Pictured above: Tobin Visiting Scholar Professor Lisa Fairfax (left) with former dean Professor Donald Tobin
The University of Maryland Francis King Carey School of Law welcomed Professor Lisa Fairfax from the University of Pennsylvania Carey School of Law as the inaugural Donald B. Tobin Visiting Scholar in Business Ethics. Fairfax visited Maryland Carey Law October 31-November 1 to offer a faculty workshop, a student discussion, and a community lecture titled, “Corporate Governance at the Intersection of Legal Ethics and Compliance.”
A leading scholar in corporate law, Fairfax’s research focuses on corporate governance, fiduciary duties, board composition and diversity, shareholder activism, and securities fraud.
Fougeley Denis ’26 is a student in the Business Law Program who attended the student session and lecture during Fairfax’s visit. She appreciated the opportunity to learn from the former Maryland Carey Law professor, especially in the intimate group setting.
"Her insights on ethical corporate governance practices and the importance of board diversity during the student session have given me a new perspective on the critical role inclusive leadership plays in shaping effective business strategies,” said Denis. “This session has greatly inspired me to rethink how I can contribute to these practices in the future.”
Fairfax began her academic career in 2000 at Maryland Carey Law, where she was director of the Business Law Program. In 2009, she was appointed the Alexander Hamilton Professor of Business Law at George Washington University Law School, where she founded the GW Corporate Law and Governance Initiative. She is currently the Presidential Professor and co-director of the Institute for Law & Economics at Penn Carey Law.
Fairfax has authored numerous law review articles and books, including her influential book, Shareholder Democracy: A Primer on Shareholder Activism and Participation. Her article “The Securities Law Implications of Financial Illiteracy” was recognized as one of the 10 best corporate and securities articles of 2019, and her article “Dynamic Disclosure: An Exposé on the Mythical Divide Between Voluntary and Mandatory ESG Disclosure” was recognized as one of the 10 best corporate and securities articles of 2023.
In addition to teaching courses in corporations, contracts, and securities law, Fairfax has served on the SEC's Investor Advisory Committee, on the Board of Governors for the Financial Industry Regulatory Authority (FINRA), and as a member of FINRA's National Adjudicatory Council. She is active in various organizations, including as an elected member of the American Law Institute; a member of ALI's Advisory Group for the Restatement of Law, Corporate Governance; and a member of the board of the SEC Historical Society.
Before her academic career, Fairfax practiced corporate and securities law at Ropes & Gray LLP. She holds degrees from Harvard Law School and Harvard College. Fairfax had the honor of introducing her Harvard roommate Supreme Court Justice Ketanji Brown Jackson at the justice’s Senate confirmation in April 2022.
The Donald B. Tobin Visiting Scholar in Business Ethics program was established by former Maryland Carey Law Board of Visitors chair and longtime supporter of the Business Law Program Christine Edwards ’83, along with other alumni and friends. The endowment was created to honor Professor Donald Tobin, who completed his tenure as dean of Maryland Carey Law in 2022 and currently teaches in the Business Law Program.
As well as honoring Tobin, Edwards aimed for the visiting scholar program to promote awareness of the significance of business ethics in the Business Law Program.
An expert in tax law and policies, Tobin, whose deanship began in 2014, is credited with deftly using his business acumen to strengthen the law school's financial health in the wake of the Great Recession. Tobin is passionate about the Business Law Program and enjoys lecturing to 1L students in the Foundations of Business Law class. As dean, he also hired an influx of talented faculty, including two business law faculty, and led the institution through the pandemic.
“I am delighted that Lisa Fairfax is the inaugural Tobin Scholar,” said the former dean. “She is a groundbreaking thought leader who has spent her career working to build fair and honest structures that promote ethical business practices. I know the entire Maryland Carey Law community will benefit from her visit.”