Sustainability,
Impact & ESG
Stakeholders increasingly expect companies to demonstrate accountability across business practices. Sustainability and ESG considerations influence access to capital, growth opportunities, and stakeholder perceptions. Our sustainability lawyers help you navigate this evolving landscape with legal strategies designed to support sustainable growth while managing risk.
We advise companies, investors, lenders, asset managers, developers, and boards on sustainability-related matters. Our global sustainability practice combines deep experience across governance, finance, environmental issues, employment, and regulatory matters. As sustainability becomes more integrated into business strategy and capital markets, we guide you through the complex issues that arise related to:
- Sustainability strategy, governance, and disclosures
- ESG and sustainability considerations in transactions and investments
- Renewable energy, climate technology, and sustainable infrastructure
- Sustainable finance, impact investing, and ESG funds
- Supply chain, workforce, and corporate responsibility matters
- Sustainability-related disputes, investigations, and regulatory risks
- Privacy, cybersecurity, and data governance issues
Our lawyers advise on high-value transactions that help you achieve measurable business, social, and environmental outcomes – including renewable energy projects, sustainable finance, ESG-linked lending, climate technology investments, and impact investment platforms.
We also guide you through the operational, governance, and compliance challenges of ESG implementation and reporting, from Securities and Exchange Commission (SEC) due diligence and EU disclosures to shareholder engagement and executive compensation matters.
When disputes, investigations, enforcement actions, or activist challenges arise, we help minimize business disruption and financial exposure. Our team advises you on ESG-related disputes and investigations, including environmental enforcement actions, toxic torts, class actions, disclosure and fiduciary duty claims, and DEI-related disputes.
From sustainable investment strategies to enterprise-wide governance and compliance, we help you advance your business goals while managing legal and reputational risk. Our sustainability lawyers partner with you to integrate ESG priorities throughout your business while navigating evolving regulatory and stakeholder expectations.
Droit des Sociétés et Transactions
L’activité corporate d’une entreprise est au cœur de son succès. Qu’il s’agisse d’obtenir des capitaux, d’envisager une acquisition, d’assurer le maintien des activités courantes grâce à des contrats et accords solides, ou de surmonter des obstacles menaçant la survie de l’entreprise, il est primordial d’avoir une stratégie et de s’adjoindre les services d’un conseil juridique de confiance. Le département droit des sociétés de McDermott Will & Schulte dispose des compétences et ressources nécessaires pour répondre à la quasi-totalité des besoins de ses clients en la matière.
Notre équipe, qui justifie d’une grande expérience au service d’un large éventail d’entreprises à travers le monde (multinationales, entreprises familiales, sociétés non cotées…), se consacre à la résolution de problèmes complexes liés à leur activité. Nos compétences sont vastes. Elles nous permettent de répondre à l’ensemble des besoins courants de nos clients dans les cadre des opérations qu’ils réalisent, qu’il s’agisse de négocier une acquisition internationale ou un contrat de sous-traitance, de représenter un émetteur dans le cadre d’une offre au public de titres financiers, de négocier une convention de crédit à des conditions privilégiées pour le compte d’un emprunteur, ou de piloter une restructuration d’entreprise.
Au-delà des prestations classiques en droit des sociétés, McDermott Will & Schulte se distingue par sa capacité à innover, détecter les évolutions du marché et à élaborer des solutions juridiques d’avenir. Notre équipe spécialisée dans les investissements directs propose une gamme complète de services juridiques aux « family offices », afin de les accompagner dans l’investissement de leurs capitaux et de répondre aux besoins juridiques qui en découlent. Par ailleurs, notre équipe spécialisée dans les technologies, les transactions commerciales et l’outsourcing constitue une ressource hors pair pour accompagner nos clients dans leurs opérations ayant une composante technologique.
Nous sommes armés pour comprendre au mieux les défis auxquels nos clients doivent faire face et les secteurs dans lesquels ils évoluent. En tant que cabinet intégré, l’ensemble de nos avocats et de nos pratiques collaborent étroitement afin de fournir des conseils cohérents, inventifs et concrets. Notre connaissance fine du marché se décline dans des secteurs clés tels que la santé, les technologies, l’industrie, les matériaux, les biens de consommation, les produits professionnels, les produits alimentaires, les boissons, l’agro-industrie et les sciences de la vie. En couvrant l’ensemble des services juridiques, nous sommes à même d’apporter des conseils fiables aux entreprises et de répondre à l’ensemble de leurs besoins en droit des sociétés.
