Law Firm News

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Law Firm News

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Foley & Lardner

Abundance of Available Capital Has Yet to Benefit Emerging Companies, According to Foley Survey
Today's emerging companies are experiencing a Catch-22, according to respondents of a national survey conducted by Foley & Lardner LLP. While the market remains flush with available capital, investors have increased their preference for established, proven organizations.

The survey, measuring the attitudes and perspectives of top executives, advisors, outside consultants and investors in the emerging technology industry, found that a lowered risk threshold among investors today creates a difficult situation for entrepreneurs. Although a large number of investors (41 percent) have raised capital within the past year and even more (71 percent) expect to do it again in the next one to two years, nearly 50 percent of emerging company executives surveyed believe it is more difficult to start a company today than it was a decade ago.

Further, a majority of respondents (62 percent) believe that emerging companies need to be prepared to survive on less capital today than they did a decade ago.

“While the markets continue to be flush with capital, executives of emerging companies have yet to benefit from an increased appetite for investment among private equity and venture capital firms,” said Gabor Garai, chair of the firm's Private Equity and Venture Capital Practice. “While investors have told us that they are aggressively looking for ways to put their available capital to work, emerging companies have yet to see the fruits of this eagerness.”

The survey also found that emerging company executives are experiencing a continued “layover” from the burst of the tech bubble, which has lengthened their exit timeline. A large percentage (60 percent) of respondents said they are at least three or more years away from a planned exit. Thus, emerging company executives need to be prepared to invest the necessary time to develop their organizations and establish a track record before they can reap the benefits of private equity and venture capital investment.

Although a significant number of respondents (26 percent) predict a “robust” IPO market over the next two years, 75 percent predict a “stagnant” or “declining” IPO market. In contrast, an overwhelming majority of respondents (80 percent) predict a “robust” M&A market over the next two years.

“Emerging companies are not yet comfortable relying on IPOs as a planned exit strategy and see much more potential in the M&A market,” explained Garai.

12-18-2006

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Dorsey & Whitney, L.L.P.

Lisa Osman Named to Executive Business Advisory Board
Dorsey partner Lisa Osman was named to the Executive Business Advisory Board of Nameprotect, Inc. a digital brand management company. Business Wire reports that the group will help develop strategies for managing the challenges and opportunities in the digital economy.

"We are thrilled to have such a talented group of thought leaders participating on the Board," said Kimberly Wieland, Senior Director of the NameProtect Trademark Services.

12-18-2006

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Cozen O' Connor

Cozen O’Connor Attorney Cynthia L. Bernstiel Presents at Philly I-Day Conference
Cozen O’Connor member Cynthia L. Bernstiel recently presented at the Philly I-Day Conference at Loews Philadelphia Hotel, discussing “Using the Insurance Policy to Win the Fight Against Insurance Fraud: Contemporary Issues and Strategies.” Sponsored by the Philadelphia, Brandywine and Greater Valley Forge Chapters of the Chartered Property Casualty Underwriters Society (CPCU), the Insurance Society of Philadelphia and the Delaware Valley Chapter of the Risk and Insurance Management Society (RIMS), the conference focused on contemporary issues in property and casualty risk and insurance.

Bernstiel practices with the firm’s insurance department from the West Conshohocken, Pa., office. She handles matters involving insurance coverage and arson and fraud. Prior to joining the firm, Bernstiel was an assistant district attorney and chief of the Montgomery County Investigating Grand Jury in Montgomery County, Pa.

Bernstiel is a member of the Pennsylvania Bar Association and the Montgomery County Bar Association, where she has served as president of the young lawyer's division, a member of the board of directors and as chief editor of the Montgomery County Law Reporter. Bernstiel currently serves as a member of the board of directors of the Montgomery County Child Advocacy Project and is a senior hearing committee member for the Pennsylvania Supreme Court Disciplinary Board. She is admitted to practice in Pennsylvania. Bernstiel has been named a Pennsylvania “Rising Star” by Law & Politics.

Bernstiel earned her undergraduate degree from the University of Delaware (B.A., magna cum laude, 1991), where she was a member of the Phi Beta Kappa Honor Society and a writing tutor for the honors program. She earned her law degree from Villanova University School of Law (J.D., 1994), where she was a member of the Moot Court Board.

12-18-2006

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Cozen O' Connor

Cozen O’Connor Congratulates Patrick J. Murphy on Election to U.S. House of Representatives
Cozen O'Connor congratulates Congressman-elect Patrick J. Murphy on his election to the U.S. House of Representatives, Pennsylvania's 8th Congressional District. Murphy will depart the firm as of January 1, 2007 to begin his political career. As a member of Congress, Murphy will tackle key issues for the citizen’s of Bucks County, surrounding Montgomery County and northeast Philadelphia, such as raising the minimum wage, investing in education, and protecting the environment. He has been assigned to the U.S. House of Representatives Armed Services Committee.

