Hillary A. Sale


Hillary A. Sale

Walter D. Coles Professor of Law; Professor of Management


B.A. and M.A., 1983, Boston University
J.D., 1993, Harvard University

Curriculum Vitae




Jamie Roggen - (314) 935-6432

Phone / Email

Phone: (314) 935-4631
E-mail: hillary.sale@wustl.edu 


Anheuser-Busch Hall, Room 579

Courses Taught

Business, Governance, and Law (at Olin School of Management)
Corporate Governance
Securities Regulation


Professor Hillary A. Sale is a member of the FINRA Board of Governors. She is also an award-winning teacher, a Visiting Professor at Georgetown Law, and the Walter D. Coles Professor of Law and Professor of Management at Washington University in St. Louis. She teaches both at the Law School and the Olin School of Management, including courses in Leadership, Women’s Leadership, Corporate Governance, and Securities Regulation. In the spring of 2017, she was the Sullivan & Cromwell Visiting Professor of Law at Harvard Law School, where she taught Women’s Leadership and Corporate Boards and Governance.

She is an expert on and frequent speaker to industry groups and academic audiences about leadership and corporate governance and was selected by the St. Louis Business Journal as a “2014 Most Influential Business Women.” In addition to running leadership and other programs in industry, Professor Sale has taught in multiple executive education programs, including the Harvard Law School Law Firm Leaders Program and various programs through the Olin School of Business.

Professor Sale is a member of the FINRA Board of Governors, where she serves on the Nominating and Governance, Regulatory Policy, and Regulatory Operations Committees. She is also a member of the Advisory Board of DirectWomen, a nonprofit with the mission of increasing the presence of women on public company boards. She is Chair of the DirectWomen Board Institute and works in industry training executives on leadership, governance, and risk management.

Professor Sale is a leading scholar in the areas of corporate governance and the role of corporate and securities law in shaping board decision-making and strategies and has authored many award-winning articles. Professor Sale is co-author (with John C. Coffee, Jr. and M. Todd Henderson) of the book Securities Regulation and is a member of the Committee on Corporate Laws of the ABA, where she co-chaired the task force for the Sixth Edition of the Corporate Director’s Guidebook. Professor Sale is also a Fellow of the American College of Governance Counsel.

Before entering academia, Sale was a law clerk to The Honorable Richard S. Arnold, Chief Judge of the United States Court of Appeals for the Eighth Circuit, practiced with the law firm of WilmerHale LLP, and was Chief of Staff and Director of Operations for Evelyn F. Murphy, the Lieutenant Governor of Massachusetts. She graduated magna cum laude from Harvard Law School in 1993 and holds a master’s degree in Economics from Boston University, where she also completed her B.A., summa cum laude in 1983.

Representative Publications

Forthcoming Scholarship and Works in Progress

  • Contracting for Publicness 
  • Public Pay 
  • On the Importance of Being Public 


  • Securities Regulation (with John C. Coffee, Jr. and M. Todd Henderson), Foundation Press (13th ed., 2015; Cases and Materials Supplement, 2014)
  • Federal Securities Laws, Selected Statutes, Rules and Forms (with John C. Coffee, Jr. and M. Todd Henderson), Foundation Press (2015)

Recent Book Chapters and Articles

  • "'We Believe': Omnicare, Legal Risk Disclosure and Corporate Government" (with Donald C. Langevoort), Duke Law Journal (2016 ) [SSRN]
  • "Market Intermediation, Publicness, and Securities Class Actions" (with Robert B. Thompson), 93 Washington University Law Review 1 (2016) [SSRN]
  • "J.P. Morgan: An Anatomy of Corporate Publicness," 79 Brooklyn Law Review 1630 (2014) [SSRN]
  • "Public Governance," 81 George Washington Law Review 101 (2013) [SSRN]

Recent Activities

  • The Corporate Contract in Changing Times: Is the Law Keeping Up?, The Doctrine in Perspective(Panel), Berkley Law, April 2016
  • "How to Successfully Negotiate A Raise" FOX2 News - [view video]
  • St. Louis Business Journal Women’s Conference 2015 - [view video]
  • Corporate Boards and Governance Class Offers Inside View into Business Leaders' World [view news article]
  • Prof. Sale’s Leadership with DirectWomen Supports Corporate Board Diversity [view news article]