Wulf Kaal portrait

Wulf Kaal

Associate Professor and Director of the Private Investment Fund Institute
Degree
Ph.D. (Law and Economics), Humboldt Universitaet zu Berlin - Berlin, Germany
LL.M., University of Illinois College of Law
J.D., University of Illinois College of Law
M.B.A. (Finance), Durham University - Durham, U.K.
Office
MSL 423
Phone
(651) 962-4972
Toll Free
(800) 328-6819, Ext. 2-4972
Mail
1000 LaSalle Avenue
Minneapolis, MN 55403
CV

Wulf Kaal is a leading expert at the intersection of law, business and technology. His research focuses on innovation, technology, blockchain technology applications, smart contracts, hedge funds and dynamic regulatory methods. Kaal is the director of the Private Investment Fund Institute (PIFI). Before entering the academy, he was associated with Cravath, Swain & Moore LLP, in New York, and Goldman Sachs in London, UK.

Wulf Kaal

Kaal speaks regularly at leading conferences in the United States, Europe and Asia. His speaking engagements include presentations at the European Central Bank, Harvard University, Columbia University, University of Chicago, UCLA, George Washington University, Northwestern University, Emory University, the University of Notre Dame, Bocconi University and Tilburg University, among many others. Kaal teaches Disruptive Innovation, Coding for Lawyers, Dynamic Regulation, Private Investment Funds, Federal Securities Regulation, Corporate Law, International Finance and European Union Law at the University of St. Thomas School of Law in downtown Minneapolis. He has previously taught at the University of Minnesota Law School, Humboldt University in Berlin Germany, European Business School in Wiesbaden Germany, and Tilburg University Law School in the Netherlands.

Wulf Kaal

Kaal is a leading expert and the most widely published proponent of blockchain innovation in law and corporate governance as well as dynamic regulation and associated regulatory applications to improve and expand innovation, including through blockchain technology and smart contracting. His empirical and theoretical scholarship in this context evaluates the evolution of law, regulation of disruptive innovation, the diminishing capacities of the regulatory infrastructure, the role of governmental contracts, the dynamic regulatory approaches for the financial services, the diminishing relationship between regulation and innovation, and the so-called ‘pacing problem’ between innovation and regulation, among many others issues. Possible dynamic regulatory mechanisms evaluated in Kaal’s scholarship on dynamic regulation include blockchain technology, big data, contingent capital securities, governmental contracts, venture capitalist investment allocation and crowdfunding.

Wulf Kaal

Kaal is also a leading expert on private investment fund regulation and compliance and private investment fund innovation in finance. His scholarship constitutes over 85% of the empirical and theoretical scholarship on private fund regulation in the United States. Using hand-selected and commercial databases that have industry-wide application, Professor Kaal applies empirical methods to investigate the effects of financial regulation across a wide spectrum of regulatory issues. His theoretical research focuses on the use of finance and economic theory to analyze and inform financial and regulatory policy. Kaal’s study on the effects of hedge fund registration requirements under Title IV of the Dodd-Frank Act has gained national attention and was covered in a Business Week article and other journals.

As an expert witness, Kaal assists law firms in complex litigation involving hedge funds, alternative investment and / or private equity issues. He has also been a consultant to major corporations and private funds regarding various aspects of financial markets and regulation, and regularly serves as an expert for expert networks. Expert witness and consulting engagements within Kaal’s area of expertise include corporate law, federal securities regulation, fiduciary duties, voting requirements, conduct and duties of board of directors, insider trading, duties and obligations of broker-dealers and investment advisers, SEC oversight of investment advisers, compliance of private investment funds, among others. He is also a FINRA arbitrator.

Click here to read Kaal's scholarship on SSRN.

Wulf Kaal Curriculum Vitae

Fall 2017 Courses

Fall 2017 Courses
Course - Section Title Days Time Location
LAWS 700 - 01 Business Associations - T - R - - - 0830 - 1025 MSL 446
CRN: 43138 Instructor: Wulf A. Kaal This course will introduce students to basic concepts in agency and partnership law as well as the law of corporations under the Model Business Corporation Act. Students will examine fundamental legal rights and duties between corporate shareholders, directors and officers. The course will cover the legal issues of both closely held and publicly held corporations, as well as those of hybrid organizations like limited liability partnerships. If time permits, students will learn the fundamentals of corporate finance and federal regulation of corporate share trading.

