When Sandy Pfunder, Ron Block and I were drafting the original regulations in support of the Hart-Scott-Rodino Pre-Merger Notification Act in 1978, we developed a “4 o’clock rule” which required us to review again the next morning anything we had prepared after 4 o’clock the day before since, by that time of the day we were weary and it was very likely our drafting was not the best. It was a little like the Roman Senate, passing laws twice – once when drunk and once when sober.

—Dan Schwartz