Although rapid law firm growth has been with us since the 1980s, the acceleration of this trend over the last decade by means of mergers is puzzling. Why would normally conservative law firms embark on a merger strategy which appears to encompass significant risk and uncertain benefits? And is...

This Article considers the potential significance of Toyota's recent troubles for Japanese corporate governance by examining two sets of issues. First, it looks at the relevant fiduciary duty of Toyota's directors, i.e., the general duty of oversight in Japan as set forth in case law in the...

This paper reassesses the results of Japan‘s financial deregulation over the last two decades. Japan‘s Big Bang sought to transform a highly regulated bank-centered financial system to a transparent, market-centered financial system to revitalize Japan‘s economy and aging society. Prior...

Japan has been widely criticized as being slow to reform a corporate governance system that seemingly remains fixed on the interests of employees over shareholders and unresponsive to recent global trends such as the spread of independent directors. This Essay seeks to present a more nuanced and...

Despite general interest in the economic rise of Asia and in the role of law in the development of the region, the literature on comparative corporate governance in Asia is surprisingly undeveloped with respect to in-depth comparisons among Asian countries. In particular, it should be both...

This essay argues that it is not a good idea to propose keywords to help find the "essence" of Japanese law. In fact, such an approach may well be the problem as we search for a single lens with which to analyze a complex society. Our perceptions of Japan, related to both exaggerated views of...

This essay re-examines our views of corporate governance in light of the recent influence of U.S. corporate governance institutions on reform efforts in other countries. It suggests that the current emphasis on the roles of independent directors and institutional investors as the "keys" to...

This article contributes to a reassessment of the role of law in Japanese corporate governance by focusing on the landmark Daiwa Bank shareholder derivative case. In September 2000 the Osaka district court ordered 11 current and former directors of Daiwa Bank to pay a record $775 million in...