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Private equity sponsors and other alternative investment managers face both challenges and opportunities in an evolving and maturing industry.

Healthcare

As dealmaking in the healthcare industry continues to accelerate and regulatory demands intensify, transactions increasingly require sophisticated legal counsel and strategic foresight.

Energy & Infrastructure

The highly regulated and asset-intensive nature of energy and infrastructure investments presents distinct challenges that demand precise legal execution and tailored structuring.

Real Estate

Real estate has become an increasingly attractive avenue for private equity firms and other sophisticated investors looking to diversify portfolios and unlock value through asset-backed investments.

Environmental, Health & Safety

Environmental, health and safety matters play an increasingly important role in M&A and finance transactions.

Debt Finance

Private equity sponsors and other enterprises need access to attractive credit to take action on opportunities.

Mergers & Acquisitions

A sophisticated and cohesive M&A strategy that synthesizes business objectives and legal considerations is crucial to ensuring successful transaction outcomes.

Labor & Employment

Employment law issues can have a meaningful impact on an enterprise and its investors.

Private Equity

In the constantly evolving private equity landscape, dealmakers need to move quickly to stay ahead of the curve in order to maximize value for their clients in transactions.

Cybersecurity & Data Privacy

As legal frameworks governing data continue to evolve, private equity sponsors and other enterprises must remain vigilant in ensuring compliance with the constantly expanding array of laws, industry standards and government guidelines.

Technology & IP Transactions

When technology, software or IP assets are key components of a transaction, investors need to fully understand the assets at stake and whether they are adequately protected.

Corporate Counseling & Governance

Successfully navigating the complex legal terrain of corporate governance requires steadfast and trustworthy guidance, particularly amid periods of growth, transformation and turbulence.

Tax

Tax considerations serve a critical function in shaping the investment returns of each transaction, and effective, reliable and state-of-the-art tax counsel is key in setting the best private equity and M&A practices apart.

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Compensation, benefits and other incentives play a critical role in retaining and motivating management teams.

Family Offices & Private Investment

Family offices and other private investors face a wide range of unique challenges, which often significantly differ from those of institutional investors.

Growth Equity

We understand that there is no one-size-fits-all approach to navigating growth equity transactions, which tend to require more nuanced structuring and terms.

Litigation & Dispute Resolution

In today’s legal environment, even parties with the best intentions can find themselves in disputes arising in the context of transactions.

Insights

09.24.26 • Press Releases

Massumi + Consoli Launches ElevenHundred+ MSO; Adds Veteran Law Firm Leader and M&A Attorney Shon Glusky as a Partner in New York

09.24.26
%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3EIn+partnership+with+a+financial+sponsor%2C+the+newly+formed+MSO+will+accelerate+the+firm%E2%80%99s+investment+in+infrastructure+as+it+builds+the+law+firm+of+tomorrow%3C%2Fem%3E%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3EShon+Glusky+joining+the+firm+to+help+drive+strategy%2C+signals+the+caliber+of+talent+%3C%2Fem%3E%3C%2Fspan%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3EMassumi+%2B+Consoli+is+recruiting+as+it+grows%3C%2Fem%3E%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ELOS+ANGELES%2C+CA+%28September+24%2C+2026%29+%E2%80%93%3C%2Fstrong%3E%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2F%22%3EMassumi+%2B+Consoli%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%28%E2%80%9CM%2BC%E2%80%9D+or+the+%E2%80%9Cfirm%E2%80%9D%29%2C+a+nationwide+law+firm+recognized+for+its+leading+private+equity+and+M%26amp%3BA+practice%2C+today+announced+the+launch+of+ElevenHundred%2B+%28%E2%80%9Cthe+MSO%E2%80%9D%29%2C+a+management+services+organization+that+will+build+and+operate+the+business%2C+technology+and+operational+infrastructure+supporting+the+firm.%3C%2Fspan%3E%3Ca+href%3D%22%23_edn1%22+name%3D%22_ednref1%22%3E%5Bi%5D%3C%2Fa%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+firm+also+announced+that%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fshon-e-glusky%2F%22%3EShon+Glusky%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+a+veteran+private+equity+M%26amp%3BA+lawyer+and+experienced+law+firm+leader+who+served+on+Sheppard%E2%80%99s+Executive+Committee%2C+served+as+its+Firmwide+Lateral+Partner+Recruitment+and+Growth+Manager+and+led+its+firmwide+Corporate+and+Securities+practice+nationally%2C+has+joined+the+law+firm+as+a+partner+and+as+the+firm%E2%80%99s+Chief+Strategy+Officer+in+its+New+York+office.%C2%A0%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%E2%80%9C%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EWe+have+always+believed+clients+should+not+have+to+choose+between+the+sophistication+and+resources+of+the+largest+law+firms+and+the+responsiveness%2C+access+and+client+service+of+a+more+agile+platform%2C%E2%80%9D+said%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi-pc%2F%22%3EPeter+Massumi%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+co-founder+of+Massumi+%2B+Consoli.+%E2%80%9CThe+MSO+gives+us+the+ability+to+make+%E2%80%98BigLaw-scale%E2%80%99+investments+in+technology%2C+infrastructure+and+business+operations+while+enabling+us+to+preserve+the+personalized+service+and+sophisticated+counsel+that+has+been+the+foundation+of+our+success+from+day+one.+In+short%2C+it+can+be+a+blueprint+for+law+firms+to+remain+competitive+in+an+industry+striving+to+keep+up+with+the+pace+of+technological+innovation.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CThe+future+of+legal+practice+will+combine+elite+legal+talent+and+judgment+with+technology%2C+data+and+sophisticated+operations+to+deliver+a+more+seamless%2C+responsive+and+informed+client+experience%2C%E2%80%9D+said%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22%3EAnthony+Consoli%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+co-founder+of+Massumi+%2B+Consoli.+%E2%80%9CWe+now+have+a+structure+that+allows+us+to+invest+in+that+vision+in+a+manner+that+even+the+largest+law+firm+partnerships+struggle+to+adopt%2C+and+we+believe+our+clients+are+going+to+be+major+beneficiaries+of+it.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ETalent+will+be+a+critical+investment+priority+for+M%2BC%2C+with+the+firm+planning+to+use+the+new+structure%2C+capital+and+other+equity+incentives+available+to+the+MSO+to+recruit+aggressively.+The+MSO+gives+the+firm+the+resources+and+operational+infrastructure+to+support+and+integrate+both+individual+lateral+partners+and+lateral+teams+of+the+caliber+M%2BC+is+pursuing.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+MSO+will+also+meaningfully+invest+in+AI%2C+workflow+automation%2C+knowledge+management%2C+data+science+and+other+technologies+designed+to+provide+bandwidth+to+attorneys+so+they+can+devote+more+time+to+high-value+legal+counsel%2C+strategy+and+client+results.+At+the+center+of+these+investments+will+remain+M%2BC%E2%80%99s+high-touch%2C+people-led+approach+to+serving+clients.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+launch+builds+on+a+period+of+significant+expansion+for+M%2BC+as+the+firm+has+grown+topline+on+average+of+approximately+40%25+CAGR+over+the+past+five+years%2C+including+60%25+growth+in+2025+alone.+During+that+time%2C+M%2BC+has+added+lawyers%2C+practice+areas+and+office+locations+in+response+to+client+demand.+While+this+growth+is+expected+to+continue%2C+M%2BC+will+remain+steadfast+in+its+commitment+to+provide+the+senior-level+attention%2C+responsiveness+and+commercially+minded+advice+that+already+define+its+model.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ESHON+GLUSKY+JOINS+M%2BC+AS+A+PARTNER+IN+ITS+NEW+YORK+OFFICE%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EGlusky+joins+M%2BC+as+the+first+of+several+key+hires+the+firm+expects+to+announce+in+the+coming+weeks.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CShon+is+exactly+the+caliber+of+lawyer+we+intend+to+attract+as+we+enter+this+next+phase+of+growth%2C%E2%80%9D+said+Consoli.+%E2%80%9CHaving+him+join+the+partnership+is+demonstrative+of+the+quality+of+law+firm+we+have+built%2C+and+the+power+of+the+platform+we+are+now+growing+with+the+launch+of+the+MSO.+Shon+is+an+exceptional+private+equity+lawyer+and+an+equally+impressive+firm+leader+who%2C+for+more+than+a+decade%2C+was+instrumental+in+his+prior+firm%E2%80%99s+success%2C+notable+growth+and+geographic+expansion.+We+could+not+be+more+thrilled+to+welcome+him+to+the+partnership+and+look+forward+to+reshaping+the+law+firm+landscape+together.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CShon%E2%80%99s+experience+across+market+cycles%2C+transaction+types+and+longstanding+sponsor+relationships+gives+clients+the+kind+of+perspective+that+only+comes+from+doing+this+work+at+a+high+level+for+decades%2C%E2%80%9D+said+Massumi.+%E2%80%9CHe+appreciates+how+sponsors+think%2C+what+they+need+from+their+counsel+and+how+to+deliver+strategic+advice.+We+look+forward+to+seeing+him+become+immediately+impactful+to+the+firm%E2%80%99s+continued+growth+and+strategic+direction.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIn+addition+to+his+private+equity+M%26amp%3BA+work+for+clients%2C+as+Chief+Strategy+Officer%2C+Glusky+will+also+work+with+leadership+on+firmwide+growth+initiatives%2C+particularly+in+lateral+recruitment+and+strategic+expansion+with+a+focus+on+adding+senior+talent+in+the+sectors+and+markets+where+the+firm%E2%80%99s+clients+are+most+active.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EOver+the+course+of+his+career%2C+Glusky+has+advised+private+equity+sponsors%2C+their+portfolio+companies+and+institutional+investors+on+leveraged+buyouts%2C+platform+and+add-on+acquisitions%2C+carve-outs+and+divestitures%2C+structured+minority+and+growth+investments%2C+dispositions+and+joint+ventures.+He+has+completed+hundreds+of+equity+and+debt+financing+transactions+across+a+wide+range+of+industry+sectors+and+has+significant+experience+with+growth+equity+financings+and+debt+restructurings.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EGlusky+spent+more+than+fifteen+years+at+Sheppard%2C+where+he+was+a+member+of+the+firm%E2%80%99s+Executive+Committee%2C+served+as+its+Firmwide+Lateral+Partner+Recruitment+and+Growth+Manager+and+led+its+firmwide+Corporate+and+Securities+practice+nationally.+He+holds+a+B.A.+from+Binghamton+University+and+a+J.D.%2C+%3Cem%3Ewith+distinction%3C%2Fem%3E%2C+from+Emory+University+School+of+Law.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3E%C2%A0%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9COver+the+years%2C+I+have+watched+M%2BC+establish+itself+as+an+elite+firm+serving+elite+clients%2C%E2%80%9D+said+Glusky.+%E2%80%9CWhen+the+opportunity+to+practice+law+at+the+firm+presented+itself+and+was+coupled+with+helping+build+what+I+believe+is+the+way+forward+for+law+firms%2C+the+decision+to+join+M%2BC+was+an+easy+one.+I+very+much+look+forward+to+building+on+what+came+before+me+to+continue+the+firm%E2%80%99s+incredible+growth+trajectory+on+all+fronts%2C+as+well+as+leading+the+way+for+innovation+in+the+legal+industry+in+an+ever-changing+market.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EAbout+Massumi+%2B+Consoli%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+is+a+nationwide%2C+Chambers-ranked+law+firm+that+delivers+exceptional+expertise+and+an+unmatched+client+experience+specifically+tailored+to+the+middle+market+needs+of+private+equity+firms+and+other+dynamic+and+acquisitive+enterprises.+The+firm+is+building+a+modern+model+for+elite+legal+practice%2C+leveraging+advanced+technology%2C+artificial+intelligence%2C+data+and+next-generation+operations+to+deliver+sophisticated%2C+commercially+minded+counsel+through+a+highly+personalized%2C+partner-led+client+experience.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EAbout+ElevenHundred%2B%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EElevenHundred%2B+is+the+management+services+organization+supporting+Massumi+%2B+Consoli+in+building+the+technology+and+operational+infrastructure+for+the+modern+law+firm.+By+integrating+technology%2C+artificial+intelligence%2C+data+science+and+cutting-edge+business+practices%2C+ElevenHundred%2B+develops+the+capabilities%2C+systems+and+infrastructure+that+enable+the+law+firm+to+operate+more+intelligently%2C+efficiently+and+effectively.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%23+%23+%23%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Ca+href%3D%22%23_ednref1%22+name%3D%22_edn1%22%3E%5Bi%5D%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+MSO+received+a+strategic+investment+from+a+financial+sponsor%2C+and+such+investment+is+solely+in+the+MSO%2C+which+is+not+a+law+firm+and+does+not+provide+legal+services+or+legal+advice+of+any+kind.+The+relationship+between+the+MSO+and+Massumi+%2B+Consoli+has+been+structured+to+preserve+the+independence+and+professional+judgment+of+Massumi+%2B+Consoli%E2%80%99s+lawyers%2C+the+confidentiality+of+client+information+and+files+and+otherwise+comply+with+all+applicable+ethical+and+professional+obligations.+Such+financial+sponsor+has+no+ownership+interest+in+Massumi+%2B+Consoli%2C+and%2C+among+other+limitations%2C+neither+the+sponsor+nor+the+MSO+has+any+authority+to+direct%2C+control+or+interfere+with+the+professional+judgment+of+Massumi+%2B+Consoli%E2%80%99s+lawyers%2C+the+selection+or+acceptance+of+clients%2C+the+scope%2C+strategy+or+financial+terms+of+any+legal+representation%2C+the+selection%2C+hiring%2C+compensation%2C+evaluation+or+termination+of+attorneys+or+allied+legal+personnel%2C+or+the+establishment+of+competency%2C+productivity+or+proficiency+standards+for+such+personnel.+Authority+over+legal+services+and+ownership+and+control+of+client+files+and+records%2C+including+decisions+concerning+their+content+and+the+use+or+disclosure+of+client+confidential+information%2C+remains+exclusively+with+Massumi+%2B+Consoli+and+its+lawyers.+The+MSO%E2%80%99s+compensation+for+its+services+is+not+based+directly+or+indirectly+on+Massumi+%2B+Consoli%26%238217%3Bs+legal+fees%2C+revenues+or+profits.%3C%2Fspan%3E%3C%2Fp%3E%0A
08.24.26 • News

Massumi + Consoli Achieves Three Lawyer Rankings in the 2027 Editions of the Best Lawyers in America and Best Lawyers: Ones to Watch

08.24.26
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06.29.26 • Press Releases

Massumi + Consoli Bolsters Healthcare Transactional Capabilities with Veteran Private Equity and M&A Partner in New York

06.29.26
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06.17.26 • News

Daniel Dubelman and Michael Young Named Legal Visionaries by LA Times

06.17.26
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06.08.26 • News

Massumi + Consoli Earns Chambers USA Recognition Across Its National Practice

06.08.26
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04.07.26 • News

Dov Kogen Named Banking & Finance Visionary by the Los Angeles Times

04.07.26
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03.26.26 • Press Releases

Massumi + Consoli Opens Orange County Office to Support Rapid Growth and Client Demand

03.26.26
%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ENEWPORT+BEACH%2C+CA+%28March+26%2C+2026%29%3C%2Fstrong%3E+%E2%80%93+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2F%22%3EMassumi+%2B+Consoli%3C%2Fa%3E%3C%2Fspan%3E%2C+a+nationwide+law+firm+recognized+for+its+leading+private+equity+and+M%26amp%3BA+practice%2C+today+announced+the+opening+of+an+office+in+Orange+County%2C+California%2C+expanding+the+firm%E2%80%99s+footprint+as+it+continues+a+period+of+rapid+growth+across+its+national+platform.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+Orange+County+office+reflects+the+firm%E2%80%99s+continued+expansion+in+both+attorney+headcount+and+client+demand+and+supports+its+investment+in+talent+and+client+service+across+Southern+California.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EStrategically+located+adjacent+to+Fashion+Island+at+520+Newport+Center+Drive%2C+Suite+650%2C+the+new+office+places+Massumi+%2B+Consoli+in+the+heart+of+Orange+County%E2%80%99s+business+and+investment+community%2C+offering+convenient+access+to+clients+while+positioning+the+firm+to+continue+attracting+top+legal+talent+in+the+region.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CMassumi+%2B+Consoli+has+experienced+significant+growth+in+recent+years+as+more+sponsors+and+acquisitive+companies+turn+to+our+team+for+practical%2C+business-focused+legal+counsel+on+their+middle+market+deals%2C%E2%80%9D+said+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi%2F%22%3EPeter+Massumi%3C%2Fa%3E%3C%2Fspan%3E%2C+co-founder+of+Massumi+%2B+Consoli.+%E2%80%9COpening+an+office+in+Orange+County+reflects+the+continued+expansion+of+our+platform+and+positions+us+to+support+the+next+phase+of+the+firm%E2%80%99s+growth.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9COrange+County+is+a+natural+extension+of+our+Southern+California+presence+and+an+important+market+for+many+of+our+clients%2C+as+well+as+an+increasingly+attractive+destination+for+legal+talent%2C%E2%80%9D+added+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22%3EAnthony+Consoli%3C%2Fa%3E%3C%2Fspan%3E%2C+the+firm%E2%80%99s+other+co-founder.+%E2%80%9CEstablishing+a+presence+here+allows+us+to+be+closer+to+our+clients+while+also+creating+a+strong+platform+for+continued+recruiting+in+one+of+the+most+dynamic+legal+markets+in+the+country.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+Orange+County+region+has+become+an+important+hub+for+private+equity+investment+and+middle+market+activity+more+broadly%2C+supported+by+a+diverse+base+of+companies+across+technology%2C+life+sciences%2C+healthcare%2C+consumer+products%2C+manufacturing+and+professional+services.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CThe+combination+of+strong+private+equity+activity+and+a+deep+base+of+growth-oriented+businesses+makes+Orange+County+an+important+market+for+our+clients%2C%E2%80%9D+said+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fmichael-young-pc%2F%22%3EMichael+Young%3C%2Fa%3E%3C%2Fspan%3E%2C+a+senior+partner+based+in+the+new+office.+%E2%80%9CBeing+here+allows+us+to+stay+closely+connected+to+that+ecosystem+and+support+sponsors+and+companies+as+they+pursue+new+investments%2C+acquisitions+and+growth+opportunities.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EAbout+Massumi+%2B+Consoli+%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+is+a+nationwide%2C+%3Cem%3EChambers%3C%2Fem%3E-ranked+law+firm+that+delivers+exceptional+expertise+and+unmatched+client+experience+specifically+tailored+to+the+middle+market+needs+of+private+equity+firms+and+other+financial+sponsors%2C+as+well+as+other+dynamic+and+acquisitive+enterprises.+%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EFounded+in+2015+as+a+spin-out+from+the+Private+Equity+and+M%26amp%3BA+Group+of+Kirkland+%26amp%3B+Ellis%2C+the+firm%E2%80%99s+approach+combines+the+proficiency+of+the+best+large+international+law+firms+with+a+highly+personalized+experience.%3C%2Fspan%3E%3C%2Fp%3E%0A
02.26.26 • Insights

Attorney-Client Privilege in AI Conversations: What Companies, Executives and Investors Need to Know

02.26.26
%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EBy%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fmichael-r-huttenlocher%2F%22%3EMichael+R.+Huttenlocher%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Flewis-zirogiannis-pc%2F%22%3ELewis+Zirogiannis%2C+P.C.%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fyoav-gaffney%2F%22%3EYoav+Gaffney%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fthomas-f-li%2F%22%3EThomas+F.+Li%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E+and%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fabigail-blaker%2F%22%3EAbigail+Blaker%3C%2Fa%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECompanies%2C+executives+and+investors+increasingly+rely+on+AI+tools+to+draft+correspondence%2C+summarize+key+materials%2C+support+decision-making+and+prepare+for+discussions+with+counsel.+While+using+AI+is+not+inherently+problematic%2C+the+scope+of+attorney-client+privilege+and+work+product+protections+for+AI-related+exchanges+remains+unsettled.+Two%C2%A0recent+decisions%E2%80%94%3Cem%3EUnited+States+v.+Heppner+%3C%2Fem%3E%28%E2%80%9C%3Cem%3EHeppner%3C%2Fem%3E%E2%80%9D%29+from+the+Southern+District+of+New+York+and+%3Cem%3EWarner+v.+Gilbarco%2C+Inc.+%3C%2Fem%3E%28%E2%80%9C%3Cem%3EGilbarco%3C%2Fem%3E%E2%80%9D%29%2C+from+the+Eastern+District+of+Michigan%E2%80%94illustrate+how+these+protections+may+apply+depending+on+different+circumstances.+Although+these+rulings+reached+different+outcomes%2C+they+underscore+the+same+practical+lesson%3A+using+AI+tools+in+legal+workflows+may+pose+risks+unless+specific+safeguards+are+in+place.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Cstrong%3EBackground%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3E%3Cem%3E%3Cu%3EHeppner%3C%2Fu%3E%3C%2Fem%3E%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EAfter+learning+he+was+the+target+of+a+federal+criminal+investigation%2C+Bradley+Heppner+used+Anthropic%E2%80%99s+AI+platform+Claude+to+prepare+a+defense+for+his+potential+indictment+and+litigation.+Without+direction+from+his+attorneys%2C+Heppner+input+information+his+attorneys+had+shared+with+him+into+Claude+and+engaged+in+several+exchanges+with+the+tool%2C+generating+approximately+31+documents+outlining+potential+defense+strategies+and+Heppner%E2%80%99s+view+of+the+facts+and+law.+He+then+shared+Claude%E2%80%99s+outputs+with+his+defense+counsel.+When+the+FBI+seized+the+documents+during+Heppner%E2%80%99s+arrest%2C+his+counsel+asserted+attorney-client+privilege+and+work+product+protection+over+the+Claude+exchanges.+The+Government+moved+for+a+ruling+that+neither+protection+applied.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3E%3Cem%3E%3Cu%3EGilbarco%3C%2Fu%3E%3C%2Fem%3E%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIn+an+employment+discrimination+case%2C+%3Cem%3Epro+se+%3C%2Fem%3Eplaintiff+Sohyon+Warner+used+OpenAI%E2%80%99s+ChatGPT+to+draft+filings+and+analyze+legal+questions.+The+defendants+moved+to+compel+production+of+all+AI-related+materials%2C+arguing+that+the+plaintiff+waived+work+product+protection+by+disclosing+the+materials+to+a+third-party+platform.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Cstrong%3EThe+Court%E2%80%99s+Holdings%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3E%3Cem%3E%3Cu%3EHeppner%3A+%3C%2Fu%3E%3C%2Fem%3E%3C%2Fstrong%3E%3Cstrong%3E%3Cu%3ENo+Protection%3C%2Fu%3E%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EOn+February+17%2C+2026%2C+Judge+Rakoff+held+that+Heppner%E2%80%99s+exchanges+with+Claude%E2%80%94a+publicly+available+AI+platform+that+permits+third-party+disclosure+of+user+inputs%E2%80%94were+not+protected+by+the+attorney-client+privilege+or+the+work+product+doctrine.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+Court+rejected+Heppner%E2%80%99s+attorney-client+privilege+claim+on+multiple+grounds.+First%2C+Claude+is+not+an+attorney+and+discussions+of+legal+issues+between+non-attorneys+receive+no+protection.+Second%2C+Heppner%E2%80%99s+communications+with+Claude+were+not+confidential.+The+Court+emphasized+that+Anthropic%E2%80%99s+privacy+policy+explicitly+permits+the+company+to+collect+user+inputs+and+outputs%2C+use+that+data+for+AI+training+and+disclose+it+to+third+parties%2C+including+government+authorities%2C+thereby+removing+any+reasonable+expectation+of+confidentiality%2C+even+with+respect+to+information+Heppner+had+originally+received+from+counsel.+Third%2C+Heppner+did+not+communicate+with+Claude+to+obtain+legal+advice%3B+although+Heppner+later+forwarded+the+documents+to+his+counsel%2C+that+did+not+retroactively+protect+them+from+disclosure.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+Court+also+rejected+Heppner%E2%80%99s+work+product+claim.+The+work+product+doctrine+protects+materials+prepared+by+or+at+the+direction+of+counsel+in+anticipation+of+litigation.+Here%2C+Heppner+prepared+the+AI+documents+of+his+own+volition%2C+and+although+Heppner+had+input+information+he+received+from+counsel%2C+the+documents+did+not+reflect+counsel%E2%80%99s+strategy+at+the+time+Heppner+generated+them.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3E%3Cem%3E%3Cu%3EGilbarco%3C%2Fu%3E%3C%2Fem%3E%3C%2Fstrong%3E%3Cstrong%3E%3Cu%3E%3A+Work+Product+Protection+Applies%3C%2Fu%3E%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EOn+February+10%2C+2026%2C+Magistrate+Judge+Patti+held+that+Warner%E2%80%99s+exchanges+with+ChatGPT+were+protected+by+the+work+product+doctrine.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+Court+explained+that+Warner%2C+who+was+self-represented%2C+was+using+ChatGPT+to+prepare+legal+filings+and+that+her+exchanges+reflected+her+legal+strategy.+Moreover%2C+disclosure+to+ChatGPT+had+not+waived+the+protection%3A+the+court+explained+that+work+product+protection+%26%238220%3Bis+waived+only+when+documents+are+used+in+a+manner+contrary+to+the+doctrine%26%238217%3Bs+purpose%2C%26%238221%3B+specifically+by+disclosure+%26%238220%3B%3Cem%3Eto+an+adversary%3C%2Fem%3E+or+in+a+way+likely+to+get+in+an+adversary%26%238217%3Bs+hand.%26%238221%3B+According+to+the+Court%2C+generative+AI+tools+%26%238220%3Bare+%3Cem%3Etools%2C+not+persons%3C%2Fem%3E%2C+even+if+they+may+have+administrators+somewhere+in+the+background%2C%26%238221%3B+and+regardless%2C+Warner%E2%80%99s+disclosure+to+ChatGPT+was+not+likely+to+result+in+disclosure+to+Gilbarco+in+ordinary+circumstances.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3E%3Cu%3EReconciling+the+Two+Decisions%3C%2Fu%3E%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EAlthough+the+two+cases+reach+different+outcomes%2C+they+are+not+necessarily+inconsistent.+The+%3Cem%3Epro+se+%3C%2Fem%3Efooting+in+%3Cem%3EGilbarco+%3C%2Fem%3Emeaningfully+shaped+the+analysis%3A+because+the+plaintiff+represented+herself%2C+her+AI+exchanges+reflected+her+own+mental+processes+and+case+strategy.+By+contrast%2C+the+%3Cem%3EHeppner+%3C%2Fem%3Ecourt+emphasized+that+Heppner%E2%80%99s+exchanges+did+%3Cu%3Enot%3C%2Fu%3E+reflect+his+counsel%E2%80%99s+strategy+and+the+AI+platform+Heppner+used+permitted+disclosure+to+the+government%E2%80%94Heppner%E2%80%99s+actual+adversary.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Cstrong%3EImplications+for+Companies%2C+Executives%2C+and+Investors%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECompanies%2C+executives%2C+and+investors+increasingly+use+AI+to+support+core+workflows%2C+including+legal%3A+negotiating+agreements%2C+managing+compliance+matters%2C+assessing+potential+risks+and+liabilities%2C+responding+to+regulatory+inquiries+and+preparing+for+litigation.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThese+decisions+carry+several+key+lessons.+First%2C+using+generative+AI+in+legal+workflows+should+be+limited+to+platforms+with+strong+confidentiality+protections%2C+typically+enterprise+deployments.+The+ruling+in+%3Cem%3EHeppner%3C%2Fem%3E%C2%A0is+limited+to+AI+platforms+whose+terms+permit+data+collection+and+third-party+disclosure%2C+including+government+authorities.+Second%2C+AI-generated+material+intended+for+use+in+litigation+should+be+prepared+at+counsel%E2%80%99s+direction.+Heppner%E2%80%99s+decision+to+act+independently+was+fatal+to+his+attorney-client+privilege+and+work+product+claims%3B+represented+parties+should+ensure+AI+use+occurs+within+the+attorney-client+relationship.+Third%2C+the+law+continues+to+evolve.+%3Cem%3EHeppner+%3C%2Fem%3Eattracted+significant+attention%2C+but+%3Cem%3EGilbarco+%3C%2Fem%3Eshows+courts+may+take+different+approaches+to+different+sets+of+facts.+Accordingly%2C+businesses+should+monitor+developments+and+consult+counsel+when+developing+AI+policies%E2%80%94and%2C+while+the+law+develops%2C+we+recommend+adopting+a+cautious+approach.+Consider+at+least+the+following+steps%3A%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Cstrong%3EPractical+Steps+for+Companies%2C+Executives+and+Investors+for+Using+AI+in+Legal+Workflows%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Col%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EKeep+privileged+materials+out+of+AI+platforms.%3C%2Fstrong%3E+Do+not+input+legal+documents+or+memos%2C+attorney+emails%2C+or+counsel%26%238217%3Bs+advice+into+non-enterprise+AI+platforms.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EUse+enterprise+AI+with+meaningful+protections.%3C%2Fstrong%3E+Review+privacy+policies+for+data+sharing%2C+training+use+and+disclosure+to+authorities%2C+and+require+contractual+commitments+prohibiting+training+on+user+data+and+third-party+disclosure.+Merely+toggling+off+AI+training+options+is+helpful+but+may+not+be+adequate.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EUse+consumer-facing+AI+tools+sparingly.%3C%2Fstrong%3E+Treat+non-enterprise+AI+as+a+third+party.+Anything+you+input+and+any+output+you+receive+may+be+produced+in+litigation+or+in+response+to+regulatory+inquiries.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EBan+AI+notetakers+from+privileged+meetings.%3C%2Fstrong%3E+Do+not+use+AI+transcription+on+calls+with+counsel+or+internal+discussions+of+legal+advice.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EInvolve+counsel+early.%3C%2Fstrong%3E+When+disputes%2C+investigations%2C+or+regulatory+matters+arise%2C+use+of+AI+should+only+be+at+counsel%26%238217%3Bs+direction%E2%80%94not+independently+undertaken%E2%80%94to+preserve+attorney-client+privilege+and+work+product+protection.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ETrain+broadly.%3C%2Fstrong%3E+AI+policies+should+reach+board+members%2C+executives+and+employees%2C+not+just+in-house+counsel.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Fol%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Cstrong%3EConclusion%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EGenerative+AI+is+transforming+how+companies+and+investors+operate.+%3Cem%3EHeppner%3C%2Fem%3E+and+%3Cem%3EGilbarco+%3C%2Fem%3Edemonstrate+that+longstanding+legal+doctrines+continue+to+apply+to+new+technologies+and+that+privilege+and+work+product+determinations+will+often+turn+on+fact-specific+considerations.+These+decisions+do+not+mean+businesses+should+stop+using+AI.+But+businesses+should+be+smart+and+intentional+in+how+they+use+AI%2C+with+special+attention+paid+when+legal+issues+are+involved.%3C%2Fspan%3E%3C%2Fp%3E%0A
02.11.26 • Insights

DOJ Fraud Section Year in Review 2025: What Private Equity Sponsors and Their Portfolio Companies Should Know

