Mercati Finanziari e Compagnie Pubbliche
Capital is the lifeblood of a company’s operations. McDermott Will & Schulte’s capital markets and public companies lawyers have extensive experience advising clients—including issuers and underwriters—with raising capital in the public markets. We also provide counsel on the rules and regulations that accompany operating as a public company.
Clients appreciate our ability to see beyond the current need and bring a strategic approach to capital requirements. We have demonstrated success utilizing the full range of instruments, from traditional equity raises such as initial public offerings (IPOs), follow-on offerings and at-the-market offerings, to private placements. We also have considerable experience with special-purpose acquisition vehicles (SPACs) and real estate investment trusts (REITs).
For debt offerings, we’ve done it all. We have a successful track record helping clients with their registered and unregistered debt offerings, including investment grade, high yield and convertible notes offerings. In addition, given our deep understanding of the compliance requirements of various governing agencies and regulatory bodies—particularly the Securities and Exchange Commission (SEC), NYSE and NASDAQ—clients regularly rely on our professional judgment, practical advice and counsel regarding difficult disclosure and SEC compliance issues.
Our lawyers deliver a complete service offering to address our clients’ full range of capital market needs and governance compliance requirements. We pride ourselves on staying abreast of market trends, delivering pragmatic solutions proactively in support of capital needs and governance requirements, providing sage counsel to quickly resolve compliance issues without disruption to business operations.
Public Companies
We act as primary outside securities counsel to numerous public companies across a variety of industries, advising on day-to-day issues and when special situations arise. This arrangement frees clients to focus on achieving their business objectives while satisfying obligations and commitments to regulators, security holders, employees, ratings agencies, the media and the public. We represent public companies of all sizes, including a number of Fortune 500 corporations.
Reporting and Compliance
Our public companies team acts as a trusted advisor on a wide variety of reporting needs. Our legal advice covers all SEC regulatory and compliance requirements, including forms 10-K, 20-F, 40-F, 10-Q, 8-K and 6-K, proxy statement disclosures and contests, SEC shareholder proposals and proxy advisory firms and their policies, and Regulations FD and G. Our lawyers also counsel clients on informal corporate disclosures covering press releases, website postings and communications with analysts and investors.
Corporate Responsibility and Governance
The responsibilities of directors and officers have grown substantially in recent years, as the US Congress, the SEC and other regulators have imposed new rules that carry increased potential for liability. We are sensitive to the current corporate environment and have extensive experience guiding our clients through these regulatory regimes. Our governance and responsibility services include a broad range of advice on compliance, guidelines, suggested best practices, and analyses of policies and procedures.
Executive Compensation and Other Employee Benefits
We provide sophisticated advice on all aspects of executive compensation. We regularly advise on SEC disclosure regarding management compensation and represent clients before the Internal Revenue Service on executive compensation matters. Our services include planning and preparing clients for change in control protection, director pay, executive employment and severance agreements, equity-based compensation, executive fringe benefits, incentive compensation, multinational compensation, nonqualified deferred compensation, and rabbi trusts and other funding vehicles. In particular, we are experienced at identifying and helping to resolve financial accounting and tax issues, including compliance with the $1 million tax limitation on deductibility set forth in Section 162(m) of the Internal Revenue Code (IRC) and the deferral of compensation under 409A of the IRC.
Mergers and Acquisitions
Numerous securities rules come into play when public companies are acquired or a company’s securities are issued as consideration in an acquisition. Our capital markets and public companies team works seamlessly with our corporate transactions and tax practices to provide the critical guidance on the securities questions and needs of clients, from creating a new equity structure as the result of a spin-off to the filing requirements associated with a subsidiary IPO.
Special Purpose Acquisition Companies
We have built a reputation for representing an increasing number of SPAC sponsors and underwriters. We are adept at structuring SPACs, completing the IPO and advising the company through its business combination transactions. We have advised clients on SPAC IPOs totaling more than $1.5 billion, including executing the largest IPO SPAC on behalf of an issuer. Combined with our skilled mergers and acquisitions team, we have closed nearly $4 billion in business combination transactions, including some of the highest-profile SPAC deals in recent memory.
