“Through Eurazeo Planetary Boundaries Fund 1, the investment company Eurazeo has acquired the Bioline AgroSciences group, the world’s third-largest player in the field of macrobials, from InVivo. This is the first investment by this impact fund, which has just completed an initial closing of €300 million.”

Read commentary by Guillaume Kellner in interview, available in French (via paywall).

In an article for the New York Law Journal titled, “Navigating the Complexities of Interrelated Claim Disputes,” Schulte partner Ted Keyes and associate Julia Cummings discuss why determining whether multiple claims across different time periods constitute interrelated claims can be crucial for determining whether the claims are covered and the available policy limits.

This complexity often arises in directors’ and officers’ and professional liability insurance policies, where interrelated claims are treated as a single claim based on the timing of the first claim. The interpretation of what constitutes an interrelated claim varies, with New York using a “sufficient factual nexus” test and Delaware applying either a “meaningful linkage” test or the more stringent “fundamentally identical” standard. These differences highlight the challenges insurers and policyholders face in predicting litigation outcomes, emphasizing the need for careful analysis of the specific facts and legal standards involved.

Schulte Roth & Zabel had a record-breaking year in 2024, with revenue increasing 13.5% to $618.8 million and profits per equity partner (PEP) surging 23.7% to $4.13 million. The firm’s focus on private capital and investments in its partnership helped drive this strong performance.

The firm’s stable headcount led to a 14% increase in revenue per lawyer to $1.7 million while total net income for equity partners also rose 20.5% to $314 million.

Managing partners David Efron and Marc Elovitz called 2024 an “outstanding” year, with billable hours and demand both rising. David credited “disciplined management” for limiting expense growth to 7% and highlighted the firm’s investment in younger talent.

“We had a great group of younger partners who helped drive our revenue last year,” David said. “We are very excited about the talent we have.”

After this standout year, Schulte implemented an Income Partner tier for the first time. David and Marc emphasized that the decision was deliberate and aligned with the firm’s strategic goals.

“We studied it [a nonequity tier] for a long time, and it wasn’t a knee-jerk reaction,” Marc said. “It is very tailored to us and our circumstances. We don’t have an expectation of a growing group of income partners. We do want to increase opportunities for people, both internally and for laterals.”

Looking ahead, Schulte is focused on sustaining its momentum in 2025.

“Last year was fantastic,” David said. “We have had a good start this year and are super well-positioned. We have a client base that differentiates us and allows us to be successful in highly competitive environments where there is a lot of uncertainty. Our clients thrive with disruption and the opportunities that come from change and from disruption.”

Schulte partner and co-head of the Global Shareholder Activism Group Ele Klein was quoted in the Diligent Blog on the growing number of settlement agreements between activists and boards.

Settlements at US targets rose by 15% last year, reflecting increased skill among activists and boards in assessing proxy fight risks and outcomes. Data from Diligent Market Intelligence shows 60 agreements with activists last year, up from 52 in 2023. Activists also secured 88 board seats via settlements, compared to 83 in 2023. “For the most part, the number one factor is that the company side and the activist side have both become more sophisticated in understanding the outlook and whether something is worth fighting or not,” said Ele.

Read more.