Economy of Delaware Corporate Lawmaking PRESENTERS
Marcel Kahan, NYU School of Law Edward Rock, NYU School of Law
PRESENTER
COMMENTATOR
CO-AUTHOR
MODERATOR
COMMENTATOR
Real Effects of Personal Liability: Evidence from Industrial Pollution
David Hoffman, University of Pennsylvania Carey Law School Vincent Buccola, University of Chicago Law School Giorgia Piacentino, University of Southern California, Marshall School of Business MODERATOR
Alan Schwartz, Yale Law School
The Proxy Voting Choice Revolution PRESENTER
Dorothy Lund, Columbia Law School CO-AUTHORS
Alon Brav, Duke University, Fuqua School of Business Tao Li, University of Florida, Warrington College of Business Zikui Pan, University of Florida, Warrington College of Business COMMENTATOR
Nadya Malenko, Boston College, Carroll School of Management MODERATOR
Elizabeth Pollman, University of Pennsylvania Carey Law School
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David Denis, University of Pittsburgh, School of Business Ryan Bubb, NYU School of Law
PRESENTER
Noémie Bucourt, Cornell, SC Johnson College of Business COMMENTATOR
Ofer Eldar, University of California, Berkeley School of Law MODERATOR
Simi Kedia, Rutgers Business School
Saturday, February 21, 2026 NYU Stern School of Business
Debt Structure When Bankruptcy Law Offers Incentives to Restruture PRESENTER
Kose John, NYU Stern School of Business
1
CO-AUTHORS
Iftekhar Hasan, Fordham University, Gabelli School of Business Padma Kadiyala, Pace University, Lubin School of Business Stefano Manfredonia, Fordham University, Gabelli School of Business COMMENTATOR
Anthony Casey, University of Chicago Law School MODERATOR
Thomas Bates, W. P. Carey School of Business, Arizona State University
2
3
Price Drop Damages PRESENTER
Adriana Robertson, University of Chicago Law School CO-AUTHOR
Vincent Buccola, University of Chicago Law School COMMENTATOR
Itay Goldstein, The Wharton School of the University of Pennsylvania MODERATOR
Vikramaditya S. Khanna, University of Michigan Law School
Tracing the Impact of Payment Convenience on Deposits: Evidence from Depositor Activeness PRESENTER
Yao Zeng, The Wharton School of the University of Pennsylvania CO-AUTHORS
Xu Lu, University of Washington, Foster School of Business Yang Song, University of Washington, Foster School of Business COMMENTATOR
Kathryn Judge, Columbia Law School MODERATOR
4 1 f rom left: Yakov Amihud (NYU Stern School of Business), Elizabeth
Pollman (University of Pennsylvania Carey Law School), Itay Goldstein (The Wharton School), David Yermack (NYU Stern School of Business), and Kose John (NYU Stern School of Business)
2 from left: Lisa Fairfax (University of Pennsylvania Carey Law School),
Henry Hu (University of Texas at Austin School of Law), and Dorothy Lund (Columbia Law School)
3 G iorgia Piacentino (University of Southern California, Marshall School
of Business)
4 f rom left: Adriana Robertson (University of Chicago Law School),
Vikramaditya S. Khanna (University of Michigan Law School), and Itay Goldstein (The Wharton School)
5 f rom left: Nadya Malenko (Boston College, Carroll School of
Management), Elizabeth Pollman (University of Pennsylvania Carey Law School), and Dorothy Lund (Columbia Law School)
Vyacheslav (Slava) Fos, Boston College Carroll School of Management
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ACAD E M I C E V E N T S
Junior Faculty Business & Financial Law Workshop In its fourth year, ILE hosted a full day workshop aimed at encouraging innovative and impactful scholarship in the realm of business and financial law, building a pipeline of the next generation of scholars focused on producing rigorous and relevant scholarship, and enhancing the relationship between academics and practitioners. The Workshop supports the scholarship of pre-tenure academics in the business law field and provides the chosen authors with the opportunity to obtain feedback on work in progress from scholars and practitioners with relevant subject matter expertise. The eight papers presented were selected by ILE faculty Co-Directors following a call for papers that drew over 60 submissions. We gratefully acknowledge the academics and practitioners, including members of the ILE Board of Advisors, who took the time to provide thoughtful commentary. SESSION 1
Agentic AI in Financial Advising
Jiaying Jiang, Associate Professor of Law, University of Florida Levin College of Law COMMENTATORS
William A. Birdthistle, Professor from Practice, University of Chicago Law School Peggy Ho, General Counsel and Chief Risk Officer, Commonwealth Financial Network; Governor, FINRA Board of Governors
