In a world of dramatic economic, technological, and legal change, there is a need for contractual innovation which has traditionally been challenging for transactional lawyers due to a number of factors, including stickiness in contract terms, locked-in practices, and structural impediments to better contract design. Transformative technology and stresses on the legal profession, with a focus on reducing costs, may further affect contractual innovation. Panel members for this program will address a number of important questions as to how to encourage innovation by transactional lawyers in the face of these challenges: What role can and should transactional lawyers play in driving contractual innovation? To what extent can innovation in designing contracts provide transactional lawyers with new opportunities for premium work? What impact does the structure of law firms play in shaping the process of contract design and production? What roles do norms and standard practices in deal-making play in shaping innovation in contract design? Does the process of innovation differ in one area of transactional practice from another; for example, mergers and acquisitions versus venture capital financing versus establishing unincorporated entities?
Business meeting at program conclusion.