Law Firm News

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Reed Smith

Reed Smith Adds Coffino to San Francisco Office
Reed Smith LLP, a top 25 international law firm, today announces the addition of Michael J. Coffino as a partner in its Northern California Business Trial Group in San Francisco, effective today.

Mr. Coffino was most recently a partner, chair of the Litigation Group and a former member of the Management Committee at Steefel, Levitt & Weiss, a firm he joined in 2002. Prior to joining Steefel, he was at Tatro Coffino Zeavin & Bloomgarden, a firm he founded in 1997. Prior to that Mr. Coffino was a partner at Heller, Ehrman, White & McAuliffe from 1979-1997.

Mr. Coffino’s practice focuses on real estate litigation, securities litigation and arbitration, broker-dealer disputes, trademark and royalty-related IP litigation, as well as Section 17200, general commercial, and class action litigation.

“Michael’s considerable experience in the financial services area will allow us to expand the work we do for existing financial services clients in San Francisco,” said Don Rubenstein, head of Reed Smith’s Northern California Litigation Group. “This is another important step in the expansion of the firm’s financial services capabilities on the west coast, an area in which we have placed enormous emphasis during the past two years.”

Mr. Coffino has tried bench and jury cases in courts at all levels, including state, federal and bankruptcy courts and handled numerous arbitrations. He also serves as a Judicial Arbitrator and a Fee Arbitrator for the San Francisco Bar Association.

“Michael will assist us in further developing our Northern California presence,” said David Thompson, Reed Smith’s San Francisco Market Managing Partner. “We expect he will bring considerable work to the firm, including consumer arbitration matters that can provide our associates with great experience. With his extensive management experience, we also will look to him as a strong mentor for associates and junior partners.”

Mr. Coffino received his J.D. in 1979 from the University of California (Boalt Hall). He graduated from City University of New York in 1975 magna cum laude with a B.S. in Education. He is a member of the California State Bar, the Bar Association of San Francisco, and the American Bar Association.

“One of the great attractions for me in joining Reed Smith is my ability to work on a national and international platform,” said Mr. Coffino. “Reed Smith and I already share a great many financial services institutions as clients and I look forward to both continuing that work and expanding the services I am able to provide to them.

03-23-2006

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Orrick, Herrington & Sutcliffe LLP

Orrick Lawyers Decipher New Rules on Executive Compensation, Benefits
Everything You Need to Know to Stay Out of Trouble in 2006"" How much U.S. executives are paid – and how much shareholders know about compensation packages – have become headline news and the focus of regulatory change in Washington. As Warren Buffett wrote in his annual letter to shareholders of Berkshire Hathaway Inc.: ""Too often, executive compensation in the U.S. is ridiculously out of line with performance. That won't change, moreover, because the deck is stacked against investors when it comes to the CEO's pay. The upshot is that a mediocre-or-worse CEO ... all too often receives gobs of money from an ill-designed compensation arrangement.""

Change is in the air. The Securities and Exchange Commission is considering proposals to change disclosure rules, so that investors have a clearer picture of each and every aspect of total executive compensation. Boards of Directors of publicly traded companies are under pressure to reform executive pay packages from increasingly activist shareholders, politicians, stock exchanges and the courts.

To help executives and directors navigate the fast-changing rules in compensation, benefits, pension fund and disclosure laws, Orrick, Herrington & Sutcliffe LLP hosted a seminar in New York on March 23.

Jonathan Ocker, an Orrick partner who focuses on compensations and benefits law, gives some highlights:

What kind of trouble can employers get into in 2006?

This year is an important year on a number of significant fronts. To avoid a 20 percent excise tax on executives, 2006 is a transition year in which executives covered by deferred compensation plans must make elections, and employers will have to plan carefully with their advisers for these elections. This year is also a year in which many qualified pension and profit sharing plans must be amended and filed with the IRS for determination letters.

Finally, the SEC may finalize its proxy disclosure rules in 2006, and public companies will want to tailor their executive compensation packages and disclosures with an eye toward these new rules.

How serious are these issues?

The consequences of noncompliance are quite severe. In the case of 409A there is the 20 percent nondeductible excise tax on executives, and they may look to the employer for a tax gross-up if they become subject to the tax. For qualified plans, lack of compliance could lead to significant IRS-imposed penalties on the corporation and the distraction of entering into settlement agreements with the IRS. On the SEC front, the risks range from adverse shareholder reaction to lawsuits against directors for waste and/or from breach of fiduciary director duties to shareholder proposals requesting change of poor corporate governance practices, e.g., excess golden parachute payments.

What's up with this pending pension fund legislation?

This legislation would require greater funding of defined benefit plans. It is a well-known fact that defined benefit plans are very expensive, and to avoid mounting expense many employers are freezing their defined benefit plans.

