Come be my colleague! Athens is an amazing college town, the weather is warm, and the living is easy.
The University of Georgia School of Law is seeking applicants for up to two full-time tenure-track faculty positions to begin Fall Semester 2016. Curricular needs include Bankruptcy, Corporate Finance, Corporations, Federal Taxation, Intellectual Property, and Secured Transactions. We are actively considering both entry-level and lateral candidates.
Applicants should send their material to my colleague Andrea Dennis, email@example.com
The University of Alabama School is hiring, and my friend Julie Hill is chairing the appointments committee. Position descriptions after the break.
Assistant Professor / Associate Professor / Professor
The University of Alabama School of Law anticipates making at least two tenured or tenure- track appointments to its faculty, to begin in the 2016-2017 academic year. The Faculty Appointments Committee seeks applications from entry-level candidates with excellent academic records and demonstrated potential for exceptional teaching and scholarly achievement. We also welcome applications from lateral candidates who possess outstanding academic credentials, including demonstrated teaching ability and a record of distinguished scholarship. Although positions are not necessarily limited by subject matter, we are particularly interested in the following academic subject areas: business law, commercial law, employment law, family law, and labor law. Most candidates will have a J.D. degree from an accredited law school. Exceptional candidates who possess an advanced degree, such as a Ph.D., and who have scholarly interests related to the law involving interdisciplinary, jurisprudential, empirical, or social scientific work may be considered even without holding a law degree. The University of Alabama embraces and welcomes diversity in its faculty, student body, and staff; accordingly, the School of Law actively welcomes applications from persons who would add to the diversity of our academic community.
Salary, benefits, and research support are nationally competitive. The School of Law will treat all nominations and applications as confidential, subject to requirements of state and federal law. Interested candidates should apply online at facultyjobs.ua.edu. The positions will remain open until filled. Please refer any questions about the hiring process to Professor Julie A. Hill, Chair of the Faculty Appointments Committee for the 2015-2016 academic year (email: firstname.lastname@example.org).
D. Paul Jones & Charlene A. Jones Chair in Law
The University of Alabama School of Law seeks nominations and applications for a University- level Chairholder. The School of Law has achieved a high level of excellence in the quality of its faculty, students, administration, and staff. We seek to build on our standing as one of the leading public law schools in the United States through recruitment of a Chairholder with a national or international reputation for scholarship and teaching of the highest caliber. We welcome nominations and applications in all fields of law. Most candidates will have a J.D. degree from an accredited law school. Exceptional candidates who possess an advanced degree, such as a Ph.D., and who have scholarship related to the law involving interdisciplinary, jurisprudential, empirical, or social scientific work may be considered without holding a law degree. The University of Alabama embraces and welcomes diversity in its faculty, student body, and staff; accordingly, the School of Law actively welcomes applications from and nominations of persons who would add to the diversity of our academic community.
Salary, benefits, and research support will be nationally competitive. The School of Law will treat all nominations and applications as strictly confidential, subject only to the requirements of state and federal law. Interested candidates should apply online at https://facultyjobs.ua.edu/. Nominations should be e-mailed to Dean Mark E. Brandon at email@example.com. The position will remain open until filled. Please refer any questions about the hiring process to Dean Brandon at firstname.lastname@example.org.
Alexia Brunet Marks and Scott Moss (my former Marquette colleague) have an interesting paper on SSRN this week that was also profiled on the WSJ Law Blog. "What Makes a Law Student Succeed or Fail? A Longitudinal Study Correlating Law Student Applicant Data and Law School Outcomes" should be of interest to anyone either applying to law school or admitting students to law school. The two authors collected seven or eight years of applicant data from the University of Colorado Law School and Case Western Reserve Law School for 1400 enrolled students and matched the applicant data with resulting law school grades to see which application factors had the most predictive power for law school grades. I was on an admissions committee with Scott Moss for two years, so I was very interested to see whether this study confirmed or disproved some of our heuristics.
Table 3 sums up the findings. "Positive Predictors" are LSAT, UGPA, LCM (LSAT College Mean), STEM or EAF (economics, accounting or finance) major, post-college career last 4-9 years, being a teacher, and a rising UGPA if the UGPA is not old. Though the abstract states that the LSAT underperforms compared to conventional wisdom, I think the actual findings resemble what most of us thought about the LSAT: it predicts first-year grades, but not necessarily cumulative grades. UGPA does correlate with long-term grades, but it seems like only somewhat better than the LSAT. This is surprising to me only because I tend to discount UGPA in the era of grade inflation. The combination of high LSAT/low UGPA has a negative correlation with grades, confirming a gut feeling I have been spouting off for years. The variable of have a teaching career being positively correlated with law school grades is intriguing, though it seems to match my experiences with the very small number of ex-teachers I have taught.