1
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SESSION 2
Private Governance and Capital Market Efficiency
Alvaro Pereira, Assistant Professor of Law, Georgia State University, College of Law COMMENTATORS
Elisabeth de Fontenay, Karl W. Leo Distinguished Professor, Duke Law School Elizabeth Pollman, Perry Golkin Professor of Law, University of Pennsylvania Carey Law School SESSION 3
The Modern Corporation and the Ghost of Partnerships Past
Jared Mayer, Assistant Professor of Law, Benjamin Cardozo School of Law COMMENTATORS
Lisa M. Fairfax, Presidential Professor of Law, University of Pennsylvania Carey Law School Jill Fisch, Saul A. Fox Distinguished Professor of Business Law,
2
University of Pennsylvania Carey Law School SESSION 4
Governance by Trust
Andrew Winden, Assistant Professor, University of Oregon School of Law 3
COMMENTATORS
Amelia Miazad, Professor of Law, UC Davis School of Law Peter Molk, John H. and Mary Lou Dasburg Professor of Law, University of Florida Levin College of Law SESSION 5
Decomposing Reputational Harm and Economic Loss in Fraud-on-the Market Litigation
Nathan Atkinson, Assistant Professor, University of Wisconsin Law School 4
COMMENTATORS
Gaurav Jetley, Managing Principal, Analysis Group Adriana Z. Robertson, Donald N. Pritzker Professor of Business Law, University of Chicago Law School SESSION 6
Controlling Shareholder Primacy
Naveen Thomas, Assistant Professor, Brooklyn Law School COMMENTATORS
5 1 f rom left: Elizabeth Pollman (University of Pennsylvania Carey
Law School), Andrew Winden (University of Oregon School of Law), Alvaro Pereira (Georgia State University College of Law), Nathan Atkinson (University of Wisconsin Law School), Caley Petrucci (University of San Diego School of Law), Jared Mayer (Benjamin Cardozo School of Law), Jiaying Jiang, (University of Florida Levin College of Law), Naveen Thomas (Brooklyn Law School), Nikita Aggarwal (University of Miami School of Law), and Lisa Fairfax (University of Pennsylvania Carey Law School)
2 f rom left: Elizabeth Pollman (University of Pennsylvania Carey Law
School), Lisa Fairfax (University of Pennsylvania Carey Law School), and Caley Petrucci (University of San Diego School of Law)
3 f rom left: Amanda Jackson (Americans for Financial Reform), Eric
Talley (Columbia Law School), and Gaurav Jetley (Analysis Group)
4 G aurav Jetley (Analysis Group), Jiaying Jiang, (University of Florida
Levin College of Law), Nikita Aggarwal (University of Miami School of Law), and Alvaro Pereira (Georgia State University College of Law)
5 N athan Atkinson (University of Wisconsin Law School),
Jill Fisch (University of Pennsylvania Carey Law School), and Amelia Miazad (UC Davis School of Law)
Eric Talley, Marc and Eva Stern Professor of Law and Business, Columbia Law School Jeroen van Kwawegen, Founding Partner, JVK Law SESSION 7
Corporate Purpose Revisited
Caley Petrucci, Assistant Professor, University of San Diego School of Law COMMENTATORS
Kathyrn Judge, Harvey J. Goldschmid Professor of Law, Columbia Law School Dorothy S. Lund, Columbia 1982 Alumna Professor of Law, Columbia Law School SESSION 8
Lobbying for Data: The Politics of Open Banking Regulation in the United States
Nikita Aggarwal, Associate Professor of Law, University of Miami School of Law COMMENTATORS
Amanda N. Jackson, Former Director of Consumer Campaigns, Americans for Financial Reform
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ACAD E M I C E V E N T S
The Law & Finance of Private Equity and Venture Capital Conference This year, the London School of Economics Law School, ILE, the University of Oxford, and the DFG LawFin Center at Goethe University Frankfurt, together with the European Corporate Governance Institute, convened “The Law & Finance of Private Equity and Venture Capital” on June 25-26, 2026, at Goethe University in Frankfurt. The two-day annual conference featured interdisciplinary academic research from top scholars around the world, with participation from relevant practitioners, industry representatives, and policymakers. Topics included private equity buyouts, limited partner investments in private funds, private credit and systemic risks, government venture capital and entrepreneurship, VC governance influence in post-IPO companies, private ordering through bylaws and shareholder agreements, the market and policy implications of antitrust enforcement in startup acquisitions, and distressed private equity investments and post-reorganization governance.
