The Business Law Program welcomed Vice Chancellor Lori Will of the Delaware Court of Chancery to present the annual Norman P. Ramsey Distinguished Lecture. Her lecture, “Equity Without Politics: Lessons from the Delaware Court of Chancery,” provided insight into the process of the Court of Chancery, a court recognized as the leading source of corporate law jurisprudence.
With a court resolving high-stake disputes, public backlash is not uncommon. Vice Chancellor Will’s lecture emphasized that judicial legitimacy is not derived from public approval or political alignment. She shared that the Court’s authority rests instead on transparent reasoning, doctrinal consistency, and a reputation for impartiality.
Vice Chancellor Will explained that the structure of judicial selection and retention insulates the Court from partisan bias by intentionally limiting the dominance of any single political party on the bench. Additionally, the Delaware General Assembly and the Law Council shape the Delaware Court of Chancery chiefly by updating the Delaware General Corporation Law (DGCL) in response to, or in anticipation of, its rulings. The structured interaction between the Court and the General Assembly maintains a balance between precedent, statutory development, and equitable principles, providing predictability and neutrality.
Vice Chancellor Will emphasized that she views equity as a restraint, that it exists to restore parties, correct specific wrongs, and enforce the law to ensure justice and fairness. The equity focuses on wrongdoing, not second-guessing business judgments.
Her lecture drew prominent cases involving volatile markets and intense public scrutiny, where the public seemed to demand a particular result. She explained that the Court of Chancery adheres to doctrinal lines rather than drama. Equity functions as a remedy, not a reaction. In an era filled with noise and politicalization, the Court’s commitment to method over emotions allows equity to shape global markets while maintaining legitimacy.
The Vice Chancellor also offered advice to those students interested in corporate law. She suggested clerking with the Court of Chancery as well as being open to opportunities. She relayed her experience as a law clerk for former Vice Chancellor Leo Strine was one of the most transformative experiences she had in her career.
Following her lecture, a short reception was held where students, alumni, and faculty engaged with the Vice Chancellor, learning more about her experience and soliciting advice. The distinguished lecture was funded by the Norman P. Ramsey Business Law Fund, which was established in May 1993 through the generosity of Tucky P. Ramsey in honor of her husband. A distinguished graduate of the University of Maryland School of Law Class of 1947, Judge Ramsey represented the highest tradition of dedication to the legal profession.