I will let others pore over the statistical findings. The authors do a good job of describing the limitations of their data -- grades, not job placement or satisfaction, are used as a proxy for law school "success." Only matriculants are in the pool, so these are students who may have been chosen despite low UGPAs or LSATs because of other qualities that may not show up in the data -- in other words the pool is selected to succeed. And of course, the data cannot code for personal qualities such as ambition and drive.
What is an interesting thought experiment is whether law schools would have changed any admissions practices if Marks and Moss had proven zero correlation or even a negative correlation between LSAT and law school grades. Given the oppression of the USNWR rankings, which have worked to put undue emphasis on LSAT scores, then other things would have to change before law schools could throw out the LSAT (including changes at the ABA).
As an aside, having been in admissions meetings with Scott, the most interesting finding is that a disciplinary or criminal record has a negative predictive value equivalent to over a 7 point drop in LSAT. This is fascinating to me because the applicants who are admitted with disciplinary or criminal records generally are admitted because the infraction is minor, isolated or both. In other words, most of those applicants are let in under the assumption that their records do not reflect any cause for concern. Apparently, admissions committees should be paying more attention to random minor-in-possession records than we thought! Yikes!
Congratulations to my former colleagues Alfred Mathewson and Sergio Pareja, who were named co-deans at the University of New Mexico School of Law, my old home. They will make a great team. I saw them work wonderfully together in our tight business law group, earning the respect of faculty, students, staff, bench, and bar. Both started their careers, decades apart, at Holme, Roberts, and Owen in Denver. Both are skilled tax lawyers and dedicated teachers. Alfred and Sergio also have considerable experience in administration. Alfred stepped into be interim head of UNM’s Africana Studies Program, took an active faculty oversight role in UNM Athletics, and has been active in ABA accreditation. Sergio has been a campus leader and ran a study abroad program. Alfred and Sergio served as Associate Dean for Academic Affairs.
I admit that I don't tear into every paper reverse engineering the USNWR rankings out of principle, but this paper by Robert L. Jones (hat tip: Tax Prof Blog) seemed worth the read. (The paper is a shorter essay updating a longitudinal research paper from two years ago that I missed.) Both papers look at those ever-so-important "academic reputation" scores that show up in the USNWR to make every law school strive to improve its academic reputation. These scores are the result of surveys sent to every law school dean, academic associate dean, chair of appointments and newly tenured faculty member. Each school is rated 1 to 5. If you've ever stepped foot into a law school as a faculty member, you have been in a conversation on how to boost this score. Splashy new hires? Increasing scholarship? Increasing visibility of scholarship? Conferences? And you will inevitably hear someone say that academic reputation scores are "sticky" -- they do not seem to move quickly or substantially, no matter what schools do. This paper answers the "why" of the sticky question and concludes that the scores are not sticky -- they are intentionally deflated. First, here's Jones' graph showing that the average ARS has declined since 1998, with a particular trend since the disruption in the legal market during the financial crisis, despite all the investments schools have made in increasing scholarship and expanded hiring. Moreover, these scores have declined while judge/lawyer reputation scores have increased.
Why this decline then? Jones contends that because of the importance of the rankings and the competition the rankings engender, that voters act strategically by deflating the rankings of competitor schools. The more important the rankings are, then the more strategic the voting. No voter has an incentive to give high reputation scores, but a real incentive to give low ones. Therefore, Jones concludes, the academic reputation scores are worthless. (I could see an argument that if all voters systematically gave lower grades to everyone, then the scores are valid as a ranking, much like a 2.7 grading curve mean. But, we don't know how systematic the strategic ranking is. One could imagine that competitor schools over-punish schools that make large, visible investments in academic quality and ignore schools that are not seen as threats.) I have just begun to foment thoughts on this theory, but if it's true then it calls into question many firmly-held beliefs about expensive practices that are thought to "boost the rankings."
I co-teach a year-long Business Ethics class that culminates in the students writing and presenting a case study. (It occurs to me that I haven't blogged much about this class, and I will rectify that, but that's for another post.)