REITs
Our lawyers have extensive experience advising on REIT transactions, including the formation of umbrella partnership real estate investment trust (UPREIT) structures. We have taken many REITs public and are well versed on the issues facing public and private REITs. We have also represented underwriters in securities offerings by REITs.
Ranked #1 in Capital Markets by Israel Desks League Tables in the US-Israel Legal Review 2021
Initial Public Offerings – Issuer Representations
- Premier, Inc., in its $874 million IPO
- Silver Eagle Acquisition Corp. in its $325 million IPO
- 1347 Property Insurance Holdings, Inc., in its $17 million IPO
- Global Eagle Entertainment Inc. in its $190 million IPO
- Levy Acquisition Corp. in its $150 million IPO
- ROI Acquisition Corp. II in its $125 million IPO
- AG Mortgage Investment Trust in its $200 million IPO
- Heritage-Crystal Clean, Inc., in its $25 million IPO
Public Offerings – Underwriter Representation
- Citigroup Global Markets Inc. and Robert W. Baird & Co. in the $103 million IPO and $76 million secondary offerings by selling stockholders of Tile Shop Holdings, Inc.
- BofA Merrill Lynch in the $77 million follow-on offering by Repros Therapeutics Inc.
- Robert W. Baird & Co. in the $100 million and $372 million follow-on/secondary offerings by LKQ Corporation and selling stockholders
- A.G. Edwards & Sons, Inc., in the $36 million IPO and $15 million follow-on offering by Micrus Endovascular Corporation
- Cowen and Company in the $69 million IPO of Global Defense & National Security Systems, Inc.
- EarlyBirdCapital, Inc., in the $96 million IPO of Quartet Merger Corp.
- Craig-Hallum Capital Group in a follow-on offering by Chembio Diagnostics, Inc.
- CIBC World Markets in the $88 million IPO of Applied Molecular Evolution and the $35 million IPO of ViroLogic and the $122 million IPO of Genomica Corporation
- Goldman Sachs and others in the $207 million follow-on offering of First Midwest Bancorp, Inc.
- BofA Merrill Lynch and others in a $60 million at-the-market offering of American Realty Capital Properties, Inc.
SPACs and REITs
- Global Eagle Acquisition Corp. in its $190 million IPO and subsequent $430 million business combination transaction pursuant to which it acquired Row 44, Inc., and an 86 percent interest in Advanced Inflight Alliance AG
- JWC Acquisition Corp. in its $125 million IPO and subsequent $500 million business combination transaction with The Tile Shop, LLC
- ZAIS Group Holdings in its business combination with, and resulting listing through, HF2 Financial Management
- Morgan Joseph TriArtisan as the sole bookrunning underwriter in the $40 million IPO for L&L Acquisition Corp., $55 million IPO for 57th Street General Acquisition Corp., $60 million IPO for General Finance Corporation, and $50 million IPO for Camden Learning Corporation
- Silver Eagle Acquisition Corp in connection with the signing of an agreement under which Silver Eagle will acquire between 33.5 percent and 38.5 percent of the equity shares of Videocon 2dh Limited, valued at between $303.7 million and $349.5 million
- Initial lighting of stock of Every Ware Global, Inc. in its $420 million business combination with Row 44, Inc., and AIA
- AG Mortgage Investment Trust in its $200 million IPO led by Deutsche Bank and $100 million follow-on offering
- Sale of Copper Beech Townhome Communities to Campus Crest Group (NYSE: CCG)
Capital Markets & Public Companies Quarterly, Report
Key Takeaways | Raising Capital in 2024: Navigating New Opportunities
Comunicazioni ai Clienti
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Aziendale e Commerciale
Lo Studio è uno dei principali attori in Italia e nel mondo nella consulenza legale in ambito societario e in operazioni di M&A (acquisizioni mediante acquisto di azioni o di asset, operazioni di fusione, trasferimento di azienda e scissione), sia svolta per conto di società multinazionali coinvolte in operazioni cross-border, sia per piccole e medie imprese.
