Law Firm News

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Law Firm News

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Nexsen Pruet Adams & Kleemeier, P.C.

Will Britt Selected For Leadership Columbia
William D. Britt, Jr., an attorney in Nexsen Pruet’s Columbia office, has been selected for the 2006-2007 class of Leadership Columbia.

Britt practices primarily in the areas of commercial litigation, construction litigation, and personal injury litigation. He earned his undergraduate degree from Wofford, a master’s in education from The Citadel, and his law degree from the University of South Carolina School of Law.

Britt has been deeply involved in a number of community-related activities. These include serving as president of the board of directors of the Lexington Area Tennis Association, a non-profit organization that promotes tennis and wellness; a member of the Trenholm Road United Methodist Church Foundation Board; and a volunteer with Habitat for Humanity.

“We have consistently encouraged all of our attorneys to give back to their community,” said Leighton Lord, chairman of the board of Nexsen Pruet. “It’s a tradition we are committed to building upon. Will has freely given his time, effort, and skills in the past, and his selection to Leadership Columbia will give him a chance to broaden those contributions in the future.”

Leadership Columbia is sponsored by the Greater Columbia Chamber of Commerce. For more than 30 years, it has helped participants better understand how the community works, build relationships with the region’s current and future leaders, and become inspired to focus their talents in ways that best serve the community.

08-17-2006

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Nelson Mullins Riley & Scarborough LLP

Nelson Mullins Attorneys Pen Tax Law Book
The second edition of the book “South Carolina Taxation and Economic Tax Incentives,” which has become a classic text on South Carolina tax matters written by John von Lehe and Jennifer Davis, was released Thursday at the South Carolina Taxation and Economic Tax Incentives seminar in Columbia.

The book provides in-depth coverage of every major South Carolina tax issue as well as economic tax incentives and practice before the S.C. Department of Revenue. For the second edition, Mr. von Lehe and Ms. Davis have added a new chapter on the ever-present city and county business license tax. This is the only publication written for tax advisers on this subject, according to the authors.

Also included are full discussions of corporate and individual income tax, license tax on corporations, tax credits and withholding. Comprehensive analysis is given to sales tax, including the nature and incidence of sales tax, drop shipments, the nature and incidence of the use tax, rates and collection of tax, jurisdiction to tax, imports and exports, wholesale sale exclusions, exemptions, casual sales, local option sales tax and special local option taxes, reciprocal credits, interest and penalties, among other issues.

The second edition continues to be the only comprehensive treatise on South Carolina tax law. Of immense value to the practitioner is the chapter on Economic Tax Incentives, which covers job tax credits, job development credits and retraining credits, credits for investing in economic impact zones and fee in lieu of property taxes. Other tax incentives such as special source revenue credits, income tax moratorium for new jobs in certain counties, corporate headquarters, contracts for special apportionment of income, sales and use tax incentives, utility infrastructure credits, and other incentives are also discussed.

Extensive changes, especially in the property tax and fee in lieu area that were made in the 2006 legislative session, are included in the book’s coverage.

The chapter on Procedure is written to provide a roadmap to and through the proper channels at the S.C. Department of Revenue (SCDOR) and county levels and to properly position taxpayers before the Administrative Law Court.

08-17-2006

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Maynard Cooper & Gale, P.C.

13 Maynard, Cooper & Gale, P.C. Attorneys Honored in BBJ's Best of Bar
Maynard, Cooper & Gale, P.C. has 13 attorneys honored in the Birmingham Business Journal’s 2006 Best of Bar. The survey recognizes the Birmingham area’s top lawyers as chosen by a jury of their peers. The Maynard Cooper attorneys who were honored in their area of practice in the 100+ law firm size include:

Lee E. Bains, Jr. – Appellate
Elizabeth G. Beaube – Employee Benefits & Executive Compensation
Patrick C. Cooper – Intellectual Property
Gregory S. Curran – Corporate & Securities
Mark L. Drew – Mergers & Acquisitions
B. Judson Hennington, III – Technology
Anthony A. Joseph – White Collar Crime
Jayna Partain Lamar – Bankruptcy
Daniel H. Markstein, III – Tax
James M. Pool – Health Care
A. Inge Selden, III – Securities Litigation
Kirby Sevier – Estate Planning

08-17-2006

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Orrick LLP

Orrick Lawyers Comment on New Pension Law
President Bush on Thursday signed into law the Pension Protection Act of 2006, a sweeping reform of the nation's pension laws intended to spur retirement savings among American workers.

""The problem of under-funded pensions will not be eliminated overnight. This bill establishes sound standards for pension funding,"" President Bush said during a signing ceremony.

The pension legislation has the potential to significantly change pension and IRA investments. It reforms many aspects of ERISA and tax laws affecting all types of retirement plans. Lawyers at Orrick, Herrington & Sutcliffe LLP have examined the new act and the potential impact on Wall Street, benefit plans and individual plan participants. The Orrick Compensation and Benefits team has issued a pension investment client alert to highlight the impact of the pension law, and includes 'to do' suggestions regarding what would need to be reviewed and modified based on the new exemptions and requirements.

""Finally, Washington has listened to Wall Street,"" said Ian Levin, of counsel in Orrick's compensation and benefits practice in New York. ""The law removes roadblocks that historically have impeded Wall Street from servicing retirement plans with an integral part of today's sophisticated investment portfolios. Retirement plans that want to invest in financial products and hedge funds may face some speed bumps in terms of new regulations, but the roadblocks have been demolished.""

