Richmond Law & Business Forum

Curious about careers at the intersection of law and real estate?

Join the Real Estate Law Society for a conversation with Louis Rogers, Founder & Co-CEO of Capital Square, as he shares insights on real estate investments, deal structuring, and his transition from legal practice to leading a national firm.

Spots at our Business Law Over Dinner events are limited, so we ask student participants to share their takeaways to allow all Forum members to learn from the lawyers at the event. Two weeks ago, we hosted a dinner on Intellectual Property Law. You can find all of the takeaways using the link in our bio.

-- IP is involved in so many areas of the law, whether it’s M&A deals or working with small businesses. Pursuing IP can open you up to a range of client types, and it’s important to take every opportunity that comes your way because you never know what might interest you.

-- Career paths in law are often non-linear, and early assumptions about required backgrounds can be misleading. The discussion highlighted that even in specialized fields like intellectual property litigation, a technical or STEM background is not always required. Students should be cautious about self-selecting out of practice areas too early based on perceived barriers rather than actual requirements.

-- It was eye opening to know that patent litigation (not prosecution) is possible even without a technical background. This path is not closed, and hearing from successful patent litigators with similar backgrounds was encouraging. There is an emphasis on being able to learn and understand the base-level of a client’s product.

-- Different practice settings come with real trade-offs in autonomy, risk, and support. The discussion made clear that while solo practice can offer a lot of independence and control over your work, it doesn’t always mean more freedom. Without built-in support or backup, the responsibility to clients doesn’t pause, even during personal or unexpected situations. Larger firms, by contrast, often provide more structure and coverage, but sometimes with less flexibility.

Thanks to Chris Bascom, Caroline Fox and Janet Peyton for sharing their insights with our students! And thank you Rosie, a student board member who helped plan this dinner and to Prof. Gibson who helped host this dinner!

Spots at our Business Law Over Dinner events are limited, so we ask student participants to share their takeaways to allow all Forum members to learn from the lawyers at the event. Two weeks ago, we hosted a dinner on Securities Law. You can find all of the takeaways using the link in our bio.

-- Securities lawyers, like many other lawyers, highly value their professional network. Connections made from professional conferences or across different firms can lead to productive relationships, new colleagues, and new business. This is a relationship driven ecosystem where networks can grow exponentially.

-- Advice AND Counsel – Counsel for clients in structuring a deal, complying with regulations, or raising money can often lead to a strong lawyer-client relationship where clients come to that lawyer for other matters. For example, we heard about an unnamed transactional client who then encountered a litigation issue for which the lawyer assisted in interviewing litigators for that client to assist them.

-- Due Diligence – When thinking of transactional work, it is often associated with M&A deals where private equity would buy up a company, or an investment bank would help with a merger. As part of those deals, lawyers assist with everything from structuring to due diligence. Due diligence applies broadly. It is not limited to just acquiring a company, but also to investing in REITs, funds, and other vehicles where understanding the legal and regulatory risks is just as critical.

-- Securities transactional work is usually systematic with checklists that are completed for each case. SEC regulations are extremely important here.
There is a much bigger market for securities lawyers for private companies, rather than for public companies.

Thanks to Professor Boyle, Brian Daly, and Alyson Harter for sharing their insights with our students! And thank you to Chelsea, Jeff and Skylee, three student board members who helped plan this dinner!

Applications for clerkships with the Delaware Court of Chancery are open for one more month! These clerkships, which begin in the summer or fall of 2027, are amazing opportunities for students interested in business law. Delaware drives the development of corporate law across the country, and the Court of Chancery handles most high-profile business law disputes in the state. Our students who have clerked there in the past have found it to be a great way to learn about how corporate law operates on the ground.

This is one of the few clerkship opportunities that we highly recommend for students interested in either transactional work or litigation, and a Court of Chancery clerkship will give you a leg up in practice regardless of where you want to work. Reach out to Prof. Erickson with any questions!

