April has come and gone, and with it a host of exciting new developments in the legal and business spheres. One such story is detailed in our cover article of the month, as we hear from Jason Ye, Partner and Co-Chair of the Asia Practice at Ortoli Rosenstadt LLP. On page 12, he takes us through Lichen China Limited’s $16 Million IPO on the Nasdaq and how his team are working to ensure that other Chinese companies find their own success on US stock markets. Our other featured stories this month deal with very different areas of law. In an exclusive interview on page 22, we hear from Tangi Carter on DUI expungement and her career journey to date, while on page 42 Violet Dersahakian takes a deep dive into auto accidents and obtaining compensation for clients. Both are well worth a read for legal professionals of any field. Also included in this month’s magazine are a range of articles from across the breadth of the profession, from dispute resolution to asset protection. On page 28 you will also find an original feature from the Lawyer Monthly staff, wherein we examine modern corporate litigation and ask whether our culture of over-litigiousness may ultimately prove harmful to the largest companies. As ever, in this edition you will find a round-up of all the major legal news and lawyer moves that have taken place in the past month, together with a report on the M&A and IPO landscape as it currently stands – everything you need to get to grips with the latest developments in the world of law. We hope that you enjoy this edition! LAWYER MONTHLY©2023 Universal Media Limited Lawyer Monthly is published by Universal Media Limited and is available on general subscription. Readership and circulation information can be found at: www.lawyer-monthly.com. The views expressed in the articles within Lawyer Monthly are the contributors’ own. All rights reserved. Material contained within this publication is not to be reproduced in whole or in part without prior permission. Permission may only be given in written form by the management board of Universal Media Limited. Approx. 302,000 net digital distribution. Oliver Sullivan Editor Lawyer Monthly Welcome to Lawyer Monthly Magazine MAY 2023 EDITION @lawyermonthly @LawyerMonthly @lawyermonthly company/lawyer-monthly Universal Media Limited, PO Box 17858, Tamworth, B77 9QG, United Kingdom 0044 (0) 1543 255 537 Production Team: Emma Tansey, Luke Ostle, Nathan Athersmith production@lawyer-monthly.com Sales Enquires: Jacob Mallinder Jacob.mallinder@universalmedia365.com
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Contents 22 42 6 Monthly Round-Up 10 Lawyer Moves FEATURE OF THE MONTH 12 Jason Ye Enabling IPO Success for Chinese Companies in the US MY LEGAL LIFE 22 Tangi Carter Aiding Clients Through DUI Expungement SPECIAL FEATURES 28 The Cost of Litigiousness Oliver Sullivan, Lawyer Monthly 32 The Russian Sanctions Regime and UK Litigation Robert Pollock-Hill, Rosling King LLP 36 ChatGPT: Weighing AI’s Risks and Rewards for Law Firms Steve Whiter, Appurity Limited EXPERT INSIGHT 42 The Ins and Outs of Auto Accidents Violet Dersahakian, Progress Law Firm 48 Wealth Protection in the Cook Islands Alan Taylor, Cook Islands Finance 52 The Benefits of Mediation in Construction Disputes Zineb Kouoidri, BTK Avocats Inc. 56 What is Switzerland’s Attraction for Entrepreneurs? Béatrice Stahel, Arthur Seppey and Catherine Lagger-Fournier, MC AVOCATS SA 60 The Solicitors’ Charity Big Report Nick Gallagher, The Solicitors’ Charity. THOUGHT LEADER 66 The Growth of ADR in Kenya Jacqueline Waihenya, JWM Law LLP 70 What Are Australia’s Aged Care Challenges? Thomas Stahl, The Law Offices of Thomas Stahl TRANSACTIONS 72 What’s Happening in the World of M&As and IPOs?