Schedule Details

Location Time Day(s)
LAWS 794 - 01 Topics:Intro to EU Law - T - R - - - 1030 - 1155 MSL 235
CRN: 43151 3 Credit Hours Instructor: Wulf A. Kaal The subject matter of these courses will vary from year to year, but will not duplicate existing courses. Descriptions of these courses are available in the Searchable Class Schedule on Murphy Online, View Searchable Class Schedule

Schedule Details

Location Time Day(s)
LAWS 950 - 13 Supervised Resrch & Writing - - - - - - - -
CRN: 43229 Instructor: Wulf A. Kaal Under the supervision of a faculty member, a student may receive up to two hours of course credit for researching and writing a substantial paper on a topic of the student's own choosing. The student must receive the instructor's per- mission to enroll in this course and must meet periodically with the instructor for discussion, review and evaluation. Each faculty member may supervise the research of no more than five students each semester.

Schedule Details

Location Time Day(s)

J-Term 2018 Courses

J-Term 2018 Courses
Course - Section Title Days Time Location

Spring 2018 Courses

Spring 2018 Courses
Course - Section Title Days Time Location
LAWS 641 - 01 Serving Clients Well F2 M T W R F - - 0900 - 1130 MSL 235
CRN: 22791 Instructor: Jerome M. Organ, Wulf A. Kaal Lawyers are viewed as problem-solvers, and as leaders in society, and this class introduces a framework of ethical leadership and helps set a trajectory for continued growth. This course highlights skills and traits needed for attorneys to thrive, and provides avenues to consider how to act in alignment with one’s values. Given the mission of St. Thomas Law School, the class places a special emphasis on relationships. The class also will facilitate opportunities to discuss problem-solving and cross-cultural competency. Prerequisite: LAWS 640

Schedule Details

Location Time Day(s)
LAWS 642 - 01 Business Basics for Lawyers:F3 - T - R - - - 0900 - 1025
CRN: 22798 1 Credit Hours Instructor: Wulf A. Kaal Lawyers need a basic familiarity with various business structures and organizations, funding mechanisms, and financial structures. Whether working with or for law firms, government agencies, non-profit organizations, or corporations, lawyers will encounter financial statements, structural and organizational questions, and questions of strategy. This course provides an introduction to practical and aspirational insights about business, and it also familiarizes students with key financial and business aspects of modern organizations. Prerequisites: LAWS 640 and LAWS 641

Schedule Details

Location Time Day(s)
LAWS 793 - 01 Topics:Disruptive Innovation See Details * *
CRN: 22652 2 Credit Hours Instructor: Wulf A. Kaal The subject matter of these courses will vary from year to year, but will not duplicate existing courses. Descriptions of these courses are available in the Searchable Class Schedule on Murphy Online, View Searchable Class Schedule

Schedule Details

Location Time Day(s)
MSL 2441400-1630M T W R F - -
MSL 2440930-120004 Jan '18
LAWS 796 - 01 Topics:Coding for Lawyers - - W - - - - 0830 - 1025 MSL 334
CRN: 22688 2 Credit Hours Instructor: Wulf A. Kaal The subject matter of these courses will vary from year to year, but will not duplicate existing courses. Descriptions of these courses are available in the Searchable Class Schedule on Murphy Online, View Searchable Class Schedule

Schedule Details

Location Time Day(s)
LAWS 950 - 11 Supervised Resrch & Writing - - - - - - - -
CRN: 22814 Instructor: Wulf A. Kaal Under the supervision of a faculty member, a student may receive up to two hours of course credit for researching and writing a substantial paper on a topic of the student's own choosing. The student must receive the instructor's per- mission to enroll in this course and must meet periodically with the instructor for discussion, review and evaluation. Each faculty member may supervise the research of no more than five students each semester.

Schedule Details

Location Time Day(s)