While I share Dan's concerns, reading the comments today reinforced
for me the fact that B-law faculty are held to different standards
than most other b-school faculty.  Our opportunities for outside
practice are really quite similar to those of a CPA; the difference
being that most PhD's in accounting who hold the CPA left their
profession to teach and research and thus no longer practice.
Actually most of our colleagues would better serve the practicing
manager if they did engage in some interaction with them.  One of the
most common criticisms of b-schools today is that they do not
communicate with "real" business people and as a result do not know
the concerns of those "real" business people.  I predict that the
next few years will bring a strong push for b-school faculty to spend
time on a regular basis working in businesses.