Protection des Données et Cybersécurité
Les 50 avocats de notre équipe « Protection des données et cybersécurité » conseillent nos clients sur les cadres législatifs et réglementaires applicables à la collecte, l’utilisation et la divulgation de données aussi bien aux États-Unis, en Europe, qu’en Asie et même dans d’autres régions.
Les règlementations encadrant la confidentialité et la protection des données ainsi que les usages et problématiques y afférents rentrent dans notre domaine d’expertise. Nous sommes régulièrement sollicités tant en matière d’utilisation et de transfert de données en France et à l’étranger qu’en matière de conformité aux lois relatives à la protection des données des pays destinataires. Notre équipe mène des analyses d’impact des risques portant sur la protection des données et la cybersécurité tout au long du cycle de vie de la donnée, dès la conception du modèle technique ou économique, dans le cadre de négociation contractuelles ainsi que dans le cadre de fusions, d’acquisitions ou d’autres opérations d’envergure nationale ou internationale.
Notre équipe, forte de son expérience acquise au fil des années, est reconnue tant pour sa réactivité que son efficacité dans la gestion des incidents de cybersécurité, qu’il s’agisse d’une enquête de l’autorité de protection compétente que de l’éventuel contentieux qui peut en résulter, les violations de données personnelles ou encore de suspicions d’utilisation inadéquate de données. Aux Etats-Unis tout particulièrement, nos avocats interviennent en première instance comme en appel pour tous litiges impliquant la protection de données de santé. Ainsi, nous avons récemment représenté notre client devant la Cour suprême des États-Unis avec succès dans l’affaire Gobeille v. Liberty Mutual. Dans cette affaire d’une importance cruciale en matière de protection des données, la Cour a estimé que la loi étatique prévoyant la divulgation forcée d’informations de santé à l’État du Vermont était inapplicable aux régimes d’assurance autofinancés.
Plusieurs de nos avocats ont été récompensés ou salués pour leur expertise dans le domaine de la protection des données, notamment par The National Law Journal, The Legal 500 UK, Chambers USA, le Point, le Décideurs Magazine et d’autres publications et organismes de référence dans la notation des professionnels du droit.
Quelques-unes de nos interventions :
- Intervention suite à plusieurs centaines d’incidents de cybersécurité, concernant notamment la fuite massive de données à travers les 50 États des États-Unis et plus de 100 pays
- Représentation de plusieurs clients dans le cadre de litiges portant sur la protection des données ou la cybersécurité ainsi que dans des enquêtes administratives relatives à la collecte, l’utilisation ou la divulgation de données personnelles et d’informations de consommateurs ou de patients ou d’autres informations
- Coopération avec les autorités de régulation en Europe, aux États-Unis et dans d’autres pays dans le cadre d’incidents de cybersécurité
- Conception et implémentation de programmes de mise en conformité RGPD pour et mise au point de programmes de gestion de la protection des données
- Conseil des dirigeants et conseils d’administration sur les cybermenaces à considérer en priorité, et organisation d’exercices de résolution d’incidents au profit de dirigeants
- Audits d’acquisition sur la protection des données et négociation de conditions minimisant les risques qui en découlent
- Conception et mise à jour de politiques de réponse en cas d’incident de cybersécurité
- Élaboration de protocoles d’analyse des risques fournisseurs et rédaction de clauses contractuelles corollaires
- Analyse de la vulnérabilité de régimes d'avantages du personnel aux risques liés à la protection des données et à la cybersécurité
- Négociation contractuelle et rédaction de clauses relatives à la qualification et l’allocation de responsabilité liées à la protection des données et à la cybersécurité
- Évaluation de diverses solutions de transfert de données comme le Privacy Shield entre l’Union européenne et les États-Unis et élaboration de stratégies de mise en œuvre en découlant
- Conseil régulier et mise à jour des politiques relatives à la conformité au règlement général sur la protection des données (RGPD)
Employee Benefits & Executive Compensation
Compensation and benefits programs help you attract and retain top talent – but they are subject to significant regulatory risk and shareholder scrutiny. Our employee benefits lawyers partner with you to design, implement, and administer compensation and benefits programs that protect your interests across the employee lifecycle – from hiring to separation.
We support your business by structuring and managing programs that drive performance, control costs, and enable long-term growth. We advise you on all aspects of employee benefits and executive compensation, from plan design, administration, and compliance to workforce transitions, complex transactions, audits, investigations, and litigation.
