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A Review of New Ethical Rules ‐ Scenarios, and Ethical Advertising Practices

This is a copy of the slide deck used in the presentation.

Who Is (or Are) Your Client(s)? Representation of the Entity and Majority Equity Holder in a Business Transactional Setting

Lawyers are always (or almost always) involved in documenting fundamental transactions for smaller businesses and the number of these transactions is increasing over time. Think of sales of businesses, mergers, changes of control and/or redemptions of equity as fundamental transactions. It is difficult to come by actual data on the number or dollar value of sales of U.S. businesses valued at $50 million or less. However, we know from surveys of business brokers that the deal volume they were experiencing in Q3 of 2021 had rebounded to slightly above pre-pandemic levels and that the multiples of EBITDA which sellers were commanding was being maintained in smaller value deals and going up slightly in larger value deals. The multiples of EBITDA commanded by sellers increase as the size of the business being sold increases. Transactions involving these smaller businesses typically involve a single lawyer or a team of 2-3 lawyers in a single firm on each “side” of the transaction. While a larger transaction may provide more opportunity for a law firm to only represent the entity while other law firms represent the board or the majority equity holder, the seller’s legal team in a smaller transaction prepares the documentation and may represent both the majority (or sole)equity holder who makes the decision to sell as well as the business entity being sold.

Using AI Models on Your Own Machine

This webinar presents off-the-shelf methods for utilizing AI models while avoiding ethics problems and reducing costs.