How could the proposed legislation affect the way that pension plans invest and the investment vehicles available to pension plans?

The proposed legislation would enable hedge funds and other investment vehicles (including structured finance offerings) to obtain up to 50 percent of their assets from pension plans without becoming subject to regulation by the Employee Retirement Income Security Act (ERISA). This doubles the current limit of 25 percent, which includes investment by plans not subject to ERISA, such as state and governmental plans and non-U.S. plans. State, governmental and non-U.S. plans are not counted in the proposed 50 percent limit. Most hedge funds and private equity funds are currently unable to offer certain investment vehicles to plans because of the perception that such investment vehicles would be unduly hampered by ERISA's restrictions. Similarly, plan fiduciaries have been justifiably reluctant to entrust hedge funds and private equity funds with the significant fiduciary duties imposed under ERISA.

The changes under the proposed legislation may open up the investment landscape to plans and may offer certain investment managers a larger slice of the pension plan investment market. In particular, certain successful funds that currently cannot accept additional benefit plan investors because of the 25 percent limit will be able to accept such investment. Plans may welcome the opportunity to invest in a more diverse range of investments which, in turn, could mean greater financial security for plan participants. At the same time, the risks posed by investment vehicles that are new to plan investment may be unacceptable to certain plans because of limitations in such plans' investment objectives and capacity for alternative investments. In addition, plan fiduciaries that now may start investing plan assets in hedge funds and private equity funds will need to consider the numerous legal issues that must be reviewed and, in some cases, negotiated, before making any investment.

What do you recommend employers do with respect to the proposed proxy disclosure rules?

Generally we do not recommend compliance with the rules before they are finalized. But we do recommend that employers complete ""tally sheets"" to determine how the disclosure of ""total compensation"" will look and otherwise create pro forma disclosures in accordance with the new rules and assess how those disclosures may affect compensation practices.

There is some speculation that the new SEC rules, which require full disclosure, will actually result in increased compensation as companies increase their compensation to stay abreast of the market leaders.

There may be some of that, but for the most part, the shift in mentality from ""Wall Street to Main Street"" will curb such executive compensation practices as lavish perks, SERPS (supplement employment retirement plans), and severance and change-in-control arrangements. Compensation committees will be wary of their decisions since they are likely to end up front and center in the media and subject to adverse public reaction and potential litigation.

Do you think compensation committees will hire their own advisors as a result of these rules?

I definitely think this will become a trend so that directors receive an independent sanity check on total compensation and existing practices from their own experts.

The contents of this publication are for informational purposes only and are not meant nor should be construed to be legal advice. No responsibility is assumed for errors made in the publishing process.

03-23-2006

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Winston & Strawn, LLP

WINSTON & STRAWN SCORES MAJOR ENERGY/TAX HIRING COUP
In a major hiring move across two offices and involving two other law firms, Winston & Strawn LLP has laterally hired three tax attorneys with a strong focus in their practices on the energy industry. In its New York office Winston & Strawn has added Gregory G. Pavin from Thelen Reid & Priest LLP, and has added Alexander Zakupowsky, Jr. and James L. Atkinson from Miller & Chevalier in its Washington, D.C. office. All three join as partners.

""We are extremely pleased that Greg, Alex and James have joined our tax group,"" said Robert F. Denvir, who chairs the firm's 35-attorney tax practice. ""We are continuing to implement the strategic vision we have for the practice which started last year with the hiring of Ed and Deborah,"" referring to the hiring of Edmund Cohen and Deborah Goldstein from Coudert Brothers, where Cohen chaired the global tax practice for more than 20 years.

Pavin’s highly focused practice includes advising companies on the tax ramifications of energy deregulation and utility restructuring. He has extensive experience with the creation of holding companies as well as the functional separation/disaggregation of integrated utilities into affiliated companies.

Pavin is the former chair of the Utility Decommissioning Tax Group, an industry trade group comprised of utilities, investment advisory companies and trust companies, and is a popular speaker with utility tax finance and legal audiences. He received his LL.M. in taxation from New York University. Pavin graduated from the University of Pennsylvania School of Law and earned his bachelor’s degree from Brandeis University, cum laude.

Zakupowsky, who has a specialty in energy utility tax issues, currently is tax counsel to both the Edison Electric Institute and American Gas Association, two major trade organizations for utilities. He has served as an advisor in the Office of the Assistant Secretary of Tax Policy of the U.S. Department of Treasury. Zakupowsky also has an extensive tax controversy practice in which he represents large corporations on a broad range of issues at all administrative and judicial levels.

Zakupowsky is a popular speaker, and served as chair of the Committee on Tax Accounting Problems for the American Bar Association’s Section on Taxation and is currently a vice chair of the Tax and Accounting Committee of the ABA's Public Utility, Communications and Transportation Section. He is a certified public accountant. Zakupowsky earned his juris doctorate from the Georgetown University Law Center and his bachelor’s degree from Georgetown University.

