practice .
More fundamentally , let ’ s start with the definition of College , which is “ an organized body of persons engaged in a common pursuit or having common interests or duties .” This definition takes us to a further exploration of that common pursuit – and the three elements of our mission .
The first is professionalism .
At the heart of our mission is a commitment to promoting ethical conduct , excellence in practice , and dedication to the highest standards of client service . The restructuring process is often complex and emotionally charged , and clients need professionals who not only provide expert legal or financial guidance , but also act with the highest levels of professionalism and integrity . They need judges who can expertly and impartially decide the important issues before them .
Professionalism is necessary to uphold confidence in our system of insolvency in the United States and globally . The bankruptcy law provides the framework for resolution of insolvency , whether in court or out of court . It has been said that in bankruptcy , there is a reason that the hallways are bigger than the courtrooms . That is because our bankruptcy law is often at its best when it drives consensus – agreements made out in the hall by the parties and their professionals . That can only happen in an environment of professional competence and respect . The College fosters this very environment , whether through providing education , establishing awards , setting standards for admission that encourage excellence ,
facilitating collaboration with other bankruptcy associations , or engendering collegiality between professionals .
The second element of our mission is scholarship .
The bankruptcy process continues to evolve as our economy , capital markets and financial systems change . Our bankruptcy law in the United States is now 45 years old . Rich Levin , our Scholar in Residence and one of the original architects of the Code , would tell us that it looks different and is applied differently than when it was originally drafted . However , its fundamental essence has remained , and our law has proven to be an amazingly adaptable tool for resolving both corporate and individual insolvency .
The College plays an important role in the resilience and integrity of the insolvency system through its commitment to scholarship . Our Fellows include the foremost academics in the field , exemplified by Professor Douglas Baird , tonight ’ s Distinguished Service Award winner . These academics lend their expertise to our educational programs , our publications and our work more broadly . Our Fellows identify
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