Business Organizations NSM Boston 2018 Anton Yakovlev Rick
Business Organizations NSM Boston 2018 Anton Yakovlev / Rick Mixter / Adam Jay July 26, 2018
Business Organizations Snapshot § The Business Organizations course (sometimes called or overlapping with Business Entities, Corporations, or Business Associations) appears in the upper level curricula of almost every law school and is becoming a requirement at most. § Nearly every student takes the course in the second or third year, meaning the market for Business Organizations casebooks is upwards of 37, 000 per year. § Only 28% market share, with at least 4 major competitors (from West) publishing in 2018. Many takeaway opportunities.
TOP BUSINESS ORGANIZATIONS TITLES WK Market share: 28% most main West competitors publishing this fall perfect time for takeaways • Allen/Kraakman, 5 E (2016) our best-selling book rigorous • third year; bundle opportunities (E&E, stat supp, Glannon guide) • O’Kelley/Thompson, 8 E (2017) sophisticated yet accessible • Gabaldon/Sagers, 2 E (2018) descriptive, pedagogically rich, traditional organization • Smith/Williams, 4 E (2018) • Chiappinelli, 4 E (2018) innovative, balanced, business school model accessible, practice-ready
O’Kelley/Thompson • $331 k projected revenue • Red Fox quadrant #2. Published in May 2017. • Classic cases and notes pedagogy, with modern, engaging problems that apply the law. • Considered a more sophisticated yet accessible casebook. New to this edition • New cases on shareholder fiduciary duty litigation, mergers and acquisitions, new problems pairing state and federal rules (often in conflicting and indirect ways) • New materials on insider trading litigation and LLCs vs. partnerships
Competition Who are the Key competitors? (West) What are the competition weak points? § Klein 10 e (2018)—transactional law, requires supplementation —(35%) § Bauman 9 e (2017)—notes & problems, inconsistent § Hamilton 12 e (2018)—old-fashioned, focus on corporations § Eisenberg 11 e (2018)—high-end, historical
BUS ORG 2018 FRONTLIST • Gabaldon/Sagers, 2 e (2018) September 2018 Pub Pedagogically-rich, traditional coverage modernized with focus on unincorporated entities and small business counseling Transaction-oriented Expository approach Features include flowcharts, connections boxes, self-testing exercises, an interspersed series of exercises on ethics for business lawyers, glossary, sidebars on numerical concepts and skills. Growing market share
BUS ORG 2018 FRONTLIST • Gabaldon/Sagers, 2 e (2018) September 2018 Pub Why roll to Second Edition Improved integration of text and online material Great website! Incorporates 2016 Model Business Corporations Act amendments Incorporates amendments to the Revised Uniform Partnership Act New section on “gig” economy Newest book in this market that has made an impact. Momentum
BUS ORG 2018 FRONTLIST • Smith/Williams, 4 e (2018) September 2018 Pub Unique combination of doctrine, problems, and case studies Recent, high-interest cases are balanced against classic teaching chestnuts Brief, innovative problems are used in combination with longer case studies In-depth coverage of how law applies to modern business structures (joint ventures, venture capital arrangements, franchises, and new limited liability business forms) and growth industries (computers, biotechnology, and telecommunications) Case studies following the business school model
BUS ORG 2018 FRONTLIST • Smith/Williams, 4 e (2018) September 2018 Pub Why roll to Fourth Edition Recent Delaware Supreme Court and Chancery Court cases New coverage of developing trends such as shareholder activism, exploding deal litigation and judicial efforts to reign it in, hedge fund appraisal arbitrage, Public Benefit Companies Revised Uniform Partnership Act materials
BUS ORG 2018 FRONTLIST • Chiappinelli, 4 e (2018) Feb Pub Red Fox quadrant #7. Pedagogical approach favoring instructional flexibility. 80 innovative assessment exercises 30 You Draft It exercises 50 Putting It to Work problems Accessible, student-friendly, real-world, practice-ready focus. New: Extended coverage of alternative business entities. New: 20 new cases, LLC chapter updated, new real-life examples. • Maynard/Warren/Treviño, Business Planning, 3 e (2018) Feb Pub Business planning, start-up, venture capital financing. Integrated approach. Transactional law. Federal securities law. New author Shannon Treviño. Updated with new cases, laws, secondary sources.
