Impact Transaction: Lawyering for the Public Good Through Collective Impact Agreements
56 Pages Posted: 30 Apr 2016 Last revised: 9 Jun 2016
Date Written: April 28, 2016
This Article outlines what the author proposes as the next step in the evolution of transactional law and practice: impact transaction is the strategic use of agreements between cross-sector parties as a mechanism to achieve broad social change. Connecting the nascent collective impact framework for social change with relational contract theory to develop frameworks for memorializing collective impact agreements and drafting relational contracts lays the groundwork for impact transaction strategy. Since the Supreme Court’s 1954 decision in Brown v. Board of Education, impact litigation has become the default strategy for initiating social change in the United States; the 2015 term’s gay marriage decision in Obergefell v. Hodges is but the most recent example. In a world of rising litigation costs and clogged judicial dockets, however, transactional advocacy in the public interest can play an equally critical role in advancing equity and equality.
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