Monthly Round-Up MAY 2023 80,000 Young People Unable to Access Trust Funds A report from Renaissance Legal has suggested that as many as 80,000 young people in the UK without the capacity to make financial decisions have money locked out of their reach in trust funds. Tens of millions of pounds may be rendered inaccessible. not blocked altogether particularly when such funds could be used to improve the child’s quality of life. With long court delays across the board, special dispensation and a simplified process is needed to help families access these crucial funds.” law firm Dawson Cornwell. "If any of this nonsense had taken place in England, the money would have been frozen, and the mother would be viewed as holding the money on behalf of the footballer. Our court procedures attack evasion. There’s no way that this behaviour by the defender would be defended.” Families of these young people must go through court to access the savings when their accounts mature, in a process which can take months and cost hundreds of pounds. Only 15 accounts were accessed this way in 2021. The government says it is unable to share more recent figures, adding that it is trying to speed up cases. “This report shows that the current system is draconian and not fit for purpose,” said Heledd Wyn, private client partner at Shakespeare Martineau. “Having a child that is incapacitated Abouk was informed by the court that Hakimi did not own any money or possess any assets, as he had registered his fortune in his mother’s name. It was reported last year that Saint-Germain was the sixth highest paid African footballer, earning more than $215,000 a already provides a level of emotional distress, and not being able to access funds that could hugely improve their lives only exacerbates this. “Anyone taking control of a vulnerable person’s finances quite rightly should be scrutinised, but week. His wealth was estimated to be around $70 million. "Putting your wealth into the name of your mother or anyone else in order to prevent your wife getting hold of it would be a massive own goal in English divorce proceedings,” remarked Simon Bruce, partner at specialist high net worth family Hiba Abouk, wife of Moroccan defender Paris Saint-Germain, pursued a divorce case in French court seeking half of the footballer’s wealth following his involvement in an alleged rape, but received nothing, as it transpired that her husband legally does not own anything. Wife of Footballer Achraf Hakimi Leaves Divorce Case Empty-Handed 6 LAWYER MONTHLY MAY 2023
Donald Trump Pleads Not Guilty to 34 Felony Charges Donald Trump has become the first former US president to be charged with a crime, pleading not guilty to 34 charges of falsifying business records on 4 April. Bragg asked reporters. “The evidence will show he did so to cover up crimes relating to the 2016 election.” Trump returned to his Florida home within hours of his court appearance. “This fake case was brought only to interfere with the upcoming 2024 election and it should be dropped immediately,” he said in a statement. Trump lawyer Michael Cohen to former porn star Stormy Daniels ahead of the 2016 presidential election. The hush money payments were allegedly disguised as payments for legal services. Manhattan District Attorney Alvin Bragg has been investigating these payments for five years. “Why did Donald Trump repeatedly make these false statements?” The falsification of business records is usually treated as a lesser misdemeanour, but Trump is accused of having committed felony offences, denoting a more serious crime that could result in upwards of a year in prison upon conviction. The charges relate to Trump’s involvement in hush money payments made through former MONTHLY ROUND-UP 7
Monthly Round-Up MAY 2023 Twitter Faces German Regulatory Backlash for Failing to Tackle Hate Speech Disney Sues Florida Governor Ron DeSantis Elon Musk’s Twitter may face a number of multimillion-dollar penalties from German regulators for its failure to address hate speech spread through the platform. In a new legal action, Disney has accused Florida Governor Ron DeSantis of organising a campaign of "government retaliation" against its business. These fines may even add up to several billion should the German government act on the scores of reported instances of content moderation inaction that have already been brought to its attention. German courts have confirmed that the law has been Disney has asked the Florida federal court to undo the moves, claiming that DeSantis’. "Disney regrets it has come to this," a company spokesperson said in the lawsuit. "But having exhausted efforts to seek a resolution, the company breached in multiple cases. Currently, more than 600 illegal hate speech cases have been reported to Germany’s Federal Justice Office (BfJ), carrying a cumulative maximum penalty of up to €30 billion. Concerns over Musk’s impact on Twitter’s content moderation in the region has also drawn criticism from the European Commission, which will be taking up a major oversight role of larger platforms’ response to hateful content under the Digital Services Act later this year. is left with no choice but to file this lawsuit to protect its cast members, guests, and local development partners from a relentless campaign to weaponise government power against Disney in retaliation for expressing a political viewpoint unpopular with certain state officials." Early this month, Germany’s federal government announced that it was instigating a procedure over suspected systemic failures under the country’s hate speech takedowns law – NetzDG, as it is colloquially known – which allows for fines of up to €50 million per case. The lawsuit escalates the ongoing conflict between the Republican governor and Disney – which employs more than 75,000 people in Florida – initially stemming from the company’s criticism of a state law banning discussion of sexual orientation or gender identity in primary schools (colloquially referred to as the “Don’t Say Gay” bill). DeSantis, who is viewed in many political corners as a prospective Republican candidate for president, has since taken combative measures against the company, vowing that the state would not “bend a knee to woke executives in California”. Most recently, state officials voided a development deal involving Disney’s Florida theme park. 8 LAWYER MONTHLY MAY 2023
Legal Professionals Shunning Days Off Amid Worsening Mental Health, Data Shows According to new data revealed in the nationwide 2023 UK Employee Health, Wellbeing and Habits Study has revealed that legal professionals are most likely to work on days off compared to employees in other sectors, with more than a third (37%) having done so in the last year. The same study also found a 76% increase in the past year in employees working through poor mental health rather than taking sick leave compared to physical illness. Beyond this, a staggering 90% of legal professionals want their firms to be more proactive in boosting health and wellbeing habits. Over 1,000 employees were questioned in the study, gleaning insights into their health status over the last year. The study’s aim was to discover how changing working patterns are affecting employees' health and wellbeing, and how UK companies can better support their workforce in this area. Richard Holmes, director of wellbeing at Westfield Health, commented on the ease with which excessive and prolonged stress may lead to burnout. “Pressure at work is usually the main culprit and when budgets are tight and teams are small, people often find themselves with multiple roles and heavy workloads, piling on the stress,” he said. Claire Brown, qualified life carer and coach, added: “Employees must be encouraged to prioritise their health and wellbeing above productivity by taking regular breaks from the screen and getting fresh air, where possible. Providing alternative and innovative ways for connection and communication between team members is also really valuable.” MONTHLY ROUND-UP 9