Attraverso il coinvolgimento dei nostri professionisti specializzati in diritto societario, fiscale e antitrust siamo in grado di fornire assistenza legale interdisciplinare anche quando le operazioni di M&A richiedono la definizione di complesse strutture societarie quali ad esempio la predisposizione di un finanziamento per l’acquisizione, la valutazione dei profili fiscali dell’operazione, nonché l’analisi delle implicazioni antitrust e regolamentari. Lo Studio assiste clienti italiani ed internazionali nelle operazioni che prevedono offerte pubbliche d’acquisto, sia ostili che amichevoli, compresa la gestione dei rapporti con le autorità di vigilanza e con tutti gli altri soggetti interessati. Assistiamo i nostri clienti nella gestione di tutte le fasi dell’operazione, a partire dalla lettera di intenti e dalle operazioni di due diligence legale e fiscale fino alla negoziazione e redazione degli accordi definitivi, all’assistenza al closing ed alle attività successive al closing.
Inoltre, il nostro team fornisce assistenza su tutti gli aspetti del diritto societario e commerciale, tra cui: la redazione e negoziazione di contratti commerciali e joint venture, la costituzione di società, la compliancesocietaria, il supporto nella progettazione e nella gestione di sistemi di governo societario (corporate governance), operazioni di finanziamento societario anche a livello infragruppo, sviluppo di modelli organizzativi delle società ai sensi della legge 231/2001.
Nel fornire i nostri servizi combiniamo le specifiche competenze legali con la conoscenza dei settori merceologici in cui operano i nostri clienti. La nostra esperienza ci permette di adattare le soluzioni legali alle necessità dei clienti, con particolare attenzione al contenimento dei costi, all’efficienza e al rispetto della tempistica, in modo tale da fornire un servizio di consulenza legale sofisticato e pragmatico.
Business Restructuring
When financial distress threatens business operations, decisive action is required. Our business restructuring lawyers help stabilize struggling companies and maximize stakeholder returns. We deliver clear, actionable guidance to turn complex insolvency challenges into opportunities for recovery and strategic growth – or acquisition.
For companies facing insolvency, our business restructuring lawyers guide you through the legal process to restructure liabilities and engineer effective rescue packages. By stabilizing your financial foundation, we help you preserve enterprise value and position your business for long-term profitability.
Navigating cross-border insolvency requires seamless global counsel. We apply our deep knowledge of business restructuring law, including US Chapters 11 and 15, European Insolvency Regulation, and the UNCITRAL model law. Our international reach ensures we are well positioned to protect your assets and enforce your claims across multiple jurisdictions, minimizing disruption to your global operations.
Distressed markets also create unique opportunities for creditors and investors. Our business restructuring services help creditors achieve enhanced financial recoveries on their investments. For strategic buyers, we identify and execute the acquisition of troubled assets, driving immediate ROI and expanding your market share at favorable valuations.
Finanza Strutturata, Derivati e Prodotti Finanziari
The use of sophisticated financial instruments is an effective tool for companies to help manage risk and optimize operations. Successfully utilizing structured financial products requires a deft understanding of the market – both the products available and how the use of structured financial products can protect or enhance a client’s business.
McDermott Will & Schulte has deep experience in the design, trading and use of structured products, derivative financial products and synthetic derivatives. We provide clients a skilled team of lawyers with a stellar reputation and demonstrated success in structured finance. The group is led by lawyers known in the industry as “go to” for structured finance legal needs. In fact, they are recognized for their work by leading directories including Chambers USA and Legal 500.
The team provides a unique blend of transactional, tax, and regulatory knowledge to advise on the impact a structured financial product can have on business operations. Our skilled lawyers provide clients – including banks, private investment companies, municipalities, corporations, dealers and counterparties – the full range of legal services involving the transactional, tax, regulatory, documentation and compliance aspects of a successful structured financial product. In particular, we are skilled at advising clients on the tax treatment of securitizations and structured finance transactions.
We understand and have experience with all types of transactions – securitizations, physical commodities, commodity futures, and commodity derivatives, standardized exchange-traded instruments, evolving over-the-counter products, and derivative products covering credit, equity, fund-linked, interest rate, currency, and weather products. We have particularly deep experience in and are an acknowledged leader in municipal derivatives, having done derivative transactions to finance all types of infrastructure including airports, stadia, arenas, toll roads, hospitals, and more. Our work in this area includes all transactional, tax and regulatory aspects of derivatives.