02.11.26
%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eby+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Flewis-zirogiannis-pc%2F%22%3ELewis+Zirogiannis%2C+P.C.%3C%2Fa%3E%2C+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fmichael-r-huttenlocher%2F%22%3EMichael+R.+Huttenlocher%3C%2Fa%3E%2C+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fjoyce-cowan%2F%22%3EJoyce+Cowan%3C%2Fa%3E%2C+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fmatthew-smith%2F%22%3EMatthew+Smith%3C%2Fa%3E+and+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fyoav-gaffney%2F%22%3EYoav+Gaffney%3C%2Fa%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EI.%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0+Introduction%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIn+January+2026%2C+the+Department+of+Justice+Criminal+Division%E2%80%99s+Fraud+Section+released+its+Year+in+Review+for+2025%2C+a+document+worth+reviewing+for+private+equity+sponsors+and+their+portfolio+companies+across+a+range+of+industries.%C2%A0+The+2025+report+reflects+a+significant+expansion+of+both+the+Fraud+Section%E2%80%99s+mandate+and+resources.+%C2%A0The+Fraud+Section+now+has+more+than+200+attorneys%E2%80%94the+largest+in+its+history%E2%80%94and+has+assumed+the+criminal+portfolio+and+personnel+of+the+former+Consumer+Protection+Branch%2C+uniting+expertise+in+its+effort+to+more+comprehensively+protect+the+American+public.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+numbers+tell+an+interesting+story%3A+the+Fraud+Section+charged+265+defendants+in+2025+%28an+over+10%25+increase+from+the+prior+year%29%2C+with+aggregate+intended+fraud+loss+exceeding+%2416+billion%E2%80%94a+record+and+more+than+double+2024%E2%80%99s+total.%C2%A0+Corporate+accountability+remained+a+central+pillar+of+the+Section%E2%80%99s+work%2C+resulting+in+15+corporate+enforcement+actions%2C+including+12+corporate+resolutions+and+3+corporate+indictments.%C2%A0+These+cases+resulted+in+combined+resolution+amounts+of+approximately+%241+billion.%C2%A0+Notably%2C+for+the+first+time+in+over+15+years%2C+the+Fraud+Section+indicted+corporate+entities+for+criminal+activity%2C+signaling+an+evolving+enforcement+approach.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EFor+private+equity+sponsors+and+portfolio+company+leadership+teams%2C+this+report+offers+a+useful+window+into+where+the+DOJ+is+focusing+its+attention.+%C2%A0Understanding+these+priorities+can+help+inform+investment+decisions%2C+due+diligence+practices%2C+compliance+planning%2C+and+risk+management+discussions+at+both+the+sponsor+and+portfolio+company+levels.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EII.%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0+Where+the+DOJ+Is+Focusing%3A+2025+Enforcement+Priorities%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+2025+Year+in+Review+identifies+several+key+enforcement+priorities+across+the+Fraud+Section%26%238217%3Bs+four+litigating+units+which+are+worth+keeping+on+your+radar%3A%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EForeign+Corrupt+Practices+Act+%28FCPA%29+and+Anti-Bribery+Enforcement.%3C%2Fstrong%3E+The+FCPA+Unit%2C+composed+of+over+20+prosecutors%2C+is+responsible+for+investigating+and+prosecuting+violations+of+the+FCPA+and+the+Foreign+Extortion+Prevention+Act+%28FEPA%29.+In+June+2025%2C+the+Deputy+Attorney+General+issued+new+Guidelines+for+FCPA+enforcement%2C+highlighting+four+non-exhaustive+priority+areas%3A+%281%29+investigation+and+prosecution+of+foreign+bribery+conduct+that+facilitates+the+operations+of+cartels+and+transnational+criminal+organizations%3B+%282%29+conduct+that+deprives+U.S.+companies+of+fair+opportunities+to+compete%3B+%283%29+conduct+that+undermines+U.S.+national+security+interests%3B+and+%284%29%C2%A0conduct+involving+substantial+bribe+payments+and+efforts+to+conceal+criminal+schemes.%C2%A0+The+Fraud+Section+brought+three+corporate+enforcement+actions+under+the+FCPA+in+2025%2C+including+the+first+corporate+indictment+in+15+years+against+SGO+Corporation+%28Smartmatic%29+for+alleged+bribery+and+money+laundering+in+connection+with+Philippine+election+contracts.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EHealth+Care+Fraud.%3C%2Fstrong%3E+The+Health+Care+Fraud+%28HCF%29+Unit+had+a+record-setting+year%2C+leading+the+largest+coordinated+nationwide+effort+to+combat+and+deter+health+care+fraud+in+the+Department%E2%80%99s+history.+In+June+2025%2C+the+Department+charged+324+individuals%E2%80%94including+96+licensed+medical+professionals%E2%80%94across+50+federal+districts+and+12+state+jurisdictions%2C+with+alleged+losses+exceeding+%2414.6+billion.%C2%A0+The+report+states+that+ongoing+health+care+fraud+enforcement+priorities+include%3A+protecting+the+public+fisc+through+seizure+and+forfeiture%3B+targeting+foreign+actors%3B+addressing+addiction+rehabilitation+fraud%3B+tackling+prescription+drug+abuse%3B+and+pursuing+corporate+enforcement.+%C2%A0Health+care+sectors+with+specific+enforcement+initiatives+include+wound+care%2C+digital+health+technology%2C+substance+abuse+treatment+providers+and+telemedicine+providers.+%C2%A0Additionally%2C+an+NPA+with+Troy+Health%2C+Inc.%2C+a+Medicare+Advantage+plan+accused+of+enrolling+beneficiaries+without+their+consent%2C+shows+continued+interest+in+Medicare+Advantage+fraud.+%C2%A0In+2025%2C+the+HCF+Unit+seized+more+than+%24568+million+in+assets%2C+the+Centers+for+Medicare+and+Medicaid+Services+%28CMS%29+prevented+more+than+%244+billion+in+fraudulent+payments%2C+and+CMS+suspended+the+billing+privileges+of+205+providers.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EHealth+and+Safety+Enforcement.%3C%2Fstrong%3E+The+newly+formed+Health+and+Safety+Unit+%28HSU%29+focuses+on+ensuring+products+distributed+to+consumers+meet+legal+obligations.+The+HSU+criminally+enforces+the+Federal+Food%2C+Drug%2C+and+Cosmetic+Act+%28FDCA%29%2C+pursuing+offenses+involving+food%2C+prescription+medications%2C+counterfeit+pills%2C+medical+devices%2C+dietary+supplements%2C+and+tobacco.%C2%A0+The+HSU+also+brings+criminal+enforcement+actions+under+the+Consumer+Product+Safety+Act+and+the+Federal+Hazardous+Substances+Act%2C+targeting+dangerous+products+and+the+knowing+failure+by+companies+or+individuals+to+report+defects+or+hazards+presenting+unreasonable+risk+of+death+or+injury+to+consumers.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EMarket%2C+Government%2C+and+Consumer+Fraud.%3C%2Fstrong%3E+The+Market%2C+Government%2C+and+Consumer+Fraud+%28MGC%29+Unit+prosecutes%3A+%281%29+fraud+and+manipulation+harming+U.S.+markets+and+investors%3B+%282%29+schemes+to+defraud+government+programs%2C+evade+tariffs%2C+and+procure+government+contracts+fraudulently%3B+and+%283%29+complex+consumer+fraud+targeting+Americans.+In+2025%2C+the+MGC+Unit+expanded+its+mandate+through+integration+of+the+former+Consumer+Protection+Branch%2C+adding+over+20+consumer+fraud+prosecutors.%C2%A0+Priority+areas+include%3A+securities+fraud+schemes+involving+foreign+issuers+and+variable+interest+entities+%28VIEs%29%3B+trade+and+tariff+fraud%3B+procurement+fraud%3B+and+consumer+investment+scams.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ETrade+Fraud+Task+Force.%3C%2Fstrong%3E+The+MGC+Unit+is+now+part+of+the+cross-agency+Trade+Fraud+Task+Force%2C+which+pursues+enforcement+actions+against+parties+who+seek+to+evade+tariffs+and+other+duties%2C+as+well+as+smugglers+importing+prohibited+goods.+The+MGC+Unit+brought+its+first+corporate+and+individual+trade+fraud+case+in+2025.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EIII.%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0+What+This+Means+for+Private+Equity+Sponsors+and+Portfolio+Companies%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+2025+Year+in+Review+offers+several+practical+takeaways+for+private+equity+sponsors+and+their+portfolio+companies%3A%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ECorporate+Liability+and+Indictments%3C%2Fstrong%3E.+One+notable+development+is+the+Fraud+Section%E2%80%99s+renewed+willingness+to+indict+corporate+entities%2C+as+evidenced+by+the+first+corporate+indictments+in+over+15+years.+This+marks+a+departure+from+the+Section%E2%80%99s+traditional+exclusive+reliance+on+Deferred+Prosecution+Agreements+%28DPAs%29+and+Non-Prosecution+Agreements+%28NPAs%29.+%C2%A0This+is+a+shift+worth+noting%3A+the+DOJ+appears+more+willing+to+bring+criminal+charges+against+companies%2C+not+just+individuals%2C+in+appropriate+circumstances.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EIndustry-Specific+Considerations%3C%2Fstrong%3E.+Portfolio+companies+in+certain+sectors+may+want+to+pay+particular+attention+to+these+developments%3A%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EHealthcare%3C%2Fstrong%3E%3A+The+HCF+Unit%E2%80%99s+active+enforcement+year+is+particularly+relevant+for+healthcare+portfolio+companies.+In+addition+to+the+June+Takedown%2C+the+Unit+indicted+two+corporate+defendants+and+resolved+allegations+with+two+others+in+2025%E2%80%94its+first+such+resolutions+in+nearly+a+decade.+Portfolio+companies+providing+skilled+nursing+facilities%2C+telemedicine%2C+durable+medical+equipment%2C+addiction+treatment%2C+pharmaceutical+distribution%2C+Medicare+Advantage+plans+or+services%2C+and+wound+care+may+see+continued+attention.+%C2%A0The+prosecution+of+KBWB+Operations+LLC+%28Atrium+Health+and+Senior+Living%29%2C+which+operated+23+skilled+nursing+facilities+and+resulted+in+a+guilty+plea%2C+%24146+million+in+restitution%2C+and+%248.4+million+in+forfeiture%2C+provides+a+concrete+example+of+the+types+of+cases+the+DOJ+is+pursuing.+%C2%A0An+HCF+Data+Fusion+Center+is+being+created+to+leverage+cloud+computing%2C+artificial+intelligence%2C+and+advanced+analytics+to+identify+emerging+healthcare+fraud+schemes.+%C2%A0The+ability+to+readily+analyze+billing+trends+within+a+subsector+may+be+of+particular+concern+to+investors+in+provider+sectors+that+bill+federal+health+care+programs+%28e.g.%2C+Medicare+and+Medicaid%29.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ELife+Sciences+and+Medical+Devices%3C%2Fstrong%3E%3A+The+Kimberly-Clark+Corporation+resolution+illustrates+the+DOJ%26%238217%3Bs+continued+attention+to+medical+device+companies.+Kimberly-Clark+entered+a+DPA+and+agreed+to+pay+up+to+%2440.4+million+to+resolve+charges+stemming+from+the+sale+of+adulterated+surgical+gowns+that+failed+to+meet+required+fluid-resistance+standards.%C2%A0+The+Aesculap+Implant+Systems+NPA+involving+forged+FDA+documents+and+the+illegal+introduction+of+medical+devices+into+interstate+commerce+is+another+corporate+example+in+this+space.+%C2%A0As+in+healthcare%2C+the+DOJ+also+pursued+individual+violators+in+this+space+in+2025.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EConsumer+Products+and+Manufacturing%3C%2Fstrong%3E%3A+The+integration+of+the+Consumer+Protection+Branch+into+the+Fraud+Section+expands+enforcement+capacity+for+violations+involving+consumer+product+safety%2C+hazardous+substances%2C+and+import+fraud.+The+HSU+will+pursue+companies+that+fail+to+report+defects+or+hazards+posing+unreasonable+risk+of+death+or+injury.%C2%A0+The+prosecution+of+Royal+Sovereign+for+fire+hazard+defects+in+dehumidifiers+and+failure+to+report+those+hazards+is+a+useful+case+study+for+companies+thinking+about+product+safety+compliance.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EInternational+Operations%3C%2Fstrong%3E%3A+Portfolio+companies+with+international+operations%2C+particularly+those+doing+business+with+or+through+foreign+governments%2C+will+want+to+keep+FCPA+compliance+top+of+mind.+The+TIGO+Guatemala+resolution%E2%80%94in+which+the+telecommunications+company+agreed+to+pay+over+%24118+million+in+connection+with+bribery+of+Guatemalan+government+officials%E2%80%94demonstrates+that+subsidiaries+of+international+companies+remain+enforcement+targets.%C2%A0+The+Liberty+Mutual+declination+shows+that+voluntary+self-disclosure%2C+full+cooperation%2C+and+timely+remediation+may+result+in+favorable+outcomes.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EGovernment+Contractors%3C%2Fstrong%3E%3A+Portfolio+companies+with+federal+contracts+should+be+aware+of+continued+procurement+fraud+enforcement.+The+Vistant+and+Apprio+corporate+resolutions%2C+arising+from+a+decade-long+bribery+scheme+involving+a+USAID+contracting+officer+and+over+%24550+million+in+prime+contracts%2C+highlight+the+importance+of+robust+controls+in+this+area.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ECompliance+Program+Expectations%3C%2Fstrong%3E.+The+DOJ%E2%80%99s+Corporate+Enforcement+and+Compliance+%28CEC%29+Unit+has+responsibility+for+evaluating+corporate+compliance+programs+and+determining+whether+independent+compliance+monitors+should+be+imposed.+Last+updated+in+September+2024%2C+the+Evaluation+of+Corporate+Compliance+Programs+Guidance+%28ECCP%29+sets+forth+three+fundamental+questions+for+prosecutors%3A+%28i%29+is+the+corporation%26%238217%3Bs+compliance+program+well+designed%3F+%28ii%29+is+the+program+adequately+resourced+and+empowered+to+function+effectively%3F+and+%28iii%29+does+the+corporation%26%238217%3Bs+compliance+program+work+in+practice%3F%C2%A0+These+questions+offer+a+helpful+framework+for+sponsors+conducting+portfolio+company+reviews+and+for+GCs+and+compliance+teams+assessing+their+own+programs.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EVoluntary+Self-Disclosure+Benefits%3C%2Fstrong%3E.+The+Corporate+Enforcement+Policy+%28CEP%29+provides+significant+benefits+for+companies+that+voluntarily+self-disclose+misconduct.+In+2025%2C+the+Department+revised+the+CEP+to+describe+the+path+to+a+declination+based+on+a+timely+voluntary+self-disclosure%2C+cooperation%2C+and+remediation.+The+Liberty+Mutual+declination+illustrates+these+benefits%3A+the+company+voluntarily+self-disclosed+FCPA+violations+involving+bribes+totaling+approximately+%241.47+million+to+Indian+government+officials%2C+fully+cooperated%2C+conducted+a+thorough+root-cause+analysis%2C+separated+personnel+involved%2C+and+made+significant+compliance+improvements%E2%80%94resulting+in+a+declination+with+only+disgorgement+of+%244%2C699%2C088+rather+than+criminal+charges.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3E%C2%A0%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ECompensation+Clawbacks+and+Incentives%3C%2Fstrong%3E.+The+Pilot+Program+on+Compensation+Incentives+and+Clawbacks+requires+companies+entering+criminal+resolutions+to+implement+and+report+on+compliance-related+criteria+in+their+compensation+and+bonus+systems+during+the+resolution+term.+This+program+also+allows+for+possible+fine+reductions+based+on+corporate+efforts+to+recoup+compensation+from+culpable+employees.%C2%A0+Private+equity+sponsors+may+want+to+discuss+these+requirements+with+compensation+committees+and+HR+leadership+at+portfolio+companies%2C+particularly+when+structuring+management+incentive+plans%2C+as+the+program+demonstrates+the+DOJ%E2%80%99s+continued+focus+on+individual+accountability.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3E%C2%A0%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EIndividual+Accountability%3C%2Fstrong%3E.+The+Pilot+Program+on+Voluntary+Self-Disclosures+for+Individuals%2C+launched+in+April+2024%2C+details+circumstances+in+which+the+Department+will+offer+non-prosecution+agreements+to+individuals+who+voluntarily+disclose+original+information+about+certain+criminal+conduct+involving+corporations%2C+fully+cooperate%2C+and+pay+applicable+restitution+or+disgorgement.+This+program+is+worth+understanding%2C+as+it+may+encourage+employees+with+knowledge+of+misconduct+to+come+forward.+%C2%A0Strong+internal+reporting+channels+can+help+ensure+issues+are+identified+and+addressed+internally+first.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3E%C2%A0%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EMonitor+and+Reporting+Obligations%3C%2Fstrong%3E.+The+DOJ+reported+39+active+resolutions+with+Fraud+Section-imposed+reporting+obligations+in+2025%2C+with+33+corporate+entities+under+self-reporting+requirements+and+6+under+independent+monitorships.+The+May+2025+Revised+Memorandum+on+Selection+of+Monitors+clarified+factors+prosecutors+must+consider+when+determining+whether+a+monitor+is+appropriate+and+how+to+tailor+the+scope+of+a+monitor%26%238217%3Bs+review.%C2%A0+For+companies+that+do+find+themselves+in+a+resolution%2C+these+ongoing+obligations+are+worth+factoring+into+planning.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EIV.%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0+Practical+Considerations+Going+Forward%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EGiven+these+developments%2C+private+equity+sponsors+and+portfolio+company+senior+management+teams+may+want+to+consider%3A%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EPre-Acquisition+Due+Diligence%3C%2Fstrong%3E.+For+private+equity+sponsors+evaluating+potential+investments%2C+the+DOJ%E2%80%99s+enforcement+priorities+provide+useful+guidance+in+evaluating+investment+decisions+and+shaping+due+diligence+protocols+around+potential+compliance+risks.+Particular+focus+should+be+placed+on+compliance+with+the+FCPA%2C+trade+sanctions%2C+health+care+fraud+and+abuse+laws%2C+FDA+regulations%2C+consumer+product+safety+requirements%2C+and+tariff+obligations.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EPortfolio+Company+Compliance+Assessments%3C%2Fstrong%3E.+Private+equity+sponsors+may+want+to+consider+conducting+periodic+compliance+assessments+across+their+portfolio.+The+ECCP+framework+offers+a+useful+benchmark+for+these+reviews+as+well+as+for+GCs+looking+to+assess+the+strength+of+their+programs.%C2%A0+This+assessment+should+include+evaluation+of+program+design%2C+adequacy+of+resources+and+empowerment%2C+and+real-world+effectiveness.+%C2%A0Special+attention+should+be+paid+to+companies+operating+in+the+priority+enforcement+areas+identified+in+the+2025+report%3A+health+care%2C+life+sciences%2C+consumer+products%2C+government+contracting%2C+and+businesses+with+international+operations.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EVoluntary+Self-Disclosure+Assessment+and+Readiness%3C%2Fstrong%3E.+The+revised+CEP%E2%80%99s+emphasis+on+voluntary+self-disclosure+as+the+path+to+declination+is+worth+understanding%2C+particularly+for+companies+thinking+about+how+they+would+respond+if+potential+misconduct+were+identified.+Companies+benefit+from+having+clear+internal+reporting+mechanisms%2C+investigation+protocols%2C+and+decision+frameworks+for+evaluating+whether+voluntary+self-disclosure+is+appropriate+when+potential+misconduct+is+identified.+%C2%A0The+Liberty+Mutual+outcome+demonstrates+the+benefits+of+timely+disclosure%2C+full+cooperation%2C+and+appropriate+remediation.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ECompensation+and+Clawback+Provisions%3C%2Fstrong%3E.+The+DOJ%E2%80%99s+Pilot+Program+on+Compensation+Incentives+and+Clawbacks+is+worth+considering+when+private+equity+sponsors+and+portfolio+company+boards+review+executive+compensation+arrangements.+Incorporating+compliance-related+criteria+and+clawback+provisions+may+be+worthwhile.%C2%A0+Such+provisions+may+also+provide+fine+reduction+benefits+in+the+event+of+a+resolution.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EInternational+Operations+Review%3C%2Fstrong%3E.+Portfolio+companies+with+international+operations%2C+particularly+those+involving+government+customers+or+operating+in+higher-risk+jurisdictions%2C+may+benefit+from+periodic+FCPA+and+anti-bribery+compliance+reviews.+The+FCPA+Guidelines%E2%80%99+focus+on+conduct+involving+cartels+and+transnational+criminal+organizations%2C+unfair+competitive+advantages%2C+national+security+implications%2C+and+substantial+bribe+payments+can+help+inform+risk+assessment+priorities.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EProduct+Safety+and+Regulatory+Compliance%3C%2Fstrong%3E.+For+portfolio+companies+manufacturing+or+distributing+consumer+products%2C+medical+devices%2C+pharmaceuticals%2C+or+food+products%2C+this+is+a+good+time+to+review+product+safety+compliance+programs%2C+including+defect+reporting+obligations+under+the+Consumer+Product+Safety+Act+and+FDA+regulations.+The+HSU%E2%80%99s+focus+on+knowing+failures+to+report+defects+or+hazards+underscores+the+importance+of+timely+reporting+and+remediation.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ETrade+Compliance+Programs%3C%2Fstrong%3E.+With+the+establishment+of+the+Trade+Fraud+Task+Force+and+the+MGC+Unit%26%238217%3Bs+first+trade+fraud+case+in+2025%2C+companies+engaged+in+international+trade+may+want+to+take+a+fresh+look+at+tariff+and+customs+compliance+programs.+This+is+particularly+important+given+current+trade+policy+developments+and+heightened+tariff+enforcement.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EOngoing+Monitoring+and+Board+Reporting%3C%2Fstrong%3E.+Regular+monitoring+and+board-level+reporting+on+compliance+matters+remains+a+best+practice.+The+DOJ%E2%80%99s+oversight+of+39+active+resolutions+with+reporting+obligations+is+a+reminder+that+compliance+is+an+ongoing+commitment%2C+not+a+one-time+exercise.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EV.%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0+Conclusion%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+DOJ+Fraud+Section%26%238217%3Bs+2025+Year+in+Review+reflects+an+active+and+evolving+enforcement+environment.+%C2%A0The+record-setting+activity%2C+expansion+into+new+areas+like+consumer+protection+and+trade+fraud%2C+and+renewed+willingness+to+indict+corporations+all+suggest+that+compliance+deserves+continued+attention+at+the+board+and+management+level.+%C2%A0For+private+equity+sponsors+and+portfolio+company+senior+management%2C+the+report+offers+helpful+insight+into+the+DOJ%E2%80%99s+current+thinking+and+priorities%E2%80%94information+that+can+inform+thoughtful+investment+decisions%2C+compliance+planning%2C+and+risk+management.+%C2%A0We+are+happy+to+discuss+any+of+these+developments+in+more+detail+and+how+they+may+relate+to+your+specific+situation.%3C%2Fspan%3E%3C%2Fp%3E%0A
01.20.26 • Press Releases

Massumi + Consoli Bolsters Strategic M&A Capabilities with Hire of Trevor Katende in Los Angeles

01.20.26
%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EFirm+Expands+Capacity+to+Support+Growing+Demand+from+Strategic+Acquirers%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ELos+Angeles+%28January+20%2C+2026%29+%3C%2Fstrong%3E%E2%80%93+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2F%22%3EMassumi+%2B+Consoli%3C%2Fa%3E%3C%2Fspan%3E%2C+a+nationwide+law+firm+recognized+for+its+leading+private+equity+and+M%26amp%3BA+practice%2C+announced+today+that+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Ftrevor-katende%2F%22+target%3D%22_blank%22+rel%3D%22noopener%22%3ETrevor+Katende%3C%2Fa%3E+has+joined+the+firm+as+a+Partner+in+its+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fcapabilities%2Fmergers-acquisitions%2F%22+target%3D%22_blank%22+rel%3D%22noopener%22%3EM%26amp%3BA+practice%3C%2Fa%3E+in+Los+Angeles%2C+expanding+the+firm%E2%80%99s+ability+to+support+public+and+privately+held+companies+on+complex+strategic+transactions.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ETrevor%E2%80%99s+arrival+reflects+Massumi+%2B+Consoli%E2%80%99s+continued+focus+on+growing+its+already+robust+transactional+platform+and+expanding+its+strategic+M%26amp%3BA+capabilities.+His+addition+further+positions+the+firm+to+support+increased+deal+volume+from+strategic+clients+while+maintaining+the+execution%2C+responsiveness+and+commercial+judgment+that+define+its+transactional+practice.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CWe%E2%80%99ve+continued+to+see+increasing+demand+from+strategic+acquirers%2C+corporate+boards+and+management+teams+seeking+senior-level+counsel+on+sophisticated%2C+middle+market+transactions%2C%E2%80%9D+said+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi-pc%2F%22%3EPeter+Massumi%3C%2Fa%3E%3C%2Fspan%3E%2C+co-founder+of+Massumi%2B+Consoli.+%E2%80%9CAdding+Trevor+meaningfully+enhances+what+we+can+offer+strategic+clients.+He+brings+deep+experience+and+strong+judgment+that+complements+our+existing+strengths+and+allows+us+to+better+support+that+growing+volume.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EKatende+brings+extensive+experience+advising+public+and+privately+held+companies%2C+boards+of+directors%2C+special+committees+and+financial+sponsors+on+complex+strategic+transactions%2C+including+mergers%2C+stock+and+asset+acquisitions%2C+divestitures%2C+joint+ventures+and+strategic+partnerships%2C+as+well+as+private+equity+firms+and+their+portfolio+companies+on+a+wide+range+of+transactional+matters.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EHis+representative+matters+include+representing+Viacom%2C+Inc.+on+its+%24340+million+acquisition+of+Pluto+TV%3B+Guggenheim+Partners+on+its+growth+equity+investment+in+The+SpringHill+Company%3B+Dole+Food+Company+on+its+sale+to+Total+Produce+at+a+%242+billion+valuation%3B+The+Greenbrier+Companies+on+its+%24400+million+acquisition+of+manufacturing+assets+from+American+Railcar+Industries%3B+and+Nokia+Corporation+on+the+%247.2+billion+sale+of+its+devices+and+services+business+to+Microsoft+Corporation.+He+has+also+advised+prominent+individuals+and+brands%2C+including+Greg+Norman+and+Shaquille+O%E2%80%99Neal%2C+on+strategic+partnerships+with+Authentic+Brands+Group.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9COur+focus+has+always+been+on+delivering+the+same+level+of+rigor+and+execution+across+every+transaction+we+handle%2C+whether+for+a+private+equity+sponsor+or+a+public+company%2C%E2%80%9D+said+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22%3EAnthony+Consoli%3C%2Fa%3E%3C%2Fspan%3E%2C+the+firm%E2%80%99s+other+co-founder.+%E2%80%9CAs+we+expand+our+strategic+M%26amp%3BA+work%2C+it%E2%80%99s+critical+that+we+do+so+with+partners+who+fit+our+model+and+raise+the+bar+on+execution.+Trevor+does+exactly+that.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ETrevor+returns+to+private+practice+after+nearly+six+years+as+co-founder+and+managing+partner+at+Everest+Talent+Management%2C+where+he+worked+with+select%2C+well-known+athletes+to+help+build+brands+and+off-field+businesses.+Prior+to+that%2C+he+was+a+partner+at+Paul+Hastings%2C+and+he+began+his+career+in+the+corporate+department+at+Skadden%2C+Arps%2C+Slate%2C+Meagher+%26amp%3B+Flom.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CMassumi+%2B+Consoli+has+built+a+robust%2C+sophisticated+M%26amp%3BA+platform+that+is+highly+respected+in+the+middle+market%2C%E2%80%9D+said+Trevor+Katende.+%E2%80%9CThe+firm%E2%80%99s+private+equity+foundation+and+deep+transactional+experience+translate+naturally+to+strategic+M%26amp%3BA+work%2C+and+there+is+a+clear+opportunity+to+continue+expanding+that+work+for+strategic+clients+within+a+model+that+prioritizes+senior-level%2C+hands-on+counsel.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EAbout+Massumi+%2B+Consoli%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+is+a+nationwide%2C+Chambers-ranked+law+firm+that+delivers+exceptional+expertise+and+unmatched+client+experience+specifically+tailored+to+the+middle+market+needs+of+private+equity+firms+and+other+financial+sponsors%2C+as+well+as+other+dynamic+and+acquisitive+enterprises.+Founded+in+2015+as+a+spin-out+from+the+Private+Equity+and+M%26amp%3BA+Group+of+Kirkland+%26amp%3B+Ellis%2C+the+firm%E2%80%99s+approach+combines+the+proficiency+of+the+best+large+international+law+firms+with+a+highly+personalized%2C+boutique+experience.%3C%2Fspan%3E%3C%2Fp%3E%0A
12.19.25 • Insights

Peter Massumi & Anthony Consoli on A&M’s “Conversations with Anthony” Podcast

12.19.25
%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECo-founders+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi-pc%2F%22%3EPeter+Massumi%3C%2Fa%3E+and+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22+target%3D%22_blank%22+rel%3D%22noopener%22%3EAnthony+Consoli%3C%2Fa%3E+joined+Alvarez+%26amp%3B+Marsal%E2%80%99s+%E2%80%9CConversations+with+Anthony+Caporrino%E2%80%9D+podcast%2C+hosted+by+%3Ca+href%3D%22https%3A%2F%2Fwww.alvarezandmarsal.com%2Finsights%2Finside-middle-market-how-law-firms-are-navigating-new-deal-environment%22%3EAnthony+Caporrino%3C%2Fa%3E%2C+Managing+Director+and+United+States+practice+co-leader+for+A%26amp%3BM%E2%80%99s+Transaction+Advisory+Group%2C+to+discuss+the+current+state+of+private+equity+M%26amp%3BA%2C+the+practical+realities+of+dealmaking+in+an+unpredictable+market+and+the+dynamics+sponsors+are+navigating+heading+into+2026.+Their+conversation+touched+on+trends+shaping+the+industry%2C+the+pressures+facing+investors+and+the+types+of+judgment+calls+that+matter+most+at+the+closing+table.+Below+are+key+insights+from+their+discussion.%C2%A0+%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+%3Ca+href%3D%22https%3A%2F%2Fyoutu.be%2FOGvWiQTOZi4%3Fsi%3DoQqs3qzkomgh4Epm%22+target%3D%22_blank%22+rel%3D%22noopener%22%3Efull+episode+can+be+streamed+on+A%26amp%3BM%E2%80%99s+YouTube+channel%3C%2Fa%3E.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EKey+Market+Themes+for+2025%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EDeal+activity+this+year+has+been+unpredictable%2C+with+large+buyouts+generally+slower+while+activity+in+the+lower+and+middle+market+has+remained+consistently+strong.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ESponsors+are+increasingly+targeting+platforms+that+require+less+leverage+and+offer+clearer+paths+for+value+creation.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ERising+competition+for+quality+assets+is+pushing+funds+down-market+and+into+new+sectors%2C+including+service-heavy+verticals%2C+with+fragmentation+ripe+for+scalable+buy-and-build+strategies.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EAdd-ons+now+represent+the+majority+of+buyout+activity%2C+reshaping+expectations+around+deal+execution+speed+and+integration+discipline.%C2%A0%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EThe+Foundations+of+a+Strong+Buy-and-Build+Strategy%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ESuccessful+buy-and-build+strategies+depend+on+a+repeatable+playbook+established+from+day+one.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ESome+key+elements+include+standardized+governance+terms%2C+aligned+rollover+mechanics%2C+early+identification+of+potential+dispute+areas+and+consistent+restrictive+covenant+approaches.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EA+unified+playbook+reduces+post-closing+friction+when+executing+multiple+acquisitions+in+rapid+succession.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ETailoring+the+execution+strategy+to+each+platform%E2%80%99s+industry+and+operational+dynamics+remains+essential.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EHow+Continuation+Vehicles+are+Reshaping+Sponsor+Strategy%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECVs+have+matured+into+a+mainstream+solution+for+sponsors+seeking+additional+runway+on+strong+assets+without+a+forced+exit.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+bar+for+execution+is+high+now%2C+with+LPs%2C+regulators+and+advisors+expecting+greater+transparency+and+fairness.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ESponsors+benefit+from+processes+that+resemble+a+true+market+check%2C+including+independent+validation+around+valuation%2C+conflicts+and+governance.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EWhile+more+common+in+larger+deals%2C+CV+usage+is+expected+to+expand+across+the+middle+market.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3ENavigating+Valuation+Challenges+with+Clear+Structuring%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EEarnouts%2C+representation+and+warranty+insurance+and+working+capital+frameworks+remain+key+tools+for+aligning+buyer+and+seller+expectations.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%2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11.19.25 • Insights

Consero: Corporate Litigation & Investigations Forum

11.19.25
%3Cp%3ENovember+19%E2%80%9321%2C+2025%3C%2Fp%3E%0A%3Cp%3EThe+Biltmore+Miami%2C+Coral+Gables%2C+FL%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+was+proud+to+sponsor+the+Consero+Corporate+Litigation+%26amp%3B+Investigations+Forum+in+Miami.+Our+Litigation+partners%2C%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fmichael-r-huttenlocher%2F%22%3EMichael+Huttenlocher%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eand%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Flewis-zirogiannis-pc%2F%22%3ELewis+Zirogiannis%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+led+the+Forum%E2%80%99s+inaugural+Tabletop+Talks+sessions+on+%E2%80%9CTransactional+Litigation%3A+Mitigating+Risks+in+Corporate+Deals+and+Disputes%E2%80%9D+and+%E2%80%9CWhite+Collar+Crime+in+Focus%3A+Emerging+Trends+and+FCPA+Enforcement.%E2%80%9D+Both+sessions+offered+practical+perspectives+on+emerging+risks%2C+evolving+enforcement+trends+and+challenges+facing+today%E2%80%99s+in-house+legal+teams.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EDuring+the+transactional+litigation+discussion%2C+in-house+counsel+highlighted+several+themes+that+continue+to+shape+deal+execution+and+dispute+strategy.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMany+legal+teams+are+actively+exploring+ways+to+incorporate+AI+into+their+workflows+but+remain+cautious+about+protecting+privilege+and+maintaining+the+confidentiality+of+sensitive+company+data.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EParticipants+also+noted+the+growing+complexity+of+regulatory+compliance%2C+particularly+for+companies+with+operations+in+California%2C+which+is+often+described+as+navigating+%E2%80%9CCalifornia+vs.+49+other+states.%E2%80%9D%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ELitigation+cost+management+was+another+recurring+topic%2C+with+attendees+emphasizing+the+importance+of+transparency+and+open+communication+to+support+effective+partnership+between+internal+teams+and+outside+counsel.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+white+collar+and+FCPA+session+underscored+the+renewed+momentum+in+enforcement+activity.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EFCPA+enforcement+activity+is+reaccelerating%2C+with+DOJ+signaling+a+strengthened+focus+on+individual+accountability%2C+recidivist+scrutiny+and+heightened+expectations+around+compliance+controls+across+global+operations.+Early+internal+response+and+disciplined+fact+development+remain+essential%2C+though+companies+may+need+to+reassess+voluntary+disclosure+strategies+in+light+of+recent+developments%2C+including+the+DOJ%E2%80%99s+Corporate+Enforcement+Policy+and+the+%3Cem%3ELiberty+Mutual%3C%2Fem%3E+FCPA+declination+%28August+2025%29.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EAttendees+also+discussed+the+increasing+scrutiny+around+attorney-client+privilege+and+work+product+protections+in+internal+investigations.+The+Sixth+Circuit%E2%80%99s+decision+in+%3Cem%3EIn+re+FirstEnergy+Corp.%3C%2Fem%3E%2C+No.+24-3654+%286th+Cir.+Oct.+3%2C+2025%29%2C+narrowed+privilege+where+investigative+communications+lacked+sufficient+independence+or+blurred+roles+among+management%2C+the+board+and+outside+counsel.+The+case+highlights+the+importance+of+structuring+investigations+with+clear+oversight%2C+defined+roles+and+disciplined+communication+protocols.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+conversations+throughout+the+Forum+reflected+the+rapidly+evolving+landscape+facing+corporate+legal+departments.+As+regulatory+demands+increase+and+enforcement+expectations+intensify%2C+organizations+are+navigating+more+complex+investigations%2C+heightened+compliance+obligations+and+ongoing+pressure+to+manage+litigation+efficiently.%3C%2Fspan%3E%3C%2Fp%3E%0A
10.24.25 • News

Michael Young and Daniel Dubelman Named Legal Visionaries by LA Times

10.24.25
%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+is+pleased+to+announce+that+M%26amp%3BA+Partners+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fmichael-young-pc%2F%22%3EMichael+Young%3C%2Fa%3E+and+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fdaniel-dubelman-pc%2F%22%3EDaniel+Dubelman%3C%2Fa%3E%C2%A0have+been+named+Legal+Visionaries+by+the%C2%A0%3Cem%3ELos+Angeles+Times%3C%2Fem%3E+in+its+Business+of+Law+publication.+The+2025+issue+highlights+122+of+the+%E2%80%9Cbest+and+brightest%E2%80%9D+attorneys+in+the+Southern+California+region+for+their+career+achievements+and+success.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMichael+and+Daniel+were+recognized+for+their+accomplishments+in+private+equity+and+complex+corporate+transactions+and+for+their+contributions+in+driving+the+firm%E2%80%99s+growth.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Ca+href%3D%22https%3A%2F%2Fna01.safelinks.protection.outlook.com%2F%3Furl%3Dhttps%253A%252F%252Fwww.latimes.com%252Fb2b%252Fbusiness-visionaries%252Fbusiness-of-law%252Fmichael-young%26amp%3Bdata%3D05%257C02%257Chruiz%2540mcllp.com%257Ca3e551786273488261a008de13200b32%257C2bdc95c086a242b68822131c4ac2107b%257C0%257C0%257C638969225530258999%257CUnknown%257CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%253D%253D%257C0%257C%257C%257C%26amp%3Bsdata%3DCWV%252BqF8zorn0%252B4JxTG%252BG2kbP1rJ1dJ4EBButabdAqLU%253D%26amp%3Breserved%3D0%22+target%3D%22_blank%22+rel%3D%22noopener%22%3ERead+Michael+Young%E2%80%99s+profile+in+the%C2%A0%3Cem%3ELA+Times%3C%2Fem%3E.%3C%2Fa%3E%3Cbr+%2F%3E%0A%3Ca+href%3D%22https%3A%2F%2Fna01.safelinks.protection.outlook.com%2F%3Furl%3Dhttps%253A%252F%252Fwww.latimes.com%252Fb2b%252Fbusiness-visionaries%252Fbusiness-of-law%252Fdaniel-dubelman%26amp%3Bdata%3D05%257C02%257Chruiz%2540mcllp.com%257Ca3e551786273488261a008de13200b32%257C2bdc95c086a242b68822131c4ac2107b%257C0%257C0%257C638969225530283902%257CUnknown%257CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%253D%253D%257C0%257C%257C%257C%26amp%3Bsdata%3DKjFb71lNAkWd%252BwZim9y1JVWpETDi9akV3ftPXmzCyCc%253D%26amp%3Breserved%3D0%22+target%3D%22_blank%22+rel%3D%22noopener%22%3ERead+Daniel+Dubelman%E2%80%99s+profile+in+the%C2%A0%3Cem%3ELA+Times%3C%2Fem%3E%3C%2Fa%3E%3C%2Fp%3E%0A
10.02.25 • Press Releases

Massumi + Consoli Deploys Harvey AI to Enhance Client Outcomes

10.02.25
%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ENew+Attorney-Led+Tools+Streamline+Legal+Research%2C+Review+and+Drafting+Firmwide%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+is+pleased+to+announce+it+has+deployed+Harvey%2C+a+leading+legal+generative+AI+platform%2C+to+deliver+faster+and+enhanced+service+for+clients+across+the+firm.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EAs+part+of+the+firm%E2%80%99s+continued+investment+in+innovation+and+technology%2C+Massumi+%2B+Consoli+is+streamlining+workflows+across+diligence%2C+discovery%2C+drafting+and+matter+management+to+shorten+timelines+and+improve+budget+predictability+while+reinforcing+its+hallmark+of+precision%2C+excellence+and+bespoke+solutions+for+its+clients%E2%80%99+most+complex+challenges.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+is+integrating+Harvey+into+its+day-to-day+work+to+extract+key+insights+from+large+datasets%2C+compare+substantive+terms+across+documents+and+accelerate+drafting+aligned+to+firm+and+market+standards.+All+use+of+Harvey+takes+place+under+attorney+oversight%2C+and+all+client+work+product+is+reviewed+and+honed+by+the+firm%E2%80%99s+lawyers%2C+applying+the+same+rigorous+standards+that+the+firm+has+upheld+since+inception.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CAdopting+Harvey+is+a+meaningful+step+forward%2C+enabling+us+to+elevate+our+clients%E2%80%99+experience+by+combining+the+strength+of+our+market-leading+expertise+with+the+power+of+advanced+AI%2C%E2%80%9D+said+Peter+Massumi%2C+co-founder+of+Massumi+%2B+Consoli.+%E2%80%9CBy+automating+low-value+and+time-consuming+tasks%2C+we+can+invest+more+time+in+strategic+conversations+with+clients%2C+deepen+our+understanding+of+their+business+goals+and+deliver+advice+that+is+faster%2C+clearer+and+more+tailored+to+their+real-world+pressures+and+priorities.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9COur+firmwide+adoption+of+Harvey+is+about+improving+quality+and+responsiveness+for+clients+%E2%80%93+not+chasing+trends%2C%E2%80%9D+added+Anthony+Consoli%2C+co-founder+of+Massumi+%2B+Consoli.+%E2%80%9CWe%E2%80%99re+deploying+it+in+a+secure%2C+attorney-led+environment+with+clear+guardrails+and+review%2C+so+routine+work+is+done+more+efficiently+while+enabling+our+lawyers+to+focus+on+higher-value+judgment+calls+and+counseling.+For+our+clients%2C+that+means+greater+confidence+and+clarity+through+predictable+deliverables%2C+better+budget+management+and+quality+that+holds+up+under+pressure.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CWe+are+proud+to+support+Massumi+%2B+Consoli+in+delivering+faster%2C+smarter+and+more+tailored+outcomes+for+their+clients%2C+while+reinforcing+their+longstanding+reputation+for+excellence+and+innovation%2C%E2%80%9D+said+Winston+Weinberg%2C+CEO+of+Harvey.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EWith+the+adoption+of+Harvey%2C+Massumi+%2B+Consoli+continues+to+combine+its+deep+market+expertise+with+leading+technology%2C+reinforcing+its+position+as+a+market-leading+advisor+to+clients.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ESafeguarding+Client+Data%3C%2Fstrong%3E+%3C%2Fspan%3E%3Cbr+%2F%3E%0A%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+firm+uses+a+secure+environment+and+does+not+allow+client+data+to+be+used+to+train+public+models.+Outputs+are+stored+in+the+firm%E2%80%99s+secure+document+systems+and+are+not+retained+in+third-party+public+AI+platforms%3B+while+processing+may+occur+on+vendor+servers%2C+records+are+kept+within+the+firm%E2%80%99s+systems.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EAbout+Harvey%3Cbr+%2F%3E%0A%3C%2Fstrong%3EHarvey+is+domain-specific+AI+for+legal+and+professional+services.+Their+products+streamline+workflows+in+areas+including+contract+analysis%2C+due+diligence%2C+compliance+and+litigation+to+drive+efficiency+and+value.+Global+law+firms+and+Fortune+500+enterprises+around+the+world+use+Harvey+to+enable+faster%2C+smarter+decision-making.+Backed+by+world-class+investors+including+Sequoia%2C+Kleiner+Perkins%2C+GV%2C+OpenAI+Startup+Fund+and+Coatue%2C+Harvey+is+used+by+515%2B+customers+in+54%2B+countries.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EAbout+Massumi+%2B+Consoli%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+is+a+nationwide%2C+Chambers-ranked+law+firm+that+delivers+exceptional+expertise+and+unmatched+client+experience+specifically+tailored+to+the+middle+market+needs+of+private+equity+firms+and+other+financial+sponsors%2C+as+well+as+other+dynamic+and+acquisitive+enterprises.+Founded+in+2015+as+a+spin-out+from+the+Private+Equity+and+M%26amp%3BA+Group+of+Kirkland+%26amp%3B+Ellis%2C+the+firm%E2%80%99s+approach+combines+the+proficiency+of+the+best+large+international+law+firms+with+a+highly+personalized%2C+boutique+experience.%C2%A0%3C%2Fspan%3E%3C%2Fp%3E%0A
08.28.25 • News

Massumi + Consoli Achieves Six Lawyer Rankings in the 2026 Editions of the Best Lawyers in America and Best Lawyers: Ones to Watch

08.28.25
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08.20.25 • Press Releases

Massumi + Consoli Relocates to Larger New York Office, Reflecting Significant Growth and Client Trust in the Region 

08.20.25
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08.11.25 • Insights

Protecting Executives from Deposition Using the Apex Witness Doctrine—Lessons Learned from Lionel Messi and Logan Paul

08.11.25
%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eby+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fmichael-r-huttenlocher%2F%22%3EMichael+R.+Huttenlocher%3C%2Fa%3E%3C%2Fspan%3E+and+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fabigail-blaker%2F%22%3EAbigail+Blaker%3C%2Fa%3E%3C%2Fspan%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EPlaintiffs+all+too+often+seek+to+depose+a+business%E2%80%99+most+senior+executives%E2%80%94officers%2C+board+members%2C+and+other+%E2%80%9Capex%E2%80%9D+officials%E2%80%94in+an+attempt+to+create+tactical+leverage+to+pressure+an+early+settlement.+The+strategy+is+often+deployed+in+litigation+against+the+portfolio+companies+of+private+equity+sponsors.+Plaintiffs%E2%80%99+counsel+frequently+seek+to+depose+high-ranking+executives+of+those+sponsors%2C+hoping+that+the+inconvenience+and+distraction+of+a+deposition+motivates+an+early+resolution.+The+apex+witness+doctrine+has+emerged+as+a+critical+judicial+safeguard+to+defend+high-ranking+executives+from+this+common+ploy.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+apex+witness+doctrine+shields+high-profile+witnesses+from+deposition+unless+it+is+established+that+%281%29+the+witness+has+unique%2C+firsthand+knowledge+of+the+specific+facts+at+issue%2C+and+%282%29+there+are+no+less+intrusive+means+of+obtaining+the+factual+knowledge+or+that+those+less+intrusive+means+have+been+exhausted+without+success.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_ftn1%22+name%3D%22_ftnref1%22%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%5B1%5D%3C%2Fspan%3E%3C%2Fa%3E%C2%A0The+doctrine+ensures+that+discovery+remains+focused%2C+efficient%2C+and+fair%2C+and+that+high-profile+individuals+are+not+subjected+to+unnecessary+business+disruption+absent+a+clear+showing+of+need.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECounsel+for+soccer+superstar+Lionel+Messi+recently+employed+the+apex+witness+doctrine+to+shield+him+from+sitting+for+a+deposition+in+the+hotly+contested+trademark+and+trade+dress+dispute+over+Messi%E2%80%99s+sports+drink+%E2%80%9CM%C3%81S%2B%E2%80%9D+and+Logan+Paul%E2%80%99s+rival+beverage+%E2%80%9CPrime.%E2%80%9D%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22%23_ftn2%22+name%3D%22_ftnref2%22%3E%5B2%5D%3C%2Fa%3E%3C%2Fspan%3E+Early+in+discovery%2C+Prime+sought+Messi%E2%80%99s+deposition+and+Messi+responded+that+%281%29+he+had+no+unique+or+personal+knowledge+relevant+to+the+claim+because+he+wasn%E2%80%99t+a+key+marketing+or+trade+dress+decision-maker%3B+%282%29+any+information+he+had+could+be+more+easily+obtained+through+other+witnesses%2C+including+several+members+of+his+management+team+who+attended+all+relevant+meetings+alongside+him%3B+and+%283%29+a+deposition+would+impose+an+undue+burden+on+him%2C+given+his+soccer+schedule+and+extensive+professional+commitments.%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22%23_ftn3%22+name%3D%22_ftnref3%22%3E%5B3%5D%3C%2Fa%3E%3C%2Fspan%3E+On+July+23%2C+2025%2C+the+U.S.+District+Court+for+the+Southern+District+of+New+York%2C+noting+that+Prime+had+not+first+attempted+to+depose+other+witnesses+or+employ+any+less+intrusive+means+of+discovery%2C+ordered+that+Messi+be+shielded+from+deposition+under+the+apex+witness+doctrine%2C+unless+it+could+be+later+shown+that+he+had+some+unique+knowledge+that+was+unavailable+from+other+sources.%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22%23_ftn4%22+name%3D%22_ftnref4%22%3E%5B4%5D%3C%2Fa%3E%3C%2Fspan%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EBy+granting+the+protective+order+for+Messi%2C+the+Court+reaffirmed+that+high-profile+individuals+are+entitled+to+protection+from+unnecessary+and+burdensome+discovery%2C+and+that+parties+seeking+such+depositions+must+make+a+concrete+showing+that+the+individual+possesses+unique+knowledge+relevant+to+the+claim+and+that+such+parties+had+exhausted+alternative+sources+first.+Although+it+is+not+an+absolute+bar+to+discovery%2C+the+apex+witness+doctrine+is+a+powerful+shield+that+can+be+used+to+fight+back+against+the+aggressive+litigation+tactics+employed+against+high-ranking+executives.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22%23_ftnref1%22+name%3D%22_ftn1%22%3E%5B1%5D%3C%2Fa%3E%3C%2Fspan%3E+%3Cem%3EChang+v.+Mizuho+Sec.+USA+LLC%3C%2Fem%3E%2C+No.+21-cv-03874+%28MMG%29%2C+2024+WL+3824101%2C+at+%2A2+%28S.D.N.Y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06.26.25 • News

Massumi + Consoli Ranked as Leading Law Firm for M&A, Private Equity Buyouts and Client Satisfaction in Legal 500 U.S. 2025 Edition

06.26.25
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06.25.25 • Insights

Our Recently Acquired Business Is Violating the Law—Now What?