“Patrick has the character, competency and courage needed to be a strong politician and fight for what he believes is best for his community,” said Patrick J. O'Connor president and CEO of Cozen O'Connor. “He has always been dedicated to his legal career, and at the same time he was always aware of the needs of his local community and how he could make it a better place to work and live,” said O’Connor. “His experiences with the justice system, military and the underprivileged provide him with the means to succeed in politics. We are sad to see him go, but we wish him the very best on his political journey.”

“Patrick excels in everything he does, always giving 110 percent to achieve the best results,” said Stephen A. Cozen founder and chairman of Cozen O'Connor. “He has the determination, strength and will to succeed as a political leader in his community, fighting for what he believes is best for the residents of the community and for the success of the American family,” said Cozen. “We sincerely congratulate Patrick on this victory and look forward to hearing of his future political endeavors.”

Murphy joined Cozen O’Connor’s Philadelphia office in April 2005 as an associate, practicing with the chairman’s group. Murphy has prosecuted some of the toughest criminals in New York, North Carolina and even Baghdad. Prior to joining the firm, he was a judge advocate for the U.S. Army Judge Advocate General’s Corps (JAG), where he served in a variety of assignments, including prosecuting felony courts-martial, acting as legal advisor for command and staff, and litigating claims against the federal government in medical malpractice, premise liability, and personal injury cases. Murphy also worked in the Philadelphia District Attorney's Office, and later as a leader in the Harrisburg Civil Law Clinic, a legal services clinic serving the poor of Harrisburg. He also served as the legislative aide to Rep. Thomas Tangretti, a Democrat from Westmoreland County, Pa. In 2005, Murphy was named a Pennsylvania “Rising Star” by Law & Politics.

Murphy is also an Iraq War veteran and former West Point professor. In 1993, he joined the U.S. Army, and is airborne and air assault qualified. He served two deployments after 9/11 - the first to Bosnia in 2002 and the second to Baghdad, Iraq in 2003-2004 as a paratrooper with the 82nd Airborne Division. For his service in Iraq, Murphy earned the Bronze Star for service and his unit earned the Presidential Unit Citation.

Murphy has lectured at the U.S. Air Force Academy and at the International Institute for Humanitarian Rights in San Remo, Italy. He has also taught American government as an adjunct professor at Mount Saint Mary College, lectured at the Widener University School of Law, and volunteers his time as a mentor to college and law school students.

12-18-2006

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Baker & McKenzie, L.L.P.

Baker & McKenzie Advises China Coal Energy Company Limited on its Global Offering
Baker & McKenzie’s securities team in Hong Kong and Beijing recently advised China Coal Energy Company Limited, as Hong Kong and US law counsel, on its US$1.69 billion (HK$13.15 billion before exercise of the over-allotment option) global offering. The H-shares will commence trading on the Hong Kong Stock Exchange on 19 December 2006.

China Coal Energy is the second largest coal enterprise in China based on its 2005 revenue and also one of the largest coal suppliers in China. Its parent company, ChinaCoal Group, is the largest coal exporter in China. China Coal Energy is an integrated coal enterprise with coal production, sales and trading as its core business. Besides, it operates one of China’s largest coking operations not affiliated with a steelmaker and also owns China’s largest coal mining equipment manufacturing operations in terms of revenue.

The Baker & McKenzie team was led by partners Jackie Lo and Allen Shyu. The team had lead responsibility for legal documentation, drafting of the offer documentation, regulatory issues, liaison and clearances with the Hong Kong Stock Exchange, and general transaction management.

Commenting on the deal, Jackie Lo said, “We are delighted to have acted for China Coal Energy on its global offering. Its integrated coal and mining operations complement each other and position the company competitively to meet the growing energy and natural resources demand domestically. Equally, our involvement in this high profile IPO transaction fortifies our leading position in the areas of listings and fund raisings on the Hong Kong Stock Exchange by major Chinese energy and resources companies, having acted on earlier offerings by industry leaders like China Shenhua, Chalco and Yanzhou Coal.”

China International Capital Corporation Limited, Citigroup Global Markets Asia Limited and Morgan Stanley Dean Witter Asia Limited acted as the joint global coordinators and joint bookrunners of the global offering.

12-18-2006

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Swanson, Martin & Bell, L.L.P.

Congratulations to our own Heather Jones
at the Lawyers' Association of Kansas City gathering, Heather Jones was publicly recognized for her meritorious service in the community. She was the recipient of the Association's Public Service Award. This is a significant honor, earned through hours of tireless effort, and it is most appropriate to see this effort recognized by her peers.

12-18-2006

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Steptoe & Johnson LLP

Stacey Richards-Minigh Joins Steptoe & Johnson PLLC
Stacey L. Richards-Minigh has joined the Litigation Department of Steptoe & Johnson PLLC practicing in the firm’s Huntington office as an associate. Richards-Minigh will focus her practice in the area of litigation. She received her legal education from Washington & Lee, where she was a member of the Order of the Coif. Richards-Minigh received her undergraduate degree in history from Marshall University in 2000.

12-18-2006

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