The Richmond Law & Business Forum is highlighting business law courses! We’ve asked Professor Ashlee Paxton Turner who will be joining the faculty next year to share information with our members about her Corporate Governance seminar. Here’s what you need to know:

Q. How is the course structured?

A. The course is structured around a set of central questions that press on the role of corporations in our society and that scholars, lawyers, executives, and shareholders have been circling for decades: (1) For whom is the corporation managed—and for whom should it be managed? (2) Who governs the corporation, and who (or what) governs governance? (3) What is the corporation’s democratic legitimacy inside and outside the firm? (4) What does corporate governance look like today at the boundary of public and private law?

Q. What topics does the course cover?

A. The course examines corporate governance as both a set of decision-making rules and principles and a system for allocating power inside and outside of the firm—with consequences for shareholders and for society more broadly. Throughout the semester, the course situates contemporary debates in their historical context. Topics include corporate purpose, shareholder rights, the role of stakeholders, board and executive authority, corporate political activity, and the role of courts and legislatures in shaping corporate governance.

Q. How am I graded?

A. Evaluation is based primarily on a final paper on a topic of your choosing related to corporate governance, which may satisfy the upper-level writing requirement, and participation.

Q. Why should law students know about corporate governance?

A. Corporate governance is not just a question for board members or corporate lawyers but also a question for all of us. It is a system that influences who makes decisions that can affect shareholders, employees, consumers, markets, politics, and public life more generally. Whatever type of law you practice, you will likely encounter these structures of decision-making and power—and the consequences that follow.

The Richmond Law & Business Forum is highlighting business law courses! Here’s what you need to know about Banking Law:

This two-hour course is taught by Peter Mahoney, retired EVP and Senior General Counsel at Truist Bank, and Alex Brackett, financial services partner at McGuire Woods. Mahoney has 30+ years of in-house experience with Freddie Mac, SunTrust and Truist. Brackett is an experienced advisor to major money-center banks, handling internal investigations and enforcement actions across a variety of topics. These two will be joined by guest speakers representing senior partners at national law firms and senior officers at major banks, who will share their knowledge and career path advice.

The purpose of this course is to provide you a useful and practical guide to how banks are governed and regulated to comply with a host of federal and state laws. Beyond laying out the basics of the statutory and regulatory framework, we will use a “case study” method that draws on recent and fascinating episodes involving major banks blowing up (Silicon Valley Bank) or enduring major federal investigations and fines. Professors Mahoney and Brackett have lived through a number of these much-publicized episodes and, together with luminary guest speakers, will provide you with real-world insight into how banks behave in a legal crisis and how you as a lawyer and advocate can perform in an effective and ethical way to steer your client through stormy waters.

There will be three (3) graded projects that are designed to reinforce the learning objectives. There is no final exam. At least one project will be a group presentation on a critical regulatory topic while at least one will be a written submission of legal work typical for a bank lawyer - for example, a comment letter on a proposed regulation or a response to a set of questions from a federal regulatory or enforcement agency. These will be designed to provide you with a great discussion topic in an interview with a law firm or financial institution looking for candidates with hands-on experience.

The Richmond Law & Business Forum is highlighting business law courses! Here’s what you need to know about Banking Law:

Q. How is the course structured?

A. The course is structured around a set of central questions that press on the role of corporations in our society and that scholars, lawyers, executives, and shareholders have been circling for decades: (1) For whom is the corporation managed—and for whom should it be managed? (2) Who governs the corporation, and who (or what) governs governance? (3) What is the corporation’s democratic legitimacy inside and outside the firm? (4) What does corporate governance look like today at the boundary of public and private law?

Q. What topics does the course cover?

A. The course examines corporate governance as both a set of decision-making rules and principles and a system for allocating power inside and outside of the firm—with consequences for shareholders and for society more broadly. Throughout the semester, the course situates contemporary debates in their historical context. Topics include corporate purpose, shareholder rights, the role of stakeholders, board and executive authority, corporate political activity, and the role of courts and legislatures in shaping corporate governance.

Q. How am I graded?

A. Evaluation is based primarily on a final paper on a topic of your choosing related to corporate governance, which may satisfy the upper-level writing requirement, and participation.