Today I want to talk about a case study that focused on textbook pricing-- undergraduate, because there is more information available. One student recounted a single Intro Bio textbook that cost $500. I remember thinking books were expensive back in my college days, but $500! How does textbook inflation compare with other metrics? According to the GAO, the price of textbooks increased 82% between 2002-2021, tuition and fees increased by 89%, and overall consumer prices grew by 28% (this stat and the others come via the excellent case study).
Where does all that money go? I've always wondered. According to this US News article, 21.6 %of the purchase price of a new book goes to the bookstore, 1% to shipping, and 77.4% to the publisher. And according to the same article, in 2008 (the last available data) 15.4% of the purchase price went to marketing, 11.7% to authors, 32.2% to paper, printing, and overhead.
We told the students to be neutral in the case study, so here's the publishers' position: students increasingly want products that accompany textbooks, including study guides and applications like online quizzes and homework for teachers. These things cost money to develop.
While the case study focused on college textbooks, of course the students talked about their experiences in law school. The consensus is that casebooks are way too expensive. There's a lot of frustration over the fact that rental prices and digital casebooks are not much less expensive than new ones. The students heartily condemned the widespread practice of changing a few pages in a casebook and then trotting out a new edition to avoid cannibalization from the secondary market.
I had pushed the case study author to address the professor's role in all this--not the casebook authors, but the professor selecting a casebook. Because, as the students are all too aware, this isn't a pure market, it's a mediated one. Students enrolled in a course are captive to their professor's textbook choices. Which brings me to my ethical question: what responsibility do I as a teacher have to my students in selecting a casebook? Should I pick the cheapest one? How much, if at all, should price matter to me? Some of my colleagues have even developed online casebooks, that are either free or available at a very low cost.
I can't go that far. I switch Corporations casebooks every year because 1) I'd get bored otherwise and 2) the students would have the notes from prior years and they would phone it in. And, frankly, I'm not excited about the prospect in compiling and editing a bunch of cases--there are plenty of people out there who have spent a lot of time thinking about how to structure a casebook, and they've done a better job than I could. The compromise I've currently struck is never to select a casebook in the first year of a new edition. That way at least the students have the choice of buying used. I'm not sure this is the right balance, but it's one I can feel okay about, at least for now. More deeply, it seems like as we move to digital publishing something has got to give.
VLS is a beautiful law school, in a beautiful place, and it isn't owned by the state of Vermont. So why did it commission a study establishing its economic importance for the Vermont economy? I would guess that it is either an effort to lay the groundwork for a bailout, or a pitch that the law school should be made a part of the state university system. The study's bottom line:
VLS is shown be a very strong contributor to the local economy. By virtue of the unusually high proportion of operating expenditures made in Vermont, itself a product of relatively high salaries of its professional staff, VLS is responsible for a high level of job and income creation. VLS generates not only strong payroll-related spending, but when combined with student and visitor expenditures, resulting employment growth is very strong. The 2.9 employment multiplier for VLS, discussed in the section on total economic impact, is dramatic evidence that VLS produces a highly localized impact in a small state that normally sees a high proportion of expenditures flow from the State for goods and services produced elsewhere.
It's hard to know what the future holds, of course, but the school has been engaged in some serious downsizing - the sort of downsizing that would suggest that hiring a consultant to defend the value of the school is an expense worth foregoing. And there have long been mutters about a takeover, either by Dartmouth or UVM - the law school is located almost exactly between them. Could the law school be making a case for a merger? There's also all of this previously.
Assistant Director of the Center for Transactional Law and Practice
Emory Law School
Emory Law School seeks an Assistant Director of the Center for Transactional Law and Practice to teach in and share the administrative duties associated with running the largest program in the Law School. Each candidate should have a J.D. or comparable law degree and substantial experience as an attorney practicing or teaching transactional law. Significant contacts in the Atlanta legal community are a plus.
Initially, the Assistant Director will be responsible for leading the charge to further develop the Deal Skills curriculum. (In Deal Skills – one of Emory Law’s signature core transactional skills courses – students are introduced to the business and legal issues common to commercial transactions.) The Assistant Director will co-teach at least one section of Deal Skills each semester, supervise the current Deal Skills adjuncts, and recruit, train, and evaluate the performance of new adjunct professors teaching the other sections of Deal Skills.
As the faculty advisor for Emory Law’s Transactional Law Program Negotiation Team, the Assistant Director will identify appropriate competitions, select team members, recruit coaches, and supervise both the drafting and negotiation components of each competition. The Assistant Director will also serve as the host of the Southeast Regional LawMeets® Competition held at Emory every other year.
