Word: legalize
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Dates: during 1930-1939
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...report to the President in 1916 Dean Pound, recognizing the danger of constriction that ever overhangs the legal profession said "we must consider how to preserve the old professional training and yet meet the new demands for the training of lawyers who shall be useful to society...It (the need for an organic foundation) calls for abstract courses...detached from application in the everyday work of tribunals...
...Dean Pound's resignation brings sorrow to lawyers everywhere. A brilliant scholar in fields broadly philosophic as well as technically legal, at home equally in foreign jurisprudence and American law, for years a force in legal education, he yet found time in an unusually active career to lead all movements for law reform and improvement. I trust his withdrawal from administrative duty indicates no diminution of his public service, and that for many years to come he will continue to be a national and international leader of our profession...
...that will raise it from the mere contention to which it so often descends. In this, his final contribution to the Law School curricula lies the solution. It has reason and logic on its side, but as well, the fullness of twenty years experience as the leader of the legal profession...
This practice has been adopted by several universities, with notable success at Michigan. It has several advantages. First, for the man who has early decided on a law training, much that is irrelevant in the present requirements for a degree is obviated. Second, it permits of a more thorough legal training, which the complicated nature of modern law increasingly demands; at the same time, the number of years requisite in obtaining the two degrees suffers no increase. Third, it provides for a more unified, coherent and thus more rounded seven years' course than is possible under the present arrangement...
...marketing costs of various issues are not strictly comparable. One issue may be hard to sell, another easy, depending on the corporation's credit. An underwriter like Kuhn, Loeb may pay some of the legal and accounting fees involved in preparing an issue or may have spent months advising the company on a comprehensive financial program of which the bonds are only a part. But in the present money market it is clearly cheaper for super-solvent corporations to use a selling agent on commission...