The Rest of Bus Org • Bouchoux/Chung (2016) Focus series • Concise, comprehensive, practice-oriented approach • Text, cases, hands-on application exercises • Focus on application of key concepts
Preparing for Fall • • Top bundle options: Selected Statutes Supplement, E&E, Glannon Guide Assessment options: • NEW LCF • Connected Casebook Competitive Advantage for all Business Organizations: • Becoming requirement in some programs • Titles at every level of difficulty • Assessment materials on author sites
The Real World Winning by putting it all in Focus: § Business Organizations Law in Focus by Bouchoux § Looking for a book where students got the “meat” of the course in a clear delivery. § Also liked the price point and the “voice” of this book. § Said Gabaldon was a close second but Bouchoux won out because of its accessibility. Mitchell Hamline. Legal Education – NSM – July 2018 13
Product Landscape: Business Organizations National Enrollment: 37 k yr. Theory/Policy/ “Hide the Ball”/notes & questions L E V E L High Allen (A) 7% ˄ Choper (A) 1% v Eiserbergh (F) 15% v Hybrid/N&A/Problems Practice/ Experiential O’Kelley (A)13% > Klein (F) 35% > Gabaldon/Sagers (A) Medium Smith/Williams (A) 2% ˄ Bauman (W) 5% > Harris (A) 1% > Sjostrom (A) 3%˄ Palmiter (W-I) 3% ˄ Low Chiappinelli (A) 1% > Hamilton (W) 12% v Epstein (W) 2% > Lustig (C-C&P, 2012)
Wills, Trusts, & Estates NSM Boston 2018 Anton Yakovlev / Rick Mixter / Adam Jay July 26, 2018
Wills, Trusts, and Estates Snapshot § WTE is an upper-level elective taken by almost every law student; it is most closely related to first-year Property, and many Property professors also teach WTE. A lot of adjuncts teach this course. Ancillary package is important. § Most students take WTE because it is tested on the MBE (Multi-State Bar Exam). § Big Ideas: Wills (for everybody). Trusts (for those with assets to pass). Estates (complex historical laws/rules that interact with taxes). The primary focus in the course is on cases, with attention to Uniform Acts, such as the Uniform Probate Code. § WTE course is about people, about stories. Subject has great cases, rich with drama, illustrating what can go wrong when a person dies and wealth is transferred. Legal Education – NSM – July 2018 16
TOP WTE TITLES WK Market share: 82% • Sitkoff/Dukeminier, 10 E (2017) • Gary/Cahn/Borison/Monopoli, 3 E (2016) our best-selling book practice exercises • Weisbord/Horton/Urice, 1 E (Feb 2018) brief casebook, frontlist • Shepard, 1 E (September 2018) coursebook, new pub
Sitkoff/Dukeminier 10 E • $1. 3 M first-year revenue. • The TM and PPT slides that form the ancillary package are the best anywhere. • Despite elite author pedigree, Sitkoff/Dukeminier is adopted at all tiers.
Competition Who are the Key competitors? What are the competition weak points? § Used books! § Sterk/Leslie 5 e (2015)—traditional, heavy on estates (West) § Gallanis 6 e (2018)—uneven, idiosynchratic (West) § Stake 1 e (2018) (West) § Belian 1 e (2018) (CAP) § Anderson/Bloom 4 e (2012) (Lexis)
WTE 2018 FRONTLIST • Shepard, 1 e (2018) September 2018 Pub Brief, student-friendly coursebook (400 pages) Practice-focused, emphasizes real world Example- and hypothetical-based narrative exposition / few cases End-of-semester practicum problems Extremely accessible Additional cases and narrative content on the companion website Colloquial tone
WTE 2018 FRONTLIST • Weisbord/Horton/Urice, 1 e (2018) Feb Pub Concise and adaptable for two, three, and four credit courses. Elaborate, detail-rich problem sets that apply learned concepts in realistic scenarios. Plain English doctrinal summaries. Family tree diagrams. Well-edited judicial opinions allow students to achieve mastery of the material before entering the classroom. Legal scholarship integrated into narrative. Turnkey book for adjuncts.
