Two ideas I had not heard of comes from an article in the NYSBA J., Oct. 2010 at 36, which primarily discusses improvements to law schools. Among the opportunities for in-house counsel to pitch in it mentions to “collaborate with a local law school for an externship or guest lecture program.”
Externship means that a law student spends time working in the legal department for academic credit? Maybe an internship has no compensation, by contrast (See my post of March 19, 2009: interns from law school with 6 references.).
The second idea in the quote could work both ways: a professor comes to the law department or a lawyer from the corporation lectures at the law school.