What sets us apart from the competition is our regulatory depth advising clients on the compliance aspects of structured products. With broad experience in the structure, taxation and regulation of the financial markets, we design and advise clients on structured products and derivatives to assure compliance with corporate governance, legal regulatory, and tax requirements, particularly Dodd-Frank implementation and compliance. Our multi-disciplinary approach ensures we efficiently and effectively help our clients meet their financing and risk transfer needs.
Tecnologia e Transazioni Commerciali
Technology, information and intellectual property assets form the core of the modern economy. Whether technology is a company’s primary focus or an essential tool in providing better products and services, it plays an important role in virtually every business.
Our technology and commercial transactions team includes lawyers with deep experience representing technology companies and their customers at every point in the business lifecycle. We provide counsel on purchase, supply, development, licensing, distribution, joint venture, reseller, and other agreements and contracts.
Our lawyers advise startups, Fortune 50 technology companies, and national and multinational enterprises operating in a wide range of industries, including aviation, banking and finance, defense, energy, entertainment, life sciences, natural resources, real estate, technology and telecommunications. We have structured, negotiated and closed billions of dollars of technology transactions for clients across North America, Europe, the Asia-Pacific region, Latin America and Africa.
Our lawyers are deeply skilled at advising clients on a wide variety of technology-related matters and issues involved with the acquisition and licensing of technology and IP assets, including cloud computing, outsourcing of technology and business processes, data privacy, distribution agreements, wireless and wireline telecommunications, technology development and related maintenance and services, e-commerce, electronic payment systems, Internet-of-things, mobile app development, social media, content delivery, contract manufacturing, open source and other software issues, consulting services agreements, and contract manufacturing. Our lawyers also advise clients on transition services as well as the technology and intellectual property issues relating to the acquisition or divestiture of businesses.
A number of our partners have been recognized as leading practitioners by publications and ratings agencies such as Chambers Global, Chambers USA, Chambers Europe, The Best Lawyers in America, The Legal 500, The Legal 500 EMEA, The Legal 500 Deutschland, JUVE Handbuch Wirtschaftskanzleien, BTI Consulting Group, Lawdragon and The Black Book of Outsourcing.
AI law and business
This comprehensive treatise offers a forward-looking perspective on how US and international laws are adapting as AI continues to evolve at an extraordinary pace.
Our areas of focus
- Technology Development
We regularly advise a broad range of clients—from entrepreneurs to national utilities and multinational corporations—on technology development issues, including the negotiation of joint technology development arrangements and related commercial and regulatory issues. We provide counsel on the acquisition and licensing of emerging IP and other assets, technology transfers, product development and manufacturing agreements, patent prosecution and portfolio strategies, open-source software development and hardware acquisitions. - Technology Licensing and Procurement
We regularly represent businesses involved in the licensing and procurement of technology and intellectual property assets. Our lawyers have significant experience in cloud computing, software as a service (SaaS), platform as a service (PaaS) and infrastructure as a service (IaaS), software licensing, content licensing, technology implementation, maintenance and support, e-commerce issues, hosting and hardware acquisition. - Joint Ventures and Strategic Alliances
For many businesses, it makes sense to join forces with allied companies to achieve shared goals. It does not, however, always make sense to merge with or acquire another enterprise in order to formalize such cooperative efforts. We have helped numerous companies negotiate effective joint ventures and strategic alliances in technologies such as industrial processes, cloud computing, data centers, medical and health care services and products, and telecommunications. We work with clients to assess the strength of their assets and conduct due diligence reviews of partners to determine the most effective framework for pursuing mutual objectives. Recent client engagements have involved a joint venture to develop flash storage for computers and the development of cloud computing-based medical image management solutions. - Manufacturing, Supply and Distribution Agreements
We regularly negotiate a broad range of agreements on behalf of OEMs, developers, manufacturers, contract manufacturers, suppliers, distributors, resellers, energy companies and utilities, and logistics enterprises across the United States, in international markets, and across industries such as information technology, biotechnology and advanced fabrication. Our lawyers negotiate integrated supply management, supply chain and distribution agreements that ensure compliance with federal and state laws and regulations, and address issues such as technology licensing, electronic contracting, signatures and records, product marketing and promotion, use of online tools and search engines, and advertising and sweepstakes. - E-Commerce
