Zachary Brenner '27 Challenges Conventional Financial Theory in Law360 Article

SAN DIEGO (June 2, 2025) – Zachary Brenner, rising 3L at California Western School of Law (CWSL) is already contributing to conversations that challenge the status quo in legal and financial thinking. 

In a Law360 opinion piece titled “Why It’s Time to Retire the Efficient Market Hypothesis,” Zachary and his co-author, argue that the Efficient Market Hypothesis, “which holds… that markets are inherently rational,” is no longer viable in an era of autonomous AI trading systems. “A new theoretical foundation is needed,” the authors write, “one that reflects how contemporary markets function.” 

They call on courts and regulators to adopt the market microstructure theory, like market microstructure theory, which they argue is a “more accurate lens through which to understand and regulate systems shaped by autonomy, speed and complexity.” 

Zachary is enrolled in the CWSL and San Diego State University Fowler College of Business Administration JD and MBA dual degree program. This past year, he served as an honors instructor for 1L Legal Skills/Writing and as an editor for Commentary, CWSL’s student-run magazine while externing at the San Diego Superior Court. 

He currently works as a business development consultant for CoinStructive, Inc., and this summer, he will be interning in the legal department at Vistage Worldwide, a CEO coaching and peer advisory organization.

About California Western School of Law   
For 100 years, California Western School of Law (CWSL) has trained practice-ready lawyers and thoughtful advocates for justice. As the first and longest-running law school in San Diego, CWSL remains committed to providing students with the fundamental knowledge, skills, and real-world experience to thrive in a rapidly evolving legal landscape. CWSL enrolls a student body representative of our diverse society, amplifying access to opportunities for social and economic mobility. Tailored programming allows students to focus on specific areas of interest, and distinguished faculty are dedicated to student growth and scholarship on critical social issues. The law school emphasizes practical, hands-on training through clinics, internships, externships, and pro bono service. CWSL is committed to excellence in education, nurturing compassionate legal professionals who use the law effectively and creatively to solve complex human and societal problems. For more information, visit www.CWSL.edu.