Aniello A. Bianco is chair of Pace University’s Board of Trustees (and is on Spindle’s Board of Advisors). He has served on Pace’s Board since 1969. Mr. Bianco has enjoyed a long and illustrious career in law and finance with, among others, Rothschild Inc., Polygram Corp, and Ernst and Young. He served for over 18 years as managing director of the large international law firm Chadbourne & Parke. Thereafter, as a Vice President at Hildebrandt International, he was a management consultant to large national and international law firms, specializing in strategic and tactical planning, strategic sourcing and profit improvement.
Mr. Bianco addressed the 2011 graduating class of Pace Law School on May 8, 2011. Below are portions of his inspiring remarks.
You are entering an economy still in turmoil and a law profession that has been strongly impacted by that turmoil. But we have had economic pitfalls before and we will have them again. Despite some gloomy predictions, I believe the slight uptick in our economy will continue and we will rebound more strongly than ever. And as has always been the case in the past, the legal profession will be an integral part of that recovery. In fact, according to some predictive statistics, it appears that 2011 will be a banner year for new deals and IPOs. It will give each of you an opportunity to participate in the new rules and regulations that will govern our economic well-being.
As a civilized society, most of us reject extreme greed. Unbridled speculation, no matter the costs, suggests a motivation of pure greed. Philosophers and religions going back to Aristotle have taught us to reject greed for its own sake. Interestingly, modern society has no equivalent word for the ancient Greek term “chrematistics”. It means the acquisition of wealth as an end in itself, particularly through the use of money to make money. Aristotle understood finance as a means to an end, not an end in itself. The end was “oikonomike”, the root of our word “economics”, which did not suggest unlimited wealth, but rather the wealth necessary to live, and to live a good life. In contrast, chrematistics suggests there is no limit to wealth and property accumulation. Aristotle calls it “justly censured” (Politics I) because it is “unnatural”; it looks to acquire money without limit, while money ought to be looked for within limits, and for a higher purpose – to live a good life.
So it is in the profession of law. Every year, I believe that every graduate must make a critical choice within a short time of graduation – to be a professional or to be a businessperson — in defining themselves as lawyers. Which direction to take in living a good life? Each of you should recognize that you have to make that choice. If you do nothing, then no matter how brilliant and successful you might be in the business of lawyering, you will not be members of a profession.
Law is a profession dedicated to service: service to community, service to those less fortunate than oneself and service to justice and the rule of law as an ideal in this great experiment we call the United States of America. This is one way of choosing to live a good life. Law as a learned profession and service are inseparable. And as lawyers you are in a unique position to make a difference in the lives of those in our society.
This aspect of the law is considered so important that some law firms have a pro bono partner who spends full time coordinating this work. Whether one’s service is in education, social justice, health care, assisting victims of crime, helping indigent people prepare tax returns, or in holding public office, does not matter. However, the fact and the duty of service do. And in today’s environment, with its continuing questions of ethical breakdowns and financial misconduct –whether legal or not- perhaps having a more far reaching effect on our society than any of us can know — lawyers and the rule of law are more important than ever to our incomparable American way of life.
If lawyers are to keep the respect of our citizenry– and we must if our legal system is to thrive as an institution in our society – then every one of you must dedicate some portion of your ability and time to pro bono service.
Even if it is one hour per week, 50 hours per year, I guarantee it will make you a better person; it will make your law school proud to be your alma mater and strengthen the role of law and the legal profession in our society. So, as you graduate today, I ask that you think about the meaning of service and of the privileges you will enjoy as lawyers in this society. You will make us proud, will gain the respect of your fellow lawyers when you do, and most importantly, you will know that you have done as much as you can to improve the society in which we are so fortunate to live.
