Stephen E. Shay
Stephen E. Shay is a retired Ropes & Gray partner. He is an adjunct professor at Boston College Law School and previously was a Professor of Practice and Senior Lecturer on Law at Harvard Law School. He served as Deputy Assistant Secretary for International Tax Affairs in the U.S. Department of the Treasury in the Obama Administration, and earlier was in the Office of International Tax Counsel at the Department of the Treasury, including as International Tax Counsel, from 1982 to 1987 in the Reagan Administration. Here is more about Stephen’s experience as an ISLP volunteer:
An internationally recognized tax lawyer, former partner at Ropes & Gray, former U.S. Treasury Department official, and professor of Practice at Harvard Law School, Stephen has spent decades advising governments on some of the world’s most complex tax and extractive industry matters. Yet he says some of his most rewarding work has come through his volunteer service with the International Senior Lawyers Project. For Stephen, the most meaningful pro bono legal work is not simply about reaching an agreement but contributing to stronger institutions and local capacity.
Stephen first became involved with ISLP in 2011 after his second tour of government service. Longtime ISLP volunteer Joe Guttentag, another tax law expert, invited him to join a team advising the Government of Liberia on a major mining concession negotiation.
What immediately stood out to Stephen was ISLP’s approach.
“One of ISLP’s advantages is its ongoing engagement with the countries and clients it serves,” Stephen explains. “That continuity allows you to build trust and become much more effective over time.”
Rather than brief technical missions, ISLP works alongside governments over years. For Stephen, that sustained partnership allows volunteers to understand each country’s priorities while providing objective legal expertise. This means not dictating decisions but helping governments achieve their own goals, he says.
Over the years, Stephen has advised governments on major extractive industry negotiations in Liberia and Mongolia while also participating in tax policy training programs throughout Africa. Whether negotiating large-dollar mining agreements or leading technical workshops, his long-term focus has remained building local capacity.
“I think our strongest impact comes from working alongside people,” he says. “You’re modeling how to think through issues, anticipate challenges, and develop strategy—not simply giving answers.”
That philosophy has shaped his work on the ISLP Tax Advisory Board, where he has supported governments facing sophisticated multinational corporations with access to world-class legal and financial advisers.
“Our role is to help equalize the position of governments so they can negotiate effectively in their own best interests,” Stephen says.
Stephen E. Shay (third from left) with colleagues at the Liberian Revenue Authority in 2016.
Among the many projects he has worked on, Stephen points to the Liberia engagement as one of the most rewarding. The negotiated agreement produced measurable benefits for the country while strengthening the government’s own negotiating capabilities. Elsewhere, he says, work with the government of Mongolia was an ongoing effort, shaped by changing political circumstances, but also meaningful because of the personal and institutional relationships it fostered.
For Stephen, lasting success isn’t measured solely by a signed agreement.
“It’s not just to win cases,” he saus. “It’s to win cases and train people, because they’re going to have case after case.”
Throughout his career – spanning private practice, government service, and academia – Stephen has viewed public service as an essential part of being a lawyer. His experience at Ropes & Gray and the U.S. Treasury Department provided the technical foundation for his work, while teaching created opportunities to devote more time to international pro bono service.
Stephen E. Shay (third from left) with colleagues at the Liberian Revenue Authority in 2016.
One of the greatest rewards has been watching former local country counterparts continue to advance in their careers.
“It’s like being a teacher,” he reflects. “You see your former students all over the world.”
That commitment to mentorship also shapes the advice he gives younger lawyers.
“The broader the experience you get early in your career, the better advisor you’ll become as a more senior lawyer,” he says. “Pro bono work broadens your perspective and gives you opportunities you might never encounter in traditional practice.”
For more senior lawyers, the message is equally simple.
“Take the time to do work that you truly enjoy,” he says. “The satisfaction that comes from helping others and mentoring younger lawyers is far more valuable than simply chasing revenue metrics.”