At today’s faculty workshop, Robin Slocum, the Boden Visiting Professor Law, gave a fascinating presentation of her latest paper, entitled “The Dilemma of the Vengeful Client: A Prescriptive Framework for Cooling the Flames of Anger” (forthcoming in the Marquette Law Review). Noting that lawyers and the legal system can sometimes become weapons for vengeance in the hands of an angry client, Robin suggested that client counseling can help both the client and the lawyer achieve better outcomes in litigation and avoid the psychological and physiological costs of such vengeance-seeking activity. Effective client counseling, she argued, should focus on uncovering the thoughts and beliefs that underlie anger in order to identify the more rational aims of litigation. In addition, Robin suggested that law schools may consider adopting courses that build lawyers’ emotional competency to engage in this type of counseling.
Yesterday, a packed room of more than one hundred people at the Law School was treated to the latest installment of On the Issues with Mike Gousha, featuring Wisconsin Republican Party Chairman Reince Priebus and Wisconsin Democratic Party Chairman Joe Wineke. Gousha began the program by asking Priebus and Wineke about what role Wisconsin will play in the outcome of this year’s presidential election. Both party chairmen confirmed that Wisconsin is considered “in play” for the presidential election, with recent polling showing Barack Obama with a narrow 2-3 point lead over John McCain in the state. When asked what factor(s) will determine the election, Priebus suggested that the issue of trust — that is, which candidate voters trust most — will be dispositive. Wineke countered that the election would turn on the economy. Both also agreed that get out the vote (GOTV) volunteer efforts will be critical to success, in the state and nationally.
Continuing our faculty workshop series, Nadelle Grossman presented a work in progress earlier this week entitled “Clarifying the Long-Term Nature of Director and Shareholder Fiduciary Duties.” Her presentation examined the various factors that have magnified the influence of short-term institutional shareholders, such as hedge funds and activist investors, over the decisions of corporate management. These factors include the way the market punishes firms that fail to meet their quarterly earnings targets, the incentives of money managers to maximize their own fees by boosting the share price of their holdings, and the increasing effectiveness of the shareholder franchise. Professor Grossman argued that the increasing influence of the “short-termers” has impaired management’s ability to set a long-term strategy for the corporation. Her thesis is that the fiduciary duties of directors and institutional shareholders should be re-examined in order to promote the adoption of business strategies with longer time frames.