Lawyer Moves RECENT APPOINTMENTS FROM ACROSS THE GLOBE Dentons has appointed Luis Belart as partner of its Banking and Finance department. Belart has previously held the position of counsel at the firm. Belart has completed postgraduate studies at IESE Business School and earned an Extraordinary Degree Award from the Complutense University, simultaneously developing his teaching ability as a professor of the specialisation programme in Financial Markets Law at the IEB (Instituto de Estudios Bursátiles). He is also the author of several articles and chapters related to structured finance. In his new role, Belart brings more than 15 years’ worth of experience advising banks, companies, funds and sponsors on financing and debt investment transactions. He specialises in local and international financing transactions, in particular relating to asset finance (especially real estate and aircraft), export finance, corporate finance, acquisition finance, refinancing, debt restructuring and pre-insolvency situations, as well as liquidity instruments. His appointment at Dentons comes alongside the promotion of Jorge Carmona to counsel in the firm’s Corporate and M&A department. “These well-deserved promotions are part of our clear commitment to the in-house careers of the firm’s lawyers and recognise the very high quality of the advice that both lawyers provide to our clients on a daily basis,” commented Jabier Badiola, managing partner of Dentons. Baker McKenzie has announced the appointment of leading capital markets and US securities lawyer Chen Sheng to its practice in Hong Kong in response to increased client demand. Chen brings broad experience in both equity and debt capital markets offerings, as well as GDR offerings under the Shanghai-London Stock Connect and the China-Switzerland Stock Connect. Over the years, he has represented many investment banks and major corporations in fields including specialised technologies and energy, life sciences and healthcare and consumer goods and retail industries in their IPOs. “Hong Kong has been and will continue to be the destination of choice for IPOs, particularly for Chinese issuers with international ambitions. With the expansion of the Stock Connect schemes and the new listing regime for specialist tech companies, we expect IPO activities, particularly in those strategic sectors that China is promoting, to liven up this year,” said Christina Lee, co-chair of Baker McKenzie’s capital markets practice in Hong Kong SAR and Mainland China. “We are excited about Mr Chen joining our capital markets practice where he will add further depth to our expansive domestic and international securities service offering as we continue to respond to increasing client demand.” Dentons Bolsters Practice with New Banking and Finance Partner Baker McKenzie Boosts Hong Kong Capital Markets Practice Madrid, Spain Dentons Hong Kong Baker McKenzie London, United Kingdom White & Case 10 LAWYER MONTHLY MAY 2023 Global law firm White & Case has hired Michael Engel as a new partner in its London office. Engel joins White & Case’s global antitrust group in London after two years at the firm’s Chicago-founded rival Kirkland & Ellis and over a decade at Sullivan & Cromwell prior to that. Engel has advised Fiat Chrysler Automobiles on its $50 billion merger with PSA Group, Bayer on its $66 billion acquisition of Monsanto, Teva Pharmaceuticals on its $40.5 billion acquisition of Allergan’s generics business and satellite company Intelsat on its $7 billion restructuring, according to his profile at Kirkland & Ellis. Engel’s client list has also included hedge fund SVP Global, American Securities LLC, Noble Corporation, Macquarie, Chevron Corp, Goldman Sachs, Philips Healthcare and American Express, according to the firm’s website. In a statement, White & Case’s global head of antitrust, Mrak Gidley, referred to a “toughening approach” and “increased intervention” by the UK’s Competition and Markets Authority as drivers behind greater client demand for antitrust work. White & Case Gains Partner from Kirkland & Ellis
Multinational law firm Pinsent Masons has promoted 25 of its staff to its partnership, boosting its sector-focused professional services capabilities. Taking effect as of 1 May, the firm’s new partners are based across the firm’s network, with five promoted in the Asia Pacific region, six across EMEA and 14 in the UK. The new promotions bring the total number of partners to 480. A range of sectors and disciplines have welcomed new partners, including international arbitration, which has added four to its ranks. The Technology, Science and Industry sector has also gained four new partners. In addition, Pinsent Masons has promoted two new partners in the firm’s professional services practice group Vario and a partner in its Equality Law group. “I am incredibly proud of all of our new partners taking the next step in their careers as we recognise the tremendous talent that will help shape the future of our business,” said Andrew Masraf, senior partner at Pinsent Masons. Pinsent Masons Promotes 25 to Partnership Linklaters has announced that Christian Saunders has joined the firm as a senior consultant in its Middle East Banking practice. Saunders has over 20 years of experience advising creditors, corporates and other stakeholders on all aspects of market leading financing transactions and restructurings. Saunders is widely recognised as a market-leading banking and restructuring lawyer in the Middle East. He was a partner with Allen & Overy (A&O) in the UAE for over 14 years prior to his retirement in 2021. As the former head of A&O’s Middle East Banking practice, Saunders was instrumental in building their regional practice. “We are excited to welcome Christian on board,” said Kieran Zaman, Linklaters’ Head of Banking for the Middle East. “Over the course of his long career, Christian has built a strong reputation in the Middle East for advising on new loans and debt restructuring in all sectors and product areas. “I am confident that his skills and insights will boost our already wellestablished Middle East Banking practice and his collaborative spirit will inspire our next generation of lawyers.” Linklaters Adds New Senior Consultant to Middle East Banking Practice EMEA Pinsent Masons Dubai, United Arab Emirates Linklaters LAWYER MOVES 11
12 LAWYER MONTHLY MAY 2023 Jason Ye Partner and Co-Chair of the Asia Practice at Ortoli Rosenstadt LLP In this month’s edition of Lawyer Monthly, we hear exclusive insight into Lichen China Limited’s $16 million initial public offering on the Nasdaq Stock Market and expertise surrounding Chinese companies’ IPO prospects in the US from: Enabling IPO Success for Chinese Companies in the US
FEATURE OF THE MONTH 13
