The U.S. Court of Appeals for the Ninth Circuit pumped the brakes on a California law requiring the state’s biggest companies to disclose their climate change-related financial risks. The law, referred to by its legislative number, SB 261, was scheduled to take effect Jan. 1.
The “risk management” aspect of LME focuses on the compensation to be paid to the participating lenders to provide new investment and the additional time or optionality gained for the equity sponsor. Frequently the LME is followed by a bankruptcy case in which the participating lenders again attempt to exercise control over the process and their compensation through a restructuring support agreement and a prepackaged Chapter 11 plan. At least one district court has concluded that compensation payable to a subset of lender/investors in a creditor class violates this requirement, derailing a confirmed prepackaged Chapter 11 plan and remanding to the bankruptcy court to remedy.
Private equity companies, which have successfully made inroads into the legal industry, are now considering funding lateral partner moves to bring top rainmakers to midtiered firms that might not otherwise have the compensation flexibility to land top names, experts say.
The firms that will navigate the next downturn best are those acting now — tightening alignment between marketing, communications, and client service teams so that everyone is telling the same value story.
Special Permit Denial OverturnedNo Property Right to Short-Term RentalsZBA Interpretation of Zoning Ordinance Upheld
Notable recent court filings in entertainment law.
A look at moves among attorneys, law firms, companies and other players in entertainment law.
By definition, equity partners are law firm owners and investors, share in the profits, and are collectively responsible for overall strategy and management. Yet, when only a handful of people are involved in a monumental decision such as a merger, it’s clear that the definition of “partnership” has changed.
Although alleged oversight claims are not uncommon, this case was unusual because the claims were not asserted derivatively by shareholders. Given the informational advantage enjoyed by the plan administrator, it was not surprising that the court found the complaint adequately pleaded Caremark claims against the named director defendants and two of the company’s officers.
Cross-selling is vital to law firm growth. Marketing and business development leaders inside firms can help with that growth by encouraging different teams to work together, rather than sticking to their own respective practice areas.