Additionally, the Assistant Director will be responsible for the creation of two to three new capstone courses for the transactional law program. (A capstone course is a small, hands-on seminar in a specific transactional law topic such as mergers and acquisitions or commercial real estate transactions.) The Assistant Director will identify specific educational needs, recruit adjunct faculty, assist with curriculum design, and monitor the adjuncts’ performance.
Besides the specific duties described above, the Assistant Director will assist the Executive Director with the administration of the transactional law program and the Transactional Law and Skills Certificate program. This will involve publicizing the program to prospective and current students, monitoring the curriculum to assure that students are able to satisfy the requirements of the Certificate, and counselling students regarding their coursework and careers. The Assistant Director can also expect to participate in strategic planning, marketing, fundraising, alumni outreach, and a wide variety of other leadership tasks.
Emory University is an equal opportunity employer, committed to diversifying its faculty and staff. Members of under-represented groups are encouraged to apply. For more information about the transactional law program and the Transactional Law and Skills Certificate Program, please visit our website at:
To apply, please mail or e-mail a cover letter and resumé to:
Emory University Law School
1301 Clifton Road, N.E.
Atlanta, GA 30322-2770
APPLICATION DEADLINE: April 30, 2015
In a short story sure to enrage the scambloggers, and already on AboveTheLaw, note this:
Law schools are in crisis: Enrollment is plummeting, bar exam pass rates are declining, and the employment rate for fresh graduates is abysmal. There's one area, however, in which these institutions still outpace the rest of academia: how much they pay. Tenured law professors pulled in a median salary of $143,509 in 2014, more than professors in any other discipline, according to new survey data.
Here's a chart:
This is a case where medians are ... appropriate? Tons of business school professors, who finish second on the list, make not so much. But there are way more business schools than law schools, and the variation in quality, and pay, is high. It looks like the law professor ranks include legal studies professors at colleges and business schools, and that might be a reason to suggest that the median for the salary of tenured law professors in law schools is higher than the listed number. And don't even get me started on a conflation of biological and biomedical sciences.
In the Faculty of Arts and Sciences, the central academic unit and where Theidon works, female professors had a 66 percent success rate gaining tenure in the last five years, compared to three-quarters of men.
That is the tenure rate for Harvard's faculty of arts and science, which presumably includes the economics and government departments. Which means the tenure rate at other departments must be high indeed - or that everyone is hustled out the door before a tenure decision is made.
Earlier today my friend Steph Tai at Wisconsin got me thinking about academic debates. She was writing about the live debates that are a staple of FedSoc and ACS events, but the thoughts may also apply to written debates. While the debate format has some virtues, the key shortcoming of debates is that people are cast in roles that require disagreement and that lead -- often ... perhaps inevitably, if we really want to win -- to distortion and misunderstanding. Debates are sometimes fun and often interesting, but if the goal is to advance understanding, they are too often unproductive or even counterproductive.
All of this reminded me of the "principle of charity." Although this has religious overtones, I am talking about the idea from philosophy, defined on the linked page as "a methodological presumption ... whereby we seek to understand [a point of] view in its strongest, most persuasive form before subjecting the view to evaluation." This is a useful principle, even for debaters, though my experience has been that it is often ignored.
Maybe the format of our events can make a difference here. Next week I am participating in the annual Law and Entrepreneurship Retreat, hosted this year by Usha at the University of Georgia. One of the features of this event that I really appreciate is the format because we present each other's work. For example, I have a work in progress this year, but it is being presented by Bobby Bartlett at Berkeley. I will get a little time to talk after he presents, but authors mostly just listen and respond to questions during the Q&A. It's not an attempt to reach consensus but an attempt to understand. I am quite certain that everyone at the Retreat will learn more about my topic in this way than they would from a debate.
In advance of the US News rankings to be published tomorrow, my friend Dorothy Brown (Emory) has a provocative post at WaPo titled Law schools are in a death spiral. Maybe now they’ll finally change.
She makes some interesting points, but her concluding prediction, that "In three years, a top law school will close. Then watch how quickly things change" seems to come out of left field. I have been waiting for law school closures for some time now, but I expect them to come from the third- and fourth-tier schools. As Dorothy points out,
Law schools are currently in a bidding war for the students with the highest LSATs and GPAs because U.S. News heavily emphasizes those factors in its rankings. Students with higher LSATs tend to have a higher socioeconomic status; poorer law students lose out on scholarships and end up paying full tuition, financed through student loans, subsidizing their richer classmates. And law schools are still struggling to break even. Most JD programs are hoping their central administrators will remember a not-too-distant past when law schools subsidized the greater university.