14 LAWYER MONTHLY MAY 2023 Lichen China Limited’s $16 Million Initial Public Offering on Nasdaq Could you please give us some background into Lichen China Limited and its IPO plans? Lichen China Limited, through its operating subsidiaries, is one of the leading financial and taxation service providers in China. They have operated as a dedicated financial and taxation solution service specialist in China for over 18 years, focusing on providing (i) financial and taxation solution services; (ii) education support services; and (iii) software and maintenance services in China. Leveraging their relationships with numerous local educational institutions, their expertise in the financial and taxation solution services market and experience in developing financial and taxation training and analysis software, the company also offers software product to enterprise customers, universities, colleges and educational institutes. Lichen’s IPO was significant in a sense that it was the first small-cap IPO by a China-based issuer to be listed on the Nasdaq in 2023. Going into 2023, there was some uncertainty given the market condition at the time and the geopolitical environment between China and US as a backdrop. Everyone in the industry was paying close attention to Lichen to see on the one hand, whether it would be approved by the regulators as a Chinese issuer and on the other hand, whether it would successfully close its offering in a rather soft market. Fortunately, and giving credit to the underwriter, Univest Securities, the company was able to get past the finish line and successfully list on the Nasdaq on 6 February 2023, during the Chinese New Year celebration period. The deal gave confidence to the market because everyone saw that the US stock market is still welcoming of China-based issuers and companies can still raise significant amount of money to help expand their business Ortoli Rosenstadt LLP represented Lichen China Limited on its $16 million listing on the Nasdaq Stock Market. Lichen China Limited is a specialised taxation and financial service provider based in China. It has now announced the closing of its initial public offering (IPO) of 4,000,000 Class A ordinary shares at a public price of $4 per share. Trading of these Class A ordinary shares on the Nasdaq Capital Market began on 6 February 2023 under the ticker symbol “LICN”. Ortoli Rosenstadt LLP advised Lichen China Limited with a team including Jason Ye (Partner and Co-Chair of Asia Practice), Yarona L Yieh (Counsel), Grace Bai (Associate) and Crystal Hsu (Associate). Acted as Legal Advisors to Lichen China Limited
even though the equity market has been slow as of late. Can you tell us about the role that you and your team played relating to the IPO? Lichen engaged our firm to represent them as their US counsel for their IPO onto the Nasdaq Stock Market and I was their lead attorney for their IPO process. We worked closely with the company on almost all aspects of their US IPO, including their prospectus, application to Nasdaq and responses to questions given by the regulators, as well as transaction documents with the underwriter and its counsel. We were also crucial in helping design a deal structure that would work both for the company and, more importantly, the regulators. This was the case especially towards the end of the process, because the market condition had changed significantly comparing to when Lichen first launched its IPO effort. We, as the company’s counsel, had to pull every trick in our sleeves to come up with legal solutions to make sure that they were able to get through the regulators with as little modification in the documents as possible, but at the same time assuring them that the company was worthy of their consideration for approval. We also understood that in today’s market, things could change in a matter of hours and the longer the process drags, the bigger the risk is to our client in finishing their IPO. Knowing timing was of the essence, our team worked tirelessly with all parties involved, including our client Lichen, regulators and the underwriter on a practically 24/7 basis, with multiple versions being prepared at the same time to make sure that we had the necessary legal documents ready for everyone when they were needed.We were very glad and relieved when we saw Lichen finally close its IPO and begin trading on the Nasdaq. At the same time, I am extremely proud and grateful for our team members that were involved in this listing. It would not have been possible without their dedication and commitment. What unique skills and expertise did your team bring to the operation? First, we consider ourselves business lawyers. What that means is that we always dissect the laws and regulations coming from the perspective of a business owner. I come from a business FEATURE OF THE MONTH 15 First, we consider ourselves business lawyers. What that means is that we always dissect the laws and regulations coming from the perspective of a business owner.
16 LAWYER MONTHLY MAY 2023 background before becoming a lawyer so I understand that ultimately the lawyers are here to serve the needs of the business owner, while making sure that the business decisions are legally compliant. We try not to create more legal issues for our clients, but rather provide them with a practical solution to solve their day-to-day problems. Second, we consider ourselves experts in dealing with companies based in Asia. Most of our staff, including myself, are multi-lingual and actually spent a significant amount of our lives in Asia. At the same time, we are well-versed in bridging the differences the Eastern and Western values. This is particularly important when we work with the regulators. Most of my clients are based in Asia and some of them may have never been to the US. Because of that, we are often not only serving as their lawyers, but also serving as their only voice when their profile is being presented in front of the regulators and investor community. Our strength is to bridge any gap or difference in views the best we can because we truly understand where both sides come from. Lastly, we take pride in our ability in anticipating any potential issue before they become an issue. Like everything else, success is all about the preparation you put in. While we are good at tackling the issues in front of us, we try to plan many steps in advance before making one move. Because of our experience in dealing with many issuers from the past, we have built in certain standard protocol to streamline the process. In addition, we are constantly thinking the unpredictable to make sure that there is no surprise in the process. As doctors always say, the best medical care is preventive care. We have the same mindset. What are your primary concerns when advising on an offering? The entire IPO process can be a rather lengthy journey, one filled with uncertainties. As an issuer’s counsel, we try to prepare for as many potential issues as possible, but it is almost impossible to cover all of them. In today’s world, market conditions could change overnight. As a result, regulatory response in reaction to that could suddenly change as well. In our eyes, this is the inherent risk that we will need to deal with when taking a company public because these changes could potentially prolong the process or sometimes even jeopardise the outcome. I always advise my clients that if we have a chance to close a deal, just do it as soon as practicable. The longer one waits, the bigger the risk of failure there is. Besides the market risk, we also need to be mindful of the local regulations as we deal with many overseas clients. Even though we are US lawyers, I always try to first educate myself on the applicable regulations in the jurisdiction that our client is located in. I then either pass on the information to our staff or ask them to further research the local laws in details. Sometimes the biggest concern is what you do not know and you do not want to step onto that regulatory As I always say, nothing is ever easy. Nothing can be taken for granted these days, especially in today’s world, where everything must be accomplished in a collaborative manner.