C U R R I C U L A R PA RT N E R S H I P S
Fall 2025–Spring 2026 The Institute engages in curricular partnerships that serve the Law School’s educational mission. Several members of our Board of Advisors make important contributions as adjunct faculty. In addition, ILE invites members of our advisory board and other distinguished professionals to the Law School for special classes and seminars and as program participants to share their professional expertise with Penn Carey Law students. Additionally, we extend our thanks to the many advisory board members who generously contributed their time and expertise as guest speakers in business law courses across the curriculum.
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COURSES
Advanced Topics in Corporate Law
The Hon. Lori W. Will and Mark Lebovitch
Cross-Border M&A
George Casey and Scott Petepiece
Governance of Public Corporations David Silk and Nicole Hovatter
PAN E L P RO G RAM S
Chancery Court Program
2
3
1
Tuesday, February 17, 2026
University of Pennsylvania Carey Law School
Director Independence Beyond the Checkbox
4
The Hon. Lori W. Will, Delaware Court of Chancery Christopher Foulds, Friedlander & Gorris, P.A. Mark Lebovitch, Bernstein Litowitz Berger & Grossmann LLP Alyssa Ronan, Potter Anderson & Corroon LLP Brad Sorrels, Wilson Sonsini Goodrich & Rosati PC John Mark Zeberkiewicz, Richards, Layton & Finger, P.A.
1 F rom left: Elizabeth Pollman (University of Pennsylvania Carey Law
PANELISTS
MODERATOR
Elizabeth Pollman, Perry Golkin Professor of Law, Co-Director, Institute for Law & Economics, University of Pennsylvania Carey Law School This panel discussion, held in conjunction with the Advanced Topics in Corporate Law seminar taught by Vice Chancellor Lori W. Will and Mark Lebovitch, focused on cutting-edge topics and emerging issues related to director independence. The lively discussion examined the legal framework for director independence, including the types of relationships that can compromise it under Delaware corporate law, with each panelist offering perspectives and experiences shaped by recent developments, including amendments to DGCL Section 144.
School), John Mark Zeberkiewicz (Richards, Layton & Finger, P.A), Brad Sorrels (Wilson Sonsini Goodrich & Rosati), The Hon. Lori W. Will (Delaware Court of Chancery), Christopher Foulds (Friedlander & Gorris, P.A.), Alyssa Ronan (Potter Anderson & Corroon LLP), and Mark Lebovitch (Bernstein Litowitz Berger & Grossmann LLP)
2 A lyssa Ronan (Potter Anderson & Corroon LLP)
3 f rom left: Penn Carey Law students, John DiTomo (Morris, Nichols,
Arsht & Tunnel LLP), and Rebecca Martin (Fried, Frank, Harris, Shriver & Jacobson LLP)
4 f rom left: Brad Sorrels (Wilson Sonsini Goodrich & Rosati), The
Hon. Lori W. Will (Delaware Court of Chancery), Mark Lebovitch (Bernstein Litowitz Berger & Grossmann LLP), and Penn Carey Law alumni and students
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ANNUAL REPORT 2025-26
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Pipeline Programs ILE’s Pipeline Programs offer learning opportunities for Penn Carey Law students and early-career attorneys to complement their academic and professional development. For students interested in business law and Delaware corporate law, the programs provide direct access to leading practitioners, judges, and scholars. For early-career attorneys, ILE hosts panels and discussion forums that connect them with senior corporate lawyers.
P I P E L I N E P RO G RA M S
Delaware Clerkship Program Delaware is widely recognized for its premier courts and central role in handling sophisticated business disputes and corporate governance issues.
The Delaware Court of Chancery, along with the Delaware Supreme Court serving as its appellate body, shapes much of U.S. corporate law through decisions on mergers and acquisitions, fiduciary duties, and shareholder rights. This panel and networking event offered students valuable insight into the importance and impact of clerking in Delaware, a formative experience shared by many attorneys at leading firms in Delaware, New York, and beyond.