06.25.25
%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3EA+Recent+DOJ+Decision+Provides+Guidance+to+Private+Equity+Firms%3C%2Fem%3E%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eby+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Flewis-zirogiannis-pc%2F%22%3ELewis+Zirogiannis%2C+P.C.%3C%2Fa%3E+and+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fthomas-f-li%2F%22%3EThomas+F.+Li%3C%2Fa%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EEvery+time+a+private+equity+sponsor+acquires+a+new+business%2C+there+is+a+risk+of+uncovering+previously+unknown+information+post-closing%2C+regardless+of+how+thorough+due+diligence+was+prior+to+closing+the+transaction.+What+happens+if+a+private+equity+firm+finds+out+after+closing+that+its+newly+acquired+business+has+been+engaging+in+criminal+conduct%3F+Recent+actions+from+the+United+States+Department+of+Justice+%28DOJ%29+provide+potential+pathways+to+avoiding+criminal+charges+against+the+private+equity+firm+as+well+as+the+newly+acquired+business.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EOn+June+16%2C+2025%2C+the+DOJ%E2%80%99s+National+Security+Division+%28NSD%29+and+the+U.S.+Attorney%E2%80%99s+Office+for+the+Southern+District+of+Texas+%28SDTX%29+%28together%2C+the+Justice+Department%29+announced+that+they+%3Ca+href%3D%22https%3A%2F%2Fwww.law360.com%2Farticles%2F2354040%2Fattachments%2F0%22+target%3D%22_blank%22+rel%3D%22noopener%22%3Edeclined+to+prosecute%3C%2Fa%3E+the+private+equity+firm+White+Deer+Management+LLC+%28White+Deer%29+after+White+Deer+discovered+and+self-disclosed+U.S.+economic+sanction%2C+export+control+and+tariff+evasion+violations+committed+by+a+company+it+acquired%2C+Unicat+Catalyst+Technologies+LLC+%28Unicat%29.+As+part+of+the+resolution%2C+Unicat+entered+into+a+%3Ca+href%3D%22https%3A%2F%2Fwww.law360.com%2Farticles%2F2354040%2Fattachments%2F1%22+target%3D%22_blank%22+rel%3D%22noopener%22%3Enon-prosecution+agreement%3C%2Fa%3E+%28NPA%29.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThis+resolution+provides+guidance+on+the+application+of+the+NSD%E2%80%99s+March+2024%3Ca+href%3D%22https%3A%2F%2Fwww.justice.gov%2Fnsd%2Fmedia%2F1285121%2Fdl%3Finline%3D%22+target%3D%22_blank%22+rel%3D%22noopener%22%3E+Enforcement+Policy+for+Business+Organizations%3C%2Fa%3E+%28NSD+Enforcement+Policy%29+and%2C+in+particular%2C+the+provisions+that+apply+to+Voluntary+Self-Disclosures+in+Connection+with+Acquisitions+%28the+NSD+M%26amp%3BA+Policy%29.+It+also+highlights+how+voluntary+and+timely+self-disclosure+by+a+private+equity+firm+of+criminal+misconduct+of+an+acquired+entity+discovered+post-closing+can+result+in+a+decision+not+to+prosecute.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EWhite+Deer+Discovery+of+Unicat%E2%80%99s+Misconduct%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIn+June+2021%2C+after+White+Deer+had+acquired+Unicat+and+a+separate+company%2C+Unicat%E2%80%99s+new+CEO+began+a+process+of+integrating+and+merging+Unicat+with+this+separate+company.+During+this+process%2C+the+CEO+learned+that+Unicat+had+a+pending+transaction+with+a+customer+in+Iran+%E2%80%93+a+violation+of+U.S.+economic+sanctions+laws+%E2%80%93+and+immediately+canceled+the+transaction.+This+news+surely+came+as+a+surprise+given+that+Unicat+represented+and+warranted+in+the+acquisition+agreement+that+Unicat%E2%80%99s+operations+complied+with+U.S.+sanctions+and+export+control+laws.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EWhite+Deer+and+Unicat+engaged+counsel+to+investigate+Unicat%E2%80%99s+compliance+with+applicable+U.S.+economic+sanctions+laws.+The+investigation+revealed+that%2C+from+2014+to+2021%2C+Unicat+made+sales+to+customers+in+Iran%2C+Venezuela%2C+Syria+and+Cuba%2C+all+in+violation+of+U.S.+economic+sanctions+laws.+Additionally%2C+Unicat+employees+falsified+invoices+to+reduce+tariffs+on+goods+imported+from+China%2C+thereby+avoiding+certain+duties%2C+taxes+and+fees.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EWhite+Deer+and+Unicat+Voluntarily+Disclose+to+the+NSD%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ERecognizing+the+gravity+of+these+discoveries%2C+White+Deer+and+Unicat+submitted+a+voluntary+disclosure+to+the+NSD.+In+deciding+whether+to+prosecute+White+Deer+or+Unicat%2C+the+NSD+considered+the+factors+set+forth+in+the+NSD+M%26amp%3BA+Policy%2C+which+provides%3A+%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EW%3C%2Fspan%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Ehen+a+company+%281%29+completes+a+lawful+%3Cem%3Ebona+fide%3C%2Fem%3E+acquisition+of+another+entity%2C+%282%29+voluntarily+and+timely+self-discloses+to+NSD+potentially+criminal+violations+of+laws+affecting+U.S.+national+security+committed+by+the+acquired+entity%2C+%283%29+fully+cooperates+with+NSD%E2%80%99s+investigation+and+%284%29+timely+and+appropriately+remediates+the+misconduct%2C+NSD+generally+will+not+seek+a+guilty+plea+from+the+acquiror%2C+and+there+is+a+presumption+that+NSD+will+decline+to+prosecute+the+acquiror.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+NSD+M%26amp%3BA+Policy+further+provides+that+while+a+presumption+of+declination+%28i.e.%2C+a+decision+not+to+prosecute%29+is+not+available+to+the+acquired+entity%2C+NSD+will+credit+the+acquiror%E2%80%99s+timely%2C+voluntary+self-disclosure+to+the+NSD+and+will+consider+whether+the+acquired+entity+otherwise+satisfies+the+NSD+Enforcement+Policy%E2%80%99s+requirements+to+obtain+the+benefits+of+the+Policy.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EUnicat+Receives+a+Non-Prosecution+Agreement%2C+and+White+Deer+Receives+a+Declination%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EAs+a+result+of+the+timely%2C+voluntary+disclosure+of+its+violations+of+U.S.+economic+sanctions+and+export+controls+laws%2C+the+Justice+Department+announced+that+it+%28i%29+entered+into+a+Non-Prosecution+Agreement+%28NPA%29+with+Unicat+and+%28ii%29+declined+to+prosecute+White+Deer.+Pursuant+to+the+NPA%2C+Unicat+agreed+to+forfeit+millions+in+proceeds+from+the+offending+transactions+and+to+pay+certain+fines%2C+penalties%2C+underpaid+duties%2C+taxes%2C+and+fees.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIn+applying+the+NSD+M%26amp%3BA+Policy+with+respect+to+White+Deer%2C+the+Justice+Department+declined+to+prosecute+White+Deer+for+Unicat%E2%80%99s+historical+violations+of+U.S.+economic+sanctions+and+export+control+laws.+Specifically%2C+the+Justice+Department+focused+on+the+following+factors+related+to+White+Deer%3A%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Col%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+acquisition+of+White+Deer+was+a+lawful%2C+%3Cem%3Ebona+fide%3C%2Fem%3E+acquisition.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EWhite+Deer+had+no+preexisting+obligation+to+disclose+Unicat%E2%80%99s+misconduct.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+disclosure+was+timely.+White+Deer+immediately+canceled+a+pending+transaction+with+the+Iranian+customer+and+made+its+disclosure+just+one+month+after+discovering+the+misconduct.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EWhite+Deer+provided+and+caused+Unicat+to+provide+exceptional+and+proactive+cooperation+with+the+Justice+Department%2C+including+identifying%2C+collecting+and+disclosing+relevant+evidence+to+investigators+and+responding+in+a+timely+manner+to+the+government%E2%80%99s+requests+for+information+and+evidence.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EWhite+Deer%E2%80%99s+cooperation+materially+assisted+the+government%E2%80%99s+investigation%2C+leading+to+the+successful+prosecution+of+Unicat%E2%80%99s+former+CEO.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EWhite+Deer+timely+remediated+the+misconduct+in+less+than+one+year+from+the+date+of+its+discovery%2C+including+terminating+culpable+employees%2C+disciplining+others%2C+and+designing+and+implementing+a+comprehensive+and+robust+internal+controls+and+compliance+program+to+prevent+similar+misconduct+in+the+future.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Fol%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIn+sum%2C+according+to+the+Assistant+Attorney+General+for+National+Security+in+a+%3Ca+href%3D%22https%3A%2F%2Fwww.justice.gov%2Fopa%2Fpr%2Fjustice-department-declines-prosecution-private-equity-firm-following-voluntary-disclosure%22+target%3D%22_blank%22+rel%3D%22noopener%22%3Epress+release%3C%2Fa%3E%2C+%E2%80%9Cafter+acquiring+a+company+with+a+hidden+history+of+sanctions+violations%2C+this+private+equity+firm+uncovered+the+misconduct%2C+stopped+it%2C+and+quickly+reported+it+to+the+government+leading+to+a+successful+prosecution+of+a+%5Bformer%5D+senior+executive.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ETakeaways%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+Justice+Department%E2%80%99s+decision+is+the+first+time+since+the+creation+of+the+NSD+M%26amp%3BA+Policy+that+a+private+equity+firm+has+received+a+declination+for+voluntary+self-disclosure+of+criminal+conduct+discovered+post-closing.+The+Justice+Department%E2%80%99s+decision+not+to+prosecute+White+Deer+sends+a+strong+signal+to+private+equity+firms+that+timely+and+voluntary+self-disclosure+of+wrongdoing+and+cooperation+with+the+Justice+Department+are+key+to+taking+advantage+of+the+NSD+M%26amp%3BA+Policy%E2%80%99s+pathway+to+declination.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIn+addition+to+ensuring+acquisition+agreements+include+representations+and+warranties+%28and+potentially+specific+indemnities%29+for+undisclosed+U.S.+sanctions+and+export+control+violations%2C+particularly+for+targets+with+international+operations+and+government-facing+contracts%2C+private+equity+firms+should+establish+rapid+internal+triage+and+disclosure+protocols+to+escalate+red+flags%2C+initiate+investigations+and+assess+whether+to+voluntarily+disclose+wrongdoing+when+it+is+discovered.%3C%2Fspan%3E%3C%2Fp%3E%0A
06.17.25 • Insights

DOJ Criminal Division’s Revised Corporate Enforcement Policy Provides Clarity to White Collar Enforcement

06.17.25
%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eby%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Flewis-zirogiannis-pc%2F%22+target%3D%22_blank%22+rel%3D%22noopener%22%3ELewis+Zirogiannis%2C+P.C.%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eand%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fthomas-f-li%2F%22+target%3D%22_blank%22+rel%3D%22noopener%22%3EThomas+F.+Li%3C%2Fa%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EDOJ+Criminal+Division%E2%80%99s+Revised+Corporate+Enforcement+Policy+Provides+Clarity+to+White+Collar+Enforcement%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECompanies+on+the+receiving+end+of+Department+of+Justice+%28DOJ%29+investigations+for+alleged+corporate+crime+now+have+clearer+avenues+to+avoiding+formal+prosecution.%C2%A0+On+May+12%2C+2025%2C+the+DOJ+announced+a+revision+to+the%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fwww.justice.gov%2Fcriminal%2Fmedia%2F1400031%2Fdl%3Finline.%22%3E%3Cstrong%3ECorporate+Enforcement+and+Voluntary+Disclosure+Policy+%28CEP%29%3C%2Fstrong%3E%3C%2Fa%3E.%3Ca+href%3D%22%23_ftn1%22+name%3D%22_ftnref1%22%3E%5B1%5D%3C%2Fa%3E%C2%A0+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+revisions+clarify+the+DOJ+criminal+division%E2%80%99s+%28Criminal+Division%29+approach+to+white-collar+enforcement+and+provide+a+clearer+path+to+declinations+%28%3Cem%3Ei.e.%3C%2Fem%3E%2C+a+decision+not+to+prosecute%29+for+companies+meeting+certain+conditions.%C2%A0%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+revisions+to+the+CEP+are+aimed+at+reducing+enforcement+burdens+on+companies.+Importantly%2C+the+revised+CEP+sets+out+new+policies+that+are+geared+towards+providing+companies+with+clarity+as+to+how+they+can+obtain+declinations+or+favorable+resolutions.%C2%A0+This+is+consistent+with+the+DOJ%E2%80%99s+new+guidance+on+white-collar+enforcement+priorities%2C+also+released+on+May+12%2C+2025%2C+which+stated+that+%E2%80%9C%5Bt%5Dhe+Department%E2%80%99s+first+priority+is+to+prosecute+individuals%E2%80%9D+and+that+%E2%80%9C%5Bn%5Dot+all+corporate+misconduct+warrants+federal+criminal+prosecution.%E2%80%9D%C2%A0%C2%A0%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EPreviously%2C+companies+that+self-disclosed%2C+cooperated+and+remediated+were+presumed+to+receive+a+declination.%C2%A0+The+revised+policy+now+%3Cem%3Eassures%3C%2Fem%3E+declinations+to+qualifying+companies+if+the+company+%281%29+voluntarily+self-discloses+misconduct%2C+%282%29+fully+cooperates+with+the+DOJ%E2%80%99s+investigation%2C+%283%29+timely+and+appropriately+remediates+and+%284%29+has+no+aggravating+circumstances.%C2%A0%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EVoluntary+Self-Disclosure%3A%C2%A0+%3C%2Fstrong%3EThe+revised+CEP+lists+the+requirements+of+voluntary+self-disclosure%2C+requiring+%281%29+the+self-reporting+of+the+misconduct%2C+%282%29+that+the+conduct+was+previously+unknown+to+the+DOJ%2C+%283%29+no+pre-existing+obligation+to+disclose%2C+%284%29+that+disclosure+was+prior+to+any+imminent+threat+that+the+DOJ+would+learn+of+the+misconduct+and+%285%29+disclosure+was+reasonably+prompt.+%C2%A0Even+without+satisfying+all+requirements+of+voluntary+self-disclosure+under+the+revised+CEP%2C+companies+may+receive+a+Non-Prosecution+Agreement+%28NPA%29+if+the+company+%281%29+self-reported+the+misconduct+to+the+DOJ+%28but+did+not+satisfy+the+other+requirements+of+self-disclosure%29%2C+%282%29+fully+cooperated+with+the+investigation+and+%283%29+timely+and+appropriately+remediated%2C+unless+there+are+severe+aggravating+circumstances.%C2%A0+The+revised+CEP+refers+to+such+situation+as+a+%E2%80%9Cnear+miss%E2%80%9D+of+checking+all+requirements+of+voluntary+self-disclosure.%C2%A0+Under+such+circumstances+the+Criminal+Division+%28a%29+%E2%80%9Cshall%E2%80%9D+provide+an+NPA+%28absent+egregious+or+multiple+aggravating+circumstances%29+and+%28b%29+allow+a+term+length+of+the+NPA+of+fewer+than+years.%3C%2Fspan%3E%3Ca+href%3D%22%23_ftn2%22+name%3D%22_ftnref2%22%3E%5B2%5D%3C%2Fa%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EFull+Cooperation%3A%3C%2Fstrong%3E+A+company+fully+cooperates+when+it+%281%29+discloses+all+relevant%2C+non-privileged+facts+and+evidence+about+individuals+involved+in+the+misconduct%2C+%282%29+discloses+all+relevant%2C+non-privileged+facts+gathered+during+the+company%E2%80%99s+internal+investigation%2C+if+one+is+conducted%2C+%283%29+proactively+cooperates%2C+%284%29+timely+and+voluntarily+preserves%2C+collects%2C+and+discloses+relevant+documents%2C+%285%29+de-conflicts+witness+interviews+and+investigative+steps+that+the+company+intends+to+take+as+part+of+its+internal+investigation+to+prevent+the+company%E2%80%99s+investigation+from+conflicting%2C+or+interfering%2C+with+the+Criminal+Division%E2%80%99s+investigation+and+%286%29+makes+company+officers+and+employees+available+for+interviews+by+the+Criminal+Division%2C+subject+to+the+individuals%E2%80%99+Fifth+Amendment+rights.%3C%2Fspan%3E%3Ca+href%3D%22%23_ftn3%22+name%3D%22_ftnref3%22%3E%5B3%5D%3C%2Fa%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%C2%A0%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ETimely+and+Appropriate+Remediation%3A%C2%A0+%3C%2Fstrong%3EThe+requirements+of+%E2%80%9Ctimely+and+appropriate+remediation%E2%80%9D+include%2C+among+other+things%2C+that+the+company+has+%281%29+demonstrated+a+thorough+analysis+of+the+causes+of+the+underlying+conduct%2C+%282%29+implemented+an+effective+compliance+and+ethics+program%2C+%283%29+appropriately+disciplined+employees%2C+%284%29+retained+business+records+and+prohibited+the+improper+destruction+of+those+records+and+%285%29+taken+any+additional+steps+that+demonstrate+recognition+of+the+seriousness+of+the+misconduct%2C+including+the+implementation+of+measures+to+reduce+the+risk+of+repetition+of+such+misconduct.%3C%2Fspan%3E%3Ca+href%3D%22%23_ftn4%22+name%3D%22_ftnref4%22%3E%5B4%5D%3C%2Fa%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ELack+of+Aggravating+Circumstances%3A+%3C%2Fstrong%3EAs+for+aggravating+circumstances%2C+although+the+revised+CEP+does+not+define+those+circumstances%2C+it+refers+to+the+egregiousness+or+pervasiveness+of+the+misconduct+within+the+company%2C+severity+of+harm+and+whether+similar+misconduct+has+occurred+within+the+last+5+years+as+relevant+factors+in+considering+whether+the+misconduct+was+aggravated.+Companies+with+aggravating+circumstances+may+still+receive+declinations+based+on+the+severity+of+the+aggravating+factors%2C+level+of+cooperation+and+degree+of+remediation.%C2%A0+%C2%A0%C2%A0%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIndeed%2C+even+companies+that+are+hesitant+about+self-disclosure+due+to+the+presence+of+aggravating+circumstances%2C+disentitling+them+to+declinations+or+NPAs%2C+may+take+advantage+of+potential+favorable+resolutions+under+the+revised+CEP.%C2%A0+Where+the+company+is+neither+entitled+to+declinations+nor+NPAs%2C+the+revised+CEP+maintains+prosecutorial+discretion+to+determine+the+appropriate+term+length%2C+compliance+obligations%2C+and+monetary+penalty%2C+and+encourages+reductions+in+any+fines+to+no+more+than+50%25+of+the+applicable+fine+under+the+United+States+Sentencing+Guidelines.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2A%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0+%2A%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0%C2%A0+%2A%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+revised+CEP+therefore+presents+a+unique+opportunity+for+companies+engaged+in+previous+misconduct+to+consider+voluntary+self-disclosure%2C+cooperation+and+appropriate+remediation+as+a+path+towards+declination%2C+NPAs+or+other+favorable+terms+of+resolution.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Ca+href%3D%22%23_ftnref1%22+name%3D%22_ftn1%22%3E%5B1%5D%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EOn+May+12%2C+2025%2C+the+DOJ+also+released+a+Memorandum+to+All+Criminal+Division+Personnel+entitled+%E2%80%9C%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fwww.justice.gov%2Fcriminal%2Fmedia%2F1400046%2Fdl%3Finline%22%3E%3Cstrong%3EFocus%2C+Fairness%2C+and+Efficiency+in+the+Fight+Against+White-Collars+Crime%3C%2Fstrong%3E%3C%2Fa%3E%3C%2Fspan%3E%E2%80%9D+and%2C+separately%2C+a+memorandum+entitled+%E2%80%9C%3C%2Fspan%3E%3Ca+href%3D%22https%3A%2F%2Fwww.justice.gov%2Fcriminal%2Fmedia%2F1400036%2Fdl%3Finline%22%3E%3Cstrong%3EMemorandum+on+Selection+of+Monitors+in+Criminal+Division+Matters%3C%2Fstrong%3E%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22%23_ftnref2%22+name%3D%22_ftn2%22%3E%5B2%5D%3C%2Fa%3E+%3C%2Fspan%3ECEP%2C+Appendix+B.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Ca+href%3D%22%23_ftnref3%22+name%3D%22_ftn3%22%3E%5B3%5D%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E+%3Cem%3EId%3C%2Fem%3E.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Ca+href%3D%22%23_ftnref4%22+name%3D%22_ftn4%22%3E%5B4%5D%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E+%3Cem%3EId%3C%2Fem%3E.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A
06.09.25 • News

Massumi + Consoli Earns Chambers USA Rankings in Private Equity: Buyouts and M&A in the Fewest Years from Founding

06.09.25
%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIn+its+10th+Anniversary+Year%2C+Massumi+%2B+Consoli+Recognized+for+Ability+to+Handle+Complex+Deals+and+Expanded+Specialist+Capabilities%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2F%22%3EMassumi+%2B+Consoli%3C%2Fa%3E%2C+a+nationwide+law+firm+recognized+for+its+leading+private+equity+and+M%26amp%3BA+practice%2C+has+once+again+ascended+into+the+Chambers+USA+rankings+at+a+record+pace%2C+achieving+a+department-wide+ranking+in+the+California+%E2%80%93+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fcapabilities%2Fprivate-equity%2F%22%3EPrivate+Equity%3A+Buyouts%3C%2Fa%3E+category%E2%80%94a+milestone+reached+in+fewer+years+from+founding+than+any+other+U.S.+law+firm.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EPraising+the+firm+for+its+%E2%80%9Cexcellent+counsel+in+LBOs%2C+carve-outs+and+add-ons%2C+among+other+transactions%2C%E2%80%9D+Chambers+observed+the+firm+is+%E2%80%9Cfocused+on+ensuring+their+clients+are+getting+the+best+possible+advice+on+any+given+issue.%E2%80%9D+The+guide+also+commended+the+Private+Equity+group%E2%80%99s+%E2%80%9Cskilled+and+experienced+counsel%E2%80%9D+as+a+key+strength+of+the+firm+with+one+client+sharing+that+the+firm+%E2%80%9Cthrives+in+complexity%2C%E2%80%9D+and+another+describing+it+as+%E2%80%9Cincredibly+effective+at+handling+complex+and+sophisticated+matters.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+firm+has+also+again+been+ranked+in+Band+1+of+the+California%3A+Los+Angeles+%26amp%3B+Surrounds+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fcapabilities%2Fmergers-acquisitions%2F%22%3ECorporate%2FM%26amp%3BA%3C%2Fa%3E%3A+Highly+Regarded+table.+Last+year%2C+Massumi+%2B+Consoli+became+the+fastest+firm+ever+to+secure+this+department-wide+ranking+as+well.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIn+the+2025+guide%2C+Chambers+emphasized+the+team%E2%80%99s+%E2%80%9Cincredible+attention+to+detail%E2%80%9D+and+strong+grasp+of+broader+deal+dynamics+as+hallmarks+of+its+M%26amp%3BA+practice.+One+client+cited+the+firm%E2%80%99s+%E2%80%9Cexcellent+response+times%2C%E2%80%9D+while+another+added+that+%E2%80%9Cfew+compare+to+%5BM%2BC%5D+in+terms+of+institutionalized+professionalism.%E2%80%9D+The+guide+further+recognized+the+firm+for+%E2%80%9Cconsistently+deliver%5Bing%5D+a+top+service+in+terms+of+skill%2C+experience+and+professionalism.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EM%2BC+was+additionally+recognized+for+its+%E2%80%9Cexpertise+in+a+range+of+corporate+and+transactional+matters%2C+with+supplementary+in-house+capabilities.%E2%80%9D+One+client+praised+the+firm%E2%80%99s+%E2%80%9Cdeep+expertise%E2%80%9D+and+%E2%80%9Crobust%2C+growing+cohort+of+specialists%2C%E2%80%9D+while+another+said%2C+%E2%80%9Cwe+also+appreciate+the+in-house+specialist+coverage+and+ability+to+deliver+a+unified+experience+across+all+key+areas.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIn+addition+to+the+firm%E2%80%99s+department+rankings%2C+Massumi+%2B+Consoli%E2%80%99s+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fadeeb-fadil%2F%22%3EAdeeb+Fadil%3C%2Fa%3E+has+once+again+been+ranked+as+a+Band+1+lawyer+in+the+Environment%3A+Mainly+Transactional+category%2C+with+the+guide+highlighting+him+as+a+%E2%80%9Cgifted+professional%E2%80%9D+and+%E2%80%9Cfrequently+sought+out%E2%80%9D+for+his+ability+to+%E2%80%9Chandle+the+full+range+of+environmental+issues+arising+out+of+corporate+deals.%E2%80%9D+Adeeb+has+been+ranked+by+Chambers+for+over+20+years%2C+including+19+years+as+a+Band+1+lawyer.%3C%2Fspan%3E%3C%2Fp%3E%0A
05.08.25 • Press Releases

Massumi + Consoli Accelerates Nationwide Growth with Strategic Hire in Los Angeles

05.08.25
%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ENegin+Nazemi+Joins+from+Gibson+Dunn+as+Firm+Expands+to+Support+Demand+for+Partner-Led+Middle+Market+Private+Equity+Counsel%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3E%C2%A0%3C%2Fem%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ELos+Angeles+%28May+08%2C+2025%29+%3C%2Fstrong%3E%E2%80%93+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2F%22%3EMassumi+%2B+Consoli%3C%2Fa%3E%3C%2Fspan%3E%2C+a+nationwide+law+firm+recognized+for+its+leading+private+equity+and+M%26amp%3BA+practice%2C+is+pleased+to+announce+that+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fnegin-nazemi%2F%22%3ENegin+Nazemi%3C%2Fa%3E+has+joined+the+firm+as+a+Partner+in+its+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fcapabilities%2Fprivate-equity%2F%22%3EPrivate+Equity%3C%2Fa%3E%3C%2Fspan%3E+and+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fcapabilities%2Fmergers-acquisitions%2F%22%3EM%26amp%3BA%3C%2Fa%3E%3C%2Fspan%3E+practice+in+Los+Angeles.%C2%A0%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EHer+addition+deepens+the+firm%E2%80%99s+bench+of+top-tier+deal+lawyers+and+reinforces+its+commitment+to+scaling+with+talent+aligned+to+client+priorities+in+the+key+markets+in+which+they+operate.+Negin%2C+who+was+a+Partner+at+Gibson%2C+Dunn+%26amp%3B+Crutcher%2C+is+the+latest+in+a+string+of+recent+strategic+hires+as+Massumi+%2B+Consoli+scales+nationally+in+response+to+growing+client+demand.+In+the+past+two+months+alone%2C+Massumi+%2B+Consoli+has+welcomed+several+senior+partners+across+offices%2C+including+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Flewis-zirogiannis%2F%22%3ELewis+Zirogiannis%3C%2Fa%3E%3C%2Fspan%3E%2C+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fdov-kogen%2F%22%3EDov+Kogen%3C%2Fa%3E%3C%2Fspan%3E%2C+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fgregory-cage%2F%22%3EGregory+Cage%3C%2Fa%3E%3C%2Fspan%3E%2C+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fjames-r-morrissey%2F%22%3EJames+R.+Morrissey%3C%2Fa%3E%3C%2Fspan%3E+and+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fkyle-r-johnson%2F%22%3EKyle+R.+Johnson%3C%2Fa%3E%3C%2Fspan%3E.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CWe%E2%80%99re+seeing+significant+and+sustained+demand+for+middle+market+private+equity+counsel+delivered+by+highly+engaged%2C+partner-led+teams%2C%E2%80%9D+said+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi-pc%2F%22%3EPeter+Massumi%3C%2Fa%3E%3C%2Fspan%3E%2C+co-founder+of+Massumi+%2B+Consoli.+%E2%80%9CAs+we+expand+nationally+to+meet+that+demand%2C+we%E2%80%99re+also+growing+thoughtfully+in+Los+Angeles%E2%80%94where+the+firm+was+founded+and+where+many+of+our+clients+operate%E2%80%94to+ensure+we+continue+to+deliver+the+value%2C+responsiveness+and+partner+attention+clients+expect+from+us.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ENegin+advises+private+equity+sponsors+and+strategic+acquirers+on+complex+M%26amp%3BA+and+investment+transactions+across+a+wide+range+of+sectors%2C+including+technology%2C+energy+and+infrastructure%2C+healthcare%2C+business+services+and+industrials.+With+well+over+a+decade+of+experience%2C+she+brings+deep+insight+into+transaction+structuring%2C+deal+execution+and+long-term+value+creation+for+financial+sponsors+and+their+portfolio+companies.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9COur+growth+has+been+deliberate+and+demand-driven%2C+focused+on+adding+the+right+people+in+the+right+places%2C%E2%80%9D+said+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22%3EAnthony+Consoli%3C%2Fa%3E%3C%2Fspan%3E%2C+co-founder+of+Massumi+%2B+Consoli.+%E2%80%9CNegin+is+a+natural+fit+for+our+team+and+our+platform.+She+brings+both+top-tier+private+equity+M%26amp%3BA+experience+and+a+client-first+approach+that+aligns+with+how+we+do+business.+Her+arrival+is+another+powerful+reflection+of+M%2BC%E2%80%99s+momentum+and+sustained+upward+trajectory.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CMassumi+%2B+Consoli+has+built+something+rare%3A+a+high-caliber+middle+market+transactional+platform+with+an+entrepreneurial+mindset+and+a+deep+focus+on+client+service%2C%E2%80%9D+said+Negin.+%E2%80%9CI%E2%80%99m+excited+to+be+part+of+the+team+as+it+continues+to+grow.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EAbout+Massumi+%2B+Consoli%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+is+a+nationwide%2C+Chambers-ranked+law+firm+that+delivers+exceptional+expertise+and+unmatched+client+experience+specifically+tailored+to+the+middle+market+needs+of+private+equity+firms+and+other+financial+sponsors%2C+as+well+as+other+dynamic+and+acquisitive+enterprises.+Founded+in+2015+as+a+spin-out+from+the+Private+Equity+and+M%26amp%3BA+Group+of+Kirkland+%26amp%3B+Ellis%2C+the+firm%E2%80%99s+approach+combines+the+proficiency+of+the+best+large+international+law+firms+with+a+highly+personalized%2C+boutique+experience.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A
04.30.25 • Press Releases

Massumi + Consoli Launches Real Estate Practice to Expand Transactional Capabilities

04.30.25
%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ENEW+YORK+%28Apr.+30%2C+2025%29+%E2%80%93+%3C%2Fstrong%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2F%22%3EMassumi+%2B+Consoli%3C%2Fa%3E%3C%2Fspan%3E%2C+a+nationwide+law+firm+recognized+for+its+leading+private+equity+and+M%26amp%3BA+practice%2C+today+announced+the+launch+of+its+new+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fcapabilities%2Freal-estate%2F%22%3EReal+Estate%3C%2Fa%3E%3C%2Fspan%3E+practice+to+bolster+the+firm%E2%80%99s+ability+to+serve+its+clients%E2%80%99+needs.+%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fjames-r-morrissey%2F%22%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EJames+R.+Morrissey%3C%2Fspan%3E%3C%2Fa%3E+and+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fkyle-r-johnson%2F%22%3EKyle+R.+Johnson%3C%2Fa%3E%3C%2Fspan%3E+have+joined+the+firm+as+Partners+in+New+York+to+help+launch+the+firm%E2%80%99s+new+offering.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+new+Real+Estate+practice+will+advise+clients+on+the+acquisition%2C+development%2C+financing%2C+leasing+and+disposition+of+real+estate+assets+and+portfolios%2C+with+particular+depth+in+industries+where+real+estate+assets+are+central+to+operations+and+investment+strategy%2C+including+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fcapabilities%2Fenergy-infrastructure%2F%22%3Eenergy+and+infrastructure%3C%2Fa%3E%3C%2Fspan%3E%2C+healthcare%2C+industrials+and+logistics.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%26%238220%3BReal+estate+is+absolutely+critical+in+many+of+the+industries+we+serve%2C%26%238221%3B+said+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22%3EAnthony+Consoli%3C%2Fa%3E%3C%2Fspan%3E%2C+co-founder+of+Massumi+%2B+Consoli.+%26%238220%3BBuilding+real+estate+capability+that+matches+the+sophistication+of+our+broader+private+equity+and+M%26amp%3BA+platform+was+a+natural+next+step%2C+and+James+and+Kyle+bring+the+ideal+combination+of+technical+knowledge%2C+industry+insight%2C+commercial+sensibility+and+ambition.+Their+existing+relationships+with+many+of+our+clients+will+be+immediately+synergistic.%26%238221%3B%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EJames+Morrissey+is+a+seasoned+real+estate+and+energy+attorney+who+counsels+investors%2C+developers+and+operators+on+acquisitions%2C+sales%2C+joint+ventures+and+financings+involving+diverse+real+estate+assets.+He+has+advised+on+high-value+transactions+involving+both+traditional+real+estate+and+energy-related+infrastructure+projects%2C+offering+a+pragmatic+and+commercially+driven+approach+to+dealmaking.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EKyle+Johnson+is+an+environmental+attorney+with+substantial+experience+advising+clients+on+the+environmental+aspects+of+corporate+and+real+estate+transactions%2C+including+in+the+context+of+due+diligence%2C+risk+allocation+and+regulatory+compliance.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%26%238220%3BOur+firm+has+always+focused+on+building+targeted%2C+high-quality+practices+that+complement+the+core+private+equity+services+we+provide+to+our+clients%2C%26%238221%3B+said+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi-pc%2F%22%3EPeter+Massumi%3C%2Fa%3E%3C%2Fspan%3E%2C+co-founder+of+Massumi+%2B+Consoli.+%26%238220%3BAdding+real+estate+as+a+dedicated+practice+strengthens+our+ability+to+help+clients+unlock+value+and+navigate+the+complexities+of+transactions+involving+real+estate+assets%2C+whether+as+a+primary+or+supporting+component+of+the+deal.%26%238221%3B%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EAbout+Massumi+%2B+Consoli%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+is+a+nationwide%2C+Chambers-ranked+law+firm+that+delivers+exceptional+expertise+and+unmatched+client+experience+specifically+tailored+to+the+middle+market+needs+of+private+equity+firms+and+other+financial+sponsors%2C+as+well+as+other+dynamic+and+acquisitive+enterprises.+Founded+in+2015+as+a+spin-out+from+the+Private+Equity+and+M%26amp%3BA+Group+of+Kirkland+%26amp%3B+Ellis%2C+the+firm%E2%80%99s+appro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04.29.25 • Insights