But these pressures seem to me to strain to the breaking point at the low end of the pecking order. My instinct is that a "top law school"--meaning, even by a generous metric, a top-50 law school--will try to ride out the current economic situation and trust that it can ride out a storm that will take out lower-ranked schools. We'll see...
Redyip has returned, and by virtue of my new role as Associate Dean for Faculty Development, I'm more interested than usual in the annual springtime flood of submissions to the newly minted law review editorial boards (although I do have an article out this cycle. And it's totally awesome).
The problem is one of volume: ExpressO and Scholastica have lowered the cost of submission to each additional journal to mere dollars, giving an author the incentive to submit to dozens and dozens of journals. The fall cycle is diminished, and so more and more submissions funnel into the weeks of February and March. For years this system limped along mostly on expedites, where authors submitted to large numbers of journals. Once an author received an offer from a journal, she would expedite up, and law reviews in the tier above the offering school would use those expedites as a screening mechanism. But anecdotal reports suggest that the sheer volume of articles may be overwhelming students, and expedited articles are going unread.
The typical law prof response is to tut-tut, and murmur approvingly about peer reviewed journals. But a peer review journal means exclusive submissions, the torture of revise and resubmit, and a whole lot of work from the peers (i.e., us). I think most professors, when alone with their thoughts in the dark of night, would admit that they like the ability to submit simultaneously, and the closure of knowing where their piece will land come April. So what to do?
ExpressO's now offers two limited forms of relief to student editors: First, it allows law reviews to set a maximum number of simultaneous requests for expedite. Second, it allows law reviews to select "peers" from which to receive expedites.
Here's a bolder solution: what if authors could credibly commit that they were only offering to 10-20 journals at a time? This would reduce submissions significantly, and also allow journals more comfort in knowing that the authors really are interested and that their offers, while being shopped, aren't being shopped to every single school ranked higher than they are.
The problem is that it would be hard for authors to credibly commit, since any individual is best served by cheating. But what if the system's intermediaries--ExpressO and Scholastica--offered this feature? That is, allowed authors to signal that they'd only submitted to a limited number of reviews at any one time, and then flagged those pieces as "exclusive" (or at least, semi-exclusive) for law review editors? If the reviews collectively stated a preference--even a mild one--for such submissions, maybe we'd all be better off.
Fellow - Berkeley Center for Law, Business and the Economy (BCLBE)
- Boalt School of Law - JD Program
Salary Range: Commensurate with experience
Start Date: August 2015 or earlier by agreement
This is a 100% time, one-year term contract position, with the possibility of renewal for a second year.
The Berkeley Center for Law, Business and the Economy is seeking to hire a Research Fellow.
The Berkeley Center for Law, Business and the Economy (BCLBE) is Berkeley Law’s hub for rigorous, relevant, empirically based research and education on the interrelationships of law, business, and the economy. BCLBE informs students, policymakers and the public of the implications of this innovative work to promote positive outcomes on business operations, economic growth, and market efficiency. BCLBE’s interdisciplinary approach to basic research, timely policy research, curriculum innovation, and public education empowers current and future leaders in business, law and policy to tackle the most pressing problems of today and tomorrow.
The Fellow’s primary responsibilities will include:
• Working with the BCLBE faculty and staff to arrange and implement programming, including student events, conferences workshops and alumni and practitioner events.
• Working with the BCLBE faculty and staff, to develop research topics in law, business and the economy;
• Researching and writing white papers of publishable quality for policy-focused audiences, under the direction of faculty and staff;
• Speaking at workshops, to the academic community and the press about research initiatives;
• Assisting with other necessary aspects of the operation of BCLBE; and
• Assisting faculty in research questions involving data collection.
In addition, the Fellow will be provided with a significant opportunity to develop a research and writing agenda, including authorship of their own research work.
• J.D. degree or equivalent is required at the time of application
• Relevant experience in corporate finance, programming, and/or quantitative research is preferred;
• Excellent research, analytical and writing skills;
• Excellent communication and interpersonal skills;
• Organizational skills;
• Self-starter able to prioritize and function both independently and collaboratively;
• The ideal candidate will have a high degree of organization skills, experience and knowledge of business law and the ability to work capably with faculty and staff. The candidate should also have an interest in research and academia.