Atkinson practices in the area of federal income taxation, with a focus on tax accounting issues. He has significant policy level experience with federal tax administration, having held several senior leadership positions with the Internal Revenue Service’s National Office, including assistant to the commissioner and associate chief counsel for income tax and accounting. As associate chief counsel he oversaw an office of more than 100 attorneys with responsibility for nearly all aspects of the IRS’s development and administration of a wide range of tax accounting issues.

Atkinson received his juris doctorate summa cum laude from the University of Illinois College of Law and his bachelor’s summa cum laude from the Honors College of the University of South Carolina.

""We already had a strong energy practice in place,"" said James R. Curtiss, who was named head of the firm's energy practice last month. ""But the additions of Greg, Alex and James elevate it to one of the premier energy practices in the country. We're very happy that they're here."" Winston & Strawn's energy practice has consistently been ranked among the strongest in the country by Chambers and Partners, a U.K.-based legal research and publishing organization.

03-23-2006

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Vinson & Elkins L.L.P.

V&E Appoints New Corporate Partner In London
International law firm Vinson & Elkins RLLP has extended its global transactional practice with the appointment of François Feuillat as a partner in its London office.

Mr. Feuillat joins from Lovells' London office. In his 11 years at Lovells (including two years in their New York office), he acted on some of the most complex and high-profile deals in the market, including the UK aspects of Exxon's $81 billion merger with Mobil, SABMiller's $8 billion takeover of Bavaria and ALSTOM's €1.1 billion sale of its industrial turbines business to Siemens. Mr. Feuillat holds degrees from King's College London, the Sorbonne University in Paris and the College of Europe in Bruges.

His appointment reflects V&E's growth strategy in London, according to Jeff Eldredge, who heads V&E's London office.

""François is one of the up-and-coming stars on the London market,"" Eldredge said. ""Our clients want us to expand our offerings in London to include further English law, public and private M&A, and securities capability, so François is an ideal fit.""

The addition of Mr. Feuillat follows the hiring in recent months of David Manny and Raminder Singh, both from Shearman & Sterling, as project finance partners in London. V&E has added a total of eight solicitors to its London office in the past nine months --- all in the energy, corporate and project finance fields --- further reinforcing the firm's core energy and transactional skills in London.

""The recent addition of Francois, David and Raminder to our London office significantly enhances the breadth of our transactional practice in that office and is a further demonstration of Vinson & Elkins' commitment to the London market,"" said Jay Cuclis, Coordinator of Vinson & Elkins' International Practice.

Vinson & Elkins was named ""World's Leading Energy Law Firm 2005"" by Euromoney and ""USA Energy Law Firm of the Year"" at the Chambers Global Awards 2005.

Mergermarket's 2005 league tables rank V&E as No. 1 for energy, oil and gas deals in North America, with almost twice as many deals as the second-place firm.

03-23-2006

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Morgan, Lewis & Bockius, L.L.P.

Morgan Lewis Assists Universal Music Group with Multiyear Communications Outsourcing Deal
Morgan Lewis is pleased to announce that it has secured an outsourcing contract for client Universal Music Group (UMG), the world’s leading music company. The outsourcing deal, with Paris-based Equant, a unit of France Telecom, will allow UMG to focus its IT resources on recording-industry IT applications instead of networking needs, and to transform its current network into a fully managed IP solution.

Partner Edward J. Hansen, who led the Morgan Lewis deal team for UMG, said the transaction is an example of the firm’s ability to “draw on the specialized skills of our outsourcing lawyers, and on our resources worldwide, particularly in New York, London and Paris.” The transatlantic Morgan Lewis deal team also included Sol Irvine, Craig Garnett, Teresa Minger, and Ajay Ayyappan in New York; Stéphan Alamowitch, Florence Guthfreund-Roland, and Jelena Vodjevic in Paris; and Michael Cashman in London.

The five-year deal spans 48 countries and is innovative in many respects. It covers all elements of UMG’s communications infrastructure, including global WAN and LAN, managed voice and IP telephony, mobility, web hosting and vendor management. UMG has about 9,000 internal users on its network, in addition to thousands of people who work for its business PATENERS

03-23-2006

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White & Case, LLP

White & Case Named Finnish Law Firm of the Year
White & Case was last night named Finnish Law Firm of the Year at the International Financial Law Review Europe Awards. The Firm's Helsinki office was recognised for providing outstanding legal advice on some of the key cross-border deals in the market in 2005, with peer and client feedback an integral part of the judging process. The office had previously been named Finance Team of the Year in IFLR's 2003 awards. IFLR Europe Awards recognise innovation, quality and commitment to the development of legal services in Europe, with emphasis placed on complexity and market impact.