State and Federal Shifts: Key Regulatory Trends for Healthcare Investors

04.29.25
%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EBy+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fjoyce-cowan%2F%22%3EJoyce+Cowan%3C%2Fa%3E+and+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fmatthew-smith%2F%22%3EMatthew+Smith%3C%2Fa%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ESummary%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EHealthcare+private+equity+faces+crosswinds%3A+aggressive+legislation+and+regulation+in+many+states+and+a+largely+unpredictable+but+possibly+more+permissive+federal+regulatory+environment.+Executive+branch+initiatives+under+the+Trump+Administration+aim+to+dismantle+regulatory+barriers+and+promote+competition.+How+these+federal+efforts+will+play+out+and+impact+healthcare+investing+is+still+sorting+out.+Deregulatory+efforts%2C+such+as+the+delete+%26%238220%3B10-for-1%26%238221%3B+regulation+executive+order+and+large+scale+HHS+restructuring%2C+could+impact+new+investments%E2%80%94but+also+inject+volatility+into+the+market.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMeanwhile%2C+states+are+moving+swiftly%2C+expanding+healthcare+transaction+notification+laws+and+even%2C+in+the+case+of+Massachusetts%2C+imposing+direct+fraud+liability+on+investors.+Although+the+FTC+appears+more+permissive+under+new+leadership%2C+the+healthcare+sector+remains+a+top+priority+for+enforcement.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EWith+evolving+requirements+on+both+fronts%2C+private+equity+investors+must+be+nimble%2C+attuned+to+state+developments%2C+and+prepared+for+heightened+scrutiny.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EIn+Depth%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EWhile+federal+policy+developments+remain+uncertain%2C+state-level+action+continues+to+reshape+the+healthcare+private+equity+landscape+%E2%80%94+and+investors+should+take+note+of+developments+on+both+fronts.+Scrutiny+of+healthcare+private+equity+investment+remains+a+priority+at+the+state+level%2C+with+additional+state+legislation+already+in+2025.+Meanwhile%2C+the+federal+focus%2C+particularly+at+the+Federal+Trade+Commission+%28FTC%29%2C+may+shift+away+from+private+equity%2C+even+as+healthcare+remains+a+targeted+sector.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EState+laws+scrutinizing+healthcare+investors+continue+to+evolve%2C+and+some+are+becoming+more+aggressive.+Massachusetts+is+implementing+changes+to+its+False+Claims+Law%2C%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref1%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn1%22%3E%5B1%5D%3C%2Fa%3E+which+imposes+liability+on+private+equity+investors+for+failing+to+report+violations%2C+and+at+least+one+other+state+is+considering+similar+changes.+Additionally%2C+states+are+increasingly+adopting+health+care+transaction+notification+laws%2C+which+vary+significantly+in+their+requirements+and+can+materially+impact+private+equity+transactions.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EOther+brewing+federal+moves+are+likely+to+create+both+opportunities+and+challenges+for+healthcare+investors+as+further+details+emerge.+The+Trump+Administration%E2%80%99s+establishment+of+the+Anticompetitive+Regulations+Task+Force+and+the+issuance+of+several+executive+orders+specifically+aim+to+dismantle+regulations+that+hinder+market+competition%2C+particularly+in+highly+regulated+sectors+such+as+healthcare.+Concurrently%2C+other+developments+at+the+federal+level%2C+including+the+creation+of+the+Department+of+Government+Efficiency%2C+the+reorganization+of+the+Department+of+Health+and+Human+Services%2C+and+uncertain+funding+levels+for+the+Medicare+and+Medicaid+programs%2C+are+contributing+to+considerable+upheaval+and+reshaping+the+healthcare+regulatory+environment.+Investors+who+monitor+these+changes+closely+will+be+better+positioned+to+respond+strategically+as+the+landscape+evolves.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Ch3%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EFederal+Environment%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+federal+environment+for+healthcare+private+equity+presents+more+questions+than+answers.+The+FTC+may+be+more+permissive+in+asserting+jurisdiction+and+regulating+dealmaking+activity%2C+but+funding+levels+for+federal+health+care+programs%2C+particularly+Medicaid%2C+remain+unclear.+The+Trump+Administration%E2%80%99s+broad+re-organization+of+HHS+and+its+deregulatory+initiative+are+likely+to+impact+the+healthcare+space%2C+but+it+is+too+early+to+predict+the+specific+impacts.+The+deregulatory+efforts+and+reorganization+had+no+clear+impact+on+the+proposed+payment+regulations+released+by+the+Centers+for+Medicare+%26amp%3B+Medicaid+Services+%28CMS%29+in+April.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref2%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn2%22%3E%5B2%5D%3C%2Fa%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Cstrong%3EA.+Antitrust%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EDespite+the+focus+in+the+past+few+years+on+federal+antitrust+enforcement+in+the+healthcare+private+equity+arena%2C+the+FTC+now+is+poised+to+permit+more+deals%2C+while+retaining+its+right+to+review.+Previously%2C+the+FTC+had+targeted+healthcare+private+equity.+In+2023%2C+the+FTC+sued+U.S.+Anesthesia+Partners%2C+Inc.+%28USAP%29+and+minority+private+equity+owner+Welsh+Carson+for+allegedly+monopolizing+the+Texas+anesthesia+market+through+a+series+of+acquisitions%2C+leading+to+higher+prices.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref3%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn3%22%3E%5B3%5D%3C%2Fa%3E+The+federal+district+court+dismissed+claims+against+Welsh+Carson+because+its+minority%2C+non-controlling+interest+was+found+not+to+constitute+an+%3Cem%3Eongoing%3C%2Fem%3E+violation+of+antitrust+laws.+The+allegations+against+USAP+were+allowed+to+proceed.+There+was+no+allegation+that+the+initial+acquisition+by+Welsh+Carson+was+a+violation+of+antitrust+laws%2C+and+the+Court+held+Welsh+Carson%E2%80%99s+minority%2C+non-controlling+ownership+interest+could+not+make+it+liable+under+Section+13%28b%29%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref4%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn4%22%3E%5B4%5D%3C%2Fa%3E+for+subsequent+acquisitions+by+USAP+that+were+anti-competitive%3A+%E2%80%9Cif+the+FTC+wants+to+recover+for+a+past+violation%E2%80%94where+an+entity+%E2%80%98has+been%E2%80%99+violating+the+law%E2%80%94it+must+use+Section+5%28b%29+%5Bof+the+FTC+Act%5D.%E2%80%9D%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref5%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn5%22%3E%5B5%5D%3C%2Fa%3E+The+related+administrative+suit+offers+some+insight+into+the+current+FTC+commissioners+thinking+on+private+equity.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+administrative+suit+alleged+the+initial+acquisition+of+USAP+by+Welsh+Carson+and+subsequent+roll+up+acquisitions+by+USAP+were+in+violation+of+Section+5+of+the+FTC+Act+and+settled+on+January+17%2C+2025.+Unsurprisingly%2C+the+FTC%E2%80%99s+consent+order+with+Welsh+Carson+imposed+restrictions+on+its+ownership+and+control+over+USAP.+The+opinion+of+FTC+Chair+Lina+M.+Kahn+in+January+2025+highlights+previous+FTC+views+regarding+the+anticompetitive+role+of+private+equity.+Chair+Kahn%E2%80%99s+opinion+emphasized+the+need+for+regulatory+measures+to+prevent+similar+%E2%80%9Cschemes%E2%80%9D+in+the+future.+In+contrast%2C+the+concurring+opinion+of+Commissioner+Andrew+N.+Ferguson%2C+now+the+chair+of+the+FTC+under+the+Trump+Administration%2C+highlights+Ferguson%E2%80%99s+view+that+the+Welsh+Carson+settlement+was+a+routine+enforcement+action%2C+criticizing+the+focus+on+private+equity+and+asserting+that+the+antitrust+analysis+remains+consistent+%3Cem%3Eregardless+of+investor+type%3C%2Fem%3E.+If+Chairman+Ferguson%E2%80%99s+statement+regarding+Welsh+Carson+reflects+the+FTC%E2%80%99s+current+attitude+to+healthcare+private+equity+%28and+private+equity+more+generally%29%2C+it+is+possible+that+even+larger+transactions+with+greater+consolidation+within+a+sector+or+subsector+may+receive+more+permissive+FTC+reviews.+Nonetheless%2C+Chair+Ferguson+has+stated+that+%E2%80%9Ctwo+of+his+top+priorities%E2%80%9D+are+promoting+competition+in+%E2%80%9Clabor+and+healthcare+markets.%E2%80%9D%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref6%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn6%22%3E%5B6%5D%3C%2Fa%3E+Despite+any+more+permissive+deal+environment+at+the+FTC%2C+Chairman+Ferguson%E2%80%99s+statements+suggest+healthcare+will+continue+to+be+a+target+for+antitrust+enforcement.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Cstrong%3EB.+Deregulation%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+Trump+Administration+established+the+Anticompetitive+Regulations+Task+Force+under+the+United+States+Department+of+Justice%E2%80%99s+Antitrust+Division+to+play+a+role+in+identifying+and+eliminating+regulations+across+all+economic+sectors+that+hinder+free+market+competition.+This+Task+Force+is+part+of+a+broader+deregulatory+agenda+aimed+at+fostering+a+competitive+and+innovative+market+environment+across+various+sectors%2C+including+healthcare%2C+housing%2C+transportation%2C+food+and+agriculture%2C+and+energy.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref7%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn7%22%3E%5B7%5D%3C%2Fa%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EExecutive+Order+14192%2C+signed+on+January+31%2C+2025%2C+mandates+that+for+each+new+regulation+a+federal+agency+issues%2C+at+least+ten+prior+regulations+must+be+identified+for+elimination.+This+%E2%80%9C10-for-1%E2%80%9D+requirement+aims+to+manage+and+control+the+cost+of+planned+regulations+through+a+rigorous+regulatory+budgeting+process.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref8%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn8%22%3E%5B8%5D%3C%2Fa%3E+The+order+emphasizes+reducing+unnecessary+regulatory+burdens+to+secure+economic+prosperity+and+national+security.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref9%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn9%22%3E%5B9%5D%3C%2Fa%3E%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EExecutive+Order+14219%2C+signed+on+February+19%2C+2025%2C+directs+federal+agencies+to+review+existing+regulations+within+their+sole+or+joint+jurisdiction+%28potentially+extending+to+state+regulations%29+and+identify+those+existing+regulations+that%2C+among+other+criteria%2C+%E2%80%9Cimpose+significant+costs+upon+private+parties+that+are+not+outweighed+by+public+benefits%E2%80%9D+or+%E2%80%9Cimpose+undue+burdens+on+small+businesses+and+impede+private+enterprise+and+entrepreneurship.%E2%80%9D%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref10%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn10%22%3E%5B10%5D%3C%2Fa%3E+Pursuant+to+OMB+guidance+released+on+April+9%2C+2025%2C+agencies+should+identify+these+regulations+within+60+days+and+must+submit+a+report+within+30+days+thereafter+to+the+OMB%E2%80%99s+Office+of+Information+and+Regulatory+Affairs.+In+their+reports+to+OMB%2C+agencies+must+identify+any+regulations+identified+in+the+60-day+review+that+have+not+been+targeted+for+repeal+along+with+an+explanation+of+why+such+regulations+are+not+being+targeted.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref11%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn11%22%3E%5B11%5D%3C%2Fa%3E%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EExecutive+Order+14267%2C+issued+on+April+9%2C+2025%2C+mandates+that+agency+heads%2C+in+consultation+with+the+FTC+Chair+and+Attorney+General%2C+identify+and+recommend+the+rescission+or+modification+of+regulations+that+create+monopolies%2C+create+barriers+to+entry%2C+limit+competition+%28including+in+procurement%29%2C+or+%E2%80%9Ccreate+or+facilitate+licensure+or+accreditation+requirements+that+unduly+limit+competition%2C%E2%80%9D+adding+a+layer+of+specificity+to+the+deregulatory+efforts.+Within+70+days%2C+agencies+must+provide+a+list+of+regulations+identified+by+the+review+to+the+DOJ+and+FTC.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref12%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn12%22%3E%5B12%5D%3C%2Fa%3E%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EPursuant+to+the+same+Executive+Order%2C+the+FTC+issued+a+Request+for+Information+%28RFI%29+that+invites+public+comment+on+federal+regulations+that+harm+competition+by+May+27%2C+2025.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref13%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn13%22%3E%5B13%5D%3C%2Fa%3E+The+RFI+seeks+input+from+various+stakeholders%2C+including+consumers%2C+businesses%2C+and+academics%2C+to+identify+regulations+that+create+monopolies%2C+limit+competition%2C+or+impose+unnecessary+barriers+to+market+entry.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref14%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn14%22%3E%5B14%5D%3C%2Fa%3E+On+April+11%2C+the+Office+of+Management+and+Budget+%28OMB%29+issued+its+even+broader+RFI+soliciting+%E2%80%9Cideas+for+deregulation+from+across+the+country%E2%80%A6+to+identify+rules+to+be+rescinded+and+provide+detailed+reasons+for+their+recission.%E2%80%9D+The+broader+RFI+from+the+OMB+appears+to+seek+to+identify+both+state+and+federal+regulations+in+any+sector+in+line+with+its+priorities+and+is+accepting+comments+through+May+12%2C+2025.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref15%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn15%22%3E%5B15%5D%3C%2Fa%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+Trump+Administration+has+emphasized+that+the+primary+goal+of+these+deregulatory+initiatives+is+to+alleviate+unnecessary+regulatory+burdens+and+foster+a+competitive+market+environment.+The+mechanisms+employed+through+the+Executive+Orders+include%3A%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3E10-for-1+Requirement%3A%3C%2Fstrong%3E+Agencies+must+identify+ten+existing+regulations+to+repeal+for+every+new+regulation+proposed%2C+ensuring+a+net+reduction+in+regulatory+costs.+%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref16%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn16%22%3E%5B16%5D%3C%2Fa%3E%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EIncremental+Cost+Reduction%3A%3C%2Fstrong%3E+Agencies+are+directed+to+ensure+that+the+total+incremental+cost+of+new+regulations+is+significantly+less+than+zero%2C+promoting+cost+savings+and+efficiency.+%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref17%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn17%22%3E%5B17%5D%3C%2Fa%3E%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EPublic+Engagement%3A%3C%2Fstrong%3E+The+FTC%E2%80%99s+RFI+encourages+public+participation+in+identifying+anticompetitive+regulations%2C+including+specifically+consumers%2C+workers%2C+businesses%2C+startups%2C+potential+market+entrants%2C+investors%2C+and+academics.+%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref18%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn18%22%3E%5B18%5D%3C%2Fa%3E%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIt+is+unclear+how+these+federal+deregulatory+efforts+will+play+out+within+healthcare+sectors%2C+but+past+statements+from+the+FTC+offer+some+guidance+on+which+regulations+the+FTC+may+consider+anticompetitive.+Within+healthcare%2C+the+stated+focus+of+the+deregulatory+effort+is+on+eliminating+regulations+that+discourage+low-cost%2C+high-quality+care+and+encourage+overbilling+and+consolidation.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref19%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn19%22%3E%5B19%5D%3C%2Fa%3E+In+the+past%2C+the+FTC+has+submitted+comments+on+state+legislation+that+it+considers+could+impact+competition+and+consistently+opposed+state+certificate-of-need+%28CON%29+laws.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref20%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn20%22%3E%5B20%5D%3C%2Fa%3E+CON+laws+require+healthcare+providers+to+obtain+state+approval+before+expanding+facilities+or+services+and+may+be+implicated+by+changes+of+ownership+or+control.+Further%2C+the+FTC+has+encouraged+broader+scope+of+practice+laws+for+practitioners+such+as+nurse+practitioners+and+optometrists+to+encourage+competition+in+the+primary+care+and+eye+care+markets%2C+supported+telehealth%2C+and+encouraged+states+to+allow+competition+among+accrediting+or+certification+bodies.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref21%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn21%22%3E%5B21%5D%3C%2Fa%3E+In+discussions+linked+to+the+Task+Force%E2%80%99s+website%2C+experts+discussed+additional+potentially+anti-competitive+regulations+including+any+willing+provider+laws%2C+network+adequacy+regulations%2C+and+medical+loss+ratio+regulations.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref22%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn22%22%3E%5B22%5D%3C%2Fa%3E+Investors+may+take+the+opportunity+to+submit+proposals+for+deregulation+in+accordance+with+the+RFIs.+As+the+OMB+and+FTC+analyze+the+submissions%2C+it+may+become+clearer+if+these+regulations%2C+or+other+areas+of+healthcare+regulations%2C+are+likely+to+be+impacted.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Cstrong%3EC.+CMS+%26amp%3B+MA+Plans%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EUnder+the+Trump+Administration%2C+Medicare+Advantage+%28MA%29+plans+may+receive+more+emphasis+from+CMS%2C+the+federal+agency+within+HHS+that+provides+health+coverage+in+conjunction+with+States+through+Medicare%2C+Medicaid%2C+the+Children%E2%80%99s+Health+Insurance+Program%2C+and+the+Health+Insurance+Marketplaces.+Medicare+Advantage+%28MA%29+plans+are+Medicare+plans+offered+by+private+insurers+rather+than+by+CMS.+In+its+role+as+the+nation%E2%80%99s+largest+buyer+of+healthcare+services%2C+many+of+CMS%E2%80%99s+standards+and+practices+are+applicable+outside+Medicare+because+other+private+payors+piggyback+on+CMS+requirements.+Mehmet+Oz%2C+M.D.+was+recently+confirmed+as+the+director+of+CMS+on+April+3%2C+2025.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref23%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn23%22%3E%5B23%5D%3C%2Fa%3E+Dr.+Oz+has+consistently+expressed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+is+in+line+with+President+Trump%E2%80%99s+Executive+Order+on+workforce+optimization+and+involves+a+comprehensive+overhaul+of+the+department%E2%80%99s+operations.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref34%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn34%22%3E%5B34%5D%3C%2Fa%3E+While+less+directly+relevant+for+the+environment+impacting+healthcare+transactions%2C+the+structural+changes+at+HHS+impact+the+environment+in+which+many+healthcare+providers+operate+generally+and+could%2C+for+example%2C+slow+the+review+of+transactions+requiring+CMS+approval+%28%3Cem%3Ee.g.%3C%2Fem%3E%2C+Medicare+changes+of+ownership%29.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EA+key+component+of+this+transformation+is+the+significant+reduction+of+the+HHS+workforce+from+82%2C000+to+62%2C000+full-time+employees.+This+reduction+is+being+achieved+through+voluntary+resignation+programs+with+further+reductions+in+force%2C+targeting+duplicative+and+redundant+functions+within+the+department.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref35%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn35%22%3E%5B35%5D%3C%2Fa%3E+The+restructuring+also+involves+the+consolidation+of+twenty-eight+divisions+into+fifteen%2C+centralizing+core+functions+such+as+Human+Resources%2C+Information+Technology%2C+and+Procurement+to+eliminate+inefficiencies.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref36%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn36%22%3E%5B36%5D%3C%2Fa%3E+The+reductions+in+force+may+lengthen+deal+timelines+when+involving+%E2%80%9Cchanges+of+ownership%E2%80%9D+or+enrollments%2C+as+these+require+approval+of+CMS+personnel.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThis+is+not+the+only+change+shaking+things+up+at+HHS.+A+newly+created+Administration+for+a+Healthy+America+%28AHA%29+will+consolidate+several+agencies%2C+including+the+Office+of+the+Assistant+Secretary+for+Health%2C+Health+Resources+and+Services+Administration%2C+and+others%2C+to+better+coordinate+health+resources+for+low-income+Americans.+The+AHA+will+focus+on+areas+such+as+Primary+Care%2C+Maternal+and+Child+Health%2C+and+Mental+Health.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref37%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn37%22%3E%5B37%5D%3C%2Fa%3E+Additionally%2C+the+restructuring+seeks+to+refocus+the+Centers+for+Disease+Control+and+Prevention+%28CDC%29+on+outbreak+response+and+preparedness%2C+with+the+Administration+for+Strategic+Preparedness+and+Response+being+transferred+to+the+CDC+for+a+net+loss+of+1%2C400+personnel.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref38%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn38%22%3E%5B38%5D%3C%2Fa%3E+The+creation+of+a+new+Assistant+Secretary+for+Enforcement+is+intended+to+enhance+oversight+and+combat+waste%2C+fraud%2C+and+abuse+within+federal+health+programs+including+oversight+of+the+Departmental+Appeals+Board+%28DAB%29%2C+Office+of+Medicare+Hearings+and+Appeals+%28OMHA%29%2C+and+Office+for+Civil+Rights+%28OCR%29.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref39%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn39%22%3E%5B39%5D%3C%2Fa%3E+The+upheaval+at+HHS+caused+by+the+reorganization+and+workforce+optimization+could+prove+a+challenging+environment+to+implement+the+Administration%E2%80%99s+deregulatory+agenda+as+well+as+other+initiatives+at+HHS.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Cstrong%3EF.+Department+of+Government+Efficiency%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+Trump+Administration+established+a+Department+of+Government+Efficiency+%28DOGE%29+to+advance+%E2%80%9Cthe+President%E2%80%99s+18-month+agenda%E2%80%9D+as+a+temporary+organization+that+will+terminate+on+July+4%2C+2026.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref40%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn40%22%3E%3Csup%3E%5B40%5D%3C%2Fsup%3E%3C%2Fa%3E+Each+federal+agency+is+required+to+establish+a+DOGE+team%2C+typically+consisting+of+a+team+lead%2C+an+engineer%2C+a+human+resources+specialist%2C+and+an+attorney%2C+to+coordinate+with+DOGE+and+advise+on+implementing+its+agenda.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref41%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn41%22%3E%3Csup%3E%5B41%5D%3C%2Fsup%3E%3C%2Fa%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+Executive+Order+does+not+clearly+define+the+purposes+or+remit+of+DOGE.+Rather%2C+DOGE+is+tasked+with+implementing+a+%E2%80%9CSoftware+Modernization+Initiative%E2%80%9D+to+improve+federal+software+and+IT+systems%2C+promoting+interoperability+among+agency+networks%2C+but+the+order+contains+few+other+specific+directives.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref42%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn42%22%3E%3Csup%3E%5B42%5D%3C%2Fsup%3E%3C%2Fa%3E+All+agency+heads+must+provide%2C+to+the+maximum+extent+allowed+by+law%2C+%E2%80%9Cfull+and+prompt+access+to+all+unclassified+agency+records%2C+software+systems%2C+and+IT+systems.%E2%80%9D+The+DOGE+initiative+also+involves+accessing+unclassified+agency+records+and+systems%2C+with+a+focus+on+IT+and+HR+management%2C+procurement%2C+real+property%2C+and+agency+operations.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref43%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn43%22%3E%3Csup%3E%5B43%5D%3C%2Fsup%3E%3C%2Fa%3EAs+DOGE%E2%80%99s+changes+are+ongoing%2C+it+is+contributing+to+the+uncertainty+around+federal+policy+towards+healthcare+private+equity.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Ch3%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EState+Environment%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EWhile+the+regulatory+and+legislative+environment+for+private+equity+transactions+is+unique+in+each+state%2C+many+states+are+moving+in+similar+ways+to+address+policy+concerns+about+private+healthcare+investment.+More+states+are+adopting+health+care+transaction+notification+laws+that+target+non-provider+investors+such+as+private+equity+funds.+Massachusetts+has+extended+liability+for+certain+healthcare+violations+to+investors+who+knew+about+violative+conduct+but+did+not+report%2C+and+Connecticut+is+considering+a+similar+change+to+its+fraud+and+abuse+law.+With+these+new+requirements+and+added+liability+exposure%2C+states+are+increasingly+asking+investors+to+justify+their+investments+on+public+policy+grounds.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Cstrong%3EA.+Health+Care+Transaction+Notification+Laws%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EStates+are+increasingly+adopting+health+care+transaction+notification+laws.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref44%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn44%22%3E%5B44%5D%3C%2Fa%3E+Healthcare+investors+are+aware+of+the+change+of+ownership+%28CHOW%29+filing+requirements+that+often+accompany+transactions+involving+licensed+healthcare+entities.+While+CHOW+filings+assist+regulators+in+oversight+of+licensed+or+enrolled+entities%2C+the+newer+health+care+transaction+notification+laws+focus+on+state-specific+policy+concerns+beyond+licensure+compliance.+Health+care+transaction+notification+laws+are+often+explicitly+attempting+to+scrutinize+private+equity+investment+in+the+healthcare+sector%2C+particularly+healthcare+providers.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cimg+loading%3D%22lazy%22+decoding%3D%22async%22+class%3D%22size-medium+wp-image-2803+aligncenter%22+src%3D%22https%3A%2F%2Fmcllp.com%2Fwp-content%2Fuploads%2F2025%2F04%2FMap-300x177.jpg%22+alt%3D%22%22+width%3D%22300%22+height%3D%22177%22+srcset%3D%22https%3A%2F%2Fmcllp.com%2Fwp-content%2Fuploads%2F2025%2F04%2FMap-300x177.jpg+300w%2C+https%3A%2F%2Fmcllp.com%2Fwp-content%2Fuploads%2F2025%2F04%2FMap-1024x605.jpg+1024w%2C+https%3A%2F%2Fmcllp.com%2Fwp-content%2Fuploads%2F2025%2F04%2FMap-768x454.jpg+768w%2C+https%3A%2F%2Fmcllp.com%2Fwp-content%2Fuploads%2F2025%2F04%2FMap-1536x907.jpg+1536w%2C+https%3A%2F%2Fmcllp.com%2Fwp-content%2Fuploads%2F2025%2F04%2FMap-2048x1210.jpg+2048w%22+sizes%3D%22auto%2C+%28max-width%3A+300px%29+100vw%2C+300px%22+%2F%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+emerging+requirements+vary+by+state.+Some+states%2C+such+as+New+Mexico+and+Oregon%2C+require+written+approval+from+governmental+authorities+before+a+transaction+may+close+and+allow+conditions+on+future+operations+to+be+imposed+on+reviewed+transactions.+Others%2C+such+as+Illinois+and+Indiana%2C+primarily+require+advance+notice+without+explicit+approval+or+conditions.+Information+to+be+submitted+includes+details+about+the+parties+involved%2C+the+nature+of+the+transaction%2C+and+its+anticipated+impact+on+healthcare+costs%2C+access%2C+quality%2C+or+competition.+Covered+transactions+range+from+providers+%28%3Cem%3Ee.g.%3C%2Fem%3E%2C+hospitals+and+physician+practices%29+to+management+services+organizations+and+health+insurers.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cimg+loading%3D%22lazy%22+decoding%3D%22async%22+class%3D%22size-medium+wp-image-2802+aligncenter%22+src%3D%22https%3A%2F%2Fmcllp.com%2Fwp-content%2Fuploads%2F2025%2F04%2FStates-Chart-2-300x252.jpg%22+alt%3D%22%22+width%3D%22300%22+height%3D%22252%22+srcset%3D%22https%3A%2F%2Fmcllp.com%2Fwp-content%2Fuploads%2F2025%2F04%2FStates-Chart-2-300x252.jpg+300w%2C+https%3A%2F%2Fmcllp.com%2Fwp-content%2Fuploads%2F2025%2F04%2FStates-Chart-2-1024x859.jpg+1024w%2C+https%3A%2F%2Fmcllp.com%2Fwp-content%2Fuploads%2F2025%2F04%2FStates-Chart-2-768x644.jpg+768w%2C+https%3A%2F%2Fmcllp.com%2Fwp-content%2Fuploads%2F2025%2F04%2FStates-Chart-2-1536x1288.jpg+1536w%2C+https%3A%2F%2Fmcllp.com%2Fwp-content%2Fuploads%2F2025%2F04%2FStates-Chart-2-2048x1718.jpg+2048w%22+sizes%3D%22auto%2C+%28max-width%3A+300px%29+100vw%2C+300px%22+%2F%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+importance+of+these+laws+for+a+particular+transaction+hinge+on+the+finer+points.+Some+requirements+apply+only+to+specific+provider+types+or+those+exceeding+certain+revenue+thresholds%2C+some+states+require+the+reporting+of+significantly+more+information+%28including+on+a+post-closing+basis%29+than+other+states%2C+and+some+states+require+a+review+of+the+transaction+%28while+others+only+authorize+a+review%29.+The+requirements+are+also+in+flux.+At+least+one+faces+a+legal+challenge+and+amendments+to+several+are+pending.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref57%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn57%22%3E%5B57%5D%3C%2Fa%3E+Further%2C+additional+states+are+considering+similar+laws.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref58%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn58%22%3E%5B58%5D%3C%2Fa%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EOregon+has+one+of+the+strictest+transaction+notification+laws%2C+requiring+prior+approval+of+%E2%80%9Cmaterial+change+transactions%E2%80%9D+of+certain+healthcare+entities.+An+Oregon+%E2%80%9Cmaterial+change+transaction%E2%80%9D+must+have+significant+revenue%3A+one+party+involved+must+average+at+least+%2425+million+in+revenue+in+the+preceding+three+fiscal+years+and+the+other+party+must+have+averaged+%2410+million+in+the+preceding+three+fiscal+years+or+be+projected+to+have+%2410+million+in+revenue+in+its+first+full+year.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref59%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn59%22%3E%5B59%5D%3C%2Fa%3E+Health+care+entities+subject+to+review+include+individual+health+professionals%2C+hospitals%2C+carriers+offering+health+benefit+plans%2C+Medicare+Advantage+plans%2C+coordinated+care+organizations%2C+and+other+entities+primarily+providing+health+care+services%2C+excluding+long-term+care+facilities+and+certain+licensed+facilities.+The+Oregon+Health+Authority+%28OHA%29+may+condition+approvals+on+certain+operational+requirements+to+ensure+transactions+align+with+public+interest+goals%2C+such+as+maintaining+access+to+affordable+health+care+%28%3Cem%3Ee.g.%3C%2Fem%3E%2C+a+proposed+acquisition+of+substantially+all+the+non-clinical+assets+of+a+physician+practice+and+ambulatory+surgical+center+by+a+PE-backed+MSO+was+approved+with+conditions+including+that+the+MSO+could+not+enter+into+employment+agreements+with+any+clinical+personnel+and+must+continue+to+serve+Medicare+patients%29.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref60%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn60%22%3E%5B60%5D%3C%2Fa%3E+Required+submissions+include+detailed+transaction+information%2C+financial+statements%2C+the+terms+of+the+agreement%2C+and+definitive+documentation+of+the+transaction.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref61%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn61%22%3E%5B61%5D%3C%2Fa%3E+Post-closing%2C+entities+must+notify+the+OHA+of+transaction+completion+and+comply+with+follow-up+analyses+conducted+one%2C+two%2C+and+five+years+after+the+transaction+to+assess+compliance+and+impact.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EParties+to+transactions+in+Indiana%2C+for+example%2C+have+less+onerous+requirements.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref62%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn62%22%3E%5B62%5D%3C%2Fa%3E+Indiana+requires+notice+be+provided+to+the+Indiana+Attorney+General+%28AG%29+90+days+in+advance+of+any+mergers%2C+acquisitions%2C+or+asset+sales+of+health+care+entities%2C+which+include+private+equity+partnerships+that+invest+in%2C+or+any+business+that+provides%2C+diagnostic%2C+medical%2C+surgical%2C+dental+treatment%2C+or+rehabilitative+care.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref63%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn63%22%3E%5B63%5D%3C%2Fa%3E+However%2C+the+requirement+applies+only+when+the+combined+entities+and+holdings+exceed+%2410+million.+While+Indiana+AG+has+separate+antitrust+enforcement+authorities%2C+the+Indiana+statute+provides+the+AG+with+authority+to+delay+transactions+beyond+the+90-day+notice+period%2C+does+not+require+the+Indiana+Attorney+General+to+produce+a+report%2C+and+the+information+reporting+requirements+are+minimal.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Cstrong%3EB.+Fraud%2C+Waste+and+Abuse+Liability%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EAn+amendment+to+the+Massachusetts+False+Claims+Act+%28MFCA%29+creates+new+direct+risk+for+healthcare+investors.+Like+its+Federal+and+many+state+counterparts%2C+the+MFCA+imposes+liability+on+any+individual+or+entity+who+submits+false+claims+to+Massachusetts+government+employees%2Fagents+or+to+be+paid+with+Massachusetts+state+funds+%28including+Medicaid%29.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref64%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn64%22%3E%3Csup%3E%5B64%5D%3C%2Fsup%3E%3C%2Fa%3E+Since+January+8%2C+2025%2C+however%2C+certain+investors+%28including+interests+held+by+private+equity+funds+or+private+equity+professionals%29%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref65%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn65%22%3E%5B65%5D%3C%2Fa%3E+in+an+entity+that+violates+the+MFCA+and+who+%E2%80%9Cknow%E2%80%9D+about+the+violation+may+be+subject+to+liability+unless+the+investor+reports+the+violation+to+the+state+within+60+days.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref66%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn66%22%3E%5B66%5D%3C%2Fa%3E+The+applicable+Massachusetts+definition+of+%E2%80%9Cknow%E2%80%9D+includes+actual+knowledge%2C+deliberate+ignorance%2C+and+reckless+disregard+of+the+truth.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref67%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn67%22%3E%5B67%5D%3C%2Fa%3E+This+duty+to+report+could+subject+an+investor+to+MFCA+liability+for+a+%28reckless+or+deliberately+ignorant%29+failure+during+diligence+to+%E2%80%9Cidentify%E2%80%9D+MFCA+violations%2C+though+future+regulations%2C+case+law%2C+or+guidance+may+narrow+the+reach+of+the+MFCA+amendments.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EAs+of+April+2025%2C+the+Connecticut+General+Assembly+is+considering+similar+changes+to+the+Connecticut+False+Claims+Act.%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_ednref68%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_edn68%22%3E%5B68%5D%3C%2Fa%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Ch3%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EConclusion%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+first+few+months+of+the+Trump+Administration+have+clearly+brought+tremendous+change+in+many+areas+of+the+economy+and+promises+of+transformative+change+to+many+aspects+of+the+healthcare+sector.+But+the+details+of+the+coming+changes+for+healthcare+investment+landscape%2C+particularly+the+deregulatory+efforts+and+structural+changes+at+HHS%2C+have+not+been+made+publicly+available+and+are+likely+to+take+some+months+to+implement.+Thus%2C+the+federal+environment+is+marked+by+uncertainty%2C+with+potential+substantive+changes+in+the+FTC%E2%80%99s+approach+to+reviewing+transactions.+Aggregate+federal+healthcare+spending+levels%2C+particularly+for+state+Medicaid+programs%2C+seem+unlikely+to+increase%2C+but+the+tumult+in+Washington+makes+predictions+at+the+Federal+level+difficult.+States%2C+meanwhile%2C+are+pushing+ahead+with+their+agendas.+Healthcare+investors+can+expect+more+states+to+adopt+or+strengthen+healthcare+transaction+notification+laws%2C+but+it+is+not+yet+clear+whether+more+States+will+follow+Massachusetts+in+imposing+liability+on+healthcare+investors.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+regulatory+environment+for+healthcare+private+equity+is+becoming+increasingly+complex%2C+with+significant+developments+at+both+federal+and+state+levels.+The+Trump+Administration%26%238217%3Bs+deregulatory+initiatives+may+create+new+opportunities+in+the+healthcare+sector+if+regulations+are+rescinded+that+favorably+change+market+dynamics%2C+but+those+opportunities+may+look+different+across+the+country.+As+states+impose+additional+hurdles+on+health+care+transactions+and+subject+healthcare+investors+to+additional+risk%2C+the+individual+state+regulatory+environment+will+be+an+increasingly+important+factor+in+investment+decisions.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Ch3%3E%3Cspan+style%3D%22color%3A+%23c2c2c2%3B%22%3ENotes%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_edn1%22%3E%3C%2Fa%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22%23_ednref1%22%3E%5B1%5D%3C%2Fa%3E+%3Cem%3ESee+%3C%2Fem%3EMass.+Gen.+Laws+Ann.+12+%C2%A7+5A+%26amp%3B+5B.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+name%3D%22_edn2%22%3E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04.17.25 • News

Peter Massumi, Michael Young and Daniel Dubelman Named Banking & Finance Visionaries by the Los Angeles Times

04.17.25
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03.31.25 • Press Releases

Massumi + Consoli Expands Private Equity M&A Capabilities with Addition of Gregory Cage in New York