Q. Why should law students know about corporate governance?

A. Corporate governance is not just a question for board members or corporate lawyers but also a question for all of us. It is a system that influences who makes decisions that can affect shareholders, employees, consumers, markets, politics, and public life more generally. Whatever type of law you practice, you will likely encounter these structures of decision-making and power—and the consequences that follow.

IMPORTANT: Antitrust will be offered in Fall 2026 and then not again until AY28-29! Don’t miss out if you’re interested in taking it!

What does Antitrust cover?
-- Antitrust law covers what it means to compete fairly in business…by studying when firms have competed unfairly! We look at bad behavior by business cartels – price fixing, market allocation, and bid rigging (plus sometimes arson and embezzlement) – as well as bad behavior by a dominant firm – including erasing an entire ski resort and making your Windows computer shutdown if you delete the preferred browser.

-- We will study some of the trickier spaces…what’s the difference between a joint venture and a cartel? Is it possible a platform (e.g., Amazon, Visa, etc.) is behaving badly, when so many people are reaping the benefits of that platform? And we look at places where antitrust intersects other areas of law, such as intellectual property.

-- Last but not least, we will cover hot topics via “Antitrust in the News” – where we have in the past studied everything from chickens to garage doors to enormous mergers! (Too bad the Netflix-WB merger went south - it would have been a hot topic!)

Why should I take Antitrust?
-- Aside from covering some of the cases that are being talked about in the news, it’s very interesting to see what exactly businesses will do to get an upper-hand…and knowing when that crosses the line may be helpful as you advise business clients.

-- No special knowledge of business or economics is needed. I’ll give you all the background you need to understand the cases!

(PS – if you’re hoping to take Patent Law, it will be offered in AY27-28!)

Exploring Business Law Courses: Core Commercial Concepts

The heart of transactional law is Commercial Transactions. Impacting every living being, these transactions include the purchase of anything from a forklift to a stick of gum. Commercial Transactions impact business and professional activities (equipping a restaurant, selling software, borrowing money) and creep into your personal life, too (vehicle rentals, wire transfers, garage sale purchases). The source of law for this wide array of transactions is the Uniform Commercial Code [UCC]. The UCC unifies law in more than 50 jurisdictions and provides mechanisms for keeping the law current and predictable.

Here at the University of Richmond, we offer 3 UCC-based courses: Secured Transactions, Sales & Leases, and Core Commercial Concepts.

In Secured Transactions you will learn about leveraging assets to obtain credit, borrow money, purchase goods, etc. We focus on the rights of a creditor against its debtor as well as third parties, including a trustee in bankruptcy. The primary source of law covered is Article 9 of the UCC.

Sales & Leases explores the world of transactions in goods. This includes the study of contract formation, warranties and remedies for breach under Articles 2 and 2A of the UCC.

Core Commercial Concepts is a 2-credit course that provides a foundation in commercial law to help students navigate the UCC—both for the bar exam and in legal practice. By introducing key commercial practices upfront, the course makes studying the UCC more manageable. The class focuses on Article 2 (Sales) and Article 9 (Secured Transactions), covering topics like contract formation, warranties, remedies, security interests, and creditor rights. It follows a lecture-based format with problem-solving opportunities.

Which course(s) should you take?

If you see yourself doing transactional work (consumer or business), then a deep dive into the UCC is essential. Secured Transactions and Sales & Leases provide that deep dive. If your interests are in other areas of the law (e.g. criminal law), then you may not need the deep dive, but Core Commercial Concepts is a must.

Our advice for students interested in business or transactional law should take Federal Income Taxation and Taxation of Business Entities. Professor Schaffa explains the reasoning behind this advice.

Q. Why do business lawyers need to understand tax?

A. There is almost always a tax dimension to business transactions. Tax consequences often influence the choice of business entity, how transactions are structured, and when they are executed. While not every lawyer should aim to be a tax expert, a working knowledge of tax is extremely valuable. Understanding tax concepts will deepen your insight into mergers and acquisitions, financing, property transfers, and workforce decisions. It will also help you recognize when to seek advice from a tax specialist.