As you manage your global workforce and expand into new markets, we advise you on international employee benefits, executive compensation, and cross-border employment matters. Our lawyers help you navigate complex regulatory frameworks across the US and Europe, including:
- Employee Retirement Income Security Act (ERISA)
- Internal Revenue Code (IRC)
- Affordable Care Act (ACA)
- Worker Adjustment and Retraining Notification (WARN) Act
- US securities and disclosure requirements
- Other applicable US federal, state, and local laws
- European labor laws, including works council and consultation requirements
When matters come under regulatory scrutiny or give rise to disputes, we represent you in labor and employment litigation, as well as in arbitrations and mediations before federal and state trial and appellate courts, US administrative agencies, and international counterparts in Europe and Asia.
In the event of an audit or regulatory inquiry, our lawyers advocate for you before the Department of the Treasury, the Internal Revenue Service, the Department of Labor, and the National Labor Relations Board on employment, compensation, and benefits matters.
Your compensation and benefits programs play a critical role in the growth and performance of your business. We partner with you to develop and manage employee benefits and executive compensation programs that protect your talent investment, reduce risk, and support your business goals.
Employment
Notre implantation aux Etats-Unis, en Europe et en Asie, ainsi qu’un large réseau de professionnels du conseil dans le monde entier, nous permettent d’aider nos clients à attirer et fidéliser des salariés à tous les niveaux, à pénétrer ou abandonner certains marchés en fonction de la conjoncture, à développer puis mettre en œuvre des politiques efficaces en matière d’emploi, à identifier pour mieux les protéger les secrets d’affaires et autres informations confidentielles, et à négocier une large gamme de contrats de travail dont nous pouvons également assurer l’application.
Aux États-Unis, nous intervenons aux côtés des employeurs afin d’assurer leur conformité aux lois sociales applicables, telles que le Fair Labor Standards Act relatif à la rémunération et au temps de travail, le Titre VII du Civil Rights Act de 1964 relatif à la discrimination, l’Americans with Disabilities Act relatif au handicap, l’Age Discrimination in Employment Act relatif aux discriminations liées à l'âge, le Family and Medical Leave Act relatif au congé parental et au congé maladie, ainsi que le respect des législations et réglementations correspondantes au niveau fédéral, local, ou des États fédérés, partout où nos clients exercent leurs activités.
En Europe, nous sommes à même de répondre à l’ensemble des besoins quotidiens de nos clients en matière de de ressources humaines, de même qu’à toutes les problématiques de droit du travail que soulèvent les opérations de cession ou autres affectant l’entreprise. Forts d’une solide expérience, nous assistons les dirigeants et les organes sociaux à l’occasion de la négociation ou de la rupture des contrats de travail, notamment sur les questions de responsabilité et de cogestion.
Nos équipes veillent à ce que les clients puissent apprécier en toute connaissance de cause les risques et faiblesses éventuels que présentent leurs politiques et décisions en matière sociale. Par ailleurs, nous sommes régulièrement appelés à participer à toutes formes de procédures contentieuses, et notamment devant des juridictions civiles, pour des affaires concernant des licenciements individuels abusifs, des régimes de retraite, des discriminations sur le lieu de travail, des infractions à la législation du travail, ou encore l’application ou la contestation de clauses de non-concurrence. Nous maîtrisons tout autant les procédures d’injonction en matière sociale, que les procédures administratives devant les organismes publics, tels que l’US Department of Labor, l’Equal Opportunity Employment Commission, le Department of Fair Employment and Housing, l’Occupational Safety and Health Review Commission et le National Labor Relations Board.
La variété de nos expériences nous donne toute la hauteur de vue requise pour négocier les écueils susceptibles d’émerger lors d’opérations de fusion, d’acquisition ou de cession. Nous possédons en outre une connaissance approfondie des lois relatives à la protection des données personnelles, des questions de conformité y afférentes et des vérifications internes qu’elles imposent. Nos clients peuvent compter sur McDermott Will & Schulte pour répondre à tous leurs besoins en droit social, quand bien même ils impliqueraient plusieurs pays – une nécessité pour les entreprises, où qu’elles soient situées.
