Laurence S. Schultz, a longtime shareholder of and currently Of Counsel to Driggers, Schultz & Herbst PC in Troy, has been named the recipient of the 10th Annual Stephen H. Schulman Outstanding Business Lawyer Award by the State Bar of Michigan Business Law Section.
Schultz was a founding shareholder of Driggers, Schultz & Herbst in Troy in 1981 and has served in leadership roles both for the State Bar of Michigan Business Law Section and for other professional associations and organizations. He has specialized in securities law, with specific emphasis on securities litigation and investor arbitration, for over 25 years.
During a long career as a member of the Business Law Section, Schultz served as section chair in 1978 and as a council member for several years. He personally worked with Prof. Stephen Schulman and knew the former Wayne State University Law School professor well on a professional level.
"I worked on Section matters and participated in arbitrations with Professor Schulman. He was an outstanding lawyer and a brilliant teacher. He was very giving of his time for students and colleagues," Schultz said. "It is really a privilege to receive this award in Steve's name and to be mentioned with the other wonderful lawyers who are past Schulman recipients. They have made many important contributions to business law practice in Michigan."
Schultz was elected president of the Public Investors Arbitration Bar Association (PIABA) in 2007, and served as a director for the association from 2002-2008. In December 2007, on behalf of PIABA, Schultz submitted a statement to the United States Senate Committee on the Judiciary, Subcommittee on the Constitution, in support of proposed legislation to make mandatory arbitration optional for brokerage customers.
He represented investors with securities claims in federal and state courts as well as in numerous arbitrations before the Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange and the American Arbitration Association. He was a contributing author to the first and second editions of "Securities Law Manual for Michigan Practitioners" and authored several other articles in such publications as the Michigan Business Law Journal and the PIABA Bar Journal.
Schultz has been quoted on securities matters in publications, including the New York Times, Wall Street Journal, Forbes, and USA Today. Schultz was a member of the People to People Corporate and Securities Law Delegation to China in 1988, comprised of a group of American securities lawyers who, as guests of the Chinese government, made presentations for Chinese officials organizing their securities industry.
"The Section is a great resource. It brings together the most experienced business lawyers in our state who keep the business law in Michigan, efficient and up-to-date, working cooperatively with the government officials and the business community," Schultz said. "It provides members of the bar with a very rewarding opportunity for professional development."
Schultz will be introduced at the Schulman Award Ceremony, which immediately precedes the Section's Annual Meeting on Friday, Sept. 25 in Grand Rapids, by Hugh Makens, who was one of four recipients the first year the Schulman Award was given back in 2006. Makens is Of Counsel at Warner Norcross & Judd LLP. Schultz has worked with Makens on matters relating to the state of Michigan's securities law and the two have known each other for over 30 years.
"Larry has a reputation for meticulous preparation and skillful advocacy," Makens said. "He has become an advocate for reform and investor rights, quite apart from the business side of his practice. Without doubt Larry has been a leader in our bar, and nationally, for many years."
During his career Schultz has also served as chair of the Michigan Securities Law Advisory Committee. He has lectured for the Institute of Continuing Legal Education, the State Bar of Michigan, and the Detroit Bar Association concerning securities regulation and arbitration. Schultz is listed in Who's Who in American Law and in Marquis Who's Who.
The Outstanding Business Lawyer Award was named after Schulman, who taught several business law courses during a lengthy tenure at Wayne State University Law School in Detroit. Schulman received the Donald H. Gordon Award for Excellence in Teaching and was chosen by the student body as the school's Professor of the Year several times. Schulman was also instrumental in the drafting of much of Michigan's corporate law that is still in place today.
The Business Law Section established the Stephen H. Schulman Outstanding Business Lawyer Award in 2006, to be presented annually. The prestigious award honors Michigan business lawyers who consistently exemplify the characteristics the Business Law Section seeks to foster and facilitate: the highest quality of professionalism, the highest quality of practice, and an unwavering dedication to service, ethical conduct, and collegiality within the practice of law.
Past recipients of the Schulman Award include Cy Moscow, the late Martin Oetting, Makens and James Bruno in 2006; Charlie McCallum and Verne Hampton in 2007; G. Ann Baker in 2008; Justin Klimko in 2009; Alex DeYonker in 2010; James Cambridge in 2011; Jeffrey Ammon in 2012; Daniel Minkus in 2013 and Diane Akers in 2014.
Published: Thu, Oct 01, 2015
