Law Firm News

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Law Firm News

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Fenwick & West, LLP

Fenwick & West's Silicon Valley Venture Capital Survey Reveals 75% Increase in Valuations in the 1st Quarter of 2007
Fenwick & West LLP, one of the nation's premier law firms providing comprehensive legal services to technology and life science clients, today announced results of its First Quarter 2007 Silicon Valley Venture Capital Survey.

The survey analyzed the valuations and terms of venture financings for 117 technology and life science companies headquartered in the Silicon Valley/San Francisco Bay Area that reported raising capital during the quarter.

The Fenwick & West Venture Capital Barometer™ - which measures the change in share price of Silicon Valley companies funded during the quarter compared with the share price of their previous financing round - was up 75%.

"This is the largest increase we have seen since Fenwick & West started the survey in early 2002," said Barry Kramer, partner in the firm and co-author of the survey. "The increase was driven in significant part by eleven first quarter financings in which the purchase price of the stock sold in the financing was at least three times higher than the prior round. Of these eleven financings, most were in Web 2.0 and related fields."

"First quarter survey results show continuation of the strong positive trend in venture valuations witnessed over the past three years," he said. "Up rounds exceeded down rounds for the thirteenth quarter in a row and outpaced down rounds 79% to 9%, with 12% flat. This was the largest ratio of up rounds to down rounds since the survey began."

An up round is one in which the price per share at which a company sells its stock has increased since its prior financing round. Conversely, a down round is one in which the price per share has declined since a company’s prior financing round.

Michael Patrick, also a partner in the firm and survey co-author, said, "The non-price terms of financings in the first quarter were also very company favorable, with the use of senior liquidation preference and participating liquidation preference at their lowest levels since the survey began."

Patrick also said that, according to Dow Jones/VentureSource, the amount invested by venture capitalists in the U.S. during the first quarter of 2007 was approximately $7 billion – the second highest amount since the fourth quarter of 2001 – and that venture investment in healthcare hit $2.9 billion, the highest investment level on record for that industry.

05-24-2007

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Brinks, Hofer, Gilson & Lione, P.C.

Brinks Hofer Gilson & Lione Receives CARPLS 2007 Golden Gavel Award
Brinks Hofer Gilson & Lione, one of the largest intellectual property law firms in the U.S., is pleased to announce that the firm is the recipient of a 2007 Golden Gavel Award Coordinated Advice and Referral Program for Legal Services (CARPLS) in recognition of its financial and organizational support. For more than a decade, Brinks has provided hands-on participation at CARPLS, including a commitment of time, resources and problem-solving skills in support of CARPLS. The award ceremony, held on May 23, 2007, was emceed by investigative sportswriter, Lester Munson, and hosted by the Northern Trust Company of Chicago.

The Golden Gavel Awards are presented annually to individuals, law firms or corporations that make significant contributions to further the CARPLS mission of providing expanded access to legal services to those in need through the use of innovation, collaboration and technology.

In receiving the award, Gary M. Ropski, president of Brinks, said, "We are proud to be recognized for sharing CARPLS' dedication to providing legal services to those in need of legal representation and who are unable to afford it."

"We also want to recognize our partner, Ralph J. Gabric, who has dedicated himself to giving back to the community through CARPLS," continued Mr. Ropski. "Ralph has been an officer of the Governance Board since 2006 and currently serves as Vice President."

Also honored were the Brunswick Corporation and attorney Sheldon H. Roodman, Executive Director of the Legal Assistance Foundation of Metropolitan Chicago, who was the recipient of this year's Ralph A. Gabric Award in recognition of Mr. Roodman's ongoing service to the greater Chicago legal aid community.

About CARPLS
CARPLS is an innovative legal aid service that offers an immediate response to the every day legal problems confronting low-income residents of Cook County. CARPLS Legal Aid Hotline and court-based Advice Desk give low-income clients direct access to experienced attorneys who are trained to quickly assess and respond to a wide range of civil legal problems. CARPLS attorneys resolve over 85% of all cases in-house by providing information, advice and brief services including the preparation and review of
legal documents. Clients with more complex needs are referred by CARPLS to a network of specialized legal and social service providers. Since its inception in 1993, CARPLS has helped over 260,000 clients find solutions for their basic legal problems at an average cost to CARPLS of $35 per case. For more information on CARPLS, visit http://www.carpls.org/Home.aspx.

05-24-2007

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Vedder Price Kaufman Kammholz

Six Equipment Finance Attorneys Added
The law firm of Vedder Price announces that six Equipment Finance attorneys have joined the Firm in its Chicago, New York and Washington, D.C. offices Vivek G. Bhatt has joined as a Shareholder, Michael J. McIsaac, David S. Golden, Benjamin A. Bomrind,and Erin Spry Staton have joined as Associates and Joseph W. Downs IV has joined as Counsel. These new additions bring the number of full-time equipment finance attorneys to 45.