Compétences
Droit social Européen
En Europe, nos avocats spécialisés en droit social se classent parmi les meilleurs sur leurs marchés locaux. Présentes en Belgique, en France, en Allemagne, en Italie ou et Royaume-Uni, nos équipes sont en mesure d’apporter un soutien global à un large éventail de clients et de répondre à toutes leurs préoccupations stratégiques en termes de travail et d’emploi. Notre clientèle comprend à la fois de grandes sociétés cotées et des entreprises de taille moyenne, leurs dirigeants, leurs organes de surveillance et leurs personnels d’encadrement, ainsi que leurs établissements dans l’Europe entière. Nous proposons une gamme complète de services allant des contrats de travail et des politiques sociales aux restructurations d’entreprise, en passant par les accords de détachement à l’étranger, les plans sociaux, les procédures disciplinaires et de notification de griefs liés au travail, les droits favorisant la vie de famille, les questions de discrimination et de harcèlement, le transfert automatique des contrats de travail dans le cadre des cessions d’entreprise (législations anglaises « ARD » sur le maintien des droits des salariés et « TUPE » sur la protection des salariés), les recours pour rupture abusive de contrat de travail et l’exécution des clauses de non-concurrence et autres engagements contractuels, les conflits sociaux et les négociations collectives, ainsi que le règlement des différends d’ordre juridique.
Contentieux du travail
Nos avocats interviennent dans le cadre de procédures contentieuses en droit du travail, en première instance ou en appel, devant les juridictions civiles, les autorités administratives, et lors d’arbitrages et de médiations, pour des affaires très variées concernant, entre autres, des licenciements individuels abusifs, des régimes de retraite, des discriminations sur le lieu de travail, des infractions à la législation sociale, ainsi que l’application ou la contestation de clauses de non-concurrence. Nous représentons en outre nos clients lors de procédures d’injonction en matière d’emploi et de procédures administratives devant les organismes chargés de faire appliquer la législation, tels que les organes en charge du respect de l’égalité des chances, l’Occupational Safety and Health Review Commission et le National Labor Relations Board, et nous assistons les entreprises dotées de représentants syndicaux à l’occasion d’arbitrages portant sur des conflits collectifs relatifs au travail, dans le cadre de l’élection des organes représentatifs des salariés, ainsi que, plus généralement, sur leurs obligations légales en matière de représentation syndicale. Notre expérience du contentieux nous permet de présenter aux clients une évaluation parfaitement éclairée des risques potentiels que leur font courir leurs politiques sociales et leurs décisions en matière d’emploi.
Mobilite internationale
Afin de favoriser la compétitivité des sociétés multinationales, des entreprises domestiques et des individus sur la scène internationale, nous proposons une gamme complète de prestations de conseil en matière d’immigration et de mobilité professionnelle. Nous aidons notre clientèle à recruter et/ou muter des cadres, des dirigeants, des spécialistes et tous autres types de salariés clefs de nationalité étrangère, de manière rapide, efficace et dans la plus stricte légalité, grâce à une collaboration fructueuse avec les services des ressources humaines et les équipes juridiques internes de nos clients, quel que soit le niveau de complexité et de singularité des dossiers à traiter. Nous intervenons en qualité de conseils sur des opérations d’entreprise qui soulèvent des problèmes d’immigration, nous assurons l’obtention de visas de travail autorisant des ressortissants de tous pays à entrer aux Etats-Unis ou permettant inversement à des citoyens américains de travailler à l’étranger, nous réglons les difficultés éventuelles auprès des consulats et des ambassades du monde entier, nous élaborons des programmes spéciaux pour les entreprises, nous assistons nos clients en matière de vérification de références professionnelles et de discrimination, de contrôles menés par les autorités publiques, de législations et de réglementations relatives à l’immigration, ainsi que de naturalisation et de nationalité. Nous avons également vocation à accompagner les artistes, gens du spectacle et autres entrepreneurs tout au long de la procédure de demande d’un visa approprié qui leur permettra de travailler aux Etats-Unis.
Droit social chinois
Nous conseillons régulièrement des entreprises chinoises ou des multinationales sur toutes sortes de dossiers touchant à la conformité au droit social en Chine. À cet égard, les professionnels intervenant au sein de MWE China Law Offices ont un atout que les autres n’ont pas : ils sont non seulement habilités à exercer la profession d’avocat en Chine et à plaider devant les comités d’arbitrage en droit social, les juridictions civiles et le ministère du travail et de la sécurité sociale, mais ils ont en outre noué des liens de coopération avec les membres des administrations chinoises chargées des questions sociales et de l’emploi, et notamment les arbitres de droit du travail, les juges, les autorités administratives et les membres des groupes actifs en ce domaine, tels que le comité chargé du travail et de l’emploi auprès de l’ordre des avocats chinois. Forts de ces relations, nous nous sommes en mesure de traiter des dossiers concernant notamment la mobilité des salariés, les licenciements, les aspects sociaux des fusions, acquisitions et restructurations, les contrôles et vérifications diligentés par les autorités en charge du travail et de l’emploi, les phases de négociation et de contentieux des conflits du travail, de même que les avantages sociaux et l’optimisation fiscale.
