The primary focus of this essay is the ethical dimension of the decisions faculty governance requires law professors to make. This essay is devoted to the proposition that conditions are ideal for most law schools to be governed for the benefit of the faculty at the expense of the welfare of students and others (stakeholders) who expect to be served by the law school. This section also suggests that faculty shirking, if it occurs, stems primarily from a lack of respect for those whom the law school serves. Section II addresses the second step. Having described shirking and capture in the law school context, the issue is whether law schools are susceptible to this behavior. In Section III, anecdotal as well as some empirical evidence is offered suggesting that shirking and capture are not merely possible, but do occur. Finally, a proposal is made to increase the accountability and transparency of law school decision-making by exposing it to what I identify as "stakeholders."