03.31.25
%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECage+Brings+Significant+Deal+Experience+and+Client+Synergies+to+the+Firm%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ENEW+YORK+%28Mar.+31%2C+2025%29+%E2%80%93+%3C%2Fstrong%3E%3Ca+href%3D%22http%3A%2F%2Fmcllp.com%22%3EMassumi+%2B+Consoli%3C%2Fa%3E%2C+a+nationwide+law+firm+focused+on+private+equity+and+M%26amp%3BA%2C+is+pleased+to+announce+that+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fgregory-cage%2F%22%3EGreg+Cage%3C%2Fa%3E+%3C%2Fspan%3Ehas+joined+the+firm%E2%80%99s+Private+Equity+and+M%26amp%3BA+practice+as+a+Partner+in+its+rapidly+expanding+New+York+office.+Greg+will+serve+as+a+key+member+of+the+M%26amp%3BA+team+as+the+firm+continues+to+scale+to+meet+growing+client+demand+for+sophisticated%2C+middle+market+transactional+counsel.%C2%A0%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EGreg+has+extensive+experience+advising+middle+market+private+equity+sponsors+and+their+portfolio+companies%2C+along+with+other+public+and+private+companies%2C+on+a+broad+range+of+M%26amp%3BA+transactions.+He+joins+M%2BC+with+a+private+equity+client+roster+consistent+with+the+firm%E2%80%99s+existing+client+base%2C+enabling+the+firm+to+further+expand+its+footprint+in+New+York.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CAdding+Greg+is+a+strategic+decision+that+presents+us+with+a+significant+opportunity+to+broaden+our+client+base+through+overlap+with+our+existing+capabilities%2C%E2%80%9D+said%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E+%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi-pc%2F%22%3EPeter+Massumi%3C%2Fa%3E%3C%2Fspan%3E%2C+co-founder+of+Massumi+%2B+Consoli.+%E2%80%9CWe+look+forward+to+partnering+with+Greg+to+continue+enhancing+our+position+as+the+premier+law+firm+in+the+nation+focused+on+private+equity+and+M%26amp%3BA.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EGreg+has+led+numerous+complex+transactions+across+a+wide+variety+of+industries%2C+including+platform+and+add-on+acquisitions%2C+leveraged+buyouts%2C+carve-outs%2C+strategic+mergers%2C+growth+and+structured+equity+investments%2C+dispositions%2C+special+situations+transactions+and+joint+ventures.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CGreg%E2%80%99s+practice+is+perfectly+aligned+with+our+core+competencies+and+approach%2C+making+him+an+ideal+fit+for+our+firm%2C%E2%80%9D+said+%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Ca+style%3D%22color%3A+%23be9b64%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22%3EAnthony+Consoli%3C%2Fa%3E%3C%2Fspan%3E%2C+the+firm%E2%80%99s+other+co-founder.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CMassumi+%2B+Consoli+has+quickly+expanded+its+presence+in+New+York+thanks+to+its+unique+combination+of+sophisticated+deal+expertise+and+a+highly+personalized+approach+to+each+transaction%2C+and+I+am+excited+to+help+drive+that+expansion+further%2C%E2%80%9D+added+Greg.+%E2%80%9CBy+leveraging+the+firm%E2%80%99s+substantial+middle+market+private+equity+experience%2C+as+well+as+its+unmatched+commitment+to+responsiveness+and+client+satisfaction%2C+my+clients+will+immediately+benefit+from+an+enhanced+value+proposition.+%C2%A0%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EPrior+to+joining+Massumi+%2B+Consoli%2C+Greg+was+a+Partner+at+Goodwin+Procter+LLP.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EAbout+Massumi+%2B+Consoli%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+is+a+nationwide%2C+Chambers-ranked+law+firm+that+delivers+exceptional+expertise+and+an+unmatched+client+experience+specifically+tailored+to+the+middle+market+needs+of+private+equity+firms+and+other+financial+sponsors%2C+as+well+as+other+dynamic+and+acquisitive+enterprises.+Founded+in+2015+as+a+spin-out+from+the+Private+Equity+and+M%26amp%3BA+Group+of+Kirkland+%26amp%3B+Ellis%2C+the+firm%E2%80%99s+approach+combines+the+proficiency+of+the+best+large+international+law+firms+with+a+highly+personalized%2C+boutique+experience.%3C%2Fspan%3E%3C%2Fp%3E%0A
03.25.25 • Press Releases

Massumi + Consoli Adds M&A Partner Dov Kogen to Keep Pace with Growing Client Demand

03.25.25
%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EFirm+Strengthens+Partnership+in+LA+with+Former+K%26amp%3BE+Partner+Amid+Ongoing+National+Expansion%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ELos+Angeles+%28March+25%2C+2025%29+%E2%80%93%3C%2Fstrong%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2F%22%3EMassumi+%2B+Consoli%3C%2Fa%3E%2C+a+nationwide+law+firm+focused+on+private+equity+and+M%26amp%3BA%2C+announced+today+the+expansion+of+its+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fcapabilities%2Fprivate-equity%2F%22%3EPrivate+Equity%3C%2Fa%3E+and+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fcapabilities%2Fmergers-acquisitions%2F%22%3EMergers+%26amp%3B+Acquisitions%3C%2Fa%3E+practice+with+the+addition+of+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fdov-kogen%2F%22%3EDov+Kogen%3C%2Fa%3E+as+a+Partner+in+the+firm%E2%80%99s+Los+Angeles+office.+Dov%2C+who+joins+from+Kirkland+%26amp%3B+Ellis%2C+brings+extensive+experience+advising+private+equity+sponsors%2C+their+portfolio+companies+and+other+corporate+clients+on+sophisticated+M%26amp%3BA+and+investment+transactions.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EAs+M%2BC+continues+to+scale+by+investing+in+top-tier+talent+to+meet+increasing+demand%2C+Dov%E2%80%99s+addition+reinforces+the+firm%E2%80%99s+deep+bench+in+Los+Angeles%2C+a+key+hub+for+private+equity+dealmaking+by+the+firm+and+its+clients.+His+arrival+ensures+the+firm+remains+well-positioned+to+provide+top-tier+counsel+to+clients+in+this+critical+market+while+maintaining+its+high-growth+trajectory.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CLos+Angeles+remains+a+key+market+for+our+clients%2C+and+Dov%E2%80%99s+arrival+reinforces+our+commitment+to+strategically+grow+our+firm+in+the+markets+where+our+clients+do+business%2C%E2%80%9D+said+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi-pc%2F%22%3EPeter+Massumi%3C%2Fa%3E%2C+co-founder+of+Massumi+%2B+Consoli.+%E2%80%9CDov+strengthens+our+ability+to+serve+clients+at+the+highest+level+in+LA+and+beyond.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CWe%E2%80%99ve+built+incredible+momentum%2C+and+bringing+in+experienced+dealmakers+like+Dov+strengthens+our+ability+to+deliver+the+sophisticated+counsel+and+high-touch+service+that+our+clients+expect+of+us%2C%E2%80%9D+said+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22%3EAnthony+Consoli%3C%2Fa%3E%2C+the+firm%E2%80%99s+other+co-founder.+%E2%80%9CHis+deep+expertise+and+professional+accomplishments+make+him+a+seamless+fit+for+our+firm.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EDov+advises+clients+on+a+broad+range+of+complex+transactions%2C+including+platform+and+add-on+acquisitions%2C+leveraged+buyouts%2C+carve-outs%2C+strategic+mergers%2C+structured+growth+investments%2C+dispositions%2C+special+situations+transactions+and+joint+ventures.+He+also+counsels+clients+on+various+general+corporate+and+governance+matters.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CMassumi+%2B+Consoli+has+built+an+impressive+platform+designed+to+meet+the+needs+of+a+broad+array+of+private+equity+sponsors+and+strategic+acquirors%2C+especially+those+that+operate+in+the+middle+market%2C%E2%80%9D+said+Dov.+%E2%80%9CThe+firm%E2%80%99s+ability+to+combine+the+deal+sophistication+of+a+large+firm+with+a+client-centric%2C+solutions-oriented+approach+makes+it+stand+out+in+this+space.+I+look+forward+to+contributing+to+its+continued+success+and+working+alongside+this+talented+team.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EAbout+Massumi+%2B+Consoli%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+is+a+nationwide%2C+Chambers-ranked+law+firm+that+delivers+exceptional+expertise+and+unmatched+client+experience+specifically+tailored+to+the+middle+market+needs+of+private+equity+firms+and+other+financial+sponsors%2C+as+well+as+other+dynamic+and+acquisitive+enterprises.+Founded+in+2015+as+a+spin-out+from+the+Private+Equity+and+M%26amp%3BA+Group+of+Kirkland+%26amp%3B+Ellis%2C+the+firm%E2%80%99s+approach+combines+the+proficiency+of+the+best+large+international+law+firms+with+a+highly+personalized%2C+boutique+experience.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A
03.03.25 • Press Releases

Massumi + Consoli Strengthens Trial & Dispute Resolution Capabilities with Veteran Litigator in Dallas

03.03.25
%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ELewis+Zirogiannis+Will+Deliver+Strategic+Counsel+for+Complex+Transaction-Related+Litigation+and+Other+High-Stakes+Disputes+and+Investigations%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2F%22%3EMassumi+%2B+Consoli%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+a+nationwide+law+firm+focused+on+private+equity+and+M%26amp%3BA%2C+is+pleased+to+announce+that%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Flewis-zirogiannis%2F%22%3ELewis+Zirogiannis%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Ehas+joined+the+firm+as+a+Partner+in+its%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fcapabilities%2Flitigation-dispute-resolution%2F%22%3ELitigation+%26amp%3B+Dispute+Resolution+%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Epractice%2C+in+the+firm%E2%80%99s+Dallas+office.+Lewis+joins+other+recent+additions%2C%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fmichael-r-huttenlocher%2F%22%3EMichael+Huttenlocher%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eand%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fthomas-f-li%2F%22%3EThomas+Li%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+as+the+firm+continues+to+enhance+its+offering+for+clients+navigating%3C%2Fspan%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Etransaction-related+litigation+and+other+high-stakes+disputes+and+controversies.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ELewis+focuses+his+practice+on+litigation+and+dispute+resolution+matters%2C+as+well+as+compliance%2C+internal+investigations+and+government+and+regulatory+enforcement+issues.+With+over+two+decades+of+experience%2C+including+roles+in+private+practice%2C+a+decade+in+executive-level+in-house+counsel+positions+at+two+%3Cem%3EFortune+50+%3C%2Fem%3Eglobal+companies+and+a+federal+clerkship%2C+Lewis%E2%80%99+arrival+underscores+M%2BC%E2%80%99s+commitment+to+bolstering+its+nationwide+litigation+platform.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CWe+are+excited+to+welcome+Lewis+to+the+team.+Lewis+brings+a+rare+blend+of+experiences+that+allow+him+to+craft+business-savvy+litigation+and+compliance+strategies.+We%E2%80%99re+confident+his+insights+will+help+us+deliver+more+effective+solutions+and+protect+our+clients%E2%80%99+interests+when+disputes+arise%2C%E2%80%9D+said%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22%3EAnthony+Consoli%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+co-founder+of+Massumi+%2B+Consoli.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ELewis+has+extensive+experience+representing+a+wide+range+of+enterprises%2C+discerning+investors+and+other+businesses+in+all+aspects+of+complex+commercial+litigation%2C+including+transaction-related+controversies%2C+such+as+purchase+price+adjustments%2C+earnout+disputes%2C+indemnity+claims%2C+representation+and+warranty+related+conflicts+and+more.+He+also+advises+portfolio+companies%2C+publicly+traded+and+privately+held+businesses%2C+C-suite+executives+and+boards+of+directors+on+matters+concerning+white+collar+defense%2C+regulatory+enforcement+and+investigations.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIn+addition%2C+Lewis+has+worked+closely+with+clients+to+design+and+implement+corporate+compliance+programs+and+has+led+numerous+internal+investigations.+His+experience+spans+nearly+every+industry%2C+equipping+him+to+provide+seasoned+counsel+to+the+firm%E2%80%99s+diverse+base+of+industry-agnostic+portfolio+company+clients.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CWe+couldn%E2%80%99t+be+more+excited+about+the+trajectory+of+the+firm%E2%80%99s+Litigation+%26amp%3B+Dispute+Resolution+practice%2C%E2%80%9D+said%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi-pc%2F%22%3EPeter+Massumi%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+the+firm%E2%80%99s+other+co-founder.+%E2%80%9CBy+bringing+Lewis+on+board+to+partner%3C%2Fspan%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Ewith+Mike+Huttenlocher%2C+we%E2%80%99re+forging+a+powerful+leadership+team+at+the+helm+of+this+group%2C+and+we%E2%80%99re+committed+to+surrounding+them+with+top-tier+talent+to+further+elevate+our+partnership+with+our+clients.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CI+am+excited+to+build+on+the+momentum+at+the+firm+to+help+continue+creating+a+first-rate+litigation+practice+here+at+M%2BC%2C%E2%80%9D+added+Lewis.+%E2%80%9CThe+firm%E2%80%99s+collaborative+spirit%2C+commitment+to+client+service+and+transactional+roots+dovetail+perfectly+with+my+practice%2C+and+I+look+forward+to+helping+drive+the+firm%E2%80%99s+continued+growth+in+Dallas+and+nationwide.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EPrior+to+joining+Massumi+%2B+Consoli%2C+Lewis+was+a+Partner+at+Baker+Botts.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EAbout+Massumi+%2B+Consoli%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+is+a+nationwide%2C+Chambers-ranked+law+firm+that+delivers+exceptional+expertise+and+unmatched+client+experience+specifically+tailored+to+the+middle+market+needs+of+private+equity+firms+and+other+financial+sponsors%2C+as+well+as+other+dynamic+and+acquisitive+enterprises.+Founded+in+2015+as+a+spin-out+from+the+Private+Equity+and+M%26amp%3BA+Group+of+Kirkland+%26amp%3B+Ellis%2C+the+firm%E2%80%99s+approach+combines+the+proficiency+of+the+best+large+international+law+firms+with+a+highly+personalized%2C+boutique+experience.%3C%2Fspan%3E%3C%2Fp%3E%0A
10.11.24 • Insights

Disparaging Statements Made in Litigation Support Cancellation of a Founder's Equity

10.11.24
%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EBy%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fmichael-r-huttenlocher%2F%22%3EMichael+R.+Huttenlocher%3C%2Fa%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EPrivate+equity+transactions+often+feature+the+retention+of+management+with+either+a+rollover+of+equity+or+grant+of+incentive+equity+in+a+Delaware+LLC.+Often%2C+those+equity+issuances+require+that+members+not+make+any+disparaging+statements+about+the+LLC.+A+typical+consequence+of+violating+such+requirement+is+the+triggering+of+a+unit+repurchase+option+in+the+LLC+Agreement.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EWhat+if+a+member+makes+disparaging+statements+about+an+LLC+in+a+lawsuit+against+the+LLC+%26%238211%3B+%26%238211%3B+can+the+LLC+repurchase+the+member%E2%80%99s+units%3F+Can+a+member+rely+on+the+absolute+litigation+privilege+to+shield+its+good+faith+allegations+from+triggering+the+repurchase+obligation%3F%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+answer%2C+according+to+a+recent+Delaware+Chancery+Court+decision%2C+is+that+the+LLC+%3Cem%3E%3Cstrong%3Ecan%3C%2Fstrong%3E+%3C%2Fem%3Erepurchase+a+member%E2%80%99s+equity+based+on+disparaging+statements+made+in+litigation.+In+S%3Cem%3Eeva+Holdings+Inc.+v.+Octo+Platform+Equity+Holdings%2C+LLC%3C%2Fem%3E%2C+a+founder%E2%80%99s+business+was+acquired+and%2C+as+part+of+the+transaction%2C+he+received+membership+interests+in+Octo+Platform+Equity+Holdings%2C+LLC+%28%E2%80%9COcto%E2%80%9D%29.+Under+the+Octo+LLC+agreement%2C+a+repurchase+option+is+triggered+if+%28among+other+circumstances%29+a+member+breaches+his+non-disparagement+obligations.+Here%2C+the+founder+and+Octo+disagreed+as+to%2C+among+other+things%2C+how+the+post-acquisition+company+would+operate.+Those+disagreements+spilled+over+into+the+courts+when+the+founder+filed+suit+in+Virginia+state+court+making%2C+as+admitted+by+the+founder%2C+disparaging+statements+against+Octo.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EAfter+the+lawsuit+was+filed%2C+Octo+sent+the+founder+a+repurchase+notice+and+repurchase+agreement.+The+founder+refused+to+sign.+Octo+then+canceled+the+founder%E2%80%99s+membership+interests.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+founder+argued+that+his+derogatory+statements+could+not+be+used+to+support+the+repurchase+option.+Under+Delaware+law%2C+the+absolute+litigation+privilege+protects+litigants+from+defamation+liability+and+contractual+non-disparagement+claims+based+on+statements+made+during+litigation+so+that+parties+can+freely+argue+their+claims.+The+founder+argued+that+enforcing+Octo%E2%80%99s+repurchase+option+runs+afoul+of+the+privilege+and+would+impermissibly+chill+the+founder%E2%80%99s+litigation+against+Octo.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+Court+disagreed.+The+Court+held+that+while+the+litigation+privilege+protects+litigants+from+liability+for+defamation+or+a+contractual+non-disparagement+claim%2C+it+%3Cem%3E%3Cstrong%3Edoes+not%3C%2Fstrong%3E%3C%2Fem%3E+extend+protection+to+triggering+a+repurchase+provision+in+an+LLC+agreement+because+it+touches+on+the+internal+affairs+of+a+company+agreed+to+by+its+members%2C+which+Delaware+is+%E2%80%9Cstrongly+inclined%E2%80%9D+to+respect.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThis+is+an+important+case+for+sponsors+and+founders+alike%2C+as+statements+made+in+litigation+may+have+consequences+outside+of+the+courtroom%21%3C%2Fspan%3E%3C%2Fp%3E%0A
10.01.24 • Press Releases

Massumi + Consoli Adds Joyce Cowan to Elevate Healthcare Private Equity Capabilities

10.01.24
%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECowan+Brings+Significant+Healthcare+Regulatory+and+Private+Equity+Experience+to+the+Firm%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2F%22%3EMassumi+%2B+Consoli%3C%2Fa%3E%2C+a+nationwide+law+firm+focused+on+private+equity+and+M%26amp%3BA%2C+is+pleased+to+announce+that+it+is+bolstering+its+private+equity+healthcare+capabilities+with+the+addition+of+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fjoyce-cowan%2F%22%3EJoyce+Cowan%3C%2Fa%3E+as+a+Partner.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EWith+decades+of+distinguished+experience+in+healthcare+law%2C+Joyce+will+bolster+the+firm%E2%80%99s+ability+to+provide+complete+counsel+to+private+equity+sponsors+and+other+acquisitive+enterprises+investing+in+the+dynamic+and+increasingly+complex+healthcare+sector.+Joyce%E2%80%99s+addition+marks+a+key+step+in+the+firm%E2%80%99s+initiative+to+build+and+expand+its+healthcare+practice%2C+delivering+enhanced%2C+sector-specific+value+to+clients+navigating+this+growing+market.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CWe%E2%80%99re+seeing+dealmaking+in+the+healthcare+industry+accelerate%2C+and+our+clients+continue+to+heavily+invest+in+the+sector%2C%E2%80%9D+said+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22%3EAnthony+Consoli%3C%2Fa%3E%2C+co-founder+of+Massumi+%2B+Consoli.+%E2%80%9CJoyce%E2%80%99s+stellar+reputation+and+proven+track+record+in+handling+complex+healthcare+transactions%2C+shaping+public+policy+and+working+with+businesses+within+healthcare+will+further+strengthen+our+ability+to+build+partnerships+with+our+clients+and+meet+their+needs+in+this+active+space.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EJoyce+brings+an+unparalleled+depth+of+knowledge+in+private+equity+healthcare+transactions%2C+which+frequently+involve+complex+regulatory+and+compliance+issues%2C+as+well+as+substantial+experience+in+public+policy+matters%2C+including+the+financing+and+delivery+of+healthcare+services+and+the+requirements+of+the+federal+Medicare+program+and+state+Medicaid+programs.+She+also+assists+clients+in+developing+internal+policies+addressing+compliance+with+the+industry%E2%80%99s+complex+legal+framework+and+has+regularly+advised+clients+before+the+U.S.+Department+of+Health+and+Human+Services%2C+the+Centers+for+Medicare+%26amp%3B+Medicaid+Services+and+other+federal+agencies.+Finally%2C+she+has+an+extensive+history+in+influencing+federal+healthcare+policy.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CThe+healthcare+private+equity+market+is+evolving+rapidly%2C+driven+by+intensifying+and+continuously+shifting+policy%2C+an+increasing+demand+for+innovative+solutions+and+technological+advancement%2C%E2%80%9D+said+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi-pc%2F%22%3EPeter+Massumi%3C%2Fa%3E%2C+the+firm%E2%80%99s+other+co-founder.+%E2%80%9CJoyce+adds+a+wealth+of+experience+that+will+empower+our+clients+to+stay+ahead+of+these+trends%2C+and+her+impressive+background+will+be+a+tremendous+asset+as+we+work+together+to+unlock+new+investment+opportunities+and+address+the+sector%E2%80%99s+unique+challenges.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CI+am+excited+to+join+Massumi+%2B+Consoli%2C+a+firm+that+stands+out+for+its+innovative+approach+to+delivering+client-focused+legal+solutions+in+the+private+equity+market%2C%E2%80%9D+said+Joyce.+%E2%80%9CI+look+forward+to+collaborating+with+my+new+colleagues+and+partnering+with+our+clients+to+explore+the+significant+opportunities+and+drive+growth+in+the+healthcare+industry.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EJoyce+is+an+active+member+of+the+American+Health+Lawyers+Association+and+the+Health+Law+Section+of+the+American+Bar+Association.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EPrior+to+joining+Massumi+%2B+Consoli%2C+Joyce+was+previously+a+Partner+at+Morgan%2C+Lewis+%26amp%3B+Bockius.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EAbout+Massumi+%2B+Consoli%3C%2Fstrong%3E%3C%2Fspan%3E%3Cbr+%2F%3E%0A%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+is+a+nationwide+law+firm+that+delivers+exceptional+expertise+and+an+unmatched+client+experience+specifically+tailored+to+middle+market+private+equity+firms+and+other+financial+sponsors%2C+as+well+as+other+dynamic+and+acquisitive+enterprises.+Founded+in+2015+as+a+spin-out+from+the+Private+Equity+and+M%26amp%3BA+Group+of+Kirkland+%26amp%3B+Ellis%2C+the+firm%E2%80%99s+approach+combines+the+proficiency+of+the+best+large+international+law+firms+with+a+highly+personalized%2C+boutique+experience.%3C%2Fspan%3E%3C%2Fp%3E%0A
08.22.24 • News

Three Massumi + Consoli Lawyers Recognized in the 2025 Editions of the Best Lawyers in America and Best Lawyers: Ones to Watch

08.22.24
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06.27.24 • News

Massumi + Consoli Ranked as a Leading Firm by The Legal 500 U.S. for Various Accolades, Including Its Expanded Nationwide Capabilities and Outstanding Business Acumen

06.27.24
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06.17.24 • Press Releases

Massumi + Consoli Launches Litigation & Dispute Resolution Practice to Enhance Its Offering for Private Equity Firms and Dynamic Enterprises

06.17.24
%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMichael+R.+Huttenlocher+Joins+the+Firm+to+Lead+New+Practice%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2F%22%3EMassumi+%2B+Consoli%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+a+nationwide+law+firm+focused+on+private+equity+transactional+work%2C+is+pleased+to+announce+the+launch+of+its+new%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fcapabilities%2Flitigation-dispute-resolution%2F%22%3ELitigation+%26amp%3B+Dispute+Resolution+practice%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E.+The+practice+will+be+led+by%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fmichael-r-huttenlocher%2F%22%3EMichael+R.+Huttenlocher%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+who+joins+the+firm+as+a+Partner+in+its+New+York+office+from+McDermott+Will+%26amp%3B+Emery+LLP.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EUnder+Mike%E2%80%99s+leadership%2C+the+new+practice+will+work+closely+with+the+firm%E2%80%99s+corporate+team+to+deliver+strategic+advice+and+counsel+to+clients+as+they+navigate+complex+transaction-related+litigation+and+other+high-stakes+disputes.+By+adding+a+litigation+and+dispute+resolution+practice%2C+the+firm+will+provide+a+more+comprehensive+offering+to+its+acquisitive+clients+throughout+the+entire+life+cycle+of+their+investments.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CThe+addition+of+Mike+and+the+Litigation+%26amp%3B+Dispute+Resolution+practice+is+a+testament+to+our+commitment+to+growth+and+innovation+for+our+clients%2C%E2%80%9D+said+%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi-pc%2F%22%3EPeter+Massumi%3C%2Fa%3E%2C+co-founder+of+Massumi+%2B+Consoli.+%E2%80%9CUnfortunately%2C+even+parties+with+the+best+intentions+can+end+up+in+disputes+in+the+context+of+transactions.+Our+litigation+team+will+partner+with+our+M%26amp%3BA+group+throughout+the+deal+execution+process+to+manage+post-transaction+dispute+risk+and+swiftly+address+any+controversies+that+do+arise.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+firm%E2%80%99s+new+Litigation+%26amp%3B+Dispute+Resolution+practice+is+unique+in+the+marketplace+and+will+have+a+distinct+focus+on+private+equity+and+M%26amp%3BA+dispute+resolution%2C+providing+acquisitive+businesses+with+comprehensive+counsel+across+a+broad+range+of+matters%2C+including+litigating+and+arbitrating+post-closing+controversies%2C+such+as+purchase+price+adjustment+and+earnout+disputes%2C+indemnity+claims+and+representation+and+warranty+insurance-related+conflicts%2C+and+representing+portfolio+companies+in+any+post-acquisition+investigations+or+litigation%2C+such+as+matters+relating+to+corporate+governance%2C+securities+litigation%2C+labor+and+employment+controversies+and+general+commercial+disputes.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EA+prominent+litigator%2C+Mike+has+extensive+courtroom+experience+and+has+represented+clients+in+various+complex+controversies%2C+including+domestic+and+cross-border+deal+litigation%2C+corporate+governance+disputes%2C+white+collar+and+regulatory+defense%2C+commercial+and+securities+litigation%2C+complex+settlements%2C+appeals+and+arbitrations.+Mike+is+admitted+to+the+bars+of+the+Supreme+Court+of+the+United+States%2C+the+United+States+Court+of+Appeals+for+the+Second+Circuit+and+the+United+States+District+Courts+for+the+Southern%2C+Eastern+and+Western+Districts+of+New+York.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CMike%E2%80%99s+practice+is+a+perfect+complement+to+our+leading+Private+Equity+and+M%26amp%3BA+practice%2C+and+his+expertise+will+allow+us+to+deliver+new+value-added+services+and+capabilities+to+better+meet+the+needs+of+our+clients%2C%E2%80%9D+said+%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22%3EAnthony+Consoli%3C%2Fa%3E%2C+the+firm%E2%80%99s+other+co-founder.+%E2%80%9CWe%E2%80%99ve+long+recognized+the+need+for+this+solution+in+the+marketplace%2C+and+today%E2%80%99s+announcement+aligns+with+the+firm%E2%80%99s+broader+vision+to+serve+as+a+one-stop-shop+for+the+evolving+legal+needs+of+middle+market+and+large+cap+private+equity+sponsors+and+other+acquisitive+enterprises.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CI%E2%80%99m+thrilled+to+join+the+talented+team+at+Massumi+%2B+Consoli.+The+opportunity+to+build+something+from+the+ground+up+is+a+once-in-a-career+opportunity%2C+and+the+firm%E2%80%99s+rapid+growth+and+ascendant+profile+makes+it+an+exciting+place+to+innovate%2C%E2%80%9D+added+Mike.+%E2%80%9CBy+combining+my+litigation+background+with+the+firm%E2%80%99s+deep+transactional+capabilities+and+relationship-focused+approach%2C+we+can+offer+clients+a+unique+advantage+in+navigating+complex+disputes%2C+protecting+their+investments+and+achieving+optimal+outcomes.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EAbout+Massumi+%2B+Consoli%3C%2Fstrong%3E%3C%2Fspan%3E%3Cbr+%2F%3E%0A%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+is+a+nationwide+law+firm+that+delivers+exceptional+expertise+and+an+unmatched+client+experience+specifically+tailored+to+middle+market+private+equity+firms+and+other+financial+sponsors%2C+as+well+as+dynamic+and+acquisitive+enterprises.+Founded+in+2015+as+a+spin-out+from+the+Private+Equity+and+M%26amp%3BA+Group+of+Kirkland+%26amp%3B+Ellis%2C+the+firm%E2%80%99s+approach+combines+the+proficiency+of+the+best+large+international+law+firms+with+a+highly+personalized%2C+boutique+experience.%3C%2Fspan%3E%3C%2Fp%3E%0A
06.12.24 • News

Massumi + Consoli Earns First Chambers USA Ranking with Band 1 Recognition for Corporate/M&A

06.12.24
%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+Firm+Receives+High+Praise+for+Its+Strong+Bench+and+Sophisticated+Work+in+the+Chambers+Guide%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2F%22%3EMassumi+%2B+Consoli%3C%2Fa%3E+has+received+its+first+department-wide+ranking+in+the+Chambers+USA+2024+guide%2C+entering+the+guide+as+a+Band+1+law+firm+in+the+Corporate%2FM%26amp%3BA%3A+Highly+Regarded+category.+While+founded+in+2015%2C+the+firm+has+ascended+into+the+prestigious+rankings+at+a+record+pace+to+join+firms+that+were+founded%2C+on+average%2C+over+seven+decades+earlier.+%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+guide+praises+the+firm+for+its+professionalism%2C+responsiveness+and+client+service%2C+with+several+respondents+highlighting+its+ability+to+develop+meaningful+partnerships+with+clients+as+a+core+strength+of+the+practice.+One+client+notes+that+the+firm+%E2%80%9Chas+been+a+true+partner+to+our+team%E2%80%9D+and+%E2%80%9Ccritical+to+our+success%2C%E2%80%9D+while+another+shares+that+%E2%80%9C%5Bclient+service%5D+is+where+they+shine.+They+are+truly+in+the+foxhole+with+clients.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+guide+also+recognizes+Massumi+%2B+Consoli+for+its+%E2%80%9Ctalented%2C+mid-market-focused+M%26amp%3BA+team%2C%E2%80%9D+including+its+%E2%80%9Cstrong+bench+and+hands-on+approach%E2%80%9D+and+%E2%80%9Ccapacity+to+tackle+sophisticated+mandates.%E2%80%9D+One+client+highlights+that+the+firm+%E2%80%9Cexcels+at+custom+approaches%2C+nuanced+interpersonal+dynamics+and+complex+transactions.%E2%80%9D+While+another+source+adds+that+the+firm+%E2%80%9Cplays+in+the+same+ballpark+as+any+white+shoe+firm%E2%80%9D+and+has+%E2%80%9Cthe+brainpower%2C+horsepower+and+experience+to+handle+virtually+any+kind+of+deal.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIn+addition+to+the+firm%E2%80%99s+department+ranking%2C+Massumi+%2B+Consoli%E2%80%99s+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fadeeb-fadil%2F%22%3EAdeeb+Fadil%3C%2Fa%3E+has+once+again+been+ranked+as+a+Band+1+lawyer+in+the+Environment%3A+Mainly+Transactional+category%2C+with+the+guide+highlighting+that+%E2%80%9Che%E2%80%99s+probably+the+most+respected+environmental+transactional+lawyer+in+the+U.S.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EAdeeb+has+been+ranked+by+Chambers+for+over+20+years%2C+including+18+years+as+a+Band+1+lawyer.+%3C%2Fspan%3E%3C%2Fp%3E%0A
04.25.24 • Insights

What Employers Need to Know About the FTC's Non-Compete Rule and the Increased FLSA Salary Thresholds

04.25.24
%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EBy%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fami-zweig%2F%22%3EAmi+Zweig%3C%2Fa%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3E%3Cstrong%3EAugust+21%2C+2024+Update%3A+The+FTC%E2%80%99s+non-compete+ban+has+now+been+permanently+enjoined+on+a+nationwide+basis+by+order+of+a+Texas+federal+court+granting+the+summary+judgment+motion+of+the+plaintiffs+challenging+the+proposed+rule%2C+which+will+now+no+longer+take+effect+on+September+4%2C+2024+%28as+it+would+have+but+for+the+court+challenge%29.+While+the+FTC+may+appeal+the+Texas+court%E2%80%99s+decision%2C+for+the+time+being%2C+the+non-compete+ban+has+been+stopped+dead+in+its+tracks.+Employers%2C+therefore%2C+may+continue+to+use+non-compete+clauses+in+employment+agreements%2C+but+should+continue+to+be+mindful+of+state-specific+enforceability+considerations.%3C%2Fstrong%3E%3C%2Fem%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3EJuly+3%2C+2024+Update%3A%3C%2Fem%3E%3Cem%3E%C2%A0A+Texas+federal+court+has+issued+a+preliminary+injunction+putting+the+FTC%E2%80%99s+non-compete+ban+on+hold%2C+finding+that+the+Plaintiffs+challenging+the+rule+%28Ryan+LLC%2C+the+U.S.+Chamber+of+Commerce%2C+and+certain+other+business+associations%29+are+likely+to+succeed+on+the+merits+of+their+claims+that+the+FTC+exceeded+its+statutory+authority+in+issuing+the+non-compete+rule+and+that+the+rule+is+arbitrary+and+capricious.%C2%A0+The+Court+limited+the+scope+of+the+injunctive+relief+to+the+Plaintiffs+in+the+Texas+lawsuit%3B+stated+that+it+would+issue+a+subsequent+order+specifying+the+terms+of+the+injunctive+relief%3B+and+indicated+that+it+intends+to+enter+a+merits+disposition+in+the+case+on+or+before+August+30%2C+2024.%C2%A0+We+will+continue+to+monitor+this+case+for+further+developments.%3C%2Fem%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3EMay+7%2C+2024+Update%3A+The+FTC%E2%80%99s+non-compete+rule+was+published+in+the+Federal+Register+on+May+7%2C+2024.+This+means+that+the+rule+banning+most+non-competes+will+take+effect+on+September+4%2C+2024+%E2%80%93+unless+halted+before+then+by+the+pending+lawsuits+challenging+the+rule+in+court.%3C%2Fem%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EEmployers+were+hit+this+week+with+a+double+whammy+of+major+regulatory+developments+at+the+federal+level+that+may+require+significant+changes+to+their+employment+practices%3A+the+Federal+Trade+Commission+%28the+%E2%80%9CFTC%E2%80%9D%29+approved+a+final+rule+banning+employment-based+non-competition+agreements%2C+and+the+Department+of+Labor+%28the+%E2%80%9CDOL%E2%80%9D%29+released+its+final+rule+increasing+the+minimum+salary+threshold+for+exempt+status+under+the+Fair+Labor+Standards+Act.+Below%2C+we+discuss+what+employers+need+to+know+right+now+with+respect+to+these+two+developments+and+what+actions+employers+may+need+to+take+in+the+near+future.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Ch3%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EFTC+Final+Rule+Banning+Employment-Based+Non-Competes%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EImportantly%2C+for+the+time+being%2C+employers+can+continue+to+take+a+%E2%80%9Cwait+and+see%E2%80%9D+approach+before+implementing+any+sweeping+changes+to+their+non-compete+practices+because+the+FTC%E2%80%99s+final+rule+is+already+being+challenged+in+court+%28including+by+the+U.S.+Chamber+of+Commerce%2C+among+other+parties%29.+Such+challenges%2C+if+successful%2C+could+stop+the+final+rule+in+its+tracks.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EHowever%2C+in+the+event+such+challenges+are+unsuccessful+and+the+final+rule+takes+effect%2C+here+is+what+employers+will+be+facing%3A%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EAs+of+the+effective+date+of+the+final+rule+%28which+will+be+120+days+after+publication+in+the+Federal+Register%29%2C+non-compete+clauses+%E2%80%93+i.e.%2C+covenants+with+employees%2C+independent+contractors%2C+or+other+workers+prohibiting+them+from+working+elsewhere+or+operating+another+business+after+the+conclusion+of+the+employment+or+engagement+%E2%80%93+will+be+banned.+The+final+rule+defines+a+%E2%80%9Cnon-compete+clause%E2%80%9D+as+a+%E2%80%9Cterm+or+condition+of+employment+that+prohibits+a+worker+from%2C+penalizes+a+worker+for%2C+or+functions+to+prevent+a+worker+from%3A+%28i%29+seeking+or+accepting+work+in+the+United+States+with+a+different+person+where+such+work+would+begin+after+the+conclusion+of+the+employment+that+includes+the+term+or+condition%3B+or+%28ii%29+operating+a+business+in+the+United+States+after+the+conclusion+of+the+employment+that+includes+the+term+or+condition.%E2%80%9D%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ENon-competes+entered+into+prior+to+the+effective+date+of+the+final+rule+will+become+unenforceable%2C+except+with+respect+to+%E2%80%9Csenior+executives%E2%80%9D+%28defined+as+workers+in+a+%E2%80%9Cpolicy-making+position%E2%80%9D+whose+annualized+total+compensation+in+the+preceding+year+was+at+least+%24151%2C164%29.+For+senior+executives%2C+non-competes+entered+into+before+the+effective+date+may+remain+in+effect+and+be+enforced%2C+but+non-competes+entered+into+after+the+effective+date+will+be+unenforceable.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EFor+pre-existing+non-competes+that+will+become+unenforceable+as+of+the+effective+date+%28i.e.%2C+non-competes+with+workers+who+are+not+senior+executives%29%2C+employers+must+provide+written+notice+to+such+workers+by+the+effective+date+that+their+non-competes+are+no+longer+enforceable.+The+final+rule+provides+model+language+for+such+notice+and+details+regarding+the+method+of+communication.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EOf+great+significance+to+private+equity+firms+and+other+acquisitive+businesses%2C+the+FTC%E2%80%99s+final+rule+contains+an+exception+for+covenants+entered+into+%E2%80%9Cpursuant+to+a+bona+fide+sale+of+a+business+entity%2C+of+the+person%E2%80%99s+ownership+interest+in+a+business+entity%2C+or+of+all+or+substantially+all+of+a+business+entity%E2%80%99s+operating+assets.%E2%80%9D+Notably%2C+while+the+FTC%E2%80%99s+original+proposed+rule+included+a+25%25+ownership+threshold+for+the+exception+for+sale-based+non-competes+to+apply%2C+the+final+rule+omits+any+such+threshold%2C+leaving+the+door+open+for+purchasers+in+M%26amp%3BA+transactions+to+continue+entering+into+sale-based+non-competes+with+sellers+whose+ownership+interest+is+less+than+25%25.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EWhile+employers+should+monitor+the+pending+litigations+over+the+FTC%E2%80%99s+final+rule+before+implementing+any+sweeping+changes+to+their+non-compete+practices%2C+steps+that+employers+may+wish+to+take+in+anticipation+of+the+final+rule+potentially+becoming+effective+include+the+following%3A%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EPrior+to+the+effective+date+of+the+final+rule%2C+consider+entering+into+non-competes+with+any+newly+hired+%E2%80%9Csenior+executives%E2%80%9D+or+with+existing+%E2%80%9Csenior+executives%E2%80%9D+who+do+not+already+have+non-competes+%28subject+to+any+applicable+state+law+requirements+for+such+executives%29.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIdentify+and+collect+contact+information+for+any+current+or+former+workers+who+%28if+the+final+rule+takes+effect%29+would+need+to+receive+notice+that+their+non-compete+is+no+longer+enforceable.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EReview+and+consider+strengthening+non-solicitation+covenants+in+agreements+with+workers+%28as+discussed+in+more+detail+in+a+previous+client+alert%29.+Notably%2C+while+the+FTC%E2%80%99s+original+proposed+non-compete+ban+also+would+have+covered+any+%E2%80%9Cde+facto+non-compete%E2%80%9D+%28which%2C+arguably%2C+may+have+covered+broadly+drafted+non-solicitation+clauses%29%2C+the+final+rule+omits+that+language%2C+instead+adding+the+%E2%80%9Cnon-compete+clause%E2%80%9D+definition+referenced+above.+Based+on+that+definition%2C+as+long+as+a+non-solicitation+clause+does+not+%E2%80%9Cfunction+to+prevent+a+worker+from%E2%80%9D+working+for+or+operating+another+business%2C+it+would+not+be+covered+by+the+FTC%E2%80%99s+ban+on+non-competes.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Ch3%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EFLSA+Minimum+Salary+Threshold+Increasing+to+%2458%2C656+Per+Year%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ENot+to+be+lost+in+the+frenzy+of+the+FTC%E2%80%99s+non-compete+ban%2C+the+U.S.+Department+of+Labor+this+week+released+its+final+rule+increasing+the+minimum+salary+thresholds+for+exempt+status+from+the+overtime+pay+requirements+of+the+Fair+Labor+Standards+Act+%28the+%E2%80%9CFLSA%E2%80%9D%29.+Unless+successfully+challenged+through+litigation+%28which+happened+when+the+DOL+previously+attempted+to+raise+the+salary+threshold+during+President+Obama%E2%80%99s+administration%29%2C+the+DOL%E2%80%99s+final+rule+will+require+action+by+employers+as+soon+as+early+this+summer+and%2C+again%2C+at+the+end+of+the+year.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EUnder+the+new+rule%2C+the+minimum+salary+threshold+for+the+FLSA%E2%80%99s+executive%2C+administrative%2C+and+professional+exemptions+will+increase+twice+over+the+next+year%3A+first%2C+from+its+current+rate+%28%2435%2C568+per+year%29+to+an+interim+rate+of+%2443%2C888+per+year+%28effective+as+of+July+1%2C+2024%29%3B+and+then%2C+to+the+final+rate+of+%2458%2C656+per+year+%28effective+as+of+January+1%2C+2025%29.+Remaining+unchanged+is+the+requirement+that+for+an+employee+to+qualify+for+these+exemptions%2C+in+addition+to+receiving+at+least+the+minimum+salary+threshold%2C+the+employee%E2%80%99s+role+must+satisfy+a+duties+test%2C+which+differs+for+each+exemption.+%28Certain+other+exemptions+under+the+FLSA%2C+such+as+the+outside+sales+employee+exemption%2C+do+not+have+a+salary+threshold.%29%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+DOL%E2%80%99s+final+rule+also+raises+the+total+annual+compensation+threshold+for+the+%E2%80%9Chighly+compensated+employee%E2%80%9D+exemption+%28which+involves+a+relaxed+version+of+the+duties+test%29+from+its+current+rate+%28%24107%2C432+per+year%29+to+%24132%2C964+%28effective+as+of+July+1%2C+2024%29%2C+and+then+to+%24151%2C164+%28effective+as+of+January+1%2C+2025%29.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+thresholds+for+each+of+these+exemptions+will+automatically+increase+again+every+three+years%2C+beginning+July+1%2C+2027%2C+to+reflect+current+earnings+data.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EWhile+some+states+%28such+as+California+and+New+York%29+already+require+salaries+above+the+new+FLSA+thresholds%2C+most+states+do+not.+Employers+should+assess+their+workforces+to+identify+any+employees+currently+classified+as+exempt+under+the+executive%2C+administrative%2C+professional%2C+or+highly+compensated+employee+exemptions+whose+pay+is+below+the+applicable+new+threshold+under+the+DOL%E2%80%99s+final+rule.+Employers+must+then+determine+whether+to+%28a%29+raise+the+employee%E2%80%99s+pay+to+the+applicable+new+threshold+level+or+%28b%29+re-classify+the+employee+as+non-exempt%2C+meaning+that+the+employer+would+need+to+record+the+employee%E2%80%99s+time+worked+and+pay+the+employee+at+the+overtime+rate+%28one+and+one-half+times+the+employee%E2%80%99s+%E2%80%9Cregular+rate+of+pay%E2%80%9D%29+for+any+hours+worked+over+forty+%2840%29+in+a+week.+Any+such+changes+should+be+implemented+on+or+before+the+effective+dates+of+the+new+salary+thresholds+%28July+1%2C+2024%2C+and+January+1%2C+2025%2C+respectively%29+%E2%80%93+pending+the+possibility+of+any+successful+challenges+in+court+to+the+DOL%E2%80%99s+final+rule%2C+which+employers+should+monitor+over+the+coming+months.%3C%2Fspan%3E%3C%2Fp%3E%0A
04.18.24 • News