Fonds d’investissement
Your investment platform needs more than execution – it needs structures that hold up under pressure and perform across market cycles. Our investment management lawyers help you design, launch, and manage investment vehicles that align with your goals and stand up to regulatory and investor scrutiny. We shape structures that work in practice, so you are better positioned to move capital with fewer disruptions and greater control over risk.
With more than 150 lawyers around the world, we provide integrated fund, tax, and regulatory advice across the fund life cycle. Our fund formation capabilities span private equity and credit, hedge, venture, infrastructure, and other specialized strategies. Our experience across credit and hybrid strategies positions us to address investor constraints, product design, and cross-border structuring considerations.
We combine fund formation capabilities with sophisticated tax, ERISA, and regulatory advice to structure vehicles for complex investor bases and cross-border operations. When sponsors face regulatory scrutiny, enforcement actions, or disputes, we provide strategic counsel aimed at protecting both the fund structure and the broader management platform.
We also help you navigate US and global regulatory requirements, from Advisers Act compliance to cross-border frameworks, and advise on management company formation, compensation structures, and strategic transactions involving investment managers.
Our investment management lawyers provide integrated legal and business advice at every stage, including:
- Fund formation and structuring
- Capital raising
- Investment transactions, including add-ons and restructurings
- Portfolio management and value creation
- Liquidity solutions, including secondaries and exits
Your ability to raise, deploy, and return capital depends on how your platform is structured. Our investment management lawyers help you integrate strategy, structuring, and compliance across the fund life cycle – so your fund can operate effectively under changing market conditions.
Droit De L’Immobilier
Real Estate ownership and investment is wrought with potential pitfalls that can cost you time and money. Whether it’s the structuring of large, complex acquisitions, leasing or real estate construction and development, the management of real estate deals is delicate and nuanced. With each deal it is critical to treat the multilayered process with care and competence.
And with ever-increasing multinational real estate transactions, comprehensive support is more necessary than ever before. That’s where we can help you.
Our global Real Estate team counsels clients around the world on every aspect of the acquisition, development, financing and disposition of all asset classes of real estate. With 60+ real estate lawyers based in offices across the United States and Europe, we are here to advise you on the full spectrum of your real estate transactions, financings and workouts.
We have a finger on the pulse of real estate business cycles and economic trends, making us the “go-to” team for the sector’s most active lenders, investors, owners, developers and management companies. Our team regularly advises leading industry players on transactions involving iconic properties that shape the world’s skylines. We bring an unusual degree of cohesiveness, collaboration and collective experience to your business every day. As recognized thought leaders in the space, our experienced team often pioneers innovative strategies and structures that are later adopted by the industry.
We have assisted a broad range of clients including financial institutions, private equity and institutional investors, real estate equity funds and fund sponsors, landlords, tenants, owners, operators and developers of office, residential, retail and hospitality properties. Our team’s dedication and guidance have resulted in engagements involving more than $300 billion in closed transactions across the United States and Europe.
We provide innovative strategies to help you navigate the most sophisticated real estate transactions possible, including:
- Acquisitions and development
- Operations
- Leasing
- Financings
- Development, renovations and expansions
- Litigation
- Environmental land assessments
- Initial structuring
- Portfolio management
We are proud to serve clients in a variety of sectors, including:
- Health industry
- Retail property management
- Hospitality including hotels and all food and beverage operations
- Private investors
- Private equity
Corporate Advisory
Sustainability, Capital Markets, and Governance
We draw on our skill and experience, aligned with a deep understanding of your industry, to help you design and implement new or enhanced sustainability programs and investment strategies aimed at achieving your sustainability and market objectives.
Our priority is working with you to identify financially material risks and to capitalize on actionable opportunities around sustainability, ESG ratings and reporting, governance, M&A due diligence, shareholder proposals, and compliance. We partner with you to assess the material sustainability aspects of your operations and products, working together to develop transformational strategies and new sustainability initiatives – both upstream in your supply chain and downstream in your products.
We also help you respond to investor requests for sustainability information, report on goals and achievements, monitor and comply with existing and proposed sustainability disclosure requirements, and identify and take advantage of new opportunities for growth and innovation.