Their management team has very little experience about the US capital market, and in fact speaks very little English, yet they have their own version of the American dream. We were called upon to represent them during their IPO process. Our team drafted their prospectus, prepared their Nasdaq application and assisted the company with their response to the comments provided by the regulators. The representation of Lichen China is the epitome of what our firm is about. We are a New York law firm that serves clients with international vision and ambition. How did Ortoli Rosenstadt work with other firms involved in the IPO to ensure a satisfactory outcome? As the issuer’s counsel on an IPO, we would be considered the ‘quarterback’ of the entire listing process. We would need to coordinate and control the documents with all parties, including the company, underwriter and its counsel, auditor and others. We were fortunate that the underwriter, its counsel, and the auditors were all teams that we had previously worked with and therefore the familiarity made the process easier. We were also fortunate to have the trust that the company placed in us in dealing with the professional parties rather than micromanaging everything themselves. Knowing the working style of each professional party in advance was helpful in terms of our preparation throughout the process. Just by knowing the expectation of what the other side wanted, we cut down the communication time needed to achieve the results that we and our client wanted. We would prepare documents knowing the nuances involving the other parties to ensure that the back-andforth on the documents did not become an endless process. In my nine years of law practice, FEATURE OF THE MONTH 17 of cash up for grabs. The market took a 180-degree turn in 2022 and because of that, the regulators also became more cautious about approving companies to list. The combination of market and policy changes were definitely some of the biggest challenges we faced along the way, as it forced us to constantly go back to the drawing board and come up with solutions that would work in that particular moment. Regardless of the changes, the company’s management showed their perseverance by having only the end goal, which is the final listing, in their eyesight. We, as their legal counsel, are very appreciative of their determination because we have seen others bail in similar situations. How did your work with Lichen China Limited fit the profile of your firm? The bread-and-butter product of my practice area is to help Asia-based companies getting listed on a US stock exchange. Lichen China’s main operation is based in Fujian Province, China. landmine. Because we are often dealing with two or more sets of laws at the same time, we have to learn to navigate and find an equilibrium where the client is compliant both in the US and locally. Were any challenges encountered during the course of the IPO? If so, how did your team overcome them? As I always say, nothing is ever easy. Nothing can be taken for granted these days, especially in today’s world, where everything must be accomplished in a collaborative manner. Everyone is a small piece of a bigger puzzle and yet everyone is interconnected. However, things often do not go the way you envision them to when you first start, for whatever reason. In our world, there is no such thing as an ‘easy deal’; every one of them has its own hairs. You just need to find a way to pull it out. When Lichen began its IPO journey in 2021, the market was at its peak with tons The breadand-butter product of my practice area is to help Asia-based companies getting listed on a US stock exchange.
