By Mike Scott
Legal News
It is a critical time for businesses in the state of Michigan. And business and labor attorneys need to be prepared to meet the needs of their clients.
So in many ways this year’s Business Law Institute (BLI), planned for May 21-22 in Grand Rapids and hosted by the State Bar of Michigan’s Business Law Section, takes on added importance.
Issues such as bankruptcy, restructuring and funding and business operations are taking on added importance in this climate, said Eric Lark, an Institute moderator, Section board member and partner with Kerr Russell and Weber in Detroit.
One of the most valuable parts of the Business Law Institute is that it is designed to help attendees gain insight into new Michigan legislation and case law that impact all types of businesses.
But in the past few years the impact of bankruptcy developments, law changes, and sales of assets has increased, Lark said.
The BLI will deliver expert advice on the best ways to handle the challenges of bankruptcy, restructuring, and operating businesses during poor economic conditions.
Attendees will walk away with a solid understanding of today’s complex issues and the best solutions for your clients, Lark said.
The BLI is the key educational event that the Business Law Section sponsors each year.
The speakers and topics vary so that business lawyers from around the state with wide-ranging practices and interests will attend, said Dee Dee Fuller, Section president and managing partner of Fuller Law & Counseling in Grand Rapids.
This year’s topics range from purchasing assets from bankrupt estates to non-bank corporate finance provisions to a merger and acquisition case study on day two.
“It is a great opportunity to make a relatively small time commitment and get so much back. All around, the BLI is a great educational and networking event,” Fuller said.
There are great networking opportunities for lawyers at the Institute, including a reception sponsored by Stout Risius Ross, Inc.
There, attendees can meet the seminar faculty, section council members, exhibitors, fellow registrants, and guests.
One day later, the Annual Business Law Section Dinner, sponsored by J.P. Morgan Escrow Services, will feature gourmet food stations and accompanying wine pairings.
Most attendees have found that many of the best legal solutions they discover come from their colleagues. That's why the Institute's packed with networking opportunities, Fuller said.
Attendees are asked to share their stories and ask questions of faculty, council members, and fellow business law lawyers during the reception and Section banquet.
“The feedback that we have received consistently over the years is that the Institute is very valuable not just because of the seminars but because you do share ideas and strategies with some of the most highly respected business legal minds in the state,” Fuller said.
One of the speakers will be Justin Klimko, a partner with Butzel Long in Detroit, who will speak about “Current Practice in Transaction Opinions.”
Another presenter is Tim Damschroder, a lawyer with the Ann Arbor office of Bodman, LLP.
As part of his seminar, Damschroder will cover a variety of alternative funding options for businesses of all sizes and how such options can enhance commercial bank financing that business owners receive.
“We all know that the senior commercial bank financing market remains very tight,” Damschroder said. “So this session will explain all the terminology used in alternative financing.”
One such example is financing which can be provided by private equity companies. Other venture capital terms and trends also will be reviewed, along with forms from the National Venture Capital Association.
Most clients are not familiar with the various options available to them related to alternative financing, Damschroder said.
While the options generally remain the same as before the current economic recession began, there are an increased number of business owners and entrepreneurs in the market space in need of other financing options, Damschroder said.
Other topics, such as “Purchasing Assets from Bankrupt Estates,” and “Employment-Related Issues Following the Sale of a Business,” also will be covered. Many of the topics are particularly pertinent now, such as “Drafting Effective Indemnification and Escrow Agreements,” presented by Kevin Block, a partner with Kerr Russell and Weber in Detroit.
“There are potential traps for less experienced lawyers (in the drafting of such agreements),” Block said. “You need to consider the overall type of transaction in determining of a particular indemnification is appropriate.”
Klimko is part of a 12-person Ad Hoc Committee on Legal Opinions that this year will examine national standards for delivery and interpretation of opinions and identify Michigan-specific issues that state lawyers should consider. The committee last met in 1991.
“The committee will be reviewing national recommendations and our 1991 state report,” Klimko said of the committee’s efforts this year. “We want to provide guidance for Michigan lawyers and at the BLI we’ll try to make sense of what lawyers should be looking at and thinking about in regards to transaction opinions.”
Government financing, such as available microloans from state and local resources also will be covered, as will a variety of state and federal programs, Damschroder said.
Examples include the programs offered by the Michigan Economic Development Corporation (MEDC), Automation Alley, SPARK, and more.
The Annual Business Law Section Banquet on Friday, May 21 will be included in the registration fee this year for the first time.
Registrants can bring a guest to the dinner for a $50 fee.
More information is available at www.icle.org.
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