Juneau client investment_programs

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Juneau client investment_programs

  1. 1. Equity for Legal Services Asia Pacific Legal Institute Summer 2005juneaupartners.com Todd L. Juneau 2005
  2. 2. Client Investment Programs• History/Background – Why do it?• Types of Investment Programs• Main Issues• How to get involved• The current State of the Artjuneaupartners.com Todd L. Juneau 2005
  3. 3. History & Background• Law firms since the 1960’s• The “dot com” paradigm• East Coast vs. West Coast• Accountants, Consultants & Janitorsjuneaupartners.com Todd L. Juneau 2005
  4. 4. Types of Investment Programs• Equity in exchange for services• Equity for deferment of payment• Equity for being selected as a client• Equity for a combination of deferment of fees and for payment of services• Equity for IP Assets, Secondary Assetsjuneaupartners.com Todd L. Juneau 2005
  5. 5. Main Issues • Taxes • Ethics • Securitiesjuneaupartners.com Todd L. Juneau 2005
  6. 6. Taxes• Taxes – Income Tax vs. Capital Gains – Sec. 83(b) election vs. Phantom Income – Successful Strategies - Examples – Failed Strategies - Examplesjuneaupartners.com Todd L. Juneau 2005
  7. 7. Ethics • Conflict of Interest • Firing your client • Lawyer Rules, FASB, University faculty • Waiver of Conflict • THE “form letter”juneaupartners.com Todd L. Juneau 2005
  8. 8. SEC issues• Securities – Accredited investor – Investment Company Act – Insider Trading – Inside Information – Go Directly To Jail, Do Not Pass Gojuneaupartners.com Todd L. Juneau 2005
  9. 9. Additional Liabilities • Lawsuits seeking return of equity • Breach of Fiduciary Duty • Violation of Rule 1.8 • Specific Cases – Robins Kaplan and the State of Minnesotajuneaupartners.com Todd L. Juneau 2005
  10. 10. How to get involved• 1) An LLC document,• 2) a subscription document, and• 3) a summary and risk factors pamphlet for investorsjuneaupartners.com Todd L. Juneau 2005
  11. 11. Patent Donations • How It Works • Tax Treatment / EBITDA • Specific Examples – DuPont/University Collaboration – Glaxo-Wellcome Collaborationjuneaupartners.com Todd L. Juneau 2005
  12. 12. Thank You. Todd Juneau www.juneaupartners.comjuneaupartners.com Todd L. Juneau 2005

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