On October 27, 2025, Professor Jill Fisch led a discussion featuring current and former clerks from the Delaware Supreme Court and the Delaware Court of Chancery. Panelists shared their perspectives on the clerkship application process, their experiences working with Delaware’s judiciary, and the ways their clerkships have influenced their professional paths. Following the discussion, students attended a networking reception where they engaged with attorneys from Delaware firms to learn more about legal practice in the state. MODERATOR
Jill Fisch, Saul A. Fox Distinguished Professor of Business Law PANELISTS
Vice Chancellor Paul Fioravanti, Delaware Court of Chancery Justice Abigail LeGrow, Delaware Supreme Court Senior Magistrate Selena Molina, Delaware Court of Chancery Alexis Désiré, Jones Day Mark Mixon, Gibson, Dunn & Crutcher LLP Charlotte Newell, Sidley Austin LLP Amanda Raymond, Wilson Sonsini Goodrich & Rosati Angela Yoon, Delaware Court of Chancery Clerk
1
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5
2
1 from left: Mark Mixon (Gibson, Dunn & Crutcher
LLP), Alexis Désiré ( Jones Day), Angela Yoon (Delaware Court of Chancery Clerk), Amanda Raymond (Wilson Sonsini Goodrich & Rosati), Vice Chancellor Paul Fioravanti (Delaware Court of Chancery), Justice Abigail LeGrow (Delaware Supreme Court), Senior Magistrate Selena Molina (Delaware Court of Chancery), and Charlotte Newell (Sidley Austin LLP)
2 from left: Vice Chancellor Paul Fioravanti
(Delaware Court of Chancery), Martin Lessner (Young Conaway Stargatt & Taylor, LLP), and Senior Magistrate Selena Molina (Delaware Court of Chancery)
3 from left: Vice Chancellor Paul Fioravanti
(Delaware Court of Chancery), Justice Abigail LeGrow (Delaware Supreme Court), Senior Magistrate Selena Molina (Delaware Court of Chancery), and Penn Carey Law students
4 Vice Chancellor Paul Fioravanti (Delaware Court of
3
Chancery) and Penn Carey Law students
5 from left: Charlotte Newell (Sidley Austin LLP),
and Faiz Ahmad (Skadden, Arps, Slate, Meagher & Flom LLP)
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P I P E L I N E P RO G RA M S
M&A, Markets, and the State of the Profession In April 2026, ILE hosted a dinner program at the Penn Club of New York entitled M&A, Markets, and the State of the Profession: A Conversation on Women & Dealmaking. The program was an off-the-record conversation designed to facilitate engagement between senior and junior M&A and transactional attorneys, including an exchange of ideas about best practices for navigating careers and dealmaking in the current market and legal environment. Senior participants included Lara Aryani (A&O Shearman), Audra Cohen (Sullivan & Cromwell LLP), Gabrielle DiBernardi (Ropes & Gray LLP), Lissette Duran (Paul, Weiss, Rifkind, Wharton & Garrison LLP), Jenna Levine (Wachtell, Lipton, Rosen & Katz), Marilyn Lion (Debevoise & Plimpton LLP), Jennifer Muller (Houlihan Lokey), Jean Park (Cooley LLP), Amy Simmerman (Wilson Sonsini Goodrich & Rosati), and Amy Wollensack (Akin Gump Strauss Hauer & Feld LLP).
1
1 from left: Amy Wollensack (Akin Gump Strauss
Hauer & Feld LLP), Lisa Fairfax (University of Pennsylvania Carey Law School), and Gabrielle DiBernardi (Ropes & Gray LLP)
2
2 Amy Simmerman (Wilson Sonsini Goodrich &
Rosati)
3 from left: Elizabeth Pollman (University of
Pennsylvania Carey Law School), Lisa Fairfax (University of Pennsylvania Carey Law School), Lisette Duran (Paul, Weiss, Rifkind, Wharton & Garrison LLP), Jennifer Muller (Houlihan Lokey), and Molly Tsang (Simpson Thacher & Bartlett LLP)
3
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P I P E L I N E P RO G RA M S
Business Law Hot Topics To kick off the fall semester, ILE hosted Penn Carey Law students for a panel discussion centered around current events in business law.
Students heard from leading faculty experts in the field including ILE Faculty Co-Directors Lisa Fairfax and Elizabeth Pollman, as well as Professors Jill Fisch and David Skeel. The panel discussed developments in their areas of teaching and research, such as the dynamic landscape of Delaware corporate law and charter competition, capital market trends, and recent issues in bankruptcy law. Students gained insight into how these topics can be further explored both through their academic course plan and programming opportunities offered through ILE.
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P I P E L I N E P RO G RA M S
Lunch & Learn Series ILE hosted the Lunch & Learn Series to highlight prominent professionals, with a particular emphasis on introducing students and the Penn community to a diverse range of careers and cuttingedge topics in business and business law. Friday, October 3, 2025
Wednesday, October 15, 2025
Joe Green, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP
Joseph Friedman, Paul, Weiss, Rifkind, Wharton & Garrison LLP
Joe Green is Gunderson Dettmer’s Chief Innovation Officer. In this role, he leads the firm’s innovation strategy, with a focus on transforming the firm’s service delivery platform to provide a more modern experience for both internal and external stakeholders.
A partner in the Finance Group, Joseph Friedman (C’09, L’12) focuses on representing private equity funds and their portfolio companies in a variety of corporate finance transactions, including leveraged buyouts, acquisition financings, debt restructurings and distressed debt matters. He has significant experience advising clients on syndicated loans, private credit investments, asset-based facilities, intercreditor negotiations and cross-border leveraged finance transactions. Friedman co-developed a novel technological tool at the firm for the Finance Group that promotes efficient recordkeeping and facilitates identifying precedents with precision.