One impact of the new law is that employers likely will continue the trend toward shifting from defined-benefit retirement plans to defined-contribution plans. Prior to the passage of the pension legislation, individual investors were often left in the dark without access to sophisticated investment vehicles or objective financial advice.

""In recent years, the strong movement to defined-contribution plans put greater risk on investors,"" said Levin. ""This law opens the door to finally allow participants to get the advice they need to shoulder the increased financial responsibilities.""

According to the Associated Press, the 401(k) plan is getting the biggest overhaul in its 25-year history, and the law could increase the number of employees who participate in company-sponsored savings plans. In addition to affecting companies and their employees, these changes will affect private equity funds, hedge funds, structured finance and the financial services industry.

Among proposed variations to the current 401(k) system are allowing for automatic enrollment of employees in company-sponsored plans, endorsing an automatic increase in contributions, expanding the number of investment options, and making investment advice more readily available.

""We've moved away from the paternalism of defined-benefit plans, but before, people were left adrift when faced with investment choices,"" said Sarah Downie, of counsel in Orrick's compensation and benefits practice in New York. ""This law opens the door to responsible retirement planning.""

The new law also preserves the original intention of ERISA, the Employee Retirement Income Security Act of 1974, which Levin and Downie said originally was designed to curb the abuses of self-dealing but over the years had been interpreted to apply to a wide range of practices.

""This realigns ERISA to its original purpose: The prevention of corruption and self-dealing in benefit plan investment,"" said Downie.

The new law, of course, will mean new requirements to be followed by investment funds.

""The law gives us more flexibility, but there is a price for that flexibility,"" said Levin. ""In some respects, there is a mountain of additional requirements.""

Wall Street, however, knew what was coming because the investment community was a backer of the legislation.

""For the most part, this is almost exactly what the financial services industry had asked for,"" said Levin.

The big winners? According to Levin and Downie: Sponsors of defined-contributed plans, participants in those plans and Wall Street. The losers? Anyone who was counting on a defined-benefit plan, the lawyers said.

08-17-2006

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Katten Muchin Rosenman LLP

S. Scott Morrison, Litigation Partner at Katten Muchin Rosenman, Named Among Top Washington Lawyers
Katten Muchin Rosenman LLP is pleased to announce that S. Scott Morrison, chair of the Washington office’s Litigation and Dispute Resolution Practice, has been named a finalist by the Washington Business Journal in its Top Washington Lawyers listing for Real Estate Litigation. The Top Washington Lawyers will be profiled in a special supplement in the September 15th edition of the Washington Business Journal.

The publication received over 400 nominations for the 2006 Top Washington Lawyer listing, which named finalists in various practice areas. All of the finalists will be honored and the winners will be announced at an awards ceremony on September 14 at the Ritz-Carlton in Washington.

“Scott is an outstanding litigator who is devoted to client service. We are very proud that he has been selected as one of the finalists for this most deserved honor,” said Vincent A.F. Sergi, Katten’s national managing partner.

Mr. Morrison concentrates his practice on complex civil litigation matters. He has served as lead counsel on numerous complex commercial cases, including real estate and land use disputes, partnership, joint venture and other formation disputes, fraud and civil RICO claims, commercial brokerage and tenant disputes, lender liability suits, misappropriation and non-compete/non-solicitation litigation and false claims cases. Mr. Morrison has also served as lead counsel in three of the largest private construction project litigations in the District: the Washington Harbour project in Georgetown; the Market Square project on Pennsylvania Avenue; and the Gallery Place Project next to the Verizon Center. He has also served as lead counsel in numerous other construction cases, representing owner/developers as well as general contractors and subcontractors.

08-17-2006

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Thompson & Knight LLP

T&K Receives an "A+" for Exceptional Minority Attorney Hiring and Recruiting
Thompson & Knight LLP is pleased to announce the Firm has again been awarded an ""A+"" for outstanding minority attorney hiring and recruitment efforts, as reflected in a recent survey conducted by the Austin Black Lawyers Association (ABLA) and the Hispanic Bar Association of Austin (HBAA). This is Thompson & Knight's second consecutive year to receive this top grade.

""Thompson & Knight is actively committed to creating and maintaining a substantively diverse workplace, environment, and culture. As evidenced by the results of this survey, the Firm is focused on recruiting, developing, and retaining diverse partners, associates, and staff,"" says Pauline Higgins, Chief Diversity Officer.

The survey is in its seventh year and grades firms on their percentage of minority attorneys as well as on their efforts to recruit minority attorneys.

08-17-2006

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Simpson, Thacher & Bartlett, LLP

Firm Represents Evercore Partners in IPO
Simpson Thacher advised Evercore Partners Inc. on the initial public offering of its Class A common stock and on its acquisition of Protego Asesores, an investment banking firm in Mexico, which closed shortly before the IPO. Lehman Brothers Inc. was the lead underwriter for the $82.95 million offering, and the shares began trading on the New York Stock Exchange on August 11, 2006. Evercore Partners, a long-time client of the Firm, is a leading investment banking boutique that provides advisory and investment management services.

The Simpson Thacher team for the transaction included Vince Pagano, Josh Bonnie, Arjun Koshal, and Jennifer Nadborny (Capital Markets); Katie Sudol, Ed Lee and Ian Ho (M&A); Tom Bell, Jason Herman and Ben Langille (Private Funds); Marcy Geller (Tax); Andrea Wahlquist and Andrew O’Brien (Employee Benefits); and paralegals Jamie Kelso and Ilya Kostyukovsky.

08-17-2006

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