Author Archives: Michael Froomkin

“Private International Law-making for the Financial Markets”

When I skived off to Paris, my favorite colleague was kind enough to take over the blog for a week. Now it's her turn to junket off without me, this time to Las Vegas for the 2005 edition of the Law and Society Conference where she will be speaking on a panel about CRN05 Changing Patterns of Regulatory Governance in Financial Services. The panel is first thing tomorrow (Friday) 8:15am – 10:00am, somewhere in the Marriott.

The official title of Caroline Bradley's latest paper is listed as “Private International Law-Making” but truncates the real title, which is “Private International Law-making for the Financial Markets”. Here's the key paragraph from the introduction:

This paper argues that transnational financial transactions create new opportunities for private groups to influence legal and regulatory rules. Internationalization of the financial markets has led to harmonization of financial law. Much harmonization of financial law occurs through processes which are apparently public, state-centred and transparent but in this paper I describe three ways in which private and opaque processes have a significant influence on policy development in the area of financial law. These are private international law-making through private involvement in public rule-making processes, through contracting, and through the actions of private sector regulatory entrepreneurs.

Meanwhile, I'm in charge of the kids, and the house guests, so blogging may be light.

Posted in Globalization | Comments Off on “Private International Law-making for the Financial Markets”

New Word: ‘Backronym’

I encountered a new, perhaps experimental, word today: Backronym (“a reverse acronym, that is, the words of the expanded term were chosen to fit the letters of the acronym”). I'm not sure I like it.

I do like retronym (“a new word or phrase coined for an old object or concept whose original name has become used for something else or is no longer unique”) though. It's nice to have a name for phrases like 'analog clock' or 'rotary phone' or 'dead tree book'.

Posted in Readings | 8 Comments

Florida Committee on Privacy & Court Records Update

I have been very negligent in not linking to the draft report of the Florida Committee on Privacy and Court Records. Comments are open for two more days at the Florida Courts website.

The committee's very able Chair, Jon Mills has written a short article summarizing the issues.

Posted in Law: Privacy | Comments Off on Florida Committee on Privacy & Court Records Update

Opting-Out of Tracking Cookies

If you have not done so recently, it's a good idea to visit the tracking cookie opt-out page. With a few clicks you can block cookies from Doubleclick and six other Internet tracking/marketers. Ironically, you must allow the site to set a “no thanks” cookie, so cookie blockers must be turned off to make this work.

If you use more than one browser, you'll also need to repeat the exercise for each one.

Update: Ed Bott has even better suggestions.

Posted in Law: Privacy | 11 Comments

Lessons from Legal Practice

Ethan Leib, who is about start teaching at UC Hastings College of the Law, writes about what he learned from two years of legal practice:

Just what have I learned? That legal realism is at least partially true; that the law is at least partially autonomous; that the judiciary has severe institutional limitations; that clerks have a lot of power and those who teach them can have immediate impact; that politics is only relevant in the marginal cases in the lower courts; that being an advocate can be redemptive; that ethical questions pervade the profession; that practicing can be as intellectual and rigorous as any theoretical enterprise; that serving clients can make one feel extremely useful and selfless; that representing the poor or thinking through the cases of the dispossessed is an ennobling experience; that hierarchy and commitment to it is very damaging to legal institutions.

This strikes me all as pretty plausible, although my lessons from practice were somewhat different. In two clerkships, I found judges who adhered to precedent when they should, albeit one judge who was quite willing to encode his preferences when the law seemed truly open. Clerks, on the other hand, only had a lot of power if the judges let them — and only the bad judges let them. My three years in the firm did throw up an ethical question or two (which the firm resolved in textbook fashion), but it hardly pervaded our lives so long as we recalled a few simple rules that should be second nature to all lawyers.

I worked with people who would have agreed “that serving clients can make one feel extremely useful and selfless”; alternately, and in less grandiose terms, they felt they were solving other people's hard problems while supporting their own families in style, and that made them feel pretty good. I respected that, but it didn't work as well for me. Although I found I liked commercial practice much more than I would have expected, in the long run my clients — good people — tended to have complex but often boring problems. Strategy was fun, but lasted two days. Implementation was grueling, and could last months. And, at the end of it all, while I was happy that our guys won, and knew it mattered to their personal futures, deep down how much did I really care which oil company got the money?

If I'd had to, I could have carried on despite the long hours. But if I was going to have children, I wanted to see them. And, the lure of controlling my own intellectual agenda was very powerful. Now I'm my own client, I have interesting and complex problems, and I often listen to my lawyer.

[posting time corrected to reflect reality]

Posted in Law: Practice | Comments Off on Lessons from Legal Practice

Meaningless Personality Quiz (pt. 11)

Here’s another one. I have to do a lot of work today, and still have jetlag and a cold, so no serious posts until late tonight at best.

Your Geek Profile:

Academic Geekiness: High
Fashion Geekiness: High
Music Geekiness: High
Internet Geekiness: Moderate
Gamer Geekiness: Low
Geekiness in Love: Low
Movie Geekiness: Low
SciFi Geekiness: Low
General Geekiness: None

For the record, I think many of these are all wrong. But I liked the colors.

Posted in Meaningless Personality Quizzes | 2 Comments