Also serving as Of Counsel in the firm’s New York office, Green has extensive experience representing startup and emerging growth technology companies, counseling founders and executives on a wide range of legal and business issues from formation to exit and advising premier venture capital firms and angels that invest in these companies in the U.S. and internationally. He has authored dozens of articles on startup-related issues, the business of law, legal technology and the future of the legal industry. Together with ILE Co-Director Elizabeth Pollman, he co-teaches the Startups and Venture Capital Bootcamp at Penn Carey Law. Green received his J.D. from the University of Virginia School of Law, and his B.A. in English and B.S. in Business Management from the University of Florida.
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Friedman received his J.D. from the University of Pennsylvania Carey Law School, where he was honored with the President and Provost’s graduation award for Exceptional Commitment to Graduate Student Life. He serves on the Law Alumni Society Board of Managers at Penn Carey Law.
Monday, October 27, 2025 Dan Gallagher, Robinhood Markets, Inc.
Dan Gallagher is Chief Legal, Compliance and Corporate Affairs Officer of Robinhood Markets. Prior to joining Robinhood, Gallagher was Partner and Deputy Chair of the Securities Department at WilmerHale. He served as a Commissioner of the U.S. Securities and Exchange Commission from 2011 to 2015, and held several other positions on the SEC staff prior to being appointed Commissioner. Gallagher serves on several advisory boards, including the Institute for Law & Economics. Additionally, he serves as a fellow in Columbia Law School’s program in the Law and Economics of Capital Markets and on the Board of Visitors at Catholic University of America, Columbus School of Law. Gallagher holds a J.D. from Catholic University of America, Columbus School of Law, and a B.A. from Georgetown University.
Above from left: Jill Fisch (University of Pennsylvania Carey Law School), and Dan Gallagher (Robinhood Markets, Inc.)
Thursday, February 19, 2026 Rodney C. Pratt, LVMH North America JOURNAL OF BUSINESS LAW ANNUAL SYMPOSIUM KEYNOTE ADDRESS
Rodney Pratt serves as Senior Vice President and Chief Legal Officer of LVMH Moët Hennessy Louis Vuitton Inc., the North America subsidiary of the French multinational luxury conglomerate. LVMH, the global leader in luxury, is comprised of 75 distinguished Maisons rooted in six different sectors: Wines & Spirits, Fashion & Leather Goods, Perfumes & Cosmetics, Watches & Jewelry, Selective Retailing, and Other Activities, such as art, culture, and hospitality. He leads and supports the LVMH legal and business teams across North America.
Prior to LVMH, Pratt had a successful 11-year career at Nike serving in various legal and executive leadership roles, including six years as General Counsel of Converse, a Nike subsidiary. He serves on the Board of the fashion house Marc Jacobs, is a Co-Founder of the Boston-based New Commonwealth Racial Equity & Social Justice Fund, and Chair of the Minority Corporate Counsel Association’s Advisory Board. He is an Adjunct Professor at Howard University School of Law, where he co-created and co-teaches a course on Sports & Social Justice.
He holds degrees from the College of William & Mary and the George Washington University Law School. While in law school, Pratt served as a White House Intern in the Office of the Chief of Staff under the administration of United States President William J. Clinton.
1
2 1 from left: Lisa Fairfax (University of Pennsylvania Carey Law School),
and Rodney Pratt (LVMH)
2 from left: Victoria Lagana (L’26), Lisa Fairfax (University of
Pennsylvania Carey Law School), Rodney Pratt (LVMH), and Elizabeth Pollman (University of Pennsylvania Carey Law School)
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Delaware Corporation Law Resource Center & Lipton Archive ILE is proud to host an online treasure trove for practitioners, students, academics, and others around the world. The Delaware Corporation Law Resource Center provides a full history of the DGCL and oral histories of landmark Delaware cases. The Lipton Archive is a living history of corporate law and governance that features the thought leadership of Martin Lipton.
Spearheaded by Larry Hamermesh, former Executive Director of ILE, and the late Michael Wachter, William B. and Mary Barb Johnson Professor of Law and Economics, Emeritus, with generous support from contributors, the Delaware Corporation Law Resource Center has become one of the most well-known resources in the corporate law field. Building on the success of the Resource Center, and with substantial support from Wachtell, Lipton, Rosen & Katz, the Institute developed an affiliated website, the Lipton Archive. It is a living corporate law and governance history site focusing on the thought leadership of Martin Lipton. The website has a searchable index of Lipton’s iconic memos from their inception and continuing into the future, as Lipton continues to address the emerging issues of this century. In addition, all of Lipton’s scholarly articles, and several of his important yearly writings (e.g., his Spotlight on Boards series) are available in chronological order. The site also has a narrative of Lipton’s career, which contains citations to his memos and publications, as well as those by other leading thinkers with whom he has engaged in dialogue. The site links to the rich materials in the Resource Center so that scholars, teachers, students, and practitioners may use them to conduct research, enrich classroom experiences, and deepen their understanding of the history and traditions of corporate governance.