18 LAWYER MONTHLY MAY 2023 there has never been a true ‘friendly’ transaction. There would always be some sticking point that became an issue for some party. Lichen’s IPO was no different, but we respected the requests of other parties while representing our client’s interests zealously. We were pleased that the collaboration with other others led to a satisfactory outcome for everyone. What impact do you expect the success of this stock market debut will have on Lichen China Limited and the wider financial services sector in China? The IPO raise gave the company a fresh injection of cash to help them execute on their business plan. In China, it is very difficult to obtain financing from traditional means with the banks unless there are significant assets being collateralised and personal guarantees from those with vested interest. Lichen’s success story in accessing the US equity market, being a Chinese company, gave many similar companies the confidence that they could do the same. In addition to the capital raise, the prestige of being a Nasdaq-listed company has helped Lichen increase its brand value in its own industry. Many business partners would feel much more comfortable in doing business with a publicly listed company than with an unknown private company. Lastly, as a publicly traded company, companies like Lichen can now use their stock in lieu of cash to acquire other businesses to support or expand their existing business lines. Lichen’s Nasdaq listing really led the way for many Chinese issuers with respect to their own IPO effort in 2023. To date, it is estimated that almost two dozen China-based issuers have listed on a US exchange in 2023. Are there any other comments that you would like to make about the work your firm undertook relating to the IPO? Taking a company public is never a one-man effort. First and foremost, all of our staff are amazing lawyers, incredibly hardworking and knowledgeable about what they do. I have also received unlimited support from my partners within our firm to complete each transaction. When we take on an IPO client, we always carry with the mindset of ‘we go in as a team and we come out as a team’. We have really built a very collegial environment, which I am personally very proud of myself. Do you expect Ortoli Rosenstadt to work on similar operations in 2023? The short answer is yes and no. Our New York office will continue to service our global clients the way it always has been. However, we are also particularly excited for the opportunities being presented to us in 2023. In October 2022, we opened our Singapore office and sister firm under the brand of “Ortoli Rosenstadt Ye Ptd. Ltd.”. We are a fully registered foreign law practice approved by the Ministry of Law in Singapore. This is our first flagship office outside of New York. Much of the firm’s resources have been put into the initial setup of the Singapore affiliate firm and we have started investing in top local talents and marketing efforts to build a local presence in the ASEAN region. While we are a New York law firm by blood, we want to take a more localised approach in meeting the needs of the clients in the region. Things have been put in motion with the goal to showcase the US capital market world to the companies in the region and educate those who are interested how the US capital market can benefit and accelerate the growth of this particular region. Going into 2023, China still remains to
FEATURE OF THE MONTH 19 be our largest market and we do not expect that to change in the near term. However, the launch of our Singapore office really expands our coverage within Asia into Southeast Asia, allowing our firm to cover companies in countries such as Singapore, Malaysia, Indonesia, Thailand and Vietnam. It could also reach as far as Australia given the closeness of the time difference, thus allowing our firm to service our overseas clients around the clock. I think that this is a region that has been a bit overlooked in the past and I see with my own eyes that a lot of exciting things are happening there. Given that, our goal is to bring cutting-edge legal expertise from the US to their footsteps. Also, this is not just limited to the capital market practice. It would apply to other practices as well, such as real estate, corporate M&A and even litigation or arbitration matters. This was a strategic move for us with a long-term vision. About Jason Ye Jason Ye is a Partner at Ortoli Rosenstadt LLP and Co-Chair of the firm’s Asia practice. Jason’s practice is focused on cross-border corporate and capital market transactions and he has represented many domestic and international companies, investment banks and institutional investors on a broad range of transactions. Recognised as one of the most prolific attorneys in the field, Jason also regularly represents public companies, particularly those based in Asia, regarding their NYSE or Nasdaq initial listing and postlisting compliance. About the Firm Ortoli Rosenstadt LLP is a fullservice New York law firm that represents US and international clients. Its multilingual team provides services in the areas of corporate law, securities, international transactions, litigation, employment law, franchising and international tax both domestically and across multiple jurisdictions. Contact Jason Ye Partner Ortoli Rosenstadt LLP 366 Madison Ave, 3rd Flr, New York, NY 10017, USA Tel: +1 212-588-0022 E: jye@orllp.legal www.orllp.legal
Each month, Lawyer Monthly Magazine has the privilege of interviewing the brightest and most ambitious movers in the legal space. In these conversations we dig into their areas of expertise, learning more about their practice and the stories behind their pursuit of excellence. Our My Legal Life spotlight for this month focuses on Tangi Carter. A highly skilled attorney practicing in Mississippi, she speaks on both her career in law and the topic of expungement, through which she has vastly improved the improved the prospects of her DUI clients. MY LEGAL LIFE
22 LAWYER MONTHLY MAY 2023 Tangi Carter is a highly practiced attorney and former Federal and State Public Defender with extensive experience in handling trials, pleas, sentencings, bail hearings, arraignments, docket calls, motion hearings and probation violations. Tangi primarily handles federal and state criminal cases throughout Mississippi and Louisiana and was recently identified as one of the Top 100 Criminal Trial Lawyers in the State of Mississippi for the second year in a row. She was also selected as one of 2022’s Mississippi Leaders in Law Award recipients by the Mississippi Business Journal. Contact Tangi Carter Founder The Law Firm of Tangi Carter & Associates 912 W Pine St, Hattiesburg, MS 39401, USA Tel: +1 601-544-1313 E: tangi@tangicarterlaw.com www.tangicarterlaw.com Photo Credit: Amanda Kyrie
Tangi Carter To begin with, what is the purpose of expungement? An expungement is a mechanism by which an individual can petition the court to have a criminal record removed. If the client qualifies for expungement, he would then legally be able to state on job applications or school applications, that he has never been convicted of a crime. Further, he can state that he has never been arrested for a crime. Most people do not understand that even if a jury acquits them or the charge is dismissed, there is still a record of the arrest even though the case was dismissed. In order to have the arrest removed, one must go through the extra step to have the entire case expunged. The records are removed from any local, state or federal authorities with a record of the charge. My Legal Life Aiding Clients Through DUI Expungement For many, the expungement of past criminal records can mark a significant turning point in their life. However, successfully securing an expungement requires the input of a competent and skilled lawyer. Tangi Carter, a Mississippi attorney highly experienced in expunging cases, shares more on the process behind expungement and the positive impact it has had on the lives of many of her clients. MY LEGAL LIFE 23 What is the process involved in expungement in your jurisdiction? The process varies depending on the type of charge and the type of sentence the court imposed. Some cases, like many violent felonies, are not expungeable. For the most part, you must successfully complete whatever sentence the court imposes. Next, you would need to hire an attorney in most cases because the process is often complicated. You would file a civil petition to expunge in the court in which you were charged with a crime. The judge and the prosecutor must approve and sign the expungement order. Once the order is signed, the clerk’s office forwards the court order to the Mississippi Criminal Information Center where that office removes the charge from the county, state and federal systems.