Environmental Risks and Opportunities
From carbon credits to toxic torts, we are well qualified to advise, assist and, if necessary, defend you in connection with the ever-expanding universe of environmental topics and environmental matters.
We advise on climate change-related risks and opportunities, carbon-related commodities, environmental insurance and disclosure obligations. Depending on your needs, we also handle bet-the-company environmental litigation, compliance investigations and enforcement actions; intricate regulatory, rulemaking and permitting matters; and corporate transactions involving complex compliance and contamination issues.
ESG Employment Issues
Adopting policies and practices to build a strong company culture, both to meet the expectations of your various stakeholders and to ensure compliance with laws and regulations, is critical to your success – and requires attention, agility, and decisive action.
Our wide-ranging global employment capabilities include advising you on best practices regarding various ESG issues such as diversity, equity, and inclusion; human rights; occupational health and safety; mental health; employee engagement; pay equity; fair wages; family leave policies; non-disclosure agreements; human capital development; and working conditions.
In addition, we are deeply familiar with the myriad of union and works council issues multinational employers face across the globe. Our work in this area includes labor arbitrations, collective bargaining, unfair labor practice and representation hearings, and other labor-related litigation involving complex labor issues.
To help you anticipate emerging workplace issues, we make it a priority to proactively identify trends in your industry and in society at large.
ESG in Investment Funds
As a private equity, hedge fund, or venture capital sponsor, or as an institutional investor, you are in good company among our clients working toward meaningfully incorporating ESG into their investment and compliance programs. Whether you are motivated by an inherent mission and strategy, or you are responding to increasing institutional investor and limited partner-driven demands that ESG considerations be integrated into the investment committee’s decision-making process, we are at your side to advise on proactive structures and approaches.
We will also partner closely with you to prepare for the next decade’s anticipated regulatory requirements and investor-driven demands, as the SEC and the European Union focus on how to integrate sustainability-related disclosures into the existing compliance regime governing investment funds.
Additionally, we advise private equity sponsors on ESG investment strategies, acquisition due diligence and “future-proofing” portfolio companies through active engagement to enhance returns upon exit events.
Impact and Green Finance
Our impact finance and sustainable solutions team has worked on some of the most innovative cross-border and domestic finance transactions targeting social interventions and achievement of the United Nation’s Sustainable Development Goals (SDGs) for governments, non-governmental agencies, funds, global foundations, private equity houses, and financial institutions. We stand by you through the full cycle of a sustainable finance transaction, from structuring, governance, documentation, tax, and regulatory advice to impact investment reporting and post-closing matters relating to impact evaluation.
Our impact finance team can also provide you with training and research to support your work in the impact finance sector or provide introductions in this fast-evolving space. From establishing mission-driven private investment funds focused on investments in sustainable food and agriculture, renewable energy, and innovative climate technology to advising on the issuance of green and development bonds and other capital market solutions, we have worked across practices and borders on some of the most innovative mechanisms that deliver finance for a positive global social impact.
We have extensive experience in structuring sustainable finance solutions for both environmental and social interventions, and we have spent more than a decade advising on a range of impact finance initiatives, including some of the most ground-breaking cross-border impact bonds in the world.
Insurance and Climate Change
To defend your interests and help you stay a step ahead, we take a proactive approach to monitoring insurance regulator proposals with respect to climate change. Our ongoing review includes New York’s proposed comprehensive climate change regulatory framework, the International Association of Insurance Supervisors (working with the UN Sustainable Insurance Forum), and financial services regulators in the EU, UK, Bermuda, Canada, Australia, and New Zealand.
We also keep close tabs on the National Association of Insurance Commissioners’ climate change regulatory activity, along with efforts by state insurance regulators designed to improve insurer governance around climate change and to address the disproportionate impacts of climate change on lower-income areas and communities of color.
We advise both US and non-US insurers on drafting various sustainability disclosures, and on ESG investment issues, including analyzing proposed impact investments and green investment fund vehicles.
Leveraged Finance
ESG in Investment Decisions
As the leveraged finance market increasingly recognizes that ESG issues can be credit-relevant, and ESG risks can have potentially negative effects on cash flows and enterprise value, we advise both borrowers and investors on integrating ESG considerations into investment decisions.
In loan transactions and debt offerings, we have a strong understanding of due diligence and disclosure under relevant securities laws, market standards, and existing and emerging voluntary and mandatory corporate disclosure requirements. Whether you are an issuer, investor or investment bank, we use our experience and knowledge to help you produce and evaluate appropriate disclosures for financially material ESG topics relevant to your business.
