Message from the Dean

For almost four decades, the Institute for Law and Economics has successfully demonstrated the benefits of cross-disciplinary perspectives.

ILE’s programming is a model for building bridges between disciplines and for creating ties among schools, faculty members, students, and experts in the field. ILE combines Penn’s greatest strengths in the Law School, the Wharton School, and the Department of Economics to focus on complex and timely questions. ILE proves that bringing a diverse group of experts together — judges, deal-makers, regulators, business leaders, lawyers, bankers, policymakers, academics, and more—generates important and original insights.

In addition to its unique focus, another of the Institute’s strengths is the variety of programs it offers. The roundtables — ILE’s signature events — bring together distinguished members of the bar, judiciary, government, business world, and academia for open discussion and intellectual exploration. ILE’s public lectures by leading jurists, executives, and entrepreneurs attract participants from all sectors of the University and from the wider community. During the past year, the outstanding talks, panels, and conferences organized by the Institute covered a wide range of topics, including shareholder agreements, waivers, and private ordering in corporate law, fairness opinion committee practice, state and federal developments on ESG, the career arcs of leaders in business law, women and M&A, retail shareholders and voting, and continuing the conversation about racial equity in corporate governance. ILE managed the challenge of the ups and downs of the continuing pandemic offering most of its programming in person, while still taking advantage of the benefit of virtual programming.

We are proud of the generous support ILE receives from the many corporations, law firms, investment banks and other contributors who understand the importance of what we do and the unique position the Institute holds. Many of the ILE contributors also serve as members of the Institute’s Board of Advisors, helping to plan the direction and focus of the programs and lending their expertise as panelists and commentators for ILE events.

We owe a particular debt of gratitude to ILE’s extraordinary co-chairs, Joe Frumkin (L’85) and David Silk (L’88), for their many exceptional contributions. Like all who serve as advisors for ILE, Joe and David have contributed their very valuable time and expertise, in addition to drawing on their numerous contacts in the legal and business communities. ILE has benefited substantially from their leadership. We offer a special thank you to Joe as he steps down as a co-chair after fourteen years of incredible service. While his successor, Jay Clayton (L’93), has big shoes to fill, we are confident that Jay, together with David, will continue the great leadership.

I also thank the three eminent professors who have led the Institute for Law and Economics—Jill Fisch, Elizabeth Pollman, and Lisa Fairfax. It is because of their commitment that ILE ranks among the premier institutions of its kind. I expect the Institute to continue to grow and prosper under their direction supported by the enthusiastic efforts of Larry Hamermesh, the Executive Director. I extend the deepest appreciation to all ILE supporters and participants for their commitment and investment over the years.

Finally, it is with gratitude—as well as some melancholy—that I express our collective appreciation and best wishes to ILE's Managing Director Nadia Jannetta, who has been essential to ILE's smooth functioning over many years and will be continuing to work on similar issues at NYU beginning later this summer. Thank you Nadia and best of luck!

THEODORE RUGER, Dean and Bernard G. Segal Professor of Law,

University of Pennsylvania Carey Law School

June 2022