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Institute for Law & Economics

Michael L. Wachter Edward B. Rock
Michael L. Wachter William B. Johnson Professor of Law and Edward B. Rock Saul A. Fox Distinguished Professor of Business Law, Co-Directors of the Institute for Law and Economics, planned an active docket of lectures, roundtables and symposia during this academic year. Founded in 1980, the work of the Institute has expanded and become a national model for interdisciplinary studies. The Institute for Law and Economics is a joint research effort between the Law School, the Wharton School, and the Department of Economics in the School of Arts & Sciences. Its esteemed Board of Advisors includes attorneys, members of the judiciary, financiers, entrepreneurs and corporate leaders throughout the nation.

Private Equity: Difficult Investing in a Difficult Time”
Overseers Chairman Paul S. Levy Delivers Law & Entrepreneurship Lecture

Before a room that was full-to-overflowing with attendees, Professor Michael L. Wachter commented, “This is an amazing start for what I think will be a glorious talk.”

Paul S. Levy L’72, Senior Managing Director of New York investment firm Joseph Littlejohn and Levy, and the newly installed Chairman of the Law School’s Board of Overseers delivered the Law & Entrepreneurship Lecture “Private Equity: Difficult Investing in a Difficult Time.” He began with an explanation of how he made the transition from law practice to investment management.

“I didn’t particularly enjoy practicing the law. I was chafing at the bit to strike out on my own. My legal training taught me about process that has served me well in structuring deals.”

In 1983 he was with the investment firm Drexel Burnham & Lambert in New York. “I was one of two people in the Special Situations Group working on the firm’s clients that had gotten into trouble, based on their balance sheets.” He shared a lesson he learned very quickly, “when you’re working with a troubled company, speed is of the essence.”

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