This article will first examine the traditional Gresham's Law regarding currency and then its broader application to instances in which the nominal and intrinsic values of something are separated. It will then look at the licensing of attorneys and how Gresham's Law may justify both the general accreditation of legal education and specific accreditation Standards. Viewed from this perspective it is the interests of the public, and not the more parochial interests of law schools, that deserve primary consideration in accreditation related to licensure. The article will conclude with a consideration of a coming debate about the appropriate place of scholarly research as a requirement of accreditation.
Steven R. Smith, Gresham’s Law in Legal Education, 17 J. CONTEMP. LEGAL ISSUES 171 (2008).