UC Berkeley offers an excellent benefits package as well as a number of policies and programs in place to support employees as they balance work and family. Information about health and retirement benefits can be viewed online at http://atyourservice.ucop.edu/.
Early applications are encouraged. The final deadline for applications is April 30, 2015.
Letters of reference and copies of scholarly transcripts may be requested of top candidates. All letters will be treated as confidential per University of California policy and California state law. Please refer potential referees, including when letters are provided via a dossier service or career center, to the UC Berkeley statement of confidentiality (http://apo.berkeley.edu/evalltr.html) prior to submitting their letters.
Berkeley Law is interested in candidates who will contribute to diversity and equal opportunity in higher education through research. Qualified women and members of underrepresented groups are strongly encouraged to apply.
The University of California is an Equal Opportunity/Affirmative Action Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, age or protected veteran status. For the complete University of California nondiscrimination and affirmative action policy see: http://policy.ucop.edu/doc/4000376/NondiscrimAffirmAct.
I hope everyone is having a great Oscar Sunday! Scholastica and ExpressO tell me that I have successfully submitted my latest paper, but I think they mean that I have successfully uploaded my latest paper. Anyway, months before it is published (if at all), you can get <i>The Limited Liability Partnership in Bankruptcy</i> here. Here is the abstract:
Brobeck. Dewey. Howrey. Heller. Thelen. Coudert Brothers. These brand-name law firms had many things in common at one time, but today have one: bankruptcy. Individually, these firms expanded through hiring and mergers, took on expensive lease commitments, borrowed large sums of money, and then could not meet financial obligations once markets took a downturn and practice groups scattered to other firms. The firms also had an organizational structure in common: the limited liability partnership.
In business organizations classes, professors teach that if an LLP becomes insolvent, and has no assets to pay its obligations, the creditors of the LLP will not be able to enforce those obligations against the individual partners. In other words, partners in LLPs will not have to write a check from personal funds to make up a shortfall. Creditors doing business with an LLP, just as with a corporation, take this risk and have no expectation of satisfaction of claims by individual partners, absent an express guaranty. In bankruptcy terms, creditors look solely to the capital of the entity to satisfy claims. While bankruptcy proceedings involving general partnerships may have been uncommon, at least in theory, bankruptcy proceedings involving limited liability partnerships have recently become front-page news. The disintegration of large, complex LLPs, such as law firms, does not fit within the Restatement examples of small general partnerships that dissolve fairly swiftly and easily for at least two reasons. First, firm creditors, who have no recourse to individual partners’ wealth, wish to be satisfied in a bankruptcy proceeding. In this circumstance, federal bankruptcy law, not partnership law, will determine whether LLP partners will have to write a check from personal funds to satisfy obligations. Second, these mega-partnerships have numerous clients who require ongoing representation that can only be competently handled by the full attention of a solvent law firm. In these cases, the dissolved law firm has neither the staff nor the financial resources to handle sophisticated, long-term client needs such as complex litigation, acquisitions, or financings. These prolonged, and lucrative, client matters cannot be simply “wound up” in the time frame that partnership law anticipates. The ongoing client relationship begins to look less like an obligation to be fulfilled and more like a valuable asset of the firm.
Partnership law would scrutinize the taking of firm business by former partners under duty of loyalty doctrines against usurping business opportunities and competing with one’s own partnership, both duties that terminate upon the dissolution of the general partnership or the dissociation of the partner. However, bankruptcy law is not as forgiving as the LLP statutes, and bankruptcy trustees view the situation very differently under the “unfinished business” doctrine. The bankruptcy trustee, representing the assets of the entity and attempting to salvage value for creditors, instead seeks to make sure that assets, including current client matters, remain in partnership solution unless exchanged for adequate consideration, even if the partners agree to let client matters stay with the exiting partners. This Article argues that the high-profile bankruptcies of Heller Ehrman LLP, Howrey LLP, Dewey & LeBeouf, LLP, and others show in stark relief the conflict between general partnership law and bankruptcy law. The emergence of the hybrid LLP creates an entity with general partnership characteristics, such as the right to co-manage and the imposition of fiduciary duties, but with limited liability for owner-partners. These characteristics co-exist peacefully until they do not, which seems to be at the point of dissolution. Then, the availability of limited liability changes partners’ incentives upon dissolution. Though bankruptcy law attempts to resolve this, it conflicts with partnership law to create more uncertainty.