Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
What's New in Private Equity Fund Deal Terms
There may be nothing new under the sun but there are a number of new wrinkles cropping up in the private equity fund universe which deserves some comment. Herewith a few from a fund term sheet I have recently been reviewing.
In the, “It's About Time,” department, the general partner/sponsor of a particular fund has offered to spread the management fee over the assets of the instant fund plus the successor fund if one is organized with commitments equal to or exceeding the commitments commanded by the instant fund. The idea is that, if no successor fund is organized, the management fee is calculated as a percentage of the capital commitments of the current fund; if, however, a large successor fund is organized, then the management fee is calculated as a percentage of the investments of the current fund and the successor fund, measured at cost and net of write offs and distributions. This is a clear concession to LPs, who are claiming that the management fees measured by commitments, once several funds are concurrently in existence, are well in excess of what the general partners should in the aggregate be charging.
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.