We advise clients on the full spectrum of legal, commercial and regulatory issues that arise in the context of e-commerce. This includes advising on electronic contracting, EULAs, terms of use, marketing, data privacy and protection, cybersecurity, compliance, technology transfers, electronic payments, social media issues, business method patents, and trademarks. - Internet of Things
The “old” internet is being surpassed by the “internet of things”: technologies embedded in and connecting the everyday objects that people use at work, at home, in the car—even while asleep. Our lawyers advise clients on the myriad legal and commercial issues that arise from the development, deployment, licensing and sale of products, processes and services relating to wearable technologies, smart buildings and cities, telemedicine and e-health, energy and automobiles, among other growth areas. We also recognize that laws and regulations surrounding data privacy, consumer protection and telecommunications have a significant effect on the production, sale and use of these technologies. - Health Information Technology
We advise clients on the full range of legal and compliance issues relating to the acquisition, implementation, use and management of health information technology (HIT), including the computer software and hardware that deals with the retrieval, sharing and use of health care information for decision making, regulatory reporting and communication among providers, insurers and patients. We counsel clients on matters involving electronic health records (EHRs), health information exchange (HIEs) and protected health information (PHI). We routinely advise physicians, hospitals, health systems, practice management companies, EHR vendors and medical billing companies on compliance with HIPAA, state breach notification laws, Medicare and Medicaid EHR Incentive Program requirements, and the False Claims Act, Anti-Kickback Statute, and other federal and state healthcare regulatory laws. - Cloud
New technologies, emerging business models and an increasingly mobile workforce have made cloud computing the IT option of choice for many businesses and organizations. We have represented numerous providers, corporate customers and investors on all sides of technology transactions and agreements involving cloud computing, Software as a Service (SaaS), Platform as a Service (Paas), Infrastructure as a Service (IaaS), hosted arrangements, web services and application outsourcing. We help domestic and multinational clients identify and address potential issues such as data security, protection and privacy, while determining the value of services in terms of increased revenues, reduced costs and more efficient operations. We regularly draw on our firm’s experience in technology intellectual property, finance, corporate transactions, regulatory and compliance, and other key areas of law to negotiate transactions and develop enforceable terms of service, service level, subscription, and other agreements.
Sanità & Scienze della vita
Lo Studio è leader mondiale nell’assistenza legale in ambito sanitario e opera con un team di professionisti di altissimo livello dislocati negli Stati Uniti, in Europa e in Asia.
Lo Studio, attraverso il team di professionisti dedicati, vanta una vasta conoscenza delle tematiche legali legate al settore health and life sciences. Una profonda competenza del mercato e del business di riferimento consente allo Studio di affiancare con successo clienti che operano in tutti gli ambiti del settore sanitario.
McDermott Will & Schulte è riconosciuto dalle principali directories del mercato legale quale indiscusso leader mondiale dell’assistenza legale in ambito sanitario.
Nel 2015 le riviste The Legal 500 USA e Chambers USA – quest’ultima per il sesto anno consecutivo – hanno attributo a McDermott il ranking più alto nelle classifiche di settore. In Europa, il team tedesco di McDermott è stato riconosciuto tra i top performer del settore health and life sciences da Chambers Europe.
Lo Studio assiste in molteplici giurisdizioni (inclusa l’Italia) società leader nel settore farmaceutico, nella produzione e distribuzione di dispositivi medicali, ma anche investitori nel settore delle infrastrutture ospedaliere (banche, investitori istituzionali, fondi di private equity), società che si occupano dei servizi connessi alla gestione di ospedali, case di cura e infrastrutture sanitarie in genere.
Il team italiano è in grado di offrire ai propri clienti che operano nel settore health and life sciences una consulenza multidisciplinare annoverando avvocati di riconosciuta esperienza nell’ambito di operazioni corporate, nel banking and finance, nel diritto tributario, nella normativa antitrust e nella tutela della proprietà intellettuale e della privacy. L’interazione costante con i colleghi che operano in altre giurisdizioni consente di fornire risposte efficaci alle specifiche problematiche affrontate, anche in caso di arbitrati internazionali o di progetti che richiedono una consulenza cross-border.
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