Peter Massumi Named Banking & Finance Visionary by the Los Angeles Times

04.18.24
%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+is+pleased+to+announce+that+Co-Founder%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi-pc%2F%22+target%3D%22_blank%22+rel%3D%22noopener%22%3EPeter+Massumi%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Ehas+been+featured+as+a+Banking+%26amp%3B+Finance+Visionary+by+the+Los+Angeles+Times+in+its+2024+Banking+and+Finance%3A+Trends%2C+Updates+and+Visionaries+publication.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+guide+highlights+trusted+experts+who+do+more+than+provide+services+and+advice+and+notes+that+%E2%80%9Cthese+individuals+%E2%80%93+and+the+institutions+they+represent+%E2%80%93+can+genuinely+prepare+your+organization+for+the+next+level+of+growth.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EPeter%E2%80%99s+recognition+by+the+LA+Times+remarks%2C+%E2%80%9CMassumi%E2%80%99s+influence+extends+beyond+transactions%2C+shaping+the+middle-market+private+equity+landscape.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ERead+the%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fwww.latimes.com%2Fb2bpublishing%2Fbanking-and-finance-trends-updates-and-2024-visionaries%2Fpeter-massumi%22+target%3D%22_blank%22+rel%3D%22noopener%22%3Ecomplete+profile+by+LA+Times%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E.%3C%2Fspan%3E%3C%2Fp%3E%0A
02.08.24 • Insights

Delaware Supreme Court Ruling Opens the Door to “Forfeiture-For-Competition” Provisions of Longer Durations Than Traditional Non-Competes

02.08.24
%3Cdiv+id%3D%22block-65c539d6d4d308037a27ac67%22+class%3D%22sqs-block+html-block+sqs-block-html%22+data-block-type%3D%222%22%3E%0A%3Cdiv+class%3D%22sqs-block-content%22%3E%0A%3Cdiv+class%3D%22sqs-html-content%22%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EBy%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fattorneys%2Fami-zweig%2F%22+rel%3D%22noopener%22%3EAmi+Zweig%3C%2Fa%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3Cdiv+id%3D%22block-yui_3_17_2_1_1707424273271_2365%22+class%3D%22sqs-block+html-block+sqs-block-html%22+data-block-type%3D%222%22%3E%0A%3Cdiv+class%3D%22sqs-block-content%22%3E%0A%3Cdiv+class%3D%22sqs-html-content%22%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EEmployers+looking+for+ways+to+enhance+their+restrictive+covenant+protections+should+take+note+of+an+important+recent+decision+from+the+Delaware+Supreme+Court+regarding+a+%E2%80%9Cforfeiture-for-competition%E2%80%9D+clause+in+a+limited+partnership+agreement.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EA+traditional+%E2%80%9Cnon-compete%E2%80%9D+clause+restricts+an+employee+from+working+for+a+competitor+for+a+reasonable+period+following+termination+of+employment+and+is+typically+enforceable+via+injunctive+relief.+Thus%2C+if+the+employer+can+show+that+the+terms+of+the+covenant+are+reasonable+%28and%2For+satisfy+any+other+applicable+state+law+requirements%29%2C+the+employer+can+obtain+a+court+order+enjoining+the+employee+from+engaging+in+competitive+activity+in+violation+of+the+covenant.+A+%E2%80%9Cforfeiture-for-competition%E2%80%9D+clause+is+similar+to+a+non-compete%2C+but+rather+than+being+enforceable+via+injunctive+relief%2C+the+result+of+the+employee+engaging+in+competitive+activity+is+that+the+employee+forfeits+certain+deferred+compensation.+In+other+words%2C+a+forfeiture-for-covenant+clause+does+not+prohibit+the+employee+from+working+for+a+competitor+but+creates+an+economic+incentive+for+the+employee+to+avoid+doing+so.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+question+before+the+Delaware+Supreme+Court+in+%3Cem%3ECantor+Fitzgerald%2C+L.P.+v.+Ainslie%3C%2Fem%3E+was+whether+a+forfeiture-for-covenant+clause+in+a+limited+partnership+agreement+was+subject+to+the+same+reasonableness+test+as+a+traditional+non-compete.+The+clause+at+issue+provided+for+forfeiture+of+certain+deferred+compensation+if+a+partner+engaged+in+competitive+activities+within+four+years+of+leaving+the+partnership.+The+Court+of+Chancery+had+applied+a+reasonableness+test+to+the+forfeiture-for-competition+clause+and%2C+accordingly%2C+found+the+clause+unenforceable+due+mainly+to+its+unreasonable+duration+of+four+years.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EOverturning+the+Court+of+Chancery+decision%2C+the+Delaware+Supreme+Court+held+that+the+forfeiture-for-competition+clause+at+issue+%E2%80%93+unlike+traditional+non-competes+%E2%80%93+%3Cem%3Eshould+not+be+subject+to+a+reasonableness+test%3C%2Fem%3E+but+rather%2C+%E2%80%9Cshould+enjoy+this+court%26%238217%3Bs+deference+on+equal+footing+with+any+other+bargained-for-term+in+a+limited+partnership+agreement.%E2%80%9D+2024+WL+315193%2C+at+%2A13+%28Del.+Jan.+29%2C+2024%29.+In+other+words%2C+such+clause+should+be+enforceable+%E2%80%9Cabsent+unconscionability%2C+bad+faith%2C+or+other+extraordinary+circumstances.%E2%80%9D+%3Cem%3EId%3C%2Fem%3E.+at+%2A1+%28Del.+Jan.+29%2C+2024%29.+As+the+Court+concluded%2C+%E2%80%9CWhen+sophisticated+parties+agree+in+a+limited+partnership+agreement+that+a+partner%2C+who+voluntarily+withdraws+from%2C+and+then+competes+with+the+partnership%2C+will+forfeit+contingent+post-withdrawal+financial+benefits%2C+public-policy+considerations+weigh+in+favor+of+enforcing+that+agreement.%E2%80%9D+%3Cem%3EId%3C%2Fem%3E.+at+%2A13.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3ECantor+Fitzgerald%3C%2Fem%3E+is+significant+because+it+solidifies+the+law+in+this+area+in+Delaware+%28which%2C+is+the+governing+law+for+many+corporate+operating+agreements%29+and+allows+for+the+possibility+of+protections+against+competitive+activities+spanning+materially+longer+durations+than+traditional+non-competes.+While+the+Delaware+Supreme+Court%E2%80%99s+decision+came+about+in+the+context+of+a+limited+partnership+agreement+under+Delaware+law%2C+practitioners+may+point+to+it+as+support+for+the+enforceability+of+forfeiture-for-competition+provisions+%28without+regard+to+any+test+for+reasonableness%29+in+other+contexts.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EBased+on+this+development+from+Delaware%E2%80%99s+highest+court%2C+many+businesses+that+use+deferred+compensation+arrangements+with+partners+or+employees+can+now%2C+much+more+confidently+than+before%2C+utilize+forfeiture-for-covenant+provisions+as+an+additional+tool+%E2%80%93+coupled+with+non-competes+and+other+traditional+restrictive+covenants+%E2%80%93+for+disincentivizing+post-employment+competitive+activities.+Particularly+given+the+heightened+focus+in+recent+years+on+traditional+non-competes+%28including+a+wave+of+state-level+laws%2C+as+well+as+a+proposed+rule+from+the%3C%2Fspan%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EFederal+Trade+Commission+that+would+ban+non-competes+in+the+employment+context%2C+which+currently+remains+pending+%E2%80%93+check+out+our%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fnews%2Frestrictive-covenant-strategies-for-employers-in-anticipation-of-the-enactment-or-not-of-the-ftcs-proposed-ban-on-non-competes%2F%22+target%3D%22_blank%22+rel%3D%22noopener%22%3Eprevious+discussion+of+the+FTC%E2%80%99s+proposed+rule%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Efor+more+detailed+coverage%29%2C+the+availability+of+forfeiture-for-covenant+provisions+may+prove+to+be+increasingly+important+for+employers+in+the+years+to+come.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A
11.29.23 • News

Massumi + Consoli Named a Tier 1 Law Firm in New York City by Best Law Firms for Its Environmental Law Capabilities in Private Equity Transactions

11.29.23
%3Cp+id%3D%22yui_3_17_2_1_1712337854309_129%22+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli%2C+a+nationwide+boutique+law+firm+focused+on+private+equity%2C+M%26amp%3BA%2C+finance+and+investment+funds+counsel%2C+is+pleased+to+announce+that+it+has+been+recognized+as+a%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fnam02.safelinks.protection.outlook.com%2F%3Fdata%3D05%257C01%257Cbgallagher%2540mcllp.com%257Ca6f112f4bdd3436084c908dbe653475e%257C2bdc95c086a242b68822131c4ac2107b%257C0%257C0%257C638357017595291857%257CUnknown%257CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%253D%257C3000%257C%257C%257C%26amp%3Breserved%3D0%26amp%3Bsdata%3D4GUfZXhdoqRPSXM4afUjAvWux3RsOjtlcuaTGongfw0%253D%26amp%3Burl%3Dhttps%253A%252F%252Fwww.bestlawfirms.com%252Funited-states%252Fenvironmental-law%252Fnew-york%22+target%3D%22_blank%22+rel%3D%22noopener%22%3ETier+1+Best+Law+Firm+in+New+York+City%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Ein+the+2024+edition+of+Best+Law+Firms+ranked+by+Best+Lawyers.+Selection+in+this+publication+is+based+on+a+rigorous+evaluation+process+that+collects+%E2%80%9Cqualitative+and+quantitative+data+on+legal+skillset%2C+achievements+and+client+successes%E2%80%9D+from+clients%2C+professional+references+and+other+attorneys+currently+recognized+as+Best+Lawyers.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EEnvironmental+issues+can+arise+at+any+stage+of+a+private+equity+transaction%2C+and+we+are+proud+to+provide+exemplary+legal+counsel+to+clients+navigating+the+intersection+between+environmental+considerations+and+deal+dynamics.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fattorneys%2Fadeeb-fadil%2F%22%3EAdeeb+Fadil%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Ewas+previously+named+to+the+Best+Lawyers+in+America+guide+for+Environmental+Law.%3C%2Fspan%3E%3C%2Fp%3E%0A
11.16.23 • Press Releases

Massumi + Consoli Opens Dallas Office to Help Private Equity Sponsors Capitalize on Growing Market

11.16.23
%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EFirm+Continues+to+Strategically+Expand+Its+National+Footprint+in+Key+Financial+Centers%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EDALLAS%2C+TX+%28November+16%2C+2023%29+%E2%80%93%3C%2Fstrong%3E+%3C%2Fspan%3E%3Ca+href%3D%22https%3A%2F%2Fwww.mcllp.com%2F%22+target%3D%22_blank%22+rel%3D%22noopener%22%3EMassumi+%2B+Consoli%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+a+nationwide+boutique+law+firm+focused+on+private+equity+transactional+and+advisory+work%2C+is+pleased+to+announce+the+opening+of+a+new+Dallas+office+as+part+of+the+firm%E2%80%99s+strategic+effort+to+meet+growing+demand+and+bolster+its+capabilities+for+clients+in+key+financial+hubs+across+the+country.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+Dallas+office+will+be+helmed+by+Co-Founder%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22+rel%3D%22noopener%22%3EAnthony+Consoli%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+who+has+relocated+to+Dallas+to+oversee+the+successful+expansion+of+the+firm%E2%80%99s+geographic+reach.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EDallas+has+rapidly+emerged+as+a+formidable+hub+for+commerce+and+innovation%2C+making+it+an+attractive+destination+for+middle+market+private+equity+investment.+On+the+heels+of+the+rapid+growth+and+success+of+the+firm%E2%80%99s+New+York+office%2C+which+opened+in+2021%2C+Massumi+%2B+Consoli%E2%80%99s+expansion+to+Dallas+underscores+the+firm%E2%80%99s+dedication+to+ensuring+clients+have+access+to+market-leading+legal+counsel%2C+no+matter+where+their+business+takes+them.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CThe+opening+of+our+Dallas+office+is+more+than+just+a+geographical+expansion+%E2%80%93+it%E2%80%99s+a+reflection+of+our+commitment+to+be+present+where+our+clients+need+us+most%2C%E2%80%9D+said+Anthony.+%E2%80%9CAs+Dallas+continues+to+grow+as+a+crucial+business+center+for+middle+market+private+equity%2C+it+perfectly+aligns+with+our+vision+for+growth+and+dedication+to+delivering+premier+legal+counsel+to+the+middle+market.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIn+recent+years%2C+Massumi+%2B+Consoli+has+been+on+a+dynamic+growth+trajectory+as+the+preeminent+boutique+law+firm+servicing+the+private+equity+middle+market.+By+offering+a+blend+of+deep+technical+expertise%2C+unmatched+agility+and+a+personal+touch+often+lacking+in+larger+law+firms%2C+the+firm+has+successfully+carved+out+a+distinct+niche+in+the+space.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%26%238220%3BThe+pace+and+direction+of+the+firm%E2%80%99s+growth+are+reflections+of+our+ability+to+anticipate+the+needs+of+our+clients%2C%E2%80%9D+said%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi-pc%2F%22+rel%3D%22noopener%22%3EPeter+Massumi%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C%3C%2Fspan%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Ethe+firm%E2%80%99s+other+co-founder.+%E2%80%9CBy+strategically+expanding+our+footprint+to+key+financial+centers%2C+we+are+positioning+ourselves+to+develop+meaningful+partnerships+with+clients+right+at+the+heart+of+where+business+happens.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EJoining+Anthony+in+Dallas+is+partner%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fmatthew-berde%2F%22+rel%3D%22noopener%22%3EMatthew+Berde%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eand+associates%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fjackson-long%2F%22+rel%3D%22noopener%22%3EJackson+Long%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eand%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Ftrevor-borg%2F%22+rel%3D%22noopener%22%3ETrevor+Borg%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E.+The+firm+anticipates+the+announcement+of+more+Dallas+laterals+soon.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%0A
11.09.23 • Press Releases

Massumi + Consoli Enhances Growth Equity Capabilities with Arrival of Experienced Private Equity Partner in New York

11.09.23
%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ENathan+Sawyer+Joins+to+Help+Meet+Increasing+Demand+From+Sponsors+and+Other+Strategic+Investors%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ENEW+YORK%2C+NY+%28November+09%2C+2023%29+%E2%80%93%3C%2Fstrong%3E+%3C%2Fspan%3E%3Ca+href%3D%22https%3A%2F%2Fwww.mcllp.com%2F%22%3EMassumi+%2B+Consoli%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+a+nationwide+boutique+law+firm+specializing+in+private+equity+transactional+and+advisory+work%2C+today+announced+the+enhancement+of+its+growth+equity+and+M%26amp%3BA+offering+with+the+addition+of%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fnathan-sawyer%2F%22+rel%3D%22noopener%22%3ENathan+Sawyer%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eas+a+Partner+in+the+firm%E2%80%99s+New+York+office.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ENathan+will+serve+a+crucial+role+in+helping+to+further+build+the+firm%E2%80%99s+Growth+Equity+practice%2C+where+he+will+work+closely+with+financial+sponsors+and+other+strategic+investors+to+deliver+tailored+solutions+for+control+and+structured+minority+investments+into+high-growth+companies.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EAs+a+member+of+the+firm%E2%80%99s+Private+Equity%2C+Growth+Equity+and+M%26amp%3BA+practices%2C+Nathan+will+represent+private+equity+sponsors+and+their+portfolio+companies%2C+as+well+as+other+public+and+private+companies%2C+in+a+broad+range+of+strategic+transactions%2C+including+in+connection+with+growth+equity+and+structured+capital+investments%2C+mergers%2C+asset+and+equity+acquisitions+and+dispositions+and+other+complex+transactions.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CNathan%E2%80%99s+growth+equity+expertise+creates+direct+synergies+with+our+existing+transactional+capabilities%2C%E2%80%9D+said%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi-pc%2F%22+target%3D%22_blank%22+rel%3D%22noopener%22%3EPeter+Massumi%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+co-founder+of+Massumi+%2B+Consoli.+%E2%80%9CHis+arrival+further+reinforces+our+position+as+a+national+leader+in+the+middle+market+private+equity+space%2C+and+we%E2%80%99re+excited+about+the+value+he+will+add+for+our+clients.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ENathan%E2%80%99s+addition+marks+the+latest+in+a+series+of+high-profile+hires+the+firm+has+made+in+New+York+this+year%2C+including%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fnews%2Fmassumi-consoli-a-nationwide-boutique-law-firm-focused-on-private-equity-ma-finance-and-investment-funds-counsel-is-pleased-to-announce-that-four-lawyers-have-been-recognized-by-their-peers-in%2F%22+rel%3D%22noopener%22%3EDavid+Mannion%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%28Tax%29%2C%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fnews%2Fmassumi-consoli-launches-investment-funds-practice-to-deliver-complete-offering-for-private-equity-clients%2F%22+rel%3D%22noopener%22%3ECarmen+Wong%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%28Investment+Funds%29%2C%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fnews%2Fmassumi-consoli-continues-growth-momentum-in-new-york-with-addition-of-ma-partner-2%2F%22+rel%3D%22noopener%22%3EBenjamin+Howard%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%28M%26amp%3BA%29+and%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fnews%2Fmassumi-consoli-continues-expansion-of-transactional-capabilites-with-two-leading-debt-finance-lawyers%2F%22+rel%3D%22noopener%22%3EJared+Bryant%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E+%28Debt+Finance%29%2C+and+underscores+the+firm%E2%80%99s+strategic+intent+to+grow+in+markets+pivotal+to+private+equity+work.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CAs+the+nation%E2%80%99s+largest+financial+center%2C+New+York+City+remains+a+key+market+for+the+private+equity+ecosystem%2C%E2%80%9D+added%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22+rel%3D%22noopener%22%3EAnthony+Consoli%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+the+firm%E2%80%99s+other+co-founder.+%E2%80%9CWe%E2%80%99re+continuing+to+strategically+bolster+our+presence+in+New+York+by+adding+top-tier+talent+like+Nathan%2C+who+can+bring+significant+private+equity+experience+and+expertise+directly+to+our+clients+doing+business+in+the+city.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%2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10.11.23 • Insights

A Private Equity Diligence Spotlight: Evaluating a Portfolio Company’s Compliance with the CCPA’s Latest Requirements

10.11.23
%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EBy%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fattorneys%2Fsean-hill%2F%22%3ESean+Hill%3C%2Fa%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cdiv+id%3D%22block-yui_3_17_2_1_1697055876820_250721%22+class%3D%22sqs-block+html-block+sqs-block-html%22+data-block-type%3D%222%22+data-border-radii%3D%22%7B%26quot%3BtopLeft%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%2C%26quot%3BtopRight%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%2C%26quot%3BbottomLeft%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%2C%26quot%3BbottomRight%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%7D%22%3E%0A%3Cdiv+id%3D%22yui_3_17_2_1_1710789956693_511%22+class%3D%22sqs-block-content%22%3E%0A%3Cdiv+id%3D%22yui_3_17_2_1_1710789956693_510%22+class%3D%22sqs-html-content%22%3E%0A%3Cp+id%3D%22yui_3_17_2_1_1710789956693_509%22+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ESince+being+enacted+in+June+2018+and+becoming+fully+operative+in+January+2020%2C+the+California+Consumer+Privacy+Act+%28the+%E2%80%9CCCPA%E2%80%9D%29%5B1%5D+has+been+an+area+of+focus+for+many+investors%2C+particularly+when+evaluating+targets+in+the+software+or+digital+media+spaces.+This+is+due+in+large+part+to+the+fact+that+the+CCPA+was+the+first+comprehensive+state+data+privacy+law%2C+and+it+remains+arguably+the+state+privacy+law+with+the+broadest+applicability.+The+CCPA+once+again+became+an+area+of+renewed+focus+this+year+when+the+California+Privacy+Rights+Act+%28the+%E2%80%9CCPRA%E2%80%9D%29%5B2%5D%E2%80%94which+amended+the+CCPA%E2%80%94became+effective+on+January+1st.+Now+that+the+CPRA+has+begun+to+be+officially+enforced%2C+as+of+July+1%2C+2023%2C+it+is+more+important+than+ever+for+investors+to+ensure+that+prospective+or+existing+portfolio+companies+comply+with+the+new+privacy+regime.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Ch3%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EDoes+the+CCPA+Apply%3F%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EBefore+discussing+what+the+CCPA+requires+%28including+the+new+requirements+imposed+by+the+CPRA%29%2C+it+is+helpful+to+understand+when+the+CCPA+does+and+does+not+apply+to+a+business.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul+data-rte-list%3D%22default%22%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3E%3Cem%3E%E2%80%9CDoes+Business%E2%80%9D+in+California%3A%3C%2Fem%3E%3C%2Fstrong%3E+To+start%2C+a+company+must+%E2%80%9Cdo%5B%5D+business%E2%80%9D+in+California.%5B3%5D+The+CCPA+does+not+define+what+this+means+but+is+viewed+as+applying+broadly+to+not+only+those+entities+that+have+a+physical+presence+in+California+%28e.g.%2C+an+office+or+some+employees+in+California%29+but+also+those+entities+that+simply+conduct+sales+or+other+transactions+in+California.%5B4%5D+As+such%2C+entities+that+merely+transact+sales+online+to+any+state%2C+including+California%2C+likely+meet+the+%E2%80%9Cdoing+business%E2%80%9D+requirement.+Moreover%2C+if+a+company%E2%80%99s+parent+or+other+controlling+entity+%E2%80%9Cdoes+business%E2%80%9D+in+California%2C+the+Company+is+also+deemed+by+the+CCPA+to+be+doing+business+in+California.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul+data-rte-list%3D%22default%22%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3E%3Cem%3ECollect+Personal+Information+of+California+Residents%3A%3C%2Fem%3E%3C%2Fstrong%3E+Next%2C+a+company+must+collect+the+personal+information+of+some+California+residents+and+have+some+involvement+in+determining+the+means+and+purposes+for+processing+that+information.%5B5%5D+This+technically+could+be+information+regarding+as+few+as+one+California+resident%2C+although+other+thresholds+must+apply+%28see+below%29.+Personal+information+includes+many+different+categories+of+data+under+the+CCPA+but+must+be+%E2%80%9Cinformation+that+identifies%2C+relates+to%2C+describes%2C+is+reasonably+capable+of+being+associated+with%2C+or+could+reasonably+be+linked%2C+directly+or+indirectly%2C+with+a+particular+consumer+or+household.%E2%80%9D%5B6%5D%C2%A0Specific+categories+of+personal+information+under+the+CCPA+include%3A%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cul+data-rte-list%3D%22default%22%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EContact+information+%28e.g.%2C+name%2C+mailing+address%2C+email+address%2C+IP+address%2C+social+security+number%2C+driver%E2%80%99s+license+number%2C+account+name%2C+etc.%29%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EPersonal+information+found+in+records+protected+by+California+statute%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECommercial+information+%28e.g.%2C+records+of+purchasing+history%29%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EBiometric+information%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EInternet+activity+information+%28e.g.%2C+browsing+history%2C+search+history%2C+etc.%29%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EGeolocation+data%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EAudio%2C+electronic%2C+visual%2C+thermal%2C+olfactory%2C+or+similar+information%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EProfessional+or+employment-related+information%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EEducation+information+%28as+defined+under+the+Federal+Educational+Rights+and+Privacy+Act%29%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EInferences+drawn+from+the+above+information+to+create+a+profile+about+a+consumer+%28e.g.%2C+a+consumer%E2%80%99s+preferences+or+behavior%29%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ESensitive+personal+information%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ENote+that+the+category+of+%E2%80%9Csensitive+personal+information%E2%80%9D+is+a+new+category+that+was+added+by+the+CPRA.+It+includes+items+such+as+social+security+number%2C+financial+information%2C+racial+or+ethnic+origin%2C+genetic+data%2C+biometric+data%2C+health+information%2C+and+information+concerning+sexual+orientation.%5B7%5D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul+data-rte-list%3D%22default%22%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3E%3Cem%3EMeet+at+Least+One+of+the+Following+Thresholds%3A%3C%2Fem%3E%3C%2Fstrong%3E+If+a+company+meets+the+above+requirements%2C+the+CCPA+still+does+not+apply+unless+the+company+also+meets+at+least+one+of+the+following+three+thresholds%3A%5B8%5D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cul+data-rte-list%3D%22default%22%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B+font-size%3A+16px%3B%22%3E%C2%A01.+Had+a+gross+annual+revenue+exceeding+%2425M+USD+in+the+prior+year%3B%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E2.+Anually+buys%2C+sells%2C+or+shares+the+personal+information+of+100%2C000+or+more+California+consumers+or+households%3B+or%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E3.+Derives+at+least+50%25+of+its+annual+revenues+from+the+selling+or+sharing+of+personal+information+%28of+California+residents%29.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3C%2Fdiv%3E%0A%3Cdiv+id%3D%22yui_3_17_2_1_1710789956693_510%22+class%3D%22sqs-html-content%22%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22font-size%3A+16px%3B+color%3A+%237f7f7f%3B%22%3EIn+our+deal+experiences%2C+the+threshold+that+most+often+applies+to+prospective+or+existing+portfolio+companies+is+the+first+one+%28i.e.%2C+the+%2425M+threshold%29%2C+as+it+is+much+more+difficult+for+a+company+to+meet+the+other+thresholds.+The+revenue+threshold+is+measured+on+a+company-wide+basis+%28i.e.%2C+taking+into+account+affiliates+and+subsidiaries%29%2C+which+makes+it+easier+to+meet.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Ch3%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EWhat+Does+the+CCPA+%28as+Amended+by+the+CRPA%29+Require%3F%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Cstrong%3EA.%3C%2Fstrong%3E+%3Cstrong%3EOnline+Privacy+Policy+Disclosures%3C%2Fstrong%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%5B9%5D%3C%2Fspan%3E%3C%2Fspan%3E+The+CCPA+requires+that+a+company+post+an+online+privacy+policy+that+contains+the+following+disclosures%3A%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul+data-rte-list%3D%22default%22%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3E%3Cspan+style%3D%22text-decoration%3A+underline%3B%22%3EDescription+of+CCPA+Consumer+Rights%3C%2Fspan%3E%3A%3C%2Fem%3E+The+CCPA+allows+consumers+to+exercise+certain+rights%2C+which+must+all+be+listed+and+disclosed+in+the+privacy+policy%3A%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cul+data-rte-list%3D%22default%22%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ERight+to+request+information+regarding+the+company%E2%80%99s+collection+and+sale+of+personal+information%3B%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ERight+to+request+deletion+of+personal+information+collected+about+a+consumer%3B+and%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ERight+to+opt+out+of+sales+of+personal+information.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+right+to+request+information+includes+the+right+for+a+consumer+to+request+information+regarding+the+categories+of+personal+information+collected+about+them+%28as+well+as+the+specific+information+collected%29%2C+the+categories+of+sources+from+which+such+information+is+collected%2C+the+categories+of+information+that+are+sold+%28if+sold+at+all%29+or+disclosed+to+third+parties%2C+the+categories+of+third+parties+to+whom+such+information+is+sold+or+disclosed%2C+and+the+business+or+commercial+purpose+for+collection+of+the+personal+information+from+the+consumer.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIn+addition%2C+the+policy+will+need+to+disclose+new+rights+created+by+the+CPRA+and+which+became+effective+on+January+1%2C+2023%3A%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul+data-rte-list%3D%22default%22%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ERight+to+correct+inaccurate+personal+information%3B%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ERight+to+limit+the+use+and+disclosure+of+sensitive+personal+information%3B+and%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ERight+to+opt+out+of+automated+decision-making+technology.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ERegarding+the+right+to+limit+use+and+disclosure+of+sensitive+information%2C+if+a+company+uses+and+discloses+sensitive+personal+information%2C+the+CPRA+requires+a+link+on+the+company%E2%80%99s+website+or+other+online+services+that+allows+users+to+elect+to+limit+the+company%E2%80%99s+use+and+disclosure+of+such+information+to+only+that+which+is+necessary+to+provide+the+goods+or+services+reasonably+expected+by+an+average+consumer.+The+link+should+be+titled+%E2%80%9C%3Cstrong%3E%3Cem%3ELimit+the+Use+of+My+Sensitive+Personal+Information%3C%2Fem%3E%3C%2Fstrong%3E.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ERegarding+automated+decision-making%2C+while+not+fully+defined+by+the+CPRA%E2%80%99s+amendments%2C+it+is+essentially+a+method+of+user+profiling%E2%80%94i.e.%2C+using+personal+information+to+evaluate%2C+analyze%2C+or+predict+a+personal%E2%80%99s+economic+status%2C+health%2C+behavior%2C+interests%2C+location%2C+or+movements.+In+our+deal+experience%2C+many+businesses+do+not+engage+in+this+practice.+However%2C+if+a+company+does+engage+in+this+practice%2C+an+opt-out+mechanism+must+be+provided+for+users.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul+data-rte-list%3D%22default%22%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3E%3Cspan+style%3D%22text-decoration%3A+underline%3B%22%3EDescription+of+Methods+for+Exercising+CCPA+Consumer+Rights%3C%2Fspan%3E%3A%3C%2Fem%3E+The+privacy+policy+must+disclose+two+or+more+methods+for+a+consumer+to+exercise+the+CCPA+rights+summarized+above.+Many+companies+use+a+dedicated+privacy+email+and+a+dedicated+privacy+%E2%80%9Chotline%E2%80%9D+toll-free+number+to+meet+this+requirement.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3E%3Cspan+style%3D%22text-decoration%3A+underline%3B%22%3EDescription+of+Categories+of+Personal+Information+Collected%3C%2Fspan%3E%3A%3C%2Fem%3E+The+privacy+policy+must+disclose+the+categories+of+personal+information+collected+by+a+company+in+the+preceding+12+months+%28i.e.%2C+before+the+effective+date+of+the+privacy+policy%29%2C+as+well+as+the+purposes+for+which+such+information+is+used+%28including%2C+any+sales+or+disclosures+of+such+information%2C+as+described+below%29.+If+sensitive+personal+information+is+collected%2C+the+CPRA+requires+that+the+privacy+policy+make+a+separate+disclosure+regarding+the+specific+sub-categories+of+sensitive+personal+information+collected%2C+as+well+as+the+purposes+for+use+and+whether+such+information+is+sold+or+shared.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3E%3Cspan+style%3D%22text-decoration%3A+underline%3B%22%3EDescription+of+Personal+Information+Sales+or+Sharing%3C%2Fspan%3E%3A%3C%2Fem%3E+The+privacy+policy+must+list+the+categories+of+personal+information+that+the+company+has+sold+in+the+preceding+12+months.+Further%2C+the+CPRA+requires+a+general+statement+regarding+whether+or+not+the+company+sells+or+shares+personal+information.+The+CCPA+defines+%E2%80%9Cselling%E2%80%9D+as+involving+some+exchange+of+monetary+or+other+valuable+consideration+for+the+company%E2%80%99s+provision+of+personal+information.+Further%2C+the+CPRA+defines+%E2%80%9Csharing%E2%80%9D+as+sharing+for+cross-context+behavioral+advertising+purposes.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIf+a+company+sells+or+shares+personal+information%2C+the+company+must+include+a+link+on+its+website+or+other+online+services+that+allows+users+to+opt+out+of+such+selling+and+sharing.+The+link+should+be+titled+%E2%80%9CDo+Not+Sell+or+Share+My+Personal+Information.%E2%80%9D+Note+that+this+link+is+separate+from+that+above+regarding+sensitive+personal+information%2C+although+some+businesses+have+elected+to+combine+them+into+a+single+opt-out+link.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3E%3Cspan+style%3D%22text-decoration%3A+underline%3B%22%3EDescription+of+Other+Personal+Information+Disclosures%3C%2Fspan%3E%3A%3C%2Fem%3E+The+privacy+policy+must+list+the+categories+of+personal+information+that+the+company+has+disclosed+in+the+preceding+12+months+and+the+business+purposes+for+disclosing+such+information.+These+purposes+could+include%2C+for+example%2C+providing+goods+or+services+that+a+consumer+has+purchased+or+requested+from+the+company.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3E%3Cspan+style%3D%22text-decoration%3A+underline%3B%22%3EDisclosure+of+Data+Collection+from+Minors%3C%2Fspan%3E%3A%3C%2Fem%3E+The+CCPA+prohibits+the+sale+of+personal+information+of+a+consumer+under+16+years+of+age+without+affirmative+consent.+As+such%2C+many+companies+do+not+collect+any+information+from+such+consumers+under+16+%28or%2C+often%2C+under+18%29%E2%80%94if+this+applies%2C+a+company+should+include+a+disclosure+in+the+privacy+policy+that+it+does+not+collect+information+from+consumers+under+16.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3E%3Cspan+style%3D%22text-decoration%3A+underline%3B%22%3EDescription+of+Retention%3C%2Fspan%3E%3A%3C%2Fem%3E+The+CPRA+now+requires+a+privacy+policy+to+disclose+either+the+duration+that+personal+information+is+retained+%28for+each+category+of+personal+information%29+or%2C+alternatively%2C+the+criteria+a+company+uses+to+determine+how+long+it+will+retain+such+information.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Cstrong%3EB.+%3C%2Fstrong%3E%3Cstrong%3EMethods+for+Exercising+CCPA+Rights%3C%2Fstrong%3E%3C%2Fspan%3E%5B10%5D+A+company+must+implement+methods+internally+to+process+CCPA+data+subject+requests+%28i.e.%2C+requests+of+California+residents+to+exercise+the+rights+discussed+above%29.+This+could+include+setting+up+a+dedicated+privacy+email+or+hotline+or+an+electronic+request+portal+by+which+such+residents+can+exercise+their+CCPA+rights.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Cstrong%3EC.+%3C%2Fstrong%3E%3Cstrong%3ELimitations+on+Purpose%3C%2Fstrong%3E%3C%2Fspan%3E%5B11%5D+The+CPRA+has+introduced+a+new+requirement%2C+which+limits+the+purpose+for+which+personal+information+can+be+collected+and+used.+Namely%2C+a+company%E2%80%99s+collection%2C+use%2C+retention%2C+and+sharing+of+personal+information+must+be+reasonably+necessary+and+proportionate+to+achieve+the+purposes+for+which+the+information+was+collected+and+may+not+be+processed+further+in+a+manner+that+is+incompatible+with+these+purposes.+Legitimate+%E2%80%9Cbusiness+purposes%E2%80%9D+include+things+such+as+providing+services+to+a+consumer%2C+debugging%2C+and+ensuring+security.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Cstrong%3ED.+%3C%2Fstrong%3E%3Cstrong%3EReasonable+Security+Procedures%3C%2Fstrong%3E%3C%2Fspan%3E%5B12%5D+The+CPRA+added+an+additional+duty+on+companies+to+implement+reasonable+security+procedures+and+practices+appropriate+to+the+nature+of+the+personal+information+to+protect+the+personal+Information+from+unauthorized+or+illegal+access%2C+destruction%2C+use%2C+modification%2C+or+disclosure.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Cstrong%3EE.+%3C%2Fstrong%3E%3Cstrong%3EVendor+Contractual+Requirements%3C%2Fstrong%3E%3C%2Fspan%3E%5B13%5D+Under+the+new+requirements+of+the+CPRA%2C+a+company+must+include+certain+items+in+their+contracts+with+vendors+that+act+as+%E2%80%9Cservice+providers%E2%80%9D+%28i.e.%2C+entities+that+process+personal+information+on+behalf+of+a+company%29+or+%E2%80%9Ccontractors%E2%80%9D+%28i.e.%2C+other+entities+that+receive+personal+information+for+a+business+purpose%29.+In+both+cases%2C+a+company+must+include+in+their+contracts+provisions+that+prohibit+the+%E2%80%9Cservice+provider%E2%80%9D+or+%E2%80%9Ccontractor%E2%80%9D+from%3A%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Col%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eselling+or+sharing+the+personal+information%3B%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eretaining%2C+using%2C+or+disclosing+the+personal+information+other+than+for+business+purposes+specified+in+the+contract+or+as+otherwise+permitted+by+the+CPRA%3B%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eretaining%2C+using%2C+or+disclosing+the+information+outside+of+the+direct+business+relationship+between+the+parties%3B+or%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Ecombining+the+personal+information+received+from+or+on+behalf+of+the+business+with+personal+information+received+or+collected+in+other+contexts.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Fol%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22font-size%3A+16px%3B+color%3A+%237f7f7f%3B%22%3EIn+addition%2C+in+contracts+with+any+%E2%80%9Ccontractor%2C%E2%80%9D+the+company+must+also+include%2C+in+addition+to+the+items+above%3A%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%28I%29+a+certification+by+the+contractor+that+they+understand+and+will+comply+with+the+above+prohibitions%3B+and%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%28ii%29+a+right+of+the+company+to+monitor+the+contractor%E2%80%99s+compliance+via+ongoing+manual+reviews%2C+automated+scans%2C+and+regular+audits+or+testing+at+least+once+every+twelve+%2812%29+months.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EFinally%2C+if+a+service+provider+or+contractor+receives+personal+information+for+any+business+purpose+or+if+a+company+sells+personal+information+or+shares+it+for+behavioral+advertising+purposes+to+any+third+party%2C+the+applicable+contract+must+include%2C+in+addition+to+the+items+above%3A%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%28a%29+a+statement+that+personal+information+is+sold+or+disclosed+only+for+limited+and+specified+purposes%3B%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%28b%29+requirement+for+the+third+party+to+comply+with+the+CPRA+and+provide+the+same+privacy+protection+level+as+required+by+the+CPRA%3B%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%28c%29+requirement+for+the+third+party+to+notify+the+company+if+it+can+no+longer+meet+its+obligations+under+the+CPRA%3B+and%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%28d%29+a+provision+granting+the+company+rights+to+take+%E2%80%9Creasonable+and+appropriate+steps%E2%80%9D+to+help+ensure+the+third+party+uses+the+personal+information+in+a+manner+consistent+with+the+CPRA.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3E%3Cstrong%3EF.+%3C%2Fstrong%3E%3Cstrong%3EEmployee+Privacy+Notice%3C%2Fstrong%3E%3C%2Fspan%3E%5B14%5D+The+CPRA+now+requires+companies+to+provide+a+privacy+notice%2C+at+or+before+the+time+of+collection%2C+to+any+employees+or+job+applicants+from+whom+the+company+collects+personal+data.+The+notice+must+include+the+categories+of+personal+information+that+the+company+collects+%28including+any+sensitive+personal+information+and+any+sub-categories+therein%29%2C+the+purposes+for+which+the+information+is+used%2C+whether+the+information+is+sold+or+shared%2C+and+the+duration+that+the+information+is+retained.+The+employee+notice+must+also+provide+a+description+of+the+CCPA+rights+discussed+above+in+Section+A+%28Online+Privacy+Policy+Disclosures%29%2C+as+employees+and+job+applicants+in+California+can+exercise+these+rights+as+well.+Finally%2C+the+notice+must+describe+the+categories+of+third+parties+to+whom+the+company+discloses+or+allows+to+collect+employee+personal+information.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Ch3%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EWhat+Happens+if+a+Company+Doesn%26%238217%3Bt+Comply%3F%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ENoncompliance+with+the+CCPA+may+result+in+penalties%2C+issuable+by+the+California+Privacy+Protection+Agency+%28CPPA%29+or+the+California+Attorney+General+and+private+actions+initiated+by+affected+California+residents.+Penalties+issued+by+the+CPPA+or+the+Attorney+General+can+be+up+to+%242%2C500+per+violation+or+up+to+%247%2C500+per+%3Cem%3Eintentional%3C%2Fem%3E+violation.%5B15%5D+The+penalty+is+increased+to+%247%2C500+per+violation+for+anything+involving+the+personal+information+of+consumers+under+16%2C+regardless+of+intentionality.+In+addition%2C+if+a+company+fails+to+implement+and+maintain+reasonable+security+procedures+and+practices%2C+as+required+by+the+new+CPRA+amendments%2C+then+an+affected+consumer+can+initiate+a+privacy+action+against+the+Company+for+%281%29+damages+between+%24100+and+%24750+per+consumer+per+incident+%28or%2C+if+greater%2C+actual+damages%29%2C+%282%29+injunctive+relief+and+%283%29+any+other+relief+that+a+court+deems+proper.%5B16%5D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Ch3%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EConclusion%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+CCPA+presents+a+unique+and+comprehensive+set+of+legislation+affecting+many+technology+companies%2C+even+if+only+operating+minimally+in+the+state+of+California.+Given+the+CCPA%E2%80%99s+complex+set+of+requirements%2C+both+old+and+recent%2C+as+well+as+the+penalties+for+noncompliance%2C+it+is+important+for+investors+to+properly+evaluate+a+target%E2%80%99s+or+an+existing+portfolio+company%E2%80%99s+level+of+compliance.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3E%3Cem%3EHow+can+an+investor+better+evaluate+a+target%E2%80%99s+compliance+with%2C+or+an+existing+portfolio+company%E2%80%99s+compliance+with%2C+the+CCPA%3F%3C%2Fem%3E%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ETo+more+effectively+evaluate+whether+a+target+in+a+private+equity+transaction+or+whether+an+existing+portfolio+company%2C+in+each+case%2C+complies+with+the+CCPA+in+its+most+recent+and+amended+form%2C+we+have+prepared+the+chart+below%2C+which+summarizes+key+questions+to+aid+in+CCPA+diligence.+In+summary%2C+an+investor+must+first+determine+if+the+target+or+portfolio+company+meets+the+thresholds+for+triggering+the+CCPA.+Next%2C+the+investor+will+need+to+determine+if+the+privacy+practices%2C+both+external+%28the+company%E2%80%99s+online+privacy+policy%29+and+internal+%28the+company%E2%80%99s+internal+controls%2C+vendor+controls%2C+and+employee+controls%29%2C+adequately+meet+the+CCPA%E2%80%99s+requirements.+Each+of+these+categories+involves+different+questions+to+ask%2C+each+summarized+below%2C+of+the+target+or+portfolio+company.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3Cdiv+id%3D%22block-yui_3_17_2_1_1697055876820_294992%22+class%3D%22sqs-block+image-block+sqs-block-image+sqs-text-ready%22+data-block-type%3D%225%22%3E%0A%3Cdiv+id%3D%22yui_3_17_2_1_1710789956693_345%22+class%3D%22sqs-block-content%22%3E%0A%3Cfigure+id%3D%22yui_3_17_2_1_1710789956693_344%22+class%3D%22+sqs-block-image-figure+image-block-outer-wrapper+image-block-v2+design-layout-stack+combination-animation-none+individual-animation-none+individual-text-animation-none+image-position-left+%22+data-scrolled%3D%22%22+data-test%3D%22image-block-v2-outer-wrapper%22%3E%0A%3Cdiv+id%3D%22yui_3_17_2_1_1710789956693_343%22+class%3D%22intrinsic%22%3E%0A%3Cdiv+id%3D%22yui_3_17_2_1_1710789956693_342%22+class%3D%22+image-inset%22+data-animation-role%3D%22image%22+data-description%3D%22%22%3E%0A%3Cdiv+id%3D%22yui_3_17_2_1_1710789956693_341%22+class%3D%22sqs-image-shape-container-element+content-fit+%22%3E%0A%3Cp%3E%3Cimg+loading%3D%22lazy%22+decoding%3D%22async%22+class%3D%22loaded+aligncenter%22+src%3D%22https%3A%2F%2Fimages.squarespace-cdn.com%2Fcontent%2Fv1%2F5ac5657e89c17296ef84a27b%2F44bce092-075b-4c61-ba9e-c506d5d68fdc%2FHow%2Bcan%2Ban%2Binvestor%2Bbetter%2Bevaluate%2Ba%2Btarget%25E2%2580%2599s%2Bcompliance%2Bwith%252C%2Bor%2Ban%2Bexisting%2Bportfolio%2Bcompany%25E2%2580%2599s%2Bcompliance%2Bwith%252C%2Bthe%2BCCPA%2BChart.png%22+sizes%3D%22auto%2C+%28max-width%3A+640px%29+100vw%2C+%28max-width%3A+767px%29+100vw%2C+100vw%22+srcset%3D%22https%3A%2F%2Fimages.squarespace-cdn.com%2Fcontent%2Fv1%2F5ac5657e89c17296ef84a27b%2F44bce092-075b-4c61-ba9e-c506d5d68fdc%2FHow%2Bcan%2Ban%2Binvestor%2Bbetter%2Bevaluate%2Ba%2B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+the+CPRA+is+simply+a+set+of+amendments+to+the+CCPA.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECal.+Civ.+Code+%C2%A7+1798.140%28d%29.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ESome+have+sought+guidance+on+the+%E2%80%9Cdoing+business%E2%80%9D+term+by+looking+to+analogous+terms+in+other+California+laws%2C+such+as+the+California+Tax+Code.+These+other+laws+support+a+broad+interpretation+of+the+term+that+includes+merely+transacting+some+business+in+California.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECal.+Civ.+Code+%C2%A7+1798.140%28d%29.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECal.+Civ.+Code+%C2%A7+1798.140%28v%29.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECal.+Civ.+Code+%C2%A7+1798.140%28ae%29.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECal.+Civ.+Code+%C2%A7+1798.140%28d%29.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECal.+Civ.+Code+%C2%A7%C2%A7+1798.100%2C+1798.110%2C+1798.115.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECal.+Civ.+Code+%C2%A7+1798.130.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECal.+Civ.+Code+%C2%A7+1798.140%28e%29.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECal.+Civ.+Code+%C2%A7+1798.100%28e%29.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECal.+Civ.+Code+%C2%A7+1798.140%28j%29%2C+1790.140%28ag%29.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECal.+Civ.+Code+%C2%A7+1798.100%28a%29.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECal.+Civ.+Code+%C2%A7+1798.155%28a%29.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3Cli%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECal.+Civ.+Code+%C2%A7+1798.150%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fli%3E%0A%3C%2Fol%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A
08.24.23 • News

