It is often said that lawyers are risk-averse, and there is certainly some truth to that. But, at Stanford Law School, alongside the traditional lawyerly values of caution and judiciousness, there is also a palpable sense that calculated risks are worth taking, that change is not to be feared. In this issue the cover story highlights this important part of the Stanford Law culture—risk taking. The story focuses on our graduates who are pursuing opportunities in emerging markets. Unsurprisingly, they have some stories to tell—and some of them are hair-raising, as in Bill Franke’s description of being, literally, locked out of his Russian company by his “partner.” These graduates are all risk takers. Many of them are not engaged in the traditional practice of law, and all of them are working in corners of the world where there is profound uncertainty about the future, and sometimes even uncertainty about the present rules of the game. I admire the smarts, and the verve, of these graduates, and I know you will find the work they are doing of interest.

This story’s focus on emerging markets also illustrates the importance of our efforts to make SLS more global. Unlike business (or even science and mathematics), law is by its nature a parochial discipline in the sense that legal rules have long been determined, in part, by jurisdiction. It has been a truism for many years that economic, technological, demographic, and social factors have made those jurisdictional borders far less important than they once were. Of course, the study of law must change as a result. Today, many of our students choose to study, or to work during their summers, overseas. [...]