We also advise on the emergence of contractual provisions in credit agreements concerning ESG-related representations, pricing incentives, information undertakings and covenants. We are a participating firm in the European Leveraged Finance Association’s ESG Disclosure Initiative, which recently published its “Guide for Company Advisers to ESG Disclosure in Leveraged Finance Transactions.”
Privacy and Data Security Sustainability
Data privacy and cybersecurity are prominent sustainability issues for your board, lenders, and investors, and data privacy is a particularly critical issue given your reliance on data collection and handling.
Privacy laws around the world are developing quickly and often impose hefty penalties for noncompliance, underscoring the social and ethical concerns associated with the use of personal data.
Our top-ranked data privacy and cybersecurity lawyers are located in offices across the US and Europe, with the cross-industry experience and skill to advise you on effective strategies to govern privacy and cybersecurity risk. Because a rapid rise in cyber incidents affects companies of all sizes and levels of sophistication – with potential impact not just on your own data and operations, but on your entire industry – we advise on the importance of cybersecurity governance.
Should you experience a privacy or cyber incident, our deep bench of lawyers can rapidly engage to guide you through the incident and the complicated compliance and other issues that often arise.
Renewable Energy and Other Natural Resources
Because the risks of climate change and environmental degradation have drawn increased attention from regulators, industry, consumers, activists, and the public at large, companies reliant on natural resources face significant sustainability challenges affecting their business models and industries – and their relationships with employees, investors, regulators and the communities where they operate.
We have one of the largest renewable energy practice groups in the world, and we tap our experience to support your strategic investments in renewable energy, agriculture, water and other natural capital projects. Spurred by rising pressure to reduce emissions and meet sustainability mandates, as well as potential cost savings on energy, corporations are increasingly buying electricity from wind farms and solar parks, so one of our primary areas of focus is structuring corporate power purchase agreements for the purchase of clean energy.
Additionally, our work includes the development, acquisition and divestiture, and financing of wind projects (onshore and offshore); private and publicly owned utility scale solar facilities; residential, commercial and industrial solar projects; landfill gas; biomass; digesters; fuel cells; micro turbines; water and a variety of other biofuels projects.
Sustainability Performance Goals
Executive Compensation and Retirement Plans
For alignment with strategic sustainability objectives, short- and long-term management incentive plans at public companies more frequently include sustainability performance goals.
We draw on our history of partnering with compensation committees, management and consultants in working with you to review legal, accounting and disclosure requirements around sustainability metrics in compensation plans.
We also provide counsel to 401(k) retirement plans considering the inclusion of ESG sustainable investment options. Although the Department of Labor has announced that it will not enforce rules adopted in 2020 that placed greater regulatory burdens on these investments, there have been more than 100 class action lawsuits challenging investment options under the Section 401(k) plan as being imprudent.
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- Investment Funds: Represented a family office in forming, structuring and operating a billion-dollar investment fund program focused on private investments in renewable energy, sustainable food and agriculture and ocean cleanup companies.
- Corporate Power Purchase Agreements: Represented Unilever as the host customer and offtaker of third-party owned solar systems (rooftop and ground mount) at multiple Ben and Jerry’s production facilities in the United States, including negotiation of real property related access and easements required for construction of the systems.
- Corporate Power Purchase Agreements: Represented Unilever as the customer purchasing the entire output of a 150 MW wind farm in Tom Green County, Texas for purposes of satisfying its nationwide corporate renewables goals.
- Corporate Power Purchase Agreements: Represented the Sisters of Notre Dame, as the power buyer, in a power purchase agreement for the offtake of solar power for a hospital facility in Massachusetts.
- Corporate Power Purchase Agreements: Represented the Catholic Archdioceses of Washington, D.C. in the purchase of solar power for several of its facilities in the Washington, D.C. area.
- Electric Vehicles: Represented WABCO Holdings Inc. (WBC), a leading global supplier of technologies and services that improve the safety, efficiency and connectivity of commercial vehicles, in its $10 million strategic investment in Nikola Motor Company, a leader in the design and manufacturing of hydrogen-electric vehicles, vehicle components, energy storage systems, and electric vehicle drivetrains.