Last year, in celebration of the 125th anniversary of the Delaware General Corporation Law (DGCL), ILE launched an update to its Resource Center. Through the remarkable efforts of Nate Emeritz, a corporate practitioner at Greenberg Traurig, LLP and a member of the ILE Board of Advisors, the site now features access to the historic statute from 1899 as well as its amendments through 1967, when the DGCL’s modern format took shape. This expansion completes the online collection of DGCL amendments, providing easy public access to the full history from 1899 to today.
The Delaware Corporation Law Resource Center can be found at www.law.upenn.edu/delawarecorporatehistory. The Lipton Archive is available at www.liptonarchive.org.
ANNUAL ANNUAL REPORT REPORT 2026//2026 2025-26
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Affiliated Faculty FAC U LT Y
ILE Directors LISA M. FAIRFAX Presidential Professor of Law; Co-Director, Institute for Law & Economics
Lisa M. Fairfax is an expert on corporate law, corporate governance, shareholder rights, and securities matters. Her research and scholarship focus on corporate purpose, board governance practices and procedures, board composition and diversity, board oversight and fiduciary duties, shareholder rights and activism, and various securities law topics with a specific focus on securities and investment affinity fraud.
In addition to her many law review articles and book chapters, Fairfax has authored a Business Organizations textbook, co-authored a textbook on Securities Litigation, Enforcement and Compliance, and a book on shareholder rights. Fairfax was an appointed member of the Investor Advisory Committee of the U.S. Securities and Exchange Commission (“SEC”). She also previously served as an independent public governor on the Board of Governors for the Financial Industry Regulatory Authority (“FINRA”). She also served on FINRA’s National Adjudicatory Council and FINRA’s NASDAQ Market Regulation Committee. Fairfax is an elected member of the American Law Institute (“ALI”) and a member of the ALI’s Advisory Group for the Restatement of Law, Corporate Governance. Fairfax is a former member of the Committee on Corporate Laws of the Business Law Section of the American Bar Association. Fairfax is also a former chair of both the Securities Regulation Section and the Business Associations Section of the Association of American Law Schools (“AALS”). Before joining Penn, Fairfax was the Alexander Hamilton Professor of Business Law at the George Washington University Law School and Founding Director of the GW Corporate Law and Governance Initiative. Prior to GW, Professor Fairfax was a Professor of Law and Founding Director of the Business Law Program at the University of Maryland School of Law. Before entering academia, Professor Fairfax practiced corporate and securities law with the law firm of Ropes & Gray LLP in Boston and D.C. Professor Fairfax graduated from Harvard College and Harvard Law School, with honors.
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ELIZABETH POLLMAN Perry Golkin Professor of Law; Co-Director, Institute for Law & Economics
Elizabeth Pollman is an expert on corporate law, governance, and rights. She teaches and writes on a wide variety of topics in business law, with a particular focus on corporate governance, purpose, and personhood, as well as startups, entrepreneurship, and law and technology. Her work has examined controlling shareholder doctrine, founder-CEOs, corporate purpose and responsibility, the system of U.S. public company governance, the governance and failure of venturebacked startups, securities fraud, director oversight liability, corporate disobedience, companies that have business models aimed at changing the law, the trading of private company stock, corporate privacy, and the history of corporate constitutional rights. She is the co-author of Business Organizations: A Contemporary Approach (with Frank Partnoy, West Academic Publishing) and co-editor of the Research Handbook on Corporate Purpose and Personhood (with Robert B. Thompson, Edward Elgar Publishing). She is a Research Member of the European Corporate Governance Institute. She has served on the Corporate Laws Committee of the American Bar Association, the National Business Law Scholars Conference Board, and the American Association of Law Schools Business Associations Executive Committee. Pollman has received the Harvey Levin Memorial Award for Teaching Excellence (2022) and the LLM Prize for Excellence in Teaching (2021 & 2024).
Before joining the Penn Carey Law faculty, Pollman taught at Loyola Law School, Los Angeles and was a visiting professor at the University of Sydney and UC Berkeley School of Law. She was previously a fellow at the Rock Center for Corporate Governance at Stanford Law School. She practiced law at Latham & Watkins LLP in Silicon Valley and Los Angeles and served as a clerk for The Hon. Raymond C. Fisher of the Ninth Circuit Court of Appeals. She earned both her BA and JD, with distinction, from Stanford University.