As an Associate in the New York office, Michael McIsaac represents lenders including banks, commercial finance companies, private equity funds and hedge funds. He has also represented borrowers in secured and unsecured financing transactions including senior debt single-lender and multi-bank agented credit facilities in connection with acquisition financings, recapitilizations and working capital, mezzanine debt facilities and convertible debt facilities. Mr. McIsaac graduated from Hofstra University (B.A., summa cum laude, 1998), the Hofstra University Frank G. Zarb School of Business (M.B.A., with distinction, 2002) and the Hofstra University School of Law (J.D., with distinction, 2002). Mr. McIsaac was formerly Assistant General Counsel at A.I. Credit Corp. in Jersey City, New Jersey.

Joseph W. Downs IV joins the Washington, D.C. office of Vedder Price as Counsel. Mr. Downs represents domestic and internationally based borrowers, commercial banks and other financial institutions in domestic and cross-border financings, including project financings, multi-lateral and export credit agency supported financings, acquisition financings and other complex structured financings and bank syndications. Mr. Downs graduated from Georgetown University (B.A., 1992) and from the Georgetown University Law Center (J.D., cum laude, 1998). Prior to joining Vedder Price, he was an associate with Pillsbury Winthrop Shaw Pittman LLP, in Washington, D.C.

Vivek G. Bhatt joins the Chicago office, and represents commercial banks, commercial paper conduits, underwriters, placement agents and related affiliates, issuers and specialty lenders in a wide range of asset-backed securitizations and transactions. His primary emphasis is the securitization of equipment loans and leases, (including commercial aircraft loans and leases), accounts receivable, credit card receivables, student loans, mortgage and insurance premium contracts and the negotiation of financial guaranty insurance policies. Mr. Bhatt is a graduate of the University of Illinois (B.S., 1997) and the Whittier Law School (J.D., Valedictorian, 2000). He served as a Judicial Extern to the Honorable Alex Kozinski, U.S. Court of Appeals for the Ninth District.

Joining the Chicago office as an Equipment Finance associate is David S. Golden. David represents and counsels financial institutions in complex lending transactions including secured and unsecured privately-placed debt issuances, mezzanine debt financings, merger and acquisition financings, credit-tenant loans and synthetic and leverage leases. His experience includes workouts and capital restructurings involving distressed credits, and acting as special U.S. counsel to a foreign multinational conglomerate as the borrower in U.S. private placement. Mr. Golden is a graduate of the University of Michigan (B.A., 1992) and the Duke University School of Law (J.D., 1997). He was formerly an associate with Chapman and Cutler LLP, in San Francisco.

Benjamin A. Bomrind joins the Firm’s New York office as an Associate. He represents energy companies and various other corporations, limited liability companies and partnerships in a variety of matters including asset and stock mergers, acquisitions and divestitures. Mr. Bomrind is a graduate of Ner Israel Rabbinical College (Bachelor of Talmudic Law, 1996), the Fordham University School of Law (J. D., 2000) and is a Certified Public Accountant. He was formerly an associate with Orrick, Herrington & Sutcliffe LLP, in New York.

Erin Spry Staton joins Mr. Downs in the Washington, D.C. office as an associate in the Equipment Finance group. Ms. Staton concentrates her practice on the drafting, review and negotiation of commercial leases for office, retail, industrial and financial service spaces. She also conducts due diligence reviews, and negotiates and closes commercial leases, sales and acquisitions. She is a graduate of the University of North Carolina at Chapel Hill (B.A., 2001) and the Georgetown University Law Center (J.D., cum laude, 2004).

05-24-2007

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Troutman Sanders LLP

Larry W. Shackelford Joins Troutman Sanders in Its Atlanta Office
The law firm of Troutman Sanders LLP is pleased to announce the addition of Larry W. Shackelford as a partner to its Securities and Corporate Governance practice group in Atlanta, Ga.

Shackelford comes to Troutman Sanders from the Atlanta office of Morris, Manning & Martin, LLP, where he was a partner from 1996 until this year.

At Troutman Sanders, Shackelford’s practice will continue to focus on serving as corporate and securities counsel to technology and telecommunication companies, manufacturing and distribution businesses, and community banks and bank holding companies with respect to mergers and acquisitions, public and private offerings of securities, reporting obligations and general corporate law issues.

Additionally, Shackelford will represent community financial institutions in connection with their formation and regulatory compliance. He will also represent public companies in control contests, mergers and acquisitions, public offerings and other securities law matters, as well as representing private companies in venture capital financings.

