Scott, a graduate of Princeton and Stanford, found his true calling at the Law School. His experiences and contributions have left an indelible mark on the field of finance.

Discovering a Lifelong Passion in Law and Finance

Early Years and Academic Path

Scott initially aimed to be a poet during his time at Princeton. However, he soon realized that path wasn't for him. After graduating, he pursued a graduate degree in political science at Stanford. It was at the Law School that his life took a significant turn. The law and economics movement was in its early stages, with brilliant minds like Aaron Director and Richard Posner shaping it. Intellectual giants like Gilmore, Kalven, and Levi were also teaching, creating a fertile learning environment.A class with Soia Mentschikoff sparked his interest in payment systems. Back then, it was simply called "checks." This led to a career that spanned over 40 years at Harvard Law School. He authored popular and scholarly books, including a casebook now in its twenty-fifth edition. His leadership in institutions and programs has influenced financial practices worldwide.

Teaching Epiphany and Early Career

As a second-year student, Scott had a life-changing moment. He was in Philip Kurland's office when a major law school called looking for faculty candidates. Kurland covered the phone's mouthpiece and asked if Scott would be interested in teaching. Although he had never considered it before, it seemed like a good idea. Kurland gave him a great recommendation, and he was hired.Two years after graduating and clerking for a US Court of Appeals judge and then Supreme Court Justice Byron White, Scott joined the law faculty at UC-Berkeley. But California was too laid back for him.

The Program on International Financial Systems (PIFS)

In 1986, Scott founded PIFS. This program hosts annual invitation-only symposia on building the financial system of the twenty-first century between different regions like the US and China, US and Europe, and US and Japan. PIFS became independent from Harvard in 2018, and Scott still serves as its director.

Other Ventures and Contributions

Scott was a director at Lazard for 10 years and served as a governor of the American Stock exchange. Currently, he is an outside director of the Members Exchange, a member-owned stock exchange competing with major exchanges. He regularly contributes opinion pieces to renowned publications like the Wall Street Journal and Financial Times.Scott emphasizes his love for the Law School, which was the starting point of many significant things in his life. He got married during his first week there and has two great daughters. He has many friends from that time. He also highlights the intellectual rigor of the University of Chicago and how it has influenced his thinking.Scott's story is a testament to the power of following one's passion and making a lasting impact in the world of law and finance.