- Innovative Finance: Advised the GAVI Fund Affiliate on its entry into grant agreements with ten governments and a framework agreement with those governments, the International Finance Facility for Immunization Company (IFFIm) and the World Bank. Those grants are being used to finance bonds issued by IFFIm which provides upfront funding for accelerated vaccination programs organized by GAVI (formerly the Global Alliance for Vaccines and Immunization) in 70 of the world’s poorest countries.
- Impact Bonds: Advised on the ground-breaking, cross-border impact bond known as the “Utkrisht Bond,” from the Hindi for “Excellence.” The Utkrisht Bond is an example of how highly efficient use of capital can save lives. The bond aims to reduce the number of mother and baby deaths by improving the quality of maternal care in Rajasthan’s health facilities. The money will be used by service providers to improve access to and quality of care in up to 440 private facilities in Rajasthan, supporting government efforts to reduce maternal and new born deaths. Interventions will reach up to 600,000 pregnant women with improved care during delivery and could lead to up to 10,000 lives being saved over a five-year period. The transaction was widely reported on in the press and media, and it breaks new ground with its innovative features enabling cross-border funding to target social interventions around the world.
- Education Program: Jointly acted for UNICEF and the Education Outcome Fund (EOF) in relation to EOF’s work in Africa and the Middle East with respect to the design of a new outcomes program for education systems around the world. The team advised EOF and UNICEF in setting up a joint structure, which involved the complexities around alignment between the outcomes based model in relation to EOF’s underlying education programs in various jurisdictions and conforming the contractual structure to the fund establishment within the composition of UNICEF. As a result of this important transaction, EOF now performs on a global fund platform; operating as an independent trust fund hosted by UNICEF who provide fund management, legal, procurement and administrative services to EOF.
- Impact Bonds: Advising the British Asian Trust – a charity set up by the Prince of Wales – on the legal and structuring aspects of an $11m impact bond, which aims to improve the literacy and numeracy learning standards of approximately 300,000 primary school students from marginalized communities in the state of Gujarat, Uttar Pradesh and the National Capital Region in India.
- Microfinance: Advised Five Talents, the microfinance arm of the Church of England that provides innovative savings schemes, small loans and business training for the poor on sustainable funding models that could be applied in funding their projects in Africa.
- Impact Funds: Provided structural and tax advice on the setting up of the US entity of Willow Impact Investors, an award-winning impact investment firm that manages social impact funds with a focus on Eastern Africa, the Middle East and North Africa.
- Infrastructure – Water Sanitation: Implemented a five-year, $362 million compact with the Government of Lesotho to fund the rehabilitation of the Metolong Dam, as well as work with PEPFAR (the President’s Emergency Plan for AIDS Relief) to mitigate the negative economic impacts of poor maternal health, HIV/AIDS and tuberculosis; this involved representation of the government of Lesotho in an EPC contract for the rehabilitation of the Metolong Dam.
- Infrastructure – Markets: Implemented a five-year, $295 million compact with the Government of Georgia to rehabilitate regional infrastructure, accelerate enterprise development, and increase access to jobs and markets.
- Infrastructure – Roads and Transportation: Implemented a $540 million compact with the Republic of Senegal, investing in the road network and essential irrigation schemes in the Senegal River Valley and the Casamance region to align to the country’s comprehensive long-term objectives of enhancing national growth and food security; this involved representation of the government of Senegal in an EPC contract for roads in that country.
- Investment Funds: Advised various Alternative Investment Fund Managers on the structuring and implementation of sustainable Alternative Investment Funds under the European Union Sustainable Finance Disclosure Regulation and Taxonomy Regulation.
- Private Equity: Represented a leading pan-African private equity firm, along with its investment partners, in connection with a $3.1 billion equity and debt financing for IHS Towers, Africa’s leading African telecoms infrastructure business, recognized as Africa Investor’s “African Infrastructure ICT Project Developer of the Year 2015.” This investment included the implementation of the private equity firm’s ESG management system, which follows World Bank standards and International Finance Corporation performance standards.
- Agriculture: Implemented a five-year, $461 million compact with the Government of Mali to improve agricultural production and expand access to markets, as a result of key infrastructure investments in the Bamako-Sénou International Airport, gateway for regional and international trade, and the Niger River, for irrigated agriculture; this involved representation of the government of Mali in an EPC contract for the Bamako-Sénou.
- Access to Energy: Advised on the White House’s Power Africa Initiative, a US government-led impact investing and social enterprise program to increase at risk populations in Africa’s access to energy generation (both on and off grid), transmission and distribution that has resulted in the completion of more than 80 projects worth over $14 billion.
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