WTE 2018 FRONTLIST • Weisbord/Horton/Urice, 1 e (2018) “This was the best textbook I’ve used in law school. It actually tells you the law without making you go on a scavenger hunt for it in convoluted case law. Please write more textbooks. ” “Course book was great. It teaches the subject with practice questions and explanations to drill in the concepts. ” “Thought the new textbook was great; liked how it was direct and gave rules of law / doctrine right at the beginning of each section; case edits and editor additions / notes made them much clearer. ” –student feedback
The Rest of WTE • Gary/Cahn/Borison/Monopoli (2016) • Covers Wills before Trusts, and begins with an overview of the familial relationships at the core of all trusts and estates. • Uses extensive textual explanations to present the law and its many nuances. • Consistent with ABA requirements for schools to add more practice skills to the curriculum, includes exercises in document drafting, roleplaying and letter writing to clients. • Includes fact-based problems, requiring students to explore cases, the UPC, UTC, and other statutes, as well as the MRPC, in depth.
Preparing for Fall • • Main challenges in Wills, Trusts & Estates • Market saturation • Keeping market share with Sitkoff/Dukeminier Top bundle options: E&E, 2 Estates in Land Future Interests options, Inside WTE Assessment options: • NEW LCF • Connected Casebook • Estates in Land Future Interests workbooks Competitive Advantage for all WTE Titles: Leading Authors, Excellent support materials
The Real World Making it stick at schools • High Market saturation • The Loyalist - Sitkoff/Dukeminier • The “Alternative” Gary/Cahn/Borison/Monopoli • Providing the “Gary” option to ward off competitor options • Different organization, different kinds of problems, and the inclusion of larger exercises • New Shepard First Edition (coursebook) • New Weisbord/Horton/Urice First Edition • Opening it up to the Floor (WTE) stories
Product Landscape: WTE National Enrollment: 37 k yr. Theory/Policy/ “Hide the Ball”/notes & questions High L E V E L Medium Low Hybrid/N&A/Problems Practice/ Experiential Gallanis (F) 6% > Sitkoff (A) 62% > Weisbord/Horton/Urice (A) Gary et al. (A) 10% Sterk (W) 7% > Shepard (A) Anderson/Bloom (LN) 5%
Professional Responsibility NSM Boston 2018 Anton Yakovlev / Rick Mixter / Adam Jay July 26, 2018
Professional Responsibility Snapshot § PR became required in law schools in the wake of Watergate, over concerns about the ethical lapses of many lawyers associated with the Nixon administration. § PR course is now a mandatory JD requirement. Students are all tested on MPRE. § Profs are often idealists, fun, and they are often adjuncts, coming from practice. The challenge for profs is to prove to students that PR is important (not just for MPRE). Innocent errors can ruin your career! § The Model Rules of Professional Responsibility, owned and operated by the ABA, is the bible of PR courses. § Casebooks AND Rules Supplements. Rules are vitally important. (Note: sometimes people get away with buying new rules supps and used old editions of books. )
Top Professional Responsibility Titles WK Market share: 60% all main competitors publishing this fall • Lerman/Schrag, 4 E (2016) our best-selling book standard-bearer; also a Concise version (out this year) • Gillers, 11 E (2018) • Martyn/Fox, 4 E (2018) • Crystal, 6 E (2017) sophisticated, practical, a page-turner innovative pedagogy philosophical; modular format, flexible teaching
Lerman/Schrag Comprehensive 4 E / Concise 4 E • Comprehensive: $800 K 1 st-year revenue (2016). Concise: $167 K 1 st-year projected revenue (2018). • Red Fox quadrant #5 (middle). • Extensive website, slides, and social media. • Illustrations, readable style, shocking examples of ethical violations. E. g. , • billing fraud Ponzi scheme whistleblower’s dilemma (Wieder v. Skala; Peter Kelly & the strange tale of Scott Mc. Kay Wolas) • brand name vs. generic medication loophole (Wash. St. Phys. Ins. Exch. v. Fisons Corp) • Concise version new edition published this February (no longer subtitled “for two-credit course).