What value does the process of expungement hold for past DUI offenders? Expunging a DUI is an invaluable service. Many employers will not hire someone with a DUI on their record. Many licensing boards will not accept an individual with a DUI conviction, either. Finally, the public shame and stigma of receiving a DUI is removed. This is typically one of the most embarrassing events of a client’s life. Are there limits on records that can be expunged in Mississippi? Yes. An individual may only expunge one (1) felony conviction. You may, however, expunge as many arrests without convictions as you may have on your record. How does the age of the conviction factor in? For felony and DUI convictions, you must wait five years after you have completed the sentence before you may petition the court to expunge your record. How can a skilled lawyer best ensure that an expungement order has the highest possible chance of success? A skilled lawyer also knows the correct people to send the expungement orders to ensure that each agency expunges the charge from their records. A skilled lawyer also knows the correct people to send the expungement orders to to ensure that each agency expunges the charge from their records. Can you tell us about some of your past work involving expungement? I have expunged hundreds of cases. Additionally, some charges are not expungeable. We have many clients who hunt or want to carry firearms for personal safety. If the case cannot be expunged, we can still petition the court to have their firearms rights restored. 24 LAWYER MONTHLY MAY 2023 Most people do not understand that even if a jury acquits them or the charge is dismissed, there is still a record of the arrest even though the case was dismissed.
I always include my client and his family and friends in trial preparation. Some of my best ideas have come from my clients. MY LEGAL LIFE 25 of time speaking to my client and their friends and relatives about who my client is. I never rely solely on myself and my experience to strategise about a case. I always include my client and his family and friends in trial preparation. Some of my best ideas have come from my clients. This is my client’s life on the line. I take this very seriously and I always listen to what my client has to say. At the end of the day, I will go home to my life and they may not. I am here to serve them – not to be the smartest person in the room. I think we forget that when we get out of law school, so I try to constantly remind myself why I am doing this. I am doing this to be of service. I am not doing this to inflate my ego. Sometimes that distinction is difficult. I see the flaw in myself and certainly in other lawyers. Can you share anything about your plans for the future of your practice? I have been a lawyer for 25 years. I love being a criminal defence attorney. In January, I hired my first associate lawyer, Lindsay Arevalo. She is an experienced criminal defence lawyer and she is also taking youth court and some family law matters. My plan is to continue to grow my law firm. I want to be the best criminal defence firm in the state. I think we are moving in that direction. I have an excellent crew here. Cheryl Warren is my office manager and paralegal and Amanda Maurer is another paralegal here. Our receptionist is Dakota Pruitt. We have an excellent internship program through the University of Southern Mississippi, so we always have one or two interns around. My husband, Mark, and I love to travel. My goal would be to have a law firm that runs itself and to assist with some of the more complex criminal jury trials. I would love to continue to speak to clients, represent clients and handle the marketing, etc. but to also have the freedom to travel for a large part of the year. Please tell us about your journey into law. What led you to found your own firm? I have wanted to be a lawyer since I was five years old. My mother always worked at the courthouse (as a clerk, then court administrator, then court reporter). She would always take me to work with her. I spent so much time around the courthouse and around lawyers. I grew up in this environment. Both of my grandfathers worked for the local government. They would take me to the courthouse, too. My dad was a narcotics agent. My uncle was a deputy sheriff. My other uncle was the local elected District Attorney and now his son has the same position. My step-father was also in law enforcement. Today, my step-brother works at the local sheriff’s office and I have too many other relatives to name who are involved in some way in our legal system. When I graduated law school, I started working as an Assistant Public Defender at the Public Defender’s Office in Pensacola, Florida. I worked there for many years and then I went into private practice. Next, I worked at the Federal Public Defender’s Office. I have always, for the most part, been a criminal defence lawyer. I opened my office in Mississippi in 2013. I practice all over the states of Mississippi and Louisiana. I am also on the CJA panel for the Southern District Court of MS. I am also admitted to practice in Tennessee and Florida. What is it that motivates you to achieve success for your clients? I truly get to know my clients. My clients become almost like family. I have to know them well enough to fight for their cause. Courtrooms are busy, crowded places. I want my client’s story to be heard. I do not want my client to be just another name on the docket. In order to tell the story, I must truly know the person I am representing. I spend a lot Photo Credit: Amanda Kyrie
These articles come from guest authors across a broad range of specialisations. Rather than focusing on subjects necessarily pertinent to law firms or the world of business, our special features most often touch upon new legislation, common law and the intersection of the contemporary legal landscape with the public interest. This edition’s special features tackle three pressingly topical slices of the legal sphere: Russian sanctions, generative AI, and the dangers of corporate litigiousness. Each is well worth a read for legal professionals whose practices relate to those fields, or anybody with an interest in what trends are shaping the world of law today. SPECIAL FEAT URES
