Modulator

Lawyers Doing Deals

This is basic stuff for lawyers but not a lawyer folk might wonder: what's a transactional lawyer? Victor Fleischer at A Taxing Blog tells us a bit about transactional lawyers here and also teaches a course:

The goal of the course is to talk about what transactional lawyers do. (Unlike most law school courses, which teach you what appellate litigators do.)

In the first part of the course, we look at the lawyer's role in identifying and managing business risks, or what Prof Ron Gilson calls "Transaction Cost Engineering."

Every deal has information problems and behavior problems, and deal lawyers spend most of their time identifying these risks and allocating them (often, but not always, to the most efficient risk bearer) through private, contractual solutions.