Competition Who are the Key competitors? (West except Glesner-Fines: CAP) What are the competition weak points? § Morgan 13 e—Comprehensive & Concise versions, market leader, overwhelming, cumbersome pedagogy (20%) § Glesner-Fines 2 e—practical, hands-on (Carolina Academic Press) § Pearce 3 e—interactive, lengthy § Schwartz 11 e—practical, problem-based § Hazard 6 e—serious, high-level, no problems Revisions for all these are coming out in this year—great takeaway opportunities
PR 2018 FRONTLIST • Lerman/Schrag Concise, 4 e (2018) Feb Pub $167 K projected 1 st-year revenue. Red Fox quadrant #5. Concise version of our top-selling PR book. Why roll to new edition? New chapter on changing legal profession. Updates of countless recent developments in lawyer law. Shocking examples of recent lawyer misconduct. Up-to-date discussion of Internet ethics. Reorganized to match the practice MPRE questions in Lerman Model Rules supp. Projected Frontlist Revenue (all Frontlist titles): $700, 000
PR 2018 FRONTLIST • Gillers, 11 e (2018) (FFG Dec 2017) $280 K projected 1 st-year revenue. Red Fox quadrant #2. Fall Fertile Goose, published December 2017. Lively, accessible style, interesting to read, comprehensive coverage (but not too long). In-depth insight into ethics. Concise version is available (2015) but won’t revise again. Accompanied by an annual statutory supplement. Why roll to new edition? Notes on recent Supreme Court decisions. New cases and materials. New and revised problems.
PR 2018 FRONTLIST • Martyn/Fox, 11 e (2018) (FFG Dec 2017) $170 K projected 1 st-year revenue. Red Fox quadrant #2. Fall Fertile Goose, published December 2017. Accessible, innovative pedagogy (problems faced by fictitious law firm “Martyn and Fox, ” cases, ethics opinions, thematic notes, and short stories). Teaches Model Rules combined with complexities of ethical dilemmas. Manageable length. Why roll to new edition? 11 new cases New materials on judicial regulation, self-regulation, social media, new problems, a completely rewritten chapter on judicial ethics
The Rest of PR • Sahl (Fall 2017) - Focus series - Comprehensive, practice-oriented approach to the legal and ethical rules governing lawyers and judges - Real-world scenarios throughout the text - Clear explanatory text - Case previews, and case follow-ups further clarify the rules and aid in student understanding
Preparing for Fall • • Main challenges in Professional Responsibility • Profs wanting only the supplement as opposed to the full book – 2 credit course • Material is often too comprehensive and long for a 2 credit course • Both a challenge and an opportunity for custom Top bundle options: Annual Statutory Supplements, E&E, Glannon Guide, Practice Pack Assessment options: • LCF • Connected Casebook • MPRE Questions in Lerman supplement Competitive Advantage for all Professional Responsibility titles: Leading authors, Large market share, Concise versions of major titles
The Real World Winning with Lerman – value over pricing Major pluses: 1. Problem-based 2. Weirdly, the organization strongly followed Professor Bar lecture for the course, and even parrots some of the odd organizational outlines made up when organizing the Bar lecture some 20 years ago. § “Cross-fertilization going on. . . hard to buck that!” 3. “Other colleagues use the book, and no one uses the Carolina book (which may or may not ever be updated). ” 4. “The font is big enough for me to read. Seriously, the Carolina book is at least one, and maybe two fonts smaller. I even called to see if I could get a disability copy for my own use. ”
Product Landscape: Professional Responsibility National Enrollment: 37 k yr. L E V E L Theory/Policy/ “Hide the Ball”/notes & questions High Medium Rhode/Luban (F) 3% V Hazard (F) 2% V Hybrid/N&A/Problems Martyn/Fox (A) 4 ˄ Gillers parent (A) 11% V Lerman (Full) 20% ˄ Lerman concise ˄ Schwartz (W) V 5% Crystal (A) 3%> Low Practice/ Experiential Dzienkowski/ Rotunda/ Morgan (F) 10% Dzienkowski/R/M concise 10% Pearce/Capra/Green (WI) 5% Rapoport (A) Glesner-Fines (CAP) 5% Sahl (A)
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