Since it opened in 1992, White & Case's presence in Finland has grown considerably, both in size and reputation. The Firm's work for clients in complex capital markets and cross border M&A transactions in Finland has consistently placed it in the top tier of law firms in the country.

""We're proud to have been entrusted by our clients with legal work for a number of challenging high-profile transactions in Finland and just as proud that our work has received wider market recognition,"" commented Petri Haussila, Executive Partner for White & Case in Helsinki.

White & Case has been involved in a number of noteworthy transactions in Finland recently. They include:

Advising clients in a number of international capital markets transactions such as the IPOs of Neste Oil Corporation, Kemira Grow-How, AffectoGenimap, Tallink, Ahlstrom and Bergesen and the debt issues of M-real and Stora Enso.
Advising clients in large M&A and private equity transactions such as Kemira on its acquisition of Finnish Chemicals, EQT Partners on its acquisition of Sanitec, Nordic Capital on its acquisition of the fabricated copper business of Outokumpu Oyj and Altor Equity Partners in its acquisition of GE's Dental Healthcare business.

White & Case stands out as the only global law firm with a local presence in Finland. The Firm's 18-lawyer office in Helsinki covers a broad range of work: capital markets; domestic and cross-border mergers and acquisitions; banking, real estate finance and acquisitions; and corporate transactions in Finland and other northern European countries, often working together with the Firm's Stockholm office.

About White & Case
White & Case LLP is a leading global law firm with nearly 2,000 lawyers in 38 offices in 25 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.

03-23-2006

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Norris, Mclaughlin & Marcus, P.A.

Norris McLaughlin & Marcus to Host Hermes Expo Kickoff Reception
SOMERVILLE, NJ – On Friday, April 7, 2006, the Somerville law firm Norris McLaughlin & Marcus, P.A. will host a kickoff reception for the 15th Hermes Expo International. Norris McLaughlin & Marcus attorneys Frank T. Araps and John N. Vanarthos will host the reception, to be held in the firm’s New Jersey office, by introducing visiting delegates from Thessaloniki, Greece to local business people and politicians.

Attending delegates include: Christina Psomadelli of Interplan AE C.P.S.; Theoklitos Ninnis of Ninnis Coffee Co.; George Tsentos, President, Professional Chamber; George Thanopoulos; Themis Kartsiotis, CEO, HELEXPO SA; and John Tsaras, CEO, Thessaloniki.

Those interested in this event should contact Cathy Wolfe, Marketing Coordinator for Norris McLaughlin & Marcus, at 908-252-4251 or cwolfe@nmmlaw.com.

“As a member of the Greek American community and Norris McLaughlin & Marcus, the Firm and I are honored to be partnering with Paul Kotrotsios of Hellenic News for the 15th Hermes Expo International, where we will be participating as an exhibitor,” said Norris McLaughlin & Marcus member Frank T. Araps. “It is an opportunity for the Greek community here, as well as any other local business people and public officials, to demonstrate the wealth of offerings that the state has to offer to progressive countries like Greece.”

A Greek trade show and exhibition held since 1992, Hermes Expo International promotes trade relations between European countries and the U.S. through a Greek-American community of 2.5 million people in the U.S. and other ethnic markets. The Expo explores investment and business opportunities in the U.S. and Greece in addition to advancing business networking among both countries through the use of business seminars, investment symposiums, international trade fairs, exhibitions and trade missions to Greece, European nations, and the Americas.

Thessaloniki is the second largest city in Greece with a population of 1,000,000 inhabitants. It is one of the oldest cities in Europe and faces a bay that opens into the Gulf Thermaikos. Thessaloniki has become the chief city of Macedonia and its most important commercial port.

This kickoff event is an opportunity for attendees to bridge the commonalities between Greece and New Jersey and to identify sources of business between them. Among their similarities are their dependence on service industries such as tourism and restaurants and their shared history of extensive maritime activity including active ports, fleets, fishing and mercantilism.

Norris McLaughlin & Marcus’ International and Corporate Law Groups offer a full range of legal services to our foreign and domestic clients who are engaged in international commerce,” said John N. Vanarthos, Chair of the Norris McLaughlin & Marcus Corporate Law Group. “The Greek delegates’ visit to our office symbolizes a desire for the forming of business relationships, and we are hopeful that we will be able to work more closely with Greece as a result of these events.”

The contributions that business people and politicians in New Jersey have to offer Greek delegates are numerous. The state offers the advanced production of its navigation equipment which Greek merchants may seek for the routing of its fleet. Entrepreneurs from New Jersey may also present to Greek delegates the state’s vast mining of basalt, sand, gravel, peat and clays, which are imperative to the growing demand for home construction materials in Greece. The modernization of Greece through its widespread use of cell phones and other electrical devices also creates a window for representatives of New Jersey’s prominent telecommunications sector.

03-23-2006

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