Four Massumi + Consoli Lawyers Recognized in the 2024 Editions of the Best Lawyers in America and Best Lawyers: Ones to Watch

08.24.23
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08.14.23 • Press Releases

Massumi + Consoli Continues Expansion in New York with Tax Partner David E. Mannion

08.14.23
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+advice%2C+quality+and+responsiveness+with+some+of+the+industry%E2%80%99s+top+legal+minds%2C%E2%80%9D+said+David.+%E2%80%9CI%E2%80%99m+excited+for+the+opportunity+to+work+alongside+these+leading+lawyers%2C+including+my+former+K%26amp%3BE+partners%2C+to+contribute+to+the+firm%E2%80%99s+premier+M%26amp%3BA+and+private+equity+work.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EAbout+Massumi+%2B+Consoli+LLP%3A%3C%2Fstrong%3E%3C%2Fspan%3E%3Cbr+%2F%3E%0A%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EFounded+in+2015+as+a+spin-out+from+the+Private+Equity+and+M%26amp%3BA+group+of+Kirkland+%26amp%3B+Ellis%2C+MCLLP+delivers+market-leading+counsel+to+private+funds+and+other+financial+institutions%2C+along+with+their+portfolio+companies%2C+and+other+acquisitive+private+and+public+companies%2C+on+complex+private+equity%2C+M%26amp%3BA%2C+fundraising+and+debt+financing+transactions+and+on+ongoing+corporate+and+investment+management+matters+outside+of+the+transactional+context.+MCLLP%E2%80%99s+mission+is+to+serve+as+a+superior+alternative+to+large+firm+transactional+practices+through+a+platform+that+is+more+attuned+to+clients%E2%80%99+needs+and+that+provides+unparalleled+expertise%2C+responsiveness+and+value.%3C%2Fspan%3E%3C%2Fp%3E%0A
06.30.23 • News

Peter Massumi and Anthony Consoli Named Legal Visionaries by LA Times

06.30.23
%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+is+pleased+to+announce+that+co-founders%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi-pc%2F%22+rel%3D%22noopener%22%3EPeter+Massumi%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eand%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22+rel%3D%22noopener%22%3EAnthony+Consoli%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Ehave+been+named+Legal+Visionaries+by+the+%3Cem%3ELos+Angeles+Times%3C%2Fem%3E+in+its+Business+of+Law+publication.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+2023+guide+highlights+101+%E2%80%9Cstandout+attorneys%E2%80%9D+in+the+Southern+California+region+for+their+career+achievements+and+success.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EPeter+and+Anthony+were+recognized+for+the+firm%E2%80%99s+%E2%80%9Crapid+expansion%E2%80%9D+and+for+driving+the+firm%E2%80%99s+%E2%80%9Cgrowth+into+one+of+the+largest+private+equity+and+M%26amp%3BA+practices+on+the+West+Coast.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Ca+href%3D%22https%3A%2F%2Fwww.latimes.com%2Fb2bpublishing%2Fbusiness-of-law-trends-updates-visionaries-and-the-in-house-counsel-awards-recap%2Fpeter-massumi%22+target%3D%22_blank%22+rel%3D%22noopener%22%3ERead+Peter+Massumi%E2%80%99s+profile+in+the+%3Cem%3ELA+Times%3C%2Fem%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E.%3C%2Fspan%3E%3C%2Fa%3E%3Cbr+%2F%3E%0A%3Ca+href%3D%22https%3A%2F%2Fwww.latimes.com%2Fb2bpublishing%2Fbusiness-of-law-2023%2Fanthony-consoli%22+target%3D%22_blank%22+rel%3D%22noopener%22%3ERead+Anthony+Consoli%E2%80%99s+profile+in+the+%3Cem%3ELA+Times%3C%2Fem%3E%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3E.%3C%2Fem%3E%3C%2Fspan%3E%3C%2Fp%3E%0A
06.20.23 • News

Anthony Consoli Named Emerging Leader by The M&A Advisor

06.20.23
%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli%2C+a+boutique+private+equity-focused+transactional+law+firm%2C+is+pleased+to+announce+that%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fattorneys%2Fanthony-consoli%2F%22+rel%3D%22noopener%22%3EAnthony+Consoli%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+co-founder+of+Massumi+%2B+Consoli%2C+has+been+recognized+as+an+Emerging+Leader+by%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmaadvisor.com%2F%22+target%3D%22_blank%22+rel%3D%22noopener%22%3E%3Cem%3EThe+M%26amp%3BA+Advisor%3C%2Fem%3E%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Efor+his+notable+accomplishments+in+business+and+the+legal+industry.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+id%3D%22yui_3_17_2_1_1712340076120_123%22+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ETony+is+a+Founding+Partner+of+Massumi+%2B+Consoli%2C+where+he+represents+numerous+private+equity+funds+and+their+broad+range+of+portfolio+companies+in+complex+transactions.+At+the+foundation+of+his+practice+is+a+commitment+to+dealmaking+through+a+focus+on+the+highest+standards+of+excellence%2C+aligning+incentives+between+the+firm+and+its+clients+and+endeavoring+to+provide+elegant+and+commercial+solutions+to+nuanced+challenges.+Tony+has+overseen+the+firm%E2%80%99s+aggressive+growth+as+it+has+evolved+into+one+of+the+largest+boutique+private+equity+M%26amp%3BA+practices+in+the+country.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+Emerging+Leaders+Awards+%E2%80%9Crecognize+and+celebrate+the+achievements+of+young+M%26amp%3BA%2C+Financing+and+Turnaround+professionals+who+have+reached+a+significant+level+of+success+and+made+notable+contributions+to+their+industry+and+community.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3EThe+M%26amp%3BA+Advisor%3C%2Fem%3E%2C+renowned+for+its+recognition+and+presentation+of+leading+M%26amp%3BA%2C+financing+and+turnaround+professionals%2C+completed+its+evaluation+and+selection+of+the+Emerging+Leaders+from+a+%E2%80%9Cpool+of+prominent+nominees%E2%80%9D+through+an+independent+panel+of+judges.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EA+complete+list+of+the+2023+Emerging+Leaders+Awards+winners+can+be+found+on%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmaadvisor.com%2FEL%2F2023-EL%2F14th_Annual_Emerging_Leaders_Award_Winners_List.pdf%22+target%3D%22_blank%22+rel%3D%22noopener%22%3E%3Cem%3EThe+M%26amp%3BA+Advisor%E2%80%99s%3C%2Fem%3E+website%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E.%3C%2Fspan%3E%3C%2Fp%3E%0A
06.13.23 • Press Releases

Massumi + Consoli Continues Growth Momentum in New York with Addition of M&A Partner

06.13.23
%3Cdiv+id%3D%22block-64888c553ce74d7089eaf24d%22+class%3D%22sqs-block+html-block+sqs-block-html%22+data-block-type%3D%222%22+data-border-radii%3D%22%7B%26quot%3BtopLeft%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%2C%26quot%3BtopRight%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%2C%26quot%3BbottomLeft%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%2C%26quot%3BbottomRight%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%7D%22%3E%0A%3Cdiv+class%3D%22sqs-block-content%22%3E%0A%3Cdiv+class%3D%22sqs-html-content%22%3E%0A%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EBenjamin+Howard%26%238217%3Bs+Arrival+Enhances+the+Firm%26%238217%3Bs+Private+Equity+Offering%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3Cdiv+id%3D%22block-yui_3_17_2_1_1686670453271_1934%22+class%3D%22sqs-block+html-block+sqs-block-html%22+data-block-type%3D%222%22+data-border-radii%3D%22%7B%26quot%3BtopLeft%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%2C%26quot%3BtopRight%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%2C%26quot%3BbottomLeft%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%2C%26quot%3BbottomRight%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%7D%22%3E%0A%3Cdiv+id%3D%22yui_3_17_2_1_1712340305670_125%22+class%3D%22sqs-block-content%22%3E%0A%3Cdiv+id%3D%22yui_3_17_2_1_1712340305670_124%22+class%3D%22sqs-html-content%22%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ELos+Angeles+%28June+13%2C+2023%29%3C%2Fstrong%3E+%E2%80%93%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fwww.mcllp.com%2F%22+rel%3D%22noopener%22%3EMassumi+%2B+Consoli%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+a+boutique+private+equity-focused+transactional+law+firm%2C+is+pleased+to+announce+that%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fbenjamin-howard%2F%22+rel%3D%22noopener%22%3EBenjamin+Howard%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Ehas+joined+the+firm%E2%80%99s+Private+Equity+M%26amp%3BA+practice+as+a+Partner+in+its+expanding+New+York+office.+Benjamin%E2%80%99s+addition+follows+closely+on+the+heels+of%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fnews%2Fmassumi-consoli-continues-expansion-of-transactional-capabilites-with-two-leading-debt-finance-lawyers%2F%22+rel%3D%22noopener%22%3EJared+Bryant%E2%80%99s+arrival+in+New+York%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eas+the+firm+continues+its+strategic+effort+to+bolster+its+transactional+offering+for+private+equity+sponsors+nationwide.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+id%3D%22yui_3_17_2_1_1712340305670_123%22+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CMassumi+%2B+Consoli+has+been+gaining+significant+momentum+in+recent+years%2C+and+the+expansion+of+our+Manhattan+office+is+a+testament+to+the+firm%E2%80%99s+continued+growth+and+success%2C%E2%80%9D+said%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22+rel%3D%22noopener%22%3EAnthony+Consoli%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+co-founder+of+Massumi+%2B+Consoli.+%E2%80%9CBenjamin+is+a+rising+star%2C+and+his+extensive+private+equity+experience+will+further+enhance+the+firm%E2%80%99s+reputation+as+the+premier+law+firm+for+middle+market+PE+transactions+in+New+York+City+and+beyond.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EBenjamin+will+represent+private+equity+funds+and+their+portfolio+companies%2C+public+and+private+companies+and+other+strategic+clients+in+all+types+of+M%26amp%3BA+transactions.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CNew+York+remains+a+key+market+for+our+clients%2C+and+we+are+committed+to+expanding+our+footprint+to+foster+deeper+relationships+and+provide+a+more+locally+tailored+experience%2C%E2%80%9D+added%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi-pc%2F%22+rel%3D%22noopener%22%3EPeter+Massumi%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C%3C%2Fspan%3E%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E+the+firm%E2%80%99s+other+co-founder.+%E2%80%9CBy+adding+talented+professionals+like+Benjamin+to+our+team%2C+we+continue+to+bolster+our+capabilities+to+provide+comprehensive+full-service+support+for+middle+market+transactions+that+is+not+rivaled+anywhere+else+in+the+marketplace.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CMassumi+%2B+Consoli+has+burst+onto+the+scene+and+quickly+established+itself+as+one+of+the+go-to+law+firms+for+middle-market+private+equity+transactions%2C%E2%80%9D+said+Benjamin.+%E2%80%9CThere+is+a+lot+of+great+energy+and+excitement+coming+from+the+firm+right+now%2C+and+you+can+tell+there+is+serious+passion+behind+their+work.+I%E2%80%99m+looking+forward+to+working+closely+with+the+firm%E2%80%99s+exceptional+lawyers%2C+who+seem+truly+energized+by+the+work+that+they%E2%80%99re+doing.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EBenjamin+was+previously+at+Latham+%26amp%3B+Watkins.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EAbout+Massumi+%2B+Consoli+LLP%3A%3Cbr+%2F%3E%0A%3C%2Fstrong%3EFounded+in+2015+as+a+spin-out+from+the+Private+Equity+and+M%26amp%3BA+group+of+Kirkland+%26amp%3B+Ellis%2C+MCLLP+delivers+market-leading+counsel+to+private+funds+and+other+financial+institutions%2C+along+with+their+portfolio+companies%2C+and+other+acquisitive+private+and+public+companies%2C+on+complex+private+equity%2C+M%26amp%3BA+and+debt+financing+transactions+and+on+ongoing+corporate+matters+outside+of+the+transactional+context.+MCLLP%E2%80%99s+mission+is+to+serve+as+a+superior+alternative+to+large+firm+transactional+practices+through+a+platform+that+is+more+attuned+to+clients%E2%80%99+needs+and+that+provides+unparalleled+expertise%2C+responsiveness+and+value.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A
06.08.23 • News

Michael Young and Daniel Dubelman Named Private Equity Leaders of Influence by Los Angeles Business Journal

06.08.23
%3Cp%3E%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2F%22%3EMassumi+%2B+Consoli%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+a+boutique+private+equity-focused+transactional+law+firm%2C+is+pleased+to+announce+that+the+%3Cem%3ELos+Angeles+Business+Journal%3C%2Fem%3E+has+featured%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fmichael-young-pc%2F%22%3EMichael+Young%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eand%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fdaniel-dubelman-pc%2F%22%3EDaniel+Dubelman%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eas+Leaders+of+Influence+in+its+2023+Leaders+of+Influence%3A+Private+Equity%2C+Investors+%26amp%3B+Advisors%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Flabusinessjournal.com%2Fissues%2Fleaders-of-influence%2Fleaders-of-influence-private-equity-investors-advisors%2F%22+target%3D%22_blank%22+rel%3D%22noopener%22%3Especial+report%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+%3Cem%3ELos+Angeles+Business+Journal%3C%2Fem%3E+%E2%80%9Creviewed+the+careers+of+many+of+the+most+notable+private+equity+related+professionals+in+the+region%2C%E2%80%9D+and+the+2023+Leaders+of+Influence+were+chosen+%E2%80%9Cbased+on+a+demonstration+of+impact+made+on+the+profession+and+on+the+Los+Angeles+community.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMichael+is+recognized+for+his+%E2%80%9Cextensive+experience%E2%80%9D+representing+private+equity+firms+and+their+portfolio+companies+and+other+strategic+clients+and+for+having+%E2%80%9Chelped+grow+the+firm+into+one+of+the+largest+private+equity+and+M%26amp%3BA+practices+on+the+West+Coast.%E2%80%9D+His+%E2%80%9Cactive+leadership+role+at+the+firm%E2%80%9D+is+noted+along+with+his+focus+on+%E2%80%9Ccreating+a+healthy+working+environment+for+all+attorneys.%E2%80%9D+Read+Michael%E2%80%99s%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Flabusinessjournal.com%2Fcustom-content%2Fleaders-of-influence-private-equity-investors-advisors-2023-michael-young%2F%22+target%3D%22_blank%22+rel%3D%22noopener%22%3Ecomplete+profile%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Ein+the+%3Cem%3ELos+Angeles+Business+Journal%3C%2Fem%3E.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EDaniel+is+recognized+for+his+%E2%80%9Cdeep+understanding+of+private+equity+transactions%E2%80%9D+and+his+%E2%80%9Cintellect%2C+knowledge+and+constructive+approach+to+dealmaking%2C%E2%80%9D+as+well+as+his+%E2%80%9Cintegral+role+in+cultivating+a+unique+firm+culture+focused+primarily+on+the+development+of+exceptional+practitioners+and+long-term+happiness+and+career+satisfaction.%E2%80%9D+Read+Daniel%E2%80%99s%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Flabusinessjournal.com%2Fcustom-content%2Fleaders-of-influence-private-equity-investors-advisors-2023-daniel-dubelman%2F%22+target%3D%22_blank%22+rel%3D%22noopener%22%3Ecomplete+profile%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E+in+the+%3Cem%3ELos+Angeles+Business+Journal%3C%2Fem%3E.%3C%2Fspan%3E%3C%2Fp%3E%0A
06.06.23 • News

Adeeb Fadil Recognized as a Pioneer in Environmental Transactional Work by Chambers USA 2023 Guide

06.06.23
%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+is+pleased+to+announce+that%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fadeeb-fadil%2F%22+rel%3D%22noopener%22%3EAdeeb+Fadil%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Ehas+been+ranked+by%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fchambers.com%2Flawyer%2Fadeeb-r-fadil-usa-5%3A195643%22+target%3D%22_blank%22+rel%3D%22noopener%22%3E%3Cem%3EChambers+USA%3C%2Fem%3E%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Ein+its+2023+guide+as+a+Band+1+lawyer+in+the+Environment%3A+Mainly+Transactional+category.+%3Cem%3EChambers%3C%2Fem%3E+highlights+Adeeb+as+%E2%80%9Ca+top+environmental+transactional+attorney%2C%E2%80%9D+emphasizing+that+he+is+%E2%80%9Cfrequently+sought+out+by+clients+to+handle+the+full+range+of+environmental+issues+arising+in+corporate+deals.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EClient+commentary+highlights+Adeeb+as+a+%E2%80%9Cpioneer+in+the+space%E2%80%9D+and+notes+that+%E2%80%9Che%E2%80%99s+tireless%2C+relentless%2C+always+good+humored+and+stops+at+nothing+to+get+the+job+done.%E2%80%9D+Another+source+remarks+that+Adeeb+is+%E2%80%9Ca+first-rate+top-note+environmental+transactional+lawyer%E2%80%9D+and+that+%E2%80%9Che%E2%80%99s+as+good+as+you+can+find+on+the+transaction+side.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+guide+further+highlights+his+%E2%80%9Cpragmatic+approach%E2%80%9D+and+applauds+his+client+service%2C+noting+that+he+%E2%80%9Cis+very+practical+and+commercially+minded%E2%80%9D+and+%E2%80%9Cgets+what+the+clients+want+done+and+is+a+great+negotiator+in+so+doing.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EAdeeb%E2%80%99s+practice+focuses+on+environmental+and+health+%26amp%3B+safety+aspects+of+complex+domestic+and+cross-border+mergers%2C+acquisitions%2C+and+similar+transactions+for+a+broad+range+of+clients%2C+including+private+equity+funds%2C+their+portfolio+companies%2C+and+other+private+and+public+companies.+His+experience+also+spans+a+broad+range+of+industrial+and+commercial+sectors%2C+including+specialty+chemicals%2C+commodity+chemicals%2C+electrical+power%2C+oil%2C+gas+and+other+conventional+energy%2C+solar%2C+wind+and+other+alternative%2Fclean+energy%2C+heavy+and+light+manufacturing%2C+transportation%2C+logistics%2C+healthcare%2C+hospitality+and+real+estate.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EAdeeb+has+been+ranked+by+%3Cem%3EChambers%3C%2Fem%3E+for+20+years%2C+including+15+consecutive+years+as+Band+1.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EAbout+Massumi+%2B+Consoli+LLP%3A%3C%2Fstrong%3E%3C%2Fspan%3E%3Cbr+%2F%3E%0A%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EFounded+in+2015+as+a+spin-out+from+the+Private+Equity+and+M%26amp%3BA+group+of+Kirkland+%26amp%3B+Ellis%2C+MCLLP+delivers+market-leading+counsel+to+private+funds+and+other+financial+institutions%2C+along+with+their+portfolio+companies%2C+and+other+acquisitive+private+and+public+companies%2C+on+complex+private+equity%2C+M%26amp%3BA+and+debt+financing+transactions+and+on+ongoing+corporate+matters+outside+of+the+transactional+context.+MCLLP%E2%80%99s+mission+is+to+serve+as+a+superior+alternative+to+large+firm+transactional+practices+through+a+platform+that+is+more+attuned+to+clients%E2%80%99+needs+and+that+provides+unparalleled+expertise%2C+responsiveness+and+value.%3C%2Fspan%3E%3C%2Fp%3E%0A
04.20.23 • News

As Law Firms Vie for The Middle Market, This Kirkland Spinoff Is Carving a Niche in Private Equity

04.20.23
%3Cdiv+id%3D%22block-644ff866fa140230d8e42f04%22+class%3D%22sqs-block+html-block+sqs-block-html%22+data-block-type%3D%222%22+data-border-radii%3D%22%7B%26quot%3BtopLeft%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%2C%26quot%3BtopRight%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%2C%26quot%3BbottomLeft%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%2C%26quot%3BbottomRight%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%7D%22%3E%0A%3Cdiv+class%3D%22sqs-block-content%22%3E%0A%3Cdiv+class%3D%22sqs-html-content%22%3E%0A%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3ETHE+RECORDER+%28LAW.COM%29%3C%2Fem%3E%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3Cdiv+id%3D%22block-yui_3_17_2_1_1682962544906_2512%22+class%3D%22sqs-block+html-block+sqs-block-html%22+data-block-type%3D%222%22+data-border-radii%3D%22%7B%26quot%3BtopLeft%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%2C%26quot%3BtopRight%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%2C%26quot%3BbottomLeft%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%2C%26quot%3BbottomRight%26quot%3B%3A%7B%26quot%3Bunit%26quot%3B%3A%26quot%3Bpx%26quot%3B%2C%26quot%3Bvalue%26quot%3B%3A0.0%7D%7D%22%3E%0A%3Cdiv+class%3D%22sqs-block-content%22%3E%0A%3Cdiv+class%3D%22sqs-html-content%22%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+was+featured+in+%3Cem%3ELaw.com%E2%80%99s%3C%2Fem%3E%C2%A0%3Cem%3EThe+Recorder%3C%2Fem%3E+for+its+steady+growth+and+%E2%80%9Cunique+spot+in+midmarket+private+equity.%E2%80%9D+In+the+profile%2C+co-founders%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi-pc%2F%22%3EPeter+Massumi%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eand%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22%3EAnthony+Consoli%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eanswer+questions+about+the+firm%E2%80%99s+continued+growth%2C+private+equity+expertise+and+unique+value+proposition+for+lateral+recruits.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+article+highlights+the+firm%E2%80%99s+focus+on+private+equity+and+its+commitment+to+%E2%80%9Ccreating+a+home+for+clients+in+need+of+a+high+level+of+expertise+that+aren%E2%80%99t+suited+to+a+bigger+firm+model%E2%80%9D+as+key+factors+behind+its+continued+success%2C+and+it+goes+on+to+emphasize+the+firm%E2%80%99s+relationship-driven+model+and+elite+talent+as+additional+differentiators+for+clients.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CSome+of+our+relationships+have+taken+years+to+cultivate%2C+but+we%E2%80%99re+playing+the+long+game%2C%E2%80%9D+Consoli+said.+%E2%80%9CWe+take+pride+in+what+we+do%2C%E2%80%9D+he+said.+%E2%80%9CWe+tell+our+clients%2C+%E2%80%98When+the+time+is+right%2C+we+are+here.+We+are+ready+for+a+long-term+relationship.%E2%80%99%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Ca+href%3D%22https%3A%2F%2Fwww.mcllp.com%2Fs%2FAs-Law-Firms-Vie-for-the-Middle-MarketThis-Kirkland-Spinoff-Is-Carving-a-Niche-in-Private-Equity.pdf%22+target%3D%22_blank%22+rel%3D%22noopener%22%3ERead+the+full+article%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E.%3C%2Fspan%3E%3C%2Fp%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A
04.18.23 • News

Kirkland Alum Target Middle-Market Private Equity Deals Pipeline

04.18.23
%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3EBloomberg+Law%3C%2Fem%3E%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ECo-founders%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi-pc%2F%22%3EPeter+Massumi%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eand%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22%3EAnthony+Consoli%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E+recently+sat+down+with+Bloomberg+Law%26%238217%3Bs+Jeffery+Leon+to+discuss+Massumi+%2B+Consoli%26%238217%3Bs+recent+growth+and+expanded+offering+for+private+equity+firms+in+the+middle+market.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+article+highlights+the+firm%E2%80%99s+recent+additions+to+its+debt+finance+group+and+specialty+practice+areas%2C+including+tax%2C+intellectual+property%2C+and+employee+benefits%2C+among+several+others%2C+to+provide+a+complete+offering+for+private+equity+clients+and+their+portfolio+companies.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CWhat+you+can+see+is+us+having+a+soup-to-nuts+offering+for+private+equity%2C%E2%80%9D+Massumi+said+in+an+interview.+%E2%80%9CWe%E2%80%99re+there+for+you+when+you+raise+the+funds+and+then+we%E2%80%99ll+do+the+transactions+%E2%80%93+we%26%238217%3Bll+help+you+buy+the+companies%2C+help+to+add+value+to+those+companies+while+you+hold+them%2C+and+help+you+sell+them.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Ca+href%3D%22https%3A%2F%2Fnews.bloomberglaw.com%2Fbusiness-and-practice%2Fkirkland-alum-target-middle-market-private-equity-deals-pipeline%22+target%3D%22_blank%22+rel%3D%22noopener%22%3ERead+the+full+article%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E.%3C%2Fspan%3E%3C%2Fa%3E%3C%2Fp%3E%0A
03.20.23 • Press Releases

Massumi + Consoli Continues Expansion of Transactional Capabilities with Two Leading Debt Finance Lawyers