Shackelford has lectured on corporate, financial and securities law topics for the Institute for Continuing Legal Education in Georgia, the Georgia Society of Certified Public Accountants, the Georgia Bankers Association and the Community Bankers Association.

Prior to working at Morris, Manning, Shackelford worked as an associate and partner with the Atlanta office of Nelson Mullins Riley & Scarborough, LLP from 1992 to 1996 and as an associate at Trotter Smith & Jacobs in Atlanta from 1988 to 1992.

Shackelford received a B.S., magna cum laude, in 1985 and a J.D., cum laude, in 1988 from the University of Georgia.

05-24-2007

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Troutman Sanders LLP

Troutman Sanders Expands in New York in Finance, Energy and Tax
Troutman Sanders LLP is pleased to announce the addition of Craig M. Kline and Philip H. Spector as partners in New York City, New York. Kline joins the firm’s Lending & Structured Finance and Energy practice groups, and Spector joins the Tax group.

Kline and Spector join Troutman Sanders from the law firm of King & Spalding in New York City, where they worked together for six years, Kline as a partner since 2004 and an associate from 2001 to 2004, and Spector as a partner since 2001. They were responsible for the firm’s equipment and facility leasing practice.

At Troutman Sanders, Kline and Spector will continue to focus their practice on representing banks and other capital providers as investors, lenders and credit support providers in a wide variety of financial transactions. They bring a strong range of experience with tax-based asset finance, including domestic and cross-border leveraged leasing, operating leasing and project finance, with an emphasis on renewable energy finance.

In addition, Kline and Spector represent asset purchasers and sellers, and borrowers and lenders in a variety of general finance matters. Spector also represents banks and other taxpayers in domestic and international tax matters, and in controversies with the IRS and other tax authorities.

Before working at King & Spalding, Kline worked as an associate for Watson, Farley & Williams in New York City from 1995 to 2001. Kline received a B.A. in 1991 from Rutgers College and a J.D. in 1995 from the University of Virginia.

Before working at King & Spalding, Spector worked in New York City as a partner at Watson, Farley & Williams from 1991 to 2001, and as an associate at Winthrop, Stimson, Putnam & Roberts from 1984 to 1991 and Trubin Sillcocks Edelman & Knapp from 1981 to 1984. Spector received a B.A. in 1978 from Columbia College, Columbia University, a J.D. in 1981 from the University of Pennsylvania, and an LL.M. in taxation in 1986 from New York University.

The addition of these two lawyers is the latest sign of the explosive growth of Troutman Sanders’ New York office. Since April 2005, when the firm opened its New York office with 90 attorneys, the office has grown to over 120 attorneys.

05-24-2007

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Pierce & Atwood, L.L.P.

Matt McIntyre Joins Pierce Atwood LLP
Attorney Matt McIntyre joins Pierce Atwood LLP as counsel in the law firm’s retail financial services practice group. Previously, he served as associate general counsel for the Missouri Higher Education Loan Authority, a $5 billion student loan agency, where he was responsible for all legal affairs of the authority, including consumer, commercial and public finance matters, as well as regulatory compliance.

Earlier in his career, Mr. McIntyre also was an attorney at Thompson Coburn LLP in St. Louis, Missouri and an assistant vice president, audit and compliance officer at Mercantile Bancorporation Inc, also in St. Louis. Mr. McIntyre has nearly 20 years of experience in retail financial and other banking and finance services.

Mr. McIntyre is based in the Boston office of Pierce Atwood LLP. He is a 1999 graduate of St. Louis University School of Law and a 1988 graduate of Webster University, where he received a bachelor’s degree in English.

05-24-2007

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Pierce & Atwood, L.L.P.

Pierce Atwood LLP Hires Compliance Officer For Retail Finances Services Practice Group
Maria Urdi joins Pierce Atwood LLP as compliance officer in the law firm’s retail financial services practice group. Ms. Urdi is a Certified Regulatory Compliance Manager (CRCM) and her experience includes 20 years working in banking and a decade in compliance, audit and risk management.

Ms. Urdi’s responsibility will be to ensure that client marketing materials conform to all applicable regulatory requirements and accurately represent the financial products being marketed.

Prior to joining Pierce Atwood LLP, Ms. Urdi held positions as senior vice president and chief risk officer at Slades Ferry Bank in Somerset, Massachusetts and director of compliance at Cambridgeport Bank.

Ms. Urdi is based in the Boston office of Pierce Atwood LLP and resides in Raynham, Massachusetts. She is a 1991 graduate of Stonehill College, earning her bachelor’s degree in criminal justice and sociology.

05-24-2007

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