In 2011, David Quinones wrote an article for the now-defunct International Association for Asset Recovery titled “Asset Recovery: They Don’t Teach This Stuff in College. Or Do They?” The article showcased a “groundbreaking class” taught at George Washington University entitled “International Money Laundering, Corruption, and Terrorism,” which also provided an overview of Asset Recovery. The class, taught by Jack Smith–an accomplished government lawyer who headed the legal department of three U.S. federal agencies–and Tom Lasich–a former director of training at the prestigious Basel Institute on Governance’s International Centre for Asset Recovery–was one of the few classes providing law students with the tools to understand asset recovery and the practical realities of the field.
Asset Recovery: An Unexplored Topic in Legal Education
More than 10 years later, Smith and Lasich’s class continues to be a rarity in legal education, despite the fact that the field of asset recovery has emerged as a critical area of practice. Whether stemming from financial crimes, corruption, or fraudulent activities, the recovery of assets plays a pivotal role in upholding the rule of law, combating illicit activities, and restoring justice to victims.
The past few years saw an increase in training opportunities available to established practitioners. Smith and Lasich built out their computer-based asset recovery exercise to offer international workshops and training sessions on the same topic through the Repatriation Group, and a soon-to-be launched video game: “Follow the Money.” Professionals can access post-graduate training internationally, including through the Basel Institute’s training opportunities, Queen Mary University of London’s International Asset Tracing and Recovery Course (taught on three consecutive Tuesdays every November in London by practitioners, including Gary Miller of Mishcon de Reya), OPDAT’s Anticorruption and Asset Recovery course in Hungary for senior criminal justice professionals, opportunities to study asset recovery in law school remain rare.
At a JD-level in the United States, the American University’s Washington College of Law’s Anti-Corruption Summer Law Program gives their students the opportunity to study asset recovery as a tool for combating corruption. Otherwise, some basic concepts of judgment enforcement and asset recovery are sometimes taught as part of conflicts of law classes (for example, at American and UVA), or as part of insolvency-focused courses (for example, at Washburn Law School).
Bridging the Gap: The Need for Asset Recovery Education
In recent years, there has been a growing recognition of the importance of asset recovery in the global fight against financial crime and corruption. Governments, international organizations, and civil society have intensified efforts to recover stolen assets and hold perpetrators accountable. Further growth has been caused by an increase in distressed or non-performing assets, most famously including defaulted-on sovereign debt instruments. However, the effectiveness of asset recovery efforts often hinges on the availability of skilled professionals with expertise in this specialized field. Litigation and prosecution, without perspective on whether a remedy can be obtained, is simply firing blanks.
Law schools play a pivotal role in preparing the next generation of legal practitioners to address the complex challenges associated with asset recovery. By integrating asset recovery education into their curricula, law schools can bridge the gap between theoretical knowledge and practical skills, equipping students with the tools and insights needed to navigate this multifaceted domain.
Smith and Lasich’s class is a prime example of how law schools can creatively teach asset recovery in a way that combines theoretical knowledge and practical skills. The 2011 article explained that “[t]he class devote[d] a five week chunk to a theoretical case study. Students [we]re given fact patterns and allowed to let the case develop, while Smith and Lasich toss real-life curveballs like uncooperative entities and lack of political will into the equation. Students gather[ed] 55 pieces of evidence and [we]re called upon to analyze spreadsheets, statements and multiple other documents. The students make all their own decisions, receiving only general guidance from the professors.”
Asset recovery thus represents a great opportunity for law schools to build a course that would help students apply many theoretical concepts studied and practice their legal skills on real-world scenarios, including legal research, analysis, drafting, negotiations, and advocacy. Students can research the laws related to executing on judgments or obtaining prejudgment attachments, develop an understanding of sovereign immunity, draft Section 1782 petitions in aid of foreign proceedings, and learn to understand and see through corporate structures meant to obscure ownership.
A comprehensive asset recovery curriculum would also promote interdisciplinary learning, giving law students a peek into the world of finance, accounting, investigations and international relations. Teaching asset recovery in law schools can encourage students to engage with global legal frameworks, international treaties, and cross-border legal issues, preparing them for a career in an interconnected world.
Practical Approaches to Teaching Asset Recovery
Integrating asset recovery into law school curricula can take various forms, including dedicated courses, seminars, workshops, and experiential learning opportunities. In addition to developing specialized courses or modules focused on asset recovery and touching on topics such as asset tracing, forfeiture proceedings, restitution, recovery mechanisms, and international cooperation, law schools can provide practical learning opportunities.
Examples of such opportunities include: (a) case studies and simulations, which would incorporate real-world case studies and simulations into coursework allows students to apply theoretical concepts to practical scenarios, honing their problem-solving skills and critical thinking abilities; (b) guest lectures and practitioner insights, which can provide students with valuable insights into the practical challenges and strategies involved in asset recovery efforts; or (c) internships, externships, or clinical programs focused on asset recovery, which can enable students to gain hands-on experience under the guidance of experienced professionals.
Teaching asset recovery in law schools is essential for preparing future legal practitioners. By integrating asset recovery education into their curricula, law schools can enhance students' legal skills, foster interdisciplinary learning, and encourage global engagement. Through practical approaches such as dedicated courses, case studies, guest lectures, and experiential learning opportunities, law schools can equip students with the knowledge, skills, and insights needed to make a meaningful impact in the field of asset recovery and contribute to the pursuit of justice and accountability on a global scale.