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FAC U LT Y
ILE Affiliated Faculty
DAVID ABRAMS
TOM BAKER
CARY COGLIANESE
William B. and Mary Barb Johnson Professorship of Law and Economics; Professor of Business Economics and Public Policy https://www.law.upenn.edu/faculty/dabrams
William Maul Measey Professor of Law and Health Sciences https://www.law.upenn.edu/faculty/thbaker
Edward B. Shils Professor of Law and Professor of Political Science; Director, Penn Program on Regulation https://www.law.upenn.edu/faculty/ccoglian
BRIAN D. FEINSTEIN
JILL E. FISCH
CLAUDINE GARTENBERG
Associate Professor of Legal Studies & Business Ethics, The Wharton School https://lgst.wharton.upenn. edu/profile/bdfeinst/
Saul A. Fox Distinguished Professor of Business Law; Co-Director, Institute for Law & Economics https://www.law.upenn.edu/faculty/jfisch
Associate Professor of Management, The Wharton School https://mgmt.wharton.upenn. edu/profile/cgart/
VINCENT GLODE
ITAY GOLDSTEIN
WITOLD HENISZ
Pasi M. Hamalainen Professor of Finance, The Wharton School https://fnce.wharton.upenn. edu/profile/vglode/
Joel S. Ehrenkranz Family Professor of Finance, The Wharton School https://fnce.wharton.upenn.edu/profile/itayg/
Vice Dean and Faculty Director, Impact, Value, and Sustainable Business Initiative; Deloitte & Touche Professor of Management in Honor of Russell E. Palmer, former Managing Partner https://mgmt.wharton.upenn. edu/profile/henisz/
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RICHARD J. HERRING
DAVID HOFFMAN
ROBERT W. HOLTHAUSEN
Jacob Safra Professor of International Banking, Professor of Finance https://fnce.wharton.upenn. edu/profile/herring/
William A. Schnader Professor of Law https://www.law.upenn.edu/faculty/dhoffma1
The Nomura Securities Co. Professor; Full Professor in Wharton Accounting Professor of Finance https://accounting.wharton. upenn.edu/profile/holthaus/
HERBERT HOVENKAMP
JONATHAN KLICK
MICHAEL S. KNOLL
James G. Dinan University Professor https://www.law.upenn.edu/faculty/hhovenka
Charles A. Heimbold, Jr. Professor of Law https://www.law.upenn.edu/faculty/jklick
Theodore K. Warner Professor of Law; Professor of Real Estate, The Wharton School; Co-Director, Center for Tax Law & Policy https://www.law.upenn.edu/faculty/mknoll
SARAH E. LIGHT
MARY-HUNTER McDONNELL
DAVID K. MUSTO
Mitchell J. Blutt and Margo Krody Blutt Presidential Professor; Professor of Legal Studies & Business Ethics, The Wharton School https://lgst.wharton.upenn.edu/profile/lightsa/
Bantwal Family Goldman Sachs Presidential Associate Professor; Associate Professor of Management https://mgmt.wharton.upenn. edu/profile/marymcd/
Ronald O. Perelman Professor in Finance, Director, Stevens Center for Innovation in Finance, The Wharton School https://fnce.wharton.upenn.edu/profile/musto/
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FAC U LT Y
ILE Affiliated Faculty
SAULE OMAROVA
ERIC W. ORTS
SHAUN OSSEI-OWUSU
Earle Hepburn Professor of Law https://www.law.upenn.edu/faculty/sto12
Guardsmark Professor, Professor of Legal Studies & Business Ethics and Professor of Management https://lgst.wharton.upenn.edu/profile/ortse/
Presidential Professor of Law https://www.law.upenn.edu/faculty/oss
GIDEON PARCHOMOVSKY
ANDREW W. POSTLEWAITE
MICHAEL R. ROBERTS
Robert G. Fuller, Jr. Professor of Law https://www.law.upenn.edu/faculty/gparchom
Harry P. Kamen Professor of Economics, School of Arts and Sciences; Professor of Finance, The Wharton School https://economics.sas.upenn.edu/ people/andrew-postlewaite
William H. Lawrence Professor of Finance, The Wharton School https://fnce.wharton.upenn. edu/profile/mrrobert/
JENNIFER ROTHMAN
AMY SEPINWALL
AMANDA SHANOR
Nicholas F. Gallicchio Professor of Law https://www.law.upenn.edu/faculty/rothmj
Associate Professor of Legal Studies and Business Ethics, The Wharton School https://lgst.wharton.upenn.edu/profile/sepin/
Associate Professor of Legal Studies & Business Ethics https://lgst.wharton.upenn.edu/profile/shanor/
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DAVID A. SKEEL, JR. S. Samuel Arsht Professor of Corporate Law https://www.law.upenn.edu/faculty/dskeel
CHRISTINA PARAJON SKINNER Associate Professor of Legal Studies & Business Ethics; Co-Director: Wharton Initiative on Financial Policy and Regulation https://lgst.wharton.upenn. edu/profile/skinnerc/
