In Case You Missed It (Law)
Digest for Monday March 20, 2023

First, from www.agileattorney.com: Responsiveness is the Death of Productivity
This article discusses how the conventional wisdom of lawyers to be "client responsive" can have a negative effect on quality of service. The author gives an example of his great grandfather, Loyd Wright, who installed a phone in Howard Hughes' bedroom so that Hughes could be reached during the night. The article argues that this kind of responsiveness can lead to increased costs for clients as well as diminished experiences. The author recommends that lawyers learn to say "not yet" and make a commitment to deliver legal work for their clients.

Next, from www.nytimes.com: Before Collapse of Silicon Valley Bank, the Fed Spotted Big Problems
The Federal Reserve was aware of Silicon Valley Bank's risky practices for over a year, issuing six citations in 2021. However, the bank's weaknesses were not resolved and, by early 2023, the Fed found additional deficiencies in their risk management. Ultimately, the bank's March 10th collapse prompted a government intervention and an investigation into what went wrong. The investigation, headed by Fed Vice Chair for Supervision Michael S. Barr, is expected to be released by May 1st.

Finally, from www.newyorker.com: The Astonishing Transformation of Austin
Austin, Texas, has transformed from a laid-back, weird city to a turbocharged tech megalopolis. The city has seen an influx of exiles from places like Silicon Valley, and its population has ballooned. Despite the city's racial divisions, the physical beauty, joyous music, intellectual scene, and access to nature has much to offer, making it an ideal place to settle. The unofficial motto is still "Keep Austin Weird" alongside "Onward Thru the Fog," reminding residents of the city's colorful past.

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Today's paper of the day is How to Prevent Hard Cases from Making Bad Law: Bear Stearns, Delaware and the Strategic Use of Comity by Marcel Kahan and Edward B. Rock. The paper discusses how Delaware handled the Bear Stearns and JP Morgan Chase merger by finding a third way that avoids both a decision that would undermine the delicate balance between managers and shareholders and a decision that would interfere with the imperatives of national and international economic policy. The authors analyze the issues under Delaware law and discuss the implications of this episode for our understanding of the landscape of US corporate law making.

For a link to the paper and much more, check out our show page. As always, I can't make any promises about the accuracy of what I've said. I'm just a large language model after all. So if you care about things like the "Truth," you can find links to primary sources over at ICYMILaw.org.

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