03.20.23
%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EJared+Bryant+and+Matthew+Berde+Join+as+Partners+from+McDermott+and+Weil+%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ELos+Angeles%2C+CA+%28March+20%2C+2023%29+%E2%80%93%3C%2Fstrong%3E%3C%2Fspan%3E+%3Ca+href%3D%22http%3A%2F%2Fwww.mcllp.com%22%3EMassumi+%2B+Consoli%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+a+boutique+private+equity-focused+transactional+law+firm+with+offices+in+Los+Angeles%2C+San+Francisco+and+New+York%2C+is+pleased+to+announce+the+addition+of%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fjared-bryant%2F%22%3EJared+Bryant%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eand%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fmatthew-berde%2F%22%3EMatthew+Berde%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eas+Partners+in+its%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fcapabilities%2Fdebt-finance%2F%22%3EDebt+Finance%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Epractice+group+as+the+firm+continues+to+expand+its+offerings+to+sponsor+clients+and+their+portfolio+companies%2C+direct+lenders+and+strategic+borrowers.+Jared+and+Matt+will+work+alongside+the+firm%E2%80%99s+Private+Equity+and+M%26amp%3BA+practitioners+to+provide+cutting-edge+counsel+in+complex+domestic+and+cross-border+debt+financing+matters.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CJared+and+Matt+are+key+hires+that+help+us+broaden+the+scope+of+expertise+we+can+deliver+across+our+transactional+practice%2C%E2%80%9D+said%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi-pc%2F%22%3EPeter+Massumi%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+co-founder+of+Massumi+%2B+Consoli.+%E2%80%9CThis+will+bolster+the+firm%E2%80%99s+ability+to+drive+successful+outcomes+for+our+clients+by+building+on+the+recent+growth+of+our+in-house+capabilities.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CThe+Debt+Finance+practice+serves+an+integral+function+within+our+firm%2C+and+we+are+committed+to+strengthening+our+capabilities+in+this+growing+practice+area%2C%E2%80%9D+said%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22%3EAnthony+Consoli%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+the+firm%E2%80%99s+other+co-founder.+%E2%80%9CWe+believe+that+Jared+and+Matt%2C+with+their+decades+of+collective+experience+partnering+with+sophisticated+institutions%2C+will+be+of+enormous+value+to+our+clients.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EJared+and+Matt+focus+on+representing+private+equity+sponsors%2C+their+portfolio+companies+and+private+and+public+companies+in+connection+with+complex+secured+and+unsecured+debt+financing+transactions%2C+including+leveraged+acquisition+financings%2C+senior+and+subordinated+lending+transactions%2C+and+first+and+second+lien%2C+bridge%2C+mezzanine+and+asset-based+financings+and+recapitalizations%2C+in+addition+to+providing+ongoing+strategic+advice+to+clients+with+respect+to+debt+financing+matters.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EAdditionally%2C+Jared+and+Matt+have+extensive+experience+representing+private+lenders+and+other+institutional+investors+in+connection+with+direct+lending+and+special+situations+transactions+and+have+advised+both+debtors+and+creditors+in+connection+with+workouts%2C+liability+management+and+restructuring+transactions.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EJared+was+previously+at+McDermott+Will+%26amp%3B+Emery.+Matt+was+previously+at+Weil%2C+Gotshal+%26amp%3B+Manges.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EAbout+Massumi+%2B+Consoli+LLP%3A%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EFounded+in+2015+as+a+spin-out+from+the+Private+Equity+and+M%26amp%3BA+group+of+Kirkland+%26amp%3B+Ellis%2C+MCLLP+delivers+market-leading+counsel+to+private+funds+and+other+financial+institutions%2C+along+with+their+portfolio+companies%2C+and+other+acquisitive+private+and+public+companies%2C+on+complex+private+equity%2C+M%26amp%3BA+and+debt+financing+transactions+and+on+ongoing+corporate+matters+outside+of+the+transactional+context.+MCLLP%E2%80%99s+mission+is+to+serve+as+a+superior+alternative+to+large+firm+transactional+practices+through+a+platform+that+is+more+attuned+to+clients%E2%80%99+needs+and+that+provides+unparalleled+expertise%2C+responsiveness+and+value.%3C%2Fspan%3E%3C%2Fp%3E%0A
03.01.23 • News

Anthony Consoli Named 2023 Banking and Finance Visionary by LA Times

03.01.23
%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMassumi+%2B+Consoli+is+pleased+to+announce+that+Co-Founder+%3C%2Fspan%3E%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22%3EAnthony+Consoli%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Ehas+been+featured+as+a+Banking+%26amp%3B+Finance+Visionary+by+the+%3Cem%3ELos+Angeles+Times%3C%2Fem%3E+in+its+2023+Banking+and+Finance%3A+Trends%2C+Updates+and+Visionaries+publication.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+guide+highlights+trusted+experts+who+do+more+than+provide+services+and+advice+and+notes+that+%E2%80%9Cthese+individuals+%E2%80%93+and+the+institutions+they+represent+%E2%80%93+can+genuinely+prepare+your+organization+for+growth+%28and+beyond%29.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThis+marks+the+second+consecutive+year+that+Tony+was+recognized+by+the+%3Cem%3ELA+Times%3C%2Fem%3E%2C+which+remarks+that+%E2%80%9Cat+the+foundation+of+Consoli%E2%80%99s+practice+is+a+commitment+to+dealmaking+through+a+focus+on+the+highest+standards+of+excellence%2C+aligning+incentives+between+MCLLP+and+its+clients%2C+and+endeavoring+to+provide+elegant+and+commercial+solutions+to+nuanced+challenges.%E2%80%9D%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Ca+href%3D%22https%3A%2F%2Fwww.latimes.com%2Fbanking-and-finance-2023%2Fanthony-consoli%22%3ERead+the+complete+profile+by+the+%3C%2Fa%3E%3Cem%3E%3Ca+href%3D%22https%3A%2F%2Fwww.latimes.com%2Fbanking-and-finance-2023%2Fanthony-consoli%22%3ELA+Times%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E.%3C%2Fspan%3E%3C%2Fem%3E%3C%2Fp%3E%0A
02.28.23 • Insights

Restrictive Covenant Strategies for Employers in Anticipation of the Enactment—or Not—of the FTC’s Proposed Ban on Non-Competes

02.28.23
%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3E%3Ca+style%3D%22color%3A+%237f7f7f%3B%22+href%3D%22https%3A%2F%2Fwww.investmentcouncil.org%2F%22+target%3D%22_blank%22+rel%3D%22noopener%22%3EAmerican+Investment+Council%3C%2Fa%3E%3C%2Fem%3E%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EBy%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fattorneys%2Fami-zweig%2F%22%3EAmi+Zweig%3C%2Fa%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ESince+January%2C+employment+lawyers+and+their+clients+have+been+eagerly+awaiting+the+outcome+of+the+Federal+Trade+Commission%E2%80%99s+controversial+proposed+rule+that+would+ban+non-competition+agreements+in+the+employment+context+entirely%2C+as+well+as+prohibit+non-competes+in+the+sale+of+business+context+with+workers+whose+ownership+interest+being+sold+is+less+than+25+percent.%5B1%5D+The+FTC+recently+extended+the+public+comment+period+on+its+proposed+rule+by+a+month%2C+through+April+19%2C+2023.+Employers+may+wish+to+use+this+additional+time+to+evaluate+their+restrictive+covenant+practices+in+preparation+for+either+%28A%29+the+FTC%E2%80%99s+proposed+rule+going+into+effect%2C+or+%28B%29+the+FTC%E2%80%99s+proposed+rule+not+going+into+effect%2C+which+could+lead+to+non-competes+being+challenged+in+myriad+other+ways.+Here%2C+we+discuss+strategies+for+employers+%E2%80%93+particularly+acquisitive+entities+such+as+private+equity+firms+and+their+portfolio+companies+%E2%80%93+to+consider+in+preparing+for+both+such+outcomes.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Ch3%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EActions+and+Considerations+if+the+FTC%E2%80%99s+Proposed+Rule+is+Enacted%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIf+the+FTC%E2%80%99s+proposed+rule+becomes+the+law+of+the+land%2C+one+of+the+first+orders+of+business+for+employers+will+be+to+prepare+mandatory+notices+of+rescission+to+current+or+former+employees+with+non-competes+rendered+unenforceable+by+the+new+rule.+Specifically%2C+the+proposed+rule+provides+that+each+such+notice+must+be%3A%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Ean+%E2%80%9Cindividualized+communication%E2%80%9D+informing+the+worker+that+his+or+her+non-compete+is+no+longer+in+effect+and+may+not+be+enforced+%28the+proposed+rule+contains+model+language+that+employers+may%2C+but+are+not+required+to%2C+use+for+this+communication%29%3B%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eprovided+on+paper+or+in+a+digital+format%2C+such+as+email+or+text+message%3B+and%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eprovided+within+45+days+of+the+%E2%80%9Ccompliance+date%E2%80%9D+%28which+the+proposed+rule+defines+as+180+days+after+publication+of+the+final+rule%29.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ETo+prepare+for+fulfilling+these+notice+requirements%2C+employers+would+need+to+identify+all+current+and+former+employees+with+non-competes+invalidated+by+the+proposed+rule+%28which+need+not+include+former+employees+with+non-competes+expiring+prior+to+the+compliance+date%29%2C+gather+their+contact+information%2C+draft+the+necessary+language+for+the+notices%2C+and+implement+a+plan+for+distributing+the+notices.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMore+fundamentally%2C+employers+will+need+to+re-evaluate+their+restrictive+covenant+practices+going+forward.+The+easy+%28though+perhaps+painful+for+many%29+part+of+this+process+for+employers+will+be+to+eliminate+post-employment+non-competes+from+their+form+employment+agreements.+The+more+challenging+exercise+will+be+to+scrutinize+their+remaining+restrictive+covenants+%E2%80%93+most+notably%2C+covenants+not+to+solicit+employees%2C+customers%2C+or+other+business+relations+%E2%80%93+bearing+in+mind+the+dual+purpose+of+ensuring+that+such+covenants+are+sufficiently+broad+to+protect+the+employer%E2%80%99s+legitimate+business+interests%2C+yet+narrowly+tailored+enough+to+mitigate+the+risk+of+attacks+on+their+enforceability.+In+a+world+without+non-competes%2C+these+non-solicitation+covenants+will+become+the+%E2%80%9Cfirst+line+of+defense%E2%80%9D+%E2%80%93+and+thus%2C+more+important+than+ever+%E2%80%93+for+employers+seeking+to+protect+their+critical+business+relationships%2C+but+may+be+ripe+for+challenge+by+employees+and+their+counsel+as+well+as+state+legislatures+or+other+government+officials%2C+who+may+feel+emboldened+by+the+new+legal+framework+ushered+in+by+the+FTC.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EScrutinizing+existing+non-solicitation+clauses+is+especially+important+because+the+FTC%E2%80%99s+proposed+ban+on+non-competes+includes+any+%E2%80%9Cde+facto+non-compete%2C%E2%80%9D+defined+as+a+clause+that+%E2%80%9Chas+the+effect+of+prohibiting+the+worker+from+seeking+or+accepting+employment+with+a+person+or+operating+a+business+after+the+conclusion+of+the+worker%E2%80%99s+employment+with+the+employer.%E2%80%9D+As+examples+of+such+a+clause%2C+the+proposed+rule+lists+a+non-disclosure+agreement+that+is+%E2%80%9Cwritten+so+broadly+that+it+effectively+precludes+the+worker+from+working+in+the+same+field%2C%E2%80%9D+and+a+requirement+for+repayment+of+training+costs+that+is+%E2%80%9Cnot+reasonably+related+to+the+costs+the+employer+incurred+for+training+the+worker.%E2%80%9D+While+the+proposed+rule+does+not+discuss+non-solicits+specifically+%28and+their+absence+from+the+list+of+%E2%80%9Cde+facto+non-compete%E2%80%9D+examples+could+be+an+indication+that+the+FTC+did+not+intend+to+include+such+covenants+within+the+scope+of+the+rule%29%2C+employees+and+their+counsel+may+argue+that+some+non-solicits+are+drafted+so+broadly+as+to+constitute+de+facto+non-competes+%E2%80%93+an+argument+that+courts+will+inevitably+be+confronted+with+in+litigation+if+the+FTC%E2%80%99s+proposed+rule+takes+effect.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EIn+examining+their+existing+non-solicitation+covenants%2C+employers+should+ask+themselves%3A%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3E%3Cstrong%3EDoes+the+non-solicit+identify+the+right+types+of+business+relations+that+are+of+critical+importance+in+the+context+of+the+employer%E2%80%99s+business%3F%3C%2Fstrong%3E+%3C%2Fem%3EFor+companies+such+as+service+providers%2C+this+may+mean+their+customers+or+clients.+For+private+equity+firms%2C+this+may+mean+their+investors%2C+or+businesses+they+are+targeting+for+acquisition.+For+companies+such+as+manufacturers%2C+this+may+mean+their+vendors+or+suppliers.+For+most+%28if+not+all%29+employers%2C+this+would+also+include+their+employees.+An+employer+may+reasonably+conclude+that+its+list+of+business+relations+protected+by+a+non-solicitation+clause+should+include+many+or+all+of+the+foregoing+examples.+But+the+types+of+business+relations+that+warrant+protection+may+differ+from+company+to+company%2C+or+sometimes+even+from+employee+to+employee+%28depending+on+their+role+at+the+company+or+the+nature+of+their+business+relationships%29.+Employers+would+be+prudent+to+assess+this+question+from+a+business+perspective%2C+to+ensure+that+their+non-solicitation+agreements+cover+the+business+relations+that+are+of+critical+importance+to+that+company%2C+but+%28to+protect+against+an+argument+of+overbreadth%29+not+those+that+are+of+little+to+no+import.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3E%3Cstrong%3EDoes+the+non-solicit+apply+reasonable+limitations+to+the+scope+of+those+who+cannot+be+solicited%3F%3C%2Fstrong%3E%3C%2Fem%3E+For+example%2C+some+non-solicitation+covenants+include+language+limiting+the+applicability+of+the+restriction+to+customers+or+employees+whom+the+restricted+employee+actually+had+contact+with+or+learned+confidential+information+about+during+a+defined+lookback+period.+Any+such+limitation+should+be+crafted+to+ensure+that+the+employer%E2%80%99s+interests+are+still+protected+%E2%80%93+typically%2C+the+relationships+that+the+employer+cares+most+about+protecting+are+those+that+the+restricted+employee+was+actually+involved+with+or+knew+confidential+information+about+during+a+reasonably+recent+period+%E2%80%93+while+guarding+against+arguments+that+the+covenant+is+overbroad+because+it+is+not+narrowly+tailored+to+the+company%E2%80%99s+legitimate+protectable+interests.+If+the+FTC%E2%80%99s+proposed+rule+goes+into+effect%2C+employees+and+their+counsel+will+undoubtedly+assert+that+some+non-solicits+are+%E2%80%9Cde+facto+non-competes%E2%80%9D+because+%28the+argument+would+go%29+they+are+drafted+so+broadly+as+to+effectively+preclude+the+employee+from+working+in+the+same+field.+For+example%2C+one+can+envision+this+argument+being+made+in+the+context+of+a+covenant+prohibiting+solicitation+of+a+large+employer%E2%80%99s+%E2%80%9Ccustomers+and+prospective+customers%E2%80%9D+with+no+guardrails+on+who+would+be+deemed+a+%E2%80%9Cprospective+customer%E2%80%9D+of+that+large+employer.+Considering+the+logical+response+to+that+hypothetical+argument+may+be+a+helpful+litmus+test+for+employers+in+assessing+their+existing+non-solicitation+covenants.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3E%3Cstrong%3EDoes+the+non-solicit+apply+equally+to+all+company+employees%2C+or+does+it+differ+based+on+role+or+responsibilities%3F%3C%2Fstrong%3E%3C%2Fem%3E+While+a+%E2%80%9Cone+size+fits+all%E2%80%9D+non-solicit+may+make+sense+for+many+companies+%28particularly+smaller+ones%29%2C+employers+should+consider%2C+for+example%2C+whether+their+non-solicitation+agreements+could+be+improved+through+appropriate+variations+to+their+standard+language+based+on+an+employee%E2%80%99s+role+%28taking+into+account+the+nature+of+the+employee%E2%80%99s+business+relationships+and+their+access+to+confidential+information%29%2C+or+whether+non-solicitation+covenants+are+warranted+at+all+%28or%2C+perhaps%2C+in+modified+form%29+for+lower-level+employees.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3E%3Cstrong%3EDoes+the+non-solicit+account+for+any+state-specific+issues+in+the+states+where+the+company+has+employees%3F%3C%2Fstrong%3E+%3C%2Fem%3EAlthough+most+state+laws+concerning+restrictive+covenants+currently+focus+on+non-competes+rather+than+non-solicits%2C+that+is+not+universal.+For+example%2C+in+California%2C+many+courts+have+deemed+customer+non-solicits+unenforceable+%28viewing+them+as+akin+to+post-employment+non-competes%2C+which+California+expressly+prohibits%29+outside+the+limited+context+of+protecting+confidential+information%2C+though+many+California+courts+have+enforced+employee+non-solicits.%5B2%5D+In+Illinois%2C+the+%E2%80%9CFreedom+to+Work+Act%E2%80%9D+prohibits+non-solicits+with+employees+earning+less+than+%2445%2C000+per+year+%28a+threshold+that+will+rise+beginning+in+2027%29%2C+and+imposes+various+other+requirements+that+apply+to+both+non-solicits+and+non-competes.+Moreover%2C+if+the+FTC+outlaws+employment+non-competes+at+the+federal+level%2C+state+legislatures+%28which+have+largely+focused+their+efforts+to+date+in+this+space+on+non-competes%29+may+pivot+their+attention+to+non-solicits.%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Ch3%3E%3Cspan+style%3D%22color%3A+%23be9b64%3B%22%3EActions+and+Considerations+if+the+FTC%E2%80%99s+Proposed+Rule+is+%3Cem%3ENot%3C%2Fem%3E+Enacted%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EWhile+employers+may+breathe+a+sigh+of+relief+if+the+FTC%E2%80%99s+proposed+rule+is+not+enacted%2C+employers+should+not+assume+that+the+lack+of+a+federal+ban+on+non-competes+means+that+they+can+safely+proceed+with+the+status+quo.+Of+course%2C+the+FTC+may+seek+to+enact+a+variation+of+its+proposed+rule+that+would+limit+the+use+of+non-competes+in+unknown+other+ways+%28which+this+article+will+not+attempt+to+predict%29.+But+even+without+any+formal+rulemaking+from+the+FTC%2C+given+the+heightened+attention+in+this+area+as+a+result+of+the+FTC%E2%80%99s+proposed+rule+and+the+Biden+administration%E2%80%99s+focus+on+non-competes+as+an+enforcement+priority%2C%5B3%5D+employers+should+anticipate+that+restrictive+covenant+scrutiny+will+only+continue+to+rise%2C+both+from+the+federal+government+and+state+legislatures+as+well+as+in+courtrooms+around+the+country.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ETo+that+end%2C+what+prophylactic+measures+can+employers+take+to+insulate+themselves+against+such+increased+scrutiny%2C+which+may+manifest+in+unpredictable+ways%3F%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EFirst%2C+the+considerations+discussed+above+with+respect+to+non-solicits+apply+whether+or+not+the+FTC%E2%80%99s+proposed+rule+takes+effect.+Even+if+a+non-solicit+is+an+employer%E2%80%99s+%E2%80%9Csecond+line+of+defense%E2%80%9D+behind+a+non-compete%2C+employers+should+not+blindly+assume+that+their+non-competes+will+be+enforced+%E2%80%93+particularly+as+legislators+and+regulators+continue+to+tighten+the+reins+in+this+area+%E2%80%93+thus+bringing+the+non-solicit+back+to+the+forefront.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ESecond%2C+employers+should+examine+how+the+enforceability+of+their+existing+non-competes+might+be+susceptible+to+attack%2C+and+consider+ways+to+potentially+shore+up+any+vulnerabilities+they+identify.+For+example%3A%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3E%3Cstrong%3EDoes+the+non-compete+account+for+any+state-specific+issues+in+the+states+where+the+company+has+employees%3F%3C%2Fstrong%3E+%3C%2Fem%3EBy+way+of+example+only+%28as+many+states+have+enacted+non-compete+laws+in+recent+years+with+varying+requirements%2C+which+this+article+will+not+attempt+to+summarize+in+full%29%2C+employers+should+identify+any+applicable+earnings+thresholds%2C+durational+limits%2C+notice+or+consideration+requirements%2C+or+other+rules+that+may+apply+to+non-competes+in+the+states+where+the+employer+resides+or+operates.+Employers+should+also+consider+the+rules+concerning+judicial+%E2%80%9Cblue-penciling%E2%80%9D+%28i.e.%2C+modifying+or+reforming+otherwise+unenforceable+restrictive+covenants%29+in+the+relevant+states%2C+as+each+state%E2%80%99s+approach+%E2%80%93+which+can+range+from+a+strict+%E2%80%9Cno+blue+pencil%E2%80%9D+rule%2C+to+a+limited+blue+pencil+rule+%28allowing+courts+to+delete+but+not+substitute+language%29%2C+to+a+discretionary+approach%2C+to+mandatory+blue+penciling+%E2%80%93+may+impact+how+aggressive+or+conservative+an+employer+chooses+to+be+in+its+restrictive+covenant+agreements.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3E%3Cstrong%3EDoes+the+non-compete+appropriately+define+the+scope+of+the+restricted+business+%28especially+in+the+sale-of-business+context%29%3F%3C%2Fstrong%3E%3C%2Fem%3E+A+recent+Delaware+Chancery+Court+decision+highlighted+the+importance+of+this+factor.+In+%3Cem%3EKodiak+Building+Partners%2C+LLC+v.+Adams+%28Del.+Ch.+Oct.+6%2C+2022%29%3C%2Fem%3E%2C+the+Court+refused+to+enforce+non-compete+and+non-solicit+covenants+in+the+context+of+a+sale+of+a+business+because+their+scope+covered+not+only+the+business+of+the+acquired+company%2C+but+also+the+business+of+the+buyer+and+its+affiliates.+The+Court+explained+that+in+this+context%2C+the+buyer+has+a+legitimate+interest+in+protecting+the+assets+and+goodwill+of+the+business+being+acquired%2C+but+that+legitimate+interest+does+not+extend+to+other+industries+%28outside+the+scope+of+the+acquired+business%29+in+which+the+buyer+may+also+be+involved.+Hypothetically%2C+if+a+buyer+were+to+employ+an+individual+seller+%28after+acquiring+the+seller%E2%80%99s+business%29+in+a+role+that+extends+into+other+industries+in+which+the+buyer+is+also+involved%2C+the+buyer+would+have+a+reasonable+basis+for+including+restrictive+covenants+in+the+seller%E2%80%99s+employment+agreement+that+extend+into+those+other+industries.+As+a+basic+guidepost%2C+employers+should+endeavor+to+tailor+their+sale-of-business+non-competes+to+the+scope+of+the+business+being+acquired%2C+and+their+employment+non-competes+to+the+scope+of+the+business+for+which+the+employee+works.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3E%3Cstrong%3EWould+the+non-compete+be+vulnerable+to+the+%E2%80%9Csecretary+or+janitor%E2%80%9D+argument%3F%3C%2Fstrong%3E%3C%2Fem%3E+A+recent+decision+from+a+federal+district+court+in+%3Cem%3EGeorgia%2C+AmSpec%2C+LLC+v.+Calhoun%2C+et+al.+%28S.D.+Ga.+Dec.+16%2C+2022%29%3C%2Fem%3E%2C+illustrated+the+oft-used+argument+that+a+non-compete+is+overbroad+%28and+therefore+unenforceable%29+if+it+is+drafted+so+broadly+that+it+would+prohibit+the+employee+from+working+even+as+a+%E2%80%9Csecretary+or+janitor%E2%80%9D+at+a+competitor.+In+AmSpec%2C+the+non-compete+at+issue+purported+to+prohibit+the+employees+from+working+in+any+role+in+which+they+would+%E2%80%9Ccontribute+%5Btheir%5D+knowledge+%E2%80%A6+to+an+entity+engaged+in+the+same+or+similar+business+as+AmSpec.%E2%80%9D+The+employees+argued+that+the+non-compete+was+overbroad+because+it+would+prohibit+them+from+working+even+in+non-competitive+roles+%28such+as+a+%E2%80%9Csecretory+or+janitor%E2%80%9D%29+for+any+entity+engaged+in+the+same+business+as+AmSpec.+The+Court+concurred%2C+refusing+to+enforce+the+non-compete+because+it+would+prohibit+the+employees+from+working+%E2%80%9Cin+any+capacity%E2%80%9D+for+a+competitive+business+%28i.e.%2C+even+in+a+non-competitive+role%29.+While+other+courts+could+have+analyzed+the+non-compete+at+issue+in+this+case+and+come+to+a+different+conclusion%2C+the+takeaway+for+employers+from+the+%3Cem%3EAmspec%3C%2Fem%3E+decision+is+that+some+courts+may+view+a+non-compete+that+prohibits+working+for+a+competitor+in+any+capacity+as+overbroad.+To+guard+against+that+possibility%2C+employers+may+consider%2C+for+example%2C+limiting+their+non-competes+to+prohibit+employment+only+in+certain+roles+%28such+as+managerial+or+executive+roles%2C+sales+roles%2C+etc.%29%2C+or+perhaps+in+roles+in+which+the+employee+would+likely+or+inevitably+use+confidential+information+learned+during+their+prior+employment.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem%3E%3Cstrong%3EDoes+the+non-compete+contain+reasonable+durational+and+geographic+limits%3F%3C%2Fstrong%3E%3C%2Fem%3E+While+most+employers+recognize+that+non-competes+are+only+enforceable+for+reasonable+durations+following+the+termination+of+employment+%28or+the+sale+of+the+business%29%2C+an+employer%E2%80%99s+standard+non-compete+duration+may+be+worth+revisiting+in+view+of+state+legislative+developments+and+in+the+context+of+generally+heightened+scrutiny+on+non-competes.+As+for+geographic+limits%2C+while+the+internet+and+other+factors+have+allowed+many+more+businesses+to+legitimately+claim+to+have+nationwide+or+even+global+reach%2C+employers+would+still+be+wise+to+consider+appropriate+geographic+limits+on+the+scope+of+their+non-competes.+For+example%2C+in+a+very+recent+decision+from+another+Delaware+Chancery+Court%2C+%3Cem%3EIntertek+Testing+Services+NA%2C+Inc.+v.+Eastman+%28Del.+Ch.+Mar.+16%2C+2023%29%3C%2Fem%3E%2C+the+Court+refused+to+enforce+a+sale-of-business+non-compete+that+purported+to+apply+%E2%80%9Canywhere+in+the+world%E2%80%9D+because+the+plaintiff+did+not+allege+that+the+acquired+business+actually+%E2%80%9Cprovided+services+globally.%E2%80%9D+Employers+%E2%80%93+even+those+with+expansive+business+operations+%E2%80%93+should+not+overlook+the+reasonable+geographic+scope+requirement+in+evaluating+their+non-compete+practices.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cem+style%3D%22font-size%3A+16px%3B%22%3E%3Cstrong%3EDoes+the+non-compete+apply+equally+to+all+company+employees%2C+or+does+it+differ+based+on+role+or+responsibilities%3F%3C%2Fstrong%3E+%3C%2Fem%3E%3Cspan+style%3D%22font-size%3A+16px%3B%22%3EWhile+considering+employee-specific+factors+based+on+role+and+responsibilities+is+prudent+in+the+non-solicit+context+%28as+discussed+above%29%2C+doing+so+can+be+even+more+important+in+the+non-compete+context%2C+given+that+non-competes+%28relative+to+non-solicits%29+are+more+restrictive+on+employee+activities%2C+subject+to+more+statutory+requirements+at+the+state+level%2C+and+generally+subject+to+more+scrutiny+in+courts+and+in+the+public+eye.+For+example%2C+an+employer+might+reasonably+decide+that+all+of+its+employees+should+have+non-solicits%2C+but+that+only+employees+in+a+certain+department+or+at+a+certain+level+need+also+have+non-competes+in+order+to+protect+the+company%E2%80%99s+legitimate+business+interests.+This+analysis+may+differ+widely+from+company+to+company%2C+but+it+is+an+inquiry+that+employers+would+be+wise+to+undertake%2C+especially+in+a+world+where+a+withdrawal+of+the+FTC%E2%80%99s+proposed+rule+could+lead+to+increased+scrutiny+on+non-competes+in+other%2C+unpredictable+ways.%3C%2Fspan%3E%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EWhile+employers+will+soon+learn+the+fate+of+the+FTC%E2%80%99s+proposed+rule%2C+whether+the+rule+is+enacted+or+not%2C+employers+who+rely+on+restrictive+covenant+agreements+as+an+important+measure+to+protect+their+business+interests+would+be+prudent+to+begin+the+process+now+of+earnestly+evaluating+and+fortifying+their+non-competition+and+non-solicitation+covenants+in+preparation+for+either+outcome.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Chr+%2F%3E%0A%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3ENotes%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Col%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EThe+FTC%E2%80%99s+proposed+rule+appears+not+to+cover+non-competes+with+non-worker+business+owners+%28for+example%2C+individuals+who+own+a+passive+interest+in+a+family+business+but+do+not+actually+work+for+the+business%29%2C+regardless+of+the+percentage+of+their+ownership+interest.+The+proposed+rule+would+prohibit+any+%E2%80%9Cemployer%E2%80%9D+from+entering+into+or+maintaining+a+%E2%80%9Cnon-compete+clause%E2%80%9D+with+a+%E2%80%9Cworker%E2%80%9D+%28including+employees%2C+independent+contractors%2C+volunteers%2C+and+other+service+providers%2C+whether+paid+or+unpaid%29%2C+and+defines+a+%E2%80%9Cnon-compete+clause%E2%80%9D+as+%E2%80%9Ca+contractual+term+between+an+employer+and+a+worker+that+prevents+the+worker+from+seeking+or+accepting+employment+with+a+person%2C+or+operating+a+business%2C+after+the+conclusion+of+the+worker%E2%80%99s+employment+with+the+employer.%E2%80%9D+The+proposed+rule+then+provides+for+an+exception%2C+whereby+non-compete+clauses+entered+into+by+a+person+selling+his+or+her+ownership+interest+of+at+least+25+percent+in+a+business+entity+are+excluded+from+the+rule.+However%2C+because+the+proposed+rule+defines+a+%E2%80%9Cnon-compete+clause%E2%80%9D+as+an+agreement+between+an+%E2%80%9Cemployer%E2%80%9D+and+a+%E2%80%9Cworker%2C%E2%80%9D+a+reasonable+argument+could+be+made+that+a+non-compete+between+the+purchaser+of+a+business+and+anyone+who+is+not+a+%E2%80%9Cworker%E2%80%9D+for+that+business+is+not+covered+by+the+proposed+rule.+To+take+this+argument+a+step+further%2C+query+whether+the+proposed+rule+would+cover+a+non-compete+with+a+shareholder-employee+who+sells+his+or+her+business+interest+of+less+than+25+percent+and+does+not+continue+working+for+the+business+after+the+sale+closes+%E2%80%93+would+such+a+covenant+be+a+%E2%80%9Cnon-compete+clause%E2%80%9D+within+the+scope+of+the+proposed+rule%2C+even+though+the+individual+was+never+a+%E2%80%9Cworker%E2%80%9D+for+the+buyer-employer%3F+If+the+FTC%E2%80%99s+proposed+rule+is+enacted%2C+employers+%28particularly+private+equity+sponsors+and+other+acquisitive+companies%29+may+wish+to+scrutinize+whether+this+ambiguity+is+clarified+in+the+final+version+of+the+rule.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EFor+example%2C+Illinois+requires+that+employers+provide+%E2%80%9Cadequate+consideration%E2%80%9D+for+any+agreement+containing+a+non-compete+or+non-solicit+%28defined+as+the+employee+working+for+the+employer+for+at+least+two+years+after+signing+the+agreement+or+receiving+other+consideration+to+support+the+agreement%29%2C+advise+the+employee+in+writing+to+consult+with+an+attorney+before+entering+into+the+agreement%2C+and+provide+at+least+14+days+for+the+employee+to+review+the+agreement.%3C%2Fspan%3E%3C%2Fli%3E%0A%3Cli%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EPresident+Biden+touted+the+proposed+non-compete+ban+in+his+recent+%3Ca+style%3D%22font-size%3A+16px%3B+color%3A+%237f7f7f%3B%22+href%3D%22https%3A%2F%2Fwww.whitehouse.gov%2Fbriefing-room%2Fspeeches-remarks%2F2023%2F02%2F07%2Fremarks-of-president-joe-biden-state-of-the-union-address-as-prepared-for-delivery%2F%22+target%3D%22_blank%22+rel%3D%22noopener%22%3EState+of+the+Union+address%3C%2Fa%3E%3Cspan+style%3D%22font-size%3A+16px%3B%22%3E%2C+and+issued+an+%3C%2Fspan%3E%3Ca+style%3D%22font-size%3A+16px%3B+color%3A+%237f7f7f%3B%22+href%3D%22https%3A%2F%2Fwww.whitehouse.gov%2Fbriefing-room%2Fpresidential-actions%2F2021%2F07%2F09%2Fexecutive-order-on-promoting-competition-in-the-american-economy%2F%22+target%3D%22_blank%22+rel%3D%22noopener%22%3EExecutive+Order+on+Promoting+Competition+in+the+American+Economy%3C%2Fa%3E%3Cspan+style%3D%22font-size%3A+16px%3B%22%3E+on+July+9%2C+2021%2C+which+precipitated+the+FTC%E2%80%99s+proposed+rule.%3C%2Fspan%3E%3C%2Fspan%3E%3C%2Fli%3E%0A%3C%2Fol%3E%0A
02.15.23 • Press Releases

Massumi + Consoli Now Offers Complete Team of In-House Specialists to Provide Clients with Full-Service Transactional Support

02.15.23
%3Ch3%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EFull+In-House+Team+Also+to+Bolster+the+Firm%26%238217%3Bs+Services+Beyond+Transactional+Context%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3ELos+Angeles+%28February+15%2C+2023%29+%E2%80%93%3C%2Fstrong%3E%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fwww.mcllp.com%2F%22%3EMassumi+%2B+Consoli%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+a+boutique+private+equity-focused+transactional+law+firm+with+offices+in+Los+Angeles%2C+San+Francisco+and+New+York%2C+now+offers+a+full-service+transactional+practice+in-house%2C+with+premier+practitioners+in+the+core+specialty+areas+of%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fcapabilities%2Ftax%2F%22%3Etax%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fcapabilities%2Ftechnology-ip-transactions%2F%22%3Eintellectual+property%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fcapabilities%2Fcybersecurity-data-privacy%2F%22%3Edata+privacy+and+cybersecurity%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+%3C%2Fspan%3E%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fcapabilities%2Fexecutive-compensation-benefits%2F%22%3Eexecutive+compensation+and+employee+benefits%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fcapabilities%2Flabor-employment%2F%22%3Elabor+and+employment%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3Eand%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fcapabilities%2Fenvironmental-health-safety%2F%22%3Eenvironmental+and+health+and+safety+matters%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+integrated+with+its+strong+group+of+M%26amp%3BA%2C+growth+equity+and+debt+finance+attorneys.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3EMCLLP%E2%80%99s+tightly+knit+team+of+highly+accomplished%2C+seasoned+subject+matter+experts%2C+assembled+from+preeminent+large+firm+practices%2C+enables+the+firm+to+provide+its+clients+with+end-to-end+capabilities+for+all+of+the+core+aspects+of+their+private+equity%2C+M%26amp%3BA+and+financing+transactions+and+to+continue+supporting+its+clients%E2%80%99+businesses%E2%80%94including+portfolio+companies+of+private+equity+firms%E2%80%94with+ongoing+counsel+outside+of+the+transactional+context.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CWe+have+tremendously+enjoyed+having+the+ability+to+offer+our+clients+all+of+the+subject+matter+expertise+needed+to+deliver+exceptional%2C+white-glove+service+for+their+transactional+needs%2C+with+unparalleled+technical+proficiency%2C+attentiveness+and+effectiveness%2C%E2%80%9D+said%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fpeter-massumi-pc%2F%22%3EPeter+Massumi%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%2C+co-founding+partner+of+the+firm.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%E2%80%9CWe+are+focused+on+delivering+innovative+and+efficient+solutions+that+drive+success+for+our+clients%2C+and+we+believe+that+the+development+of+our+full-service+team+of+specialists+further+enhances+our+ability+to+stay+meaningfully+connected+to+a+broader+range+of+our+clients%E2%80%99+goals%2C%E2%80%9D+said+the+firm%E2%80%99s+other+co-founder%2C%3C%2Fspan%3E+%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fanthony-consoli-pc%2F%22%3EAnthony+Consoli%3C%2Fa%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%3Cstrong%3EMCLLP%E2%80%99s+specialist+teams+are+led+by%3A%3C%2Fstrong%3E%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fryan-roberts%2F%22%3ERyan+Roberts%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%28Tax%29+%E2%80%93+Ryan+Roberts+advises+clients+on+tax+issues+related+to+domestic+and+cross-border+acquisitions+and+dispositions%2C+mergers%2C+leveraged+buyouts%2C+spin-offs%2C+debt+and+equity+financings%2C+joint+ventures%2C+venture+capital+and+growth+investments+and+restructurings+and+distressed+company+transactions.+Ryan+was+formerly+in+the+Tax+practice+group+of+Kirkland+%26amp%3B+Ellis+LLP+in+New+York.%3C%2Fspan%3E%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp+class%3D%22%22%3E%3Ca+href%3D%22https%3A%2F%2Fmcllp.com%2Fpeople%2Fsean-hill%2F%22%3ESean+Hill%3C%2Fa%3E+%3Cspan+style%3D%22color%3A+%237f7f7f%3B%22%3E%28Intellectual+Property%29+%E2%80%93+Sean+Hill+advises+clients+on+a+broad+range+of+intellectual+property%2C+data+privacy+and+cybersecurity+issues%2C+includin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Massumi + Consoli is a nationwide law firm that delivers exceptional expertise and an unmatched client experience specifically tailored to the middle market needs of private equity firms and other financial sponsors, as well as dynamic and acquisitive enterprises. Our approach combines the proficiency of the best large international law firms with a highly personalized, boutique experience.

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At Massumi + Consoli, we offer a unique opportunity in the legal industry to make a significant impact in growing one of the country’s leading middle market private equity, finance and M&A law firms.

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Massumi + Consoli is a nationwide law firm with offices in the country’s largest financial centers to provide full-service support to clients across the country and in the places where they do business. We are led by the core principles of integrity, innovation and an unwavering commitment to excellence in everything that we do.

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