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Debtís Dominion: A History of Bankruptcy Law in America, an excerpt from a new book by Prof. David A. Skeel, Jr.

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With resources in place and growing, Penn Lawís offerings in the field of corporate law are enviable. Its affiliation on campus with the nationís top business school, the Wharton School, and its proximity to both the nationís financial core in New York and policy core in Washington have fostered the creation of a think-tank on the East Coast in Philadelphia.

Professor Michael L. Wachter

In the arena of economics, Michael L. Wachter William B. Johnson Professor of Law and Economics co-directs the Institute for Law and Economics (ILE), founded in 1980. An economist, Wachter includes among his current research interests the economic analysis of corporate and labor law. He received his Ph.D. in economics from Harvard University and joined the Penn faculty in 1970. He served as the Universityís deputy provost from July 1995 to January 1998, and as interim provost from January to December 1998. He has been a frequent consultant to the U.S. government on labor and economics issues and a senior advisor to the Brookings Panel on Economic Activity.

Wachter plays a significant role bridging the relationship between the Law School and the Department of Economics at Penn because he holds a joint appointment to both divisions. Through the School of Arts and Sciencesí Department of Economics, the Law School offers joint J.D./ Ph.D. degrees in Law and Economics.

His co-director of the Institute is Edward B. Rock, a member of the faculty since 1989. Rock joined Pennís faculty from the Philadelphia law firm of Fine, Kaplan and Black where he specialized in antitrust, corporate and securities litigation. His current research focuses on the role of norms in corporate law, close corporations, international capital markets, and the use of internal labor market theory to elucidate the contractual relationships of the corporation.

The Institute for Law and Economics hosts off-the-record roundtables for industry professionals and advisory board members on the subjects of corporate law, labor law, tort reform, environmental law, and the forthcoming session on bankruptcy law. The Institute has built solid relationships with members of the Delaware judiciary, the core of Delaware corporate law, who frequently attend Institute for Law and Economicsí events and lecture to the Law School.

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