Q. Which tax courses should students interested in business law take? Is there a recommended sequence?

A. Federal Income Taxation is the foundational course and equips students with the ability to identify key tax issues. It is useful to virtually everyone who pays US federal income taxes, as it covers fundamental topics such as income, deductions, capital assets, timing rules, and determining who bears tax liability. This course is a prerequisite for Taxation of Business Entities.

Taxation of Business Entities focuses on the tax treatment of transactions involving corporations and partnerships. Students learn the tax consequences when businesses are formed, generate income, distribute profits to owners, liquidate, or engage in mergers. The course also emphasizes how tax outcomes can vary significantly depending on the entity structure.

State and Local Taxation is less central for most business lawyers but can be a valuable and interesting elective for those who develop a deeper interest in tax.

Q. Any advice for students who are nervous about tax?

A. Tax law is not just about math, and it is far from dry. Many students are surprised by how engaging they find their first tax course. And if it turns out not to be for you, at least you’ll be able to help your parents prepare their annual tax returns.

The Richmond Law & Business Forum is highlighting business law courses! Here’s what you need to know about The Business of Law:

This two-hour course is taught by Woody Fowler. Professor Fowler has been practicing law for 38 years and has served as the President, CEO, and Chairman of the Board at Williams Mullen for last 12 years.

The purpose of this course is to teach you how law firms work. Understanding the business of law firms and what makes firms successful reputationally, financially, and culturally is critical to your own success in, and enjoyment of, private practice. This class will explore all aspects of how law firms operate and the roles you may play during your career. You will hear from law firm leaders and practicing attorneys at multiple firms and with various degrees of experience. You will learn what to expect from your firm and what your firm will expect from you as you progress from the associate ranks to partner status. We will discuss how you can reach your goals and
how you can be ready to address the likely changes in the way law firms will conduct their business in future.

There are three (3) graded projects that are designed to reinforce the learning objectives. There is no final exam.

Reading assignments are very manageable but provide meaningful background information for each week’s topic. Classes generally begin with 15-30 minutes devoted to discussion of reading materials. The remainder of the class is question and answer moderated by Professor Fowler but driven in large part by questions from students. Most often Professor Fowler is assisted by an invited guest. Depending on that week’s topic, the guest may be a managing partner, a CFO, a CMO, a panel of associates or a panel of partners/shareholders. The course is intended to be very interactive, and students are expected to have read all the materials and to come to class prepared with insightful questions. This course is designed for students going into private practice.

If you want to learn more about basic business concepts, consider the Introduction to Business course, taught the week before the start of the spring semester! This 2-credit class is taught by Professor Jonathan Whitaker from the UR’s Robins School of Business.

An edited version of our discussion with Prof. Whitaker is below, and you can find the longer interview using the link in our bio.

“Our Introduction to Business course is designed to provide you with a solid foundation that will enable you to participate more effectively in business-related meetings and projects early in your career. The course covers basic concepts in the areas of business strategy, operations, finance and accounting.

We organize the course into two modules. The first module is to watch a series of high-quality videos developed by Cornell University. Most students watch these videos during the winter break. The second module (on campus during the first week of January) allows students to apply concepts from the Cornell videos to actual business cases written by Harvard Business School.

For this course, we wanted to keep the focus on learning and knowledge rather than a letter grade. Accordingly, this course will be graded on a Pass/Fail basis. Course assessments include online quizzes for the Cornell videos, a daily essay during the in-class module, an in-class test consisting of multiple essays, and a final project (due about 10 days after the in-class module).”

Professor Erickson adds: “For obvious reasons, this course is great for students interested in business law, but it’s also great for students interested in other types of law. Time and again, practicing lawyers have told me that all lawyers need a basic understanding of business concepts. You should not go into this course expecting it to be easy! It’s pass/fail, but it’s still a rigorous course. That said, every student can pass if they are willing to do the work.

Thanks, Professor Whitaker!