LUCIAN (LUKE) TAYLOR John B. Neff Professor in Finance, Professor of Finance, Co-Director, Rodney L. White Center for Financial Research https://fnce.wharton.upenn.edu/profile/luket/
RORY VAN LOO
SUSAN M. WACHTER
POLK WAGNER
Associate Professor of Legal Studies and Business Ethics https://lgst.wharton.upenn.edu/profile/vanloo/
Albert E. Sussman Professor of Real Estate, Professor of Finance, The Wharton School; Co-Director, Penn Institute for Urban Research; Director, Wharton Geographical Information Systems Lab https://real-estate.wharton.upenn. edu/profile/wachter/
Michael A. Fitts Professor of Law, Co-Director, Center for Innovation, Technology & Competition https://www.law.upenn.edu/faculty/pwagner
SHELLEY WELTON
KEVIN WERBACH
TESS WILKINSON-RYAN
Presidential Distinguished Professor of Law and Energy Policy at Penn Carey Law and Kleinman Center for Energy Policy https://www.law.upenn.edu/faculty/swelton
Liem Sioe Liong/First Pacific Company Professor; Professor of Legal Studies & Business Ethics Chairperson, Legal Studies and Business Ethics https://lgst.wharton.upenn. edu/profile/werbach/
Golkin Family Professor of Law and Professor of Psychology https://www.law.upenn.edu/faculty/twilkins
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FAC U LT Y
ILE Affiliated Faculty
BILGE YILMAZ
CHRISTOPHER YOO
DAVID ZARING
Wharton Private Equity Professor, Professor of Finance, The Wharton School; Academic Director, Harris Family Alternative Investments Program https://fnce.wharton.upenn. edu/profile/yilmaz/
Imasogie Professor in Law and Technology; Professor of Communication; Professor of Computer and Information Science; Founding Director, Center for Technology, Innovation & Competition https://www.law.upenn.edu/faculty/csyoo
Elizabeth F. Putzel Professor of Legal Studies & Business Ethics, The Wharton School https://lgst.wharton.upenn.edu/profile/zaring/
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ANNUAL REPORT 2026//2026
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ILE Contributors We are tremendously grateful for the generous support through funding, time commitments, and active participation that we have received throughout the year. In particular, we would like to express our sincere thanks to the cochairs and members of the ILE Board of Advisors and their respective firms and organizations, featured in this annual report. We deeply appreciate all that you do to support and enrich the Institute and its programs.
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about
INSTITUTE FOR
LAW & ECONOMICS ILE is a leading center for corporate law, governance, business, and finance. It is a joint initiative of the University of Pennsylvania Carey Law School, The Wharton School, and the Department of Economics. Founded in 1980 by Professor Michael L. Wachter, the Institute was created to advance interdisciplinary research and bring together academics, lawyers, business leaders, judges, policymakers, and regulators. Our signature roundtables and conferences serve these goals by fostering in-depth discussions of timely issues. Public lectures and academic workshops further our mission to bridge academics and practitioners in our key areas of focus.
ILE benefits from several distinctive advantages. We build on the research and teaching strengths of the Law School, the Wharton School, and the Department of Economics. Our location is a meeting place for participants from Delaware, New York, Washington, and beyond. We invite Penn alumni who occupy key positions in law, business, and government to share their expertise. And, critically, we have an extraordinarily distinguished group of advisory board members and sponsors who are willing to contribute their time and expertise to make our programming a success. The Institute is led by its Faculty Co-Directors with active participation and support from its Board of Advisors. Funding for ILE comes from a diverse group of corporations, law firms, foundations, and individuals who support our work each year.
INSTITUTE FOR
LAW & ECONOMICS University of Pennsylvania Carey Law School 3501 Sansom Street Philadelphia, PA 19104-6204 www.law.upenn.edu/institutes/ile/ Lisa M. Fairfax Co-Director Presidential Professor of Law fairfaxl@law.upenn.edu Elizabeth Pollman Co-Director Perry Golkin Professor of Law epollman@law.upenn.edu Naseem Brady Managing Director nlbrady@law.upenn.edu