Any Lawyer Monthly reader is well aware of the threat that legal action can pose to an organisation. From damages to attorney fees to reputational harm, the consequences for an entity subject to litigation can be debilitating. But how great can the cost grow for the plaintiff themselves? The United States, with one of the highest lawyers per capita in the world, is known for a culture of litigiousness. In this article, we use the US as a backdrop to discuss the ways in which reckless litigation can backfire, and ask whether the balance of risk can ever truly be said to favour the defendant over the plaintiff. Written By Oliver Sullivan Lawyer Monthly THE COST OF LITIGIOUSNESS
There are a number of ways in which an organisation that aggressively pursues litigation can ultimately damage its own interests. The first and most obvious form this fallout may take is harm to the plaintiff’s reputation. This is a risk for any organisation whose business model relies on a friendly image, as legal action that they take (particularly against smaller entities) may be represented by media as excessively heavy-handed. One recent high-profile case has come from video game giant Nintendo, whose suit against console ‘hacker’ Gary Bowser led to a 40-month prison sentence and $14.5 million in damages being awarded to the company. This has led to widespread condemnation among the press and Nintendo’s customer base as it emerged that Bowser would be paying damages in installments worth 25-30% of his monthly salary, likely for the rest of his life. For a prime example of similar reputational damage occurring to an individual, we need only look at 1994’s Liebeck vs McDonald’s Restaurants, which became widely known as the McDonald’s coffeespilling case. When plaintiff Stella Liebeck was badly burned by a cup of McDonald’s coffee that spilled in her lap, eventually culminating in her being awarded $160,000 in compensatory damages and $2.7 million in punitive damages, the case became a byword for willful victimhood and a poster child of the American culture of litigiousness. In reality, the details of the case do not support this perception of events, but the opposite. The 81-yearold Liebeck’s third-degree burn wounds were far more severe than might have been expected from a typical coffee spill, and the apparently excessive punitive damages awarded were only greater than the $20,000 Liebeck had initially sought to cover her medical expenses because McDonald’s had refused to settle (and were ultimately reduced to $480,000 by the trial judge in any case). Yet the popular perception of the lawsuit as an example of get-richquick opportunism on the victim’s part has never disappeared, and McDonald’s own reputation has certainly not fared the worse for it. Beyond the reputational damage they stand to receive, plaintiffs whose actions appear overly litigious may also incur concrete financial penalties. Rule 11 of the Federal Rules of Civil Procedures enables a fair amount of leeway for likely frivolous cases to be aired in court. However, should a court deem a suit groundless or “presented for any improper purpose”, heavy sanctions may be levied against the party at fault. There are several prominent examples of such a strategy proving costly. In March 2022, for example, former president Donald Trump sued Hillary Clinton for $24 million in damages, claiming that she had unfairly framed him as a willing recipient of Russian assistance during the 2016 presidential race. As observers noted at the time, the suit was filed five years after Trump won the election upon which it was based, and three years after special counsel Robert Mueller concluded that Trump had been “receptive” to Russian aid during that time. As a consequence, in January 2023 a federal judge found the lawsuit to be frivolous, remarking in the judgment that its “inadequacy as a legal claim was evident from the start” and that a reasonable lawyer would not have filed it. Trump and his legal counsel were ordered to pay $66,000 in court penalties and legal fees as well as $937,989.39 in sanctions, an amount noted by the judge to be substantial. Legal experts have also suggested that Trump’s more recent $500 million lawsuit against longtime lawyer Michael Cohen is likely to end in a similar fashion. Risks For Plaintiffs “Beyond the reputational damage they stand to receive, plaintiffs whose actions appear overly litigious may also incur concrete financial penalties.” 30 LAWYER MONTHLY MAY 2023
Both reputational and monetary damages can clearly be a deterrent to reckless litigation. But on balance, is the risk the same for both parties involved? At the end of the day, as much as an ill-received lawsuit can harm a company, the cost of being the target of legal action is generally far higher than it is to pursue it. This is borne out in every metric for how litigants may be adversely affected by a lawsuit, whether material or immaterial. In general, larger organisations – the kind that are most likely to resort to litigation in the first place – are generally much better-placed to do so, having the resources and connections necessary to retain effective attorneys. For smaller organisations, whose best hope for success in a lawsuit is to avoid becoming involved in it, the fees accrued from defending themselves against legal action pose much more of a financial threat. This is obviously exacerbated if the lawsuit is unforeseen, while the plaintiff has the benefit of advance preparation. Even reputational harm is often less of an issue for the litigating party, as many examples demonstrate. When Ford Motor Company infamously responded to concerns about the safety of its Pinto model by defending itself against incoming lawsuits rather than improving the design, it suffered reputational damage that is still used as a study in corporate recklessness to this day. There are far fewer historical cases in which the ‘aggressors’ in litigation fared as poorly. For the largest companies, legal disputes need not even be a barrier to future cooperation; Nokia’s 2016 patent infringement claim against Apple, for which the Finnish telecom company received $2 billion when Apple agreed to settle, did not prevent the two giants from agreeing to collaborate on further R&D projects that same year. This paints a rather intimidating picture for companies that do not have the resources to match corporate giants when it comes to pursuing or settling legal cases. With the balance of risk evidently leaning towards plaintiffs in most cases, even smaller organisations and individuals are better served looking to their defences far in advance of any such trouble arising. Hence, the need for SMEs to avoid neglecting their legal counsel remains as strong as ever. SPECIAL FEATURE 31 “The cost of being the target of legal action is generally far higher than it is to pursue it.” Risks For Defenadants
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