Corporate Governance

A Vice Chancellor Plans to Step Down

By J. Robert Brown

Vice Chancellor Lamb is stepping down from the Chancery Court in Delaware. Although pro-management in his outlook, we have been less critical of his decisionsthan others on the Chancery Court.

There is, apparently, great interest in the opening. We don't know who will be selected but wehave a prediction: the replacement will look like all the rest. As we have already described:

• there are five chancellors on the Chancery Court and five justices on the Delaware Supreme Court. The two courts are remarkably lacking in diversity. Of the ten positions, there are no people of color and only one woman. As for their background, they are likewise remarkably similar. Almost all of them came out of defense oriented law firms, with three fromMorris, Nichols (Chandler, Parsons & Holland) and three from Skadden Arps (Lamb, Strine, & Berger).

Full post as published by The Race to the Bottom on July 15, 2009 (boomark / email).