Richard Craig Elected to The American Law Institute
The American Law Institute has elected Richard D. Craig, a shareholder and director with the law firm of McAfee & Taft, for membership among its exclusive ranks. Elected membership is currently limited to 3,000 eminent federal and state judges, distinguished lawyers and respected law professors, and members are selected on the basis of professional achievement and demonstrated interest in the improvement of the law.
In making the announcement, ALI president Michael Traynor cited Craig’s achievements in the area of tax law and wealth transfer tax planning, his contributions to continuing legal education programs and civic and professional service in Oklahoma, and his interest in the Institute’s Restatements of the Law of Trusts and Property as factors for his election.
The ALI was organized in 1923 as a result of a study reporting that the two chief defects in American law were its uncertainty and its complexity. The Institute’s purpose is “to promote the clarification and simplification of the law and its better adaptation to social needs, to secure the better administration of justice, and to encourage and carry on scholarly and scientific work.” Since its inception, the ALI has undertaken to formulate a comprehensive series of Restatements of the common law and numerous codification projects, model acts and studies.
Craig’s law practice encompasses wealth transfer tax planning; corporate, individual and partnership taxation; tax and corporate aspects of business transactions; and the litigation of tax matters in both state and federal courts. In addition to being named a Fellow of the American College of Trust and Estate Counsel, he is an active member of the Oklahoma, Oklahoma County, and American Bar Associations and the Oklahoma Society of Certified Public Accountants. He is also the co-author of “Oklahoma Limited Liability Company Forms and Practice Manual,” a 14-chapter practice manual containing forms and explanatory text and analysis for lawyers, accountants, tax specialists, estate planners, and real estate professionals.