Law, Policy & Markets

Send us a textIn this episode, host Allan Marks and Milbank partners Erwin Dweck, Apostolos Gkoutzinis, Fiona Schaeffer and John Williams forecast what's in store for markets and policy in 2025 in the US, Europe and globally. They also share what they are reading now, recommending surprisingly diverse and wide-ranging books.About the SpeakersErwin Dweck is a partner in the New York office of Milbank LLP, the Practice Group Leader of the firm's Real Estate Group and a member of the firm's Global Executive Committee. Read MoreApostolos Gkoutzinis is a market-leading international corporate finance and securities lawyer and a partner in the firm's European Leveraged Finance/Capital Markets group in London. Read MoreFiona Schaeffer is a member of the firm's Litigation & Arbitration Group and an international antitrust lawyer with over 25 years of experience practicing on both sides of the Atlantic. Read MoreJohn Williams leads the Derivatives practice at Milbank globally and is a member of the firm's Alternative Investment Practice. Read MoreAllan Marks is one of the world's leading project finance lawyers. He has advised developers, investors, lenders, and underwriters in the development and financing of complex energy and infrastructure projects around the world, as well as acquisitions, restructurings and capital markets transactions. He is a Senior Fellow at Columbia University's Center on Sustainable Investment and teaches law at both the University of California, Berkeley and UCLA. Read MoreFor more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, iHeart, Google and Audible.Disclaimer

Send us a textIn this episode of the podcast, host Allan Marks sits down with Milbank partner Jacqueline Chan to discuss their 2025 predictions for geopolitics, trade in Asia, climate impacts on investments, and cross-sector market trends, plus Ms. Chan's thought-provoking book recommendations to read in the new year. They also looked back at how much has changed since they recorded their first Law, Policy & Markets podcast episode together five years ago. A lot has changed in the world since 2020.About the speakers:Jacqueline Chan is a partner in Milbank's Singapore office, previously based in Hong Kong. She advises on a wide range of international corporate finance transactions and M&A deals, and regularly represents sponsors, borrowers and lenders on complex cross-border acquisition finance transactions. In addition, she has significant experience with international debt restructurings in Asia. Ms. Chan specializes in structuring complex debt and equity transactions for clients both within and outside of Southeast Asia, and regularly advises many of the largest private equity funds, sovereign wealth funds, corporates, leading banks and financial institutions in their various transactions globally and in particular throughout Asia.Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters in the development and financing of complex energy and infrastructure projects around the world, as well as acquisitions, restructurings and capital markets transactions. Many of his transactions relate to sustainability and innovative clean technologies. He is a Senior Fellow at Columbia University's Center on Sustainable Investment and teaches law at both the University of California, Berkeley and UCLA. He previously taught project finance at UC Berkeley's Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, iHeart, Google and Audible.Disclaimer

Send us a textIn this episode, host Allan Marks speaks with Alexia Kelley, managing director of the Carbon Policy & Markets Initiative at High Tide Foundation, and Josh Sterling, a partner in Milbank's Litigation & Arbitration and Derivatives Groups based in Washington, DC and former federal regulator of commodity futures markets. They discuss carbon credits in voluntary markets and in mandatory or compliance markets. They also explore how new rules in the US and globally aim to boost the integrity of voluntary carbon markets, how to get more “bang for the buck” in carbon trading, and how nature-based projects and other decarbonization investments funded by carbon credits—such as reforestation, agriculture sector improvements, and renewable energy projects—help support climate goals.About the SpeakersAlexia Kelly has nearly 20 years of experience dealing with high integrity carbon and environmental services markets. She is managing director of the Carbon Policy & Markets Initiative at High Tide Foundation and was previously director of NetZero and Nature at Netflix, on the board of ICVCM setting global standards for voluntary carbon markets, and the US State Department's lead negotiator on Article 6 of the Paris Agreement to the United Nations Framework Convention on Climate Change. Josh Sterling is a Milbank partner based in Washington, DC and a member of the firm's Litigation & Arbitration and Derivatives Groups. In DC, he served for many years as Director of the CFTC's Market Participants Division overseeing over 3300 banks, intermediaries and registered asset managers trading derivatives, among other federal regulatory duties. He specializes in representing banks, trading firms, derivatives markets, and other institutional clients in high-stakes investigations, enforcement matters and other regulatory proceedings before the CFTC.Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Many of his transactions relate to ESG and sustainability, innovative clean technologies, and sophisticated contractual risk allocation. He is a Senior Fellow at Columbia University's Center on Sustainable Investment and serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, iHeart, Google and Audible.Disclaimer

Send us a textOriginally broadcast: February 27, 2024Discover how the 2024 US presidential election could transform the regulatory landscape for mergers, antitrust enforcement, and foreign investment. With the prospect of President Joe Biden facing off against former President Donald Trump, this episode unpacks the economic policies and national security priorities of these political titans. Milbank partners Adam DiVincenzo and John Bain join host Allan Marks to provide a sharp analysis of how both administrations have wielded the Committee on Foreign Investment in the United States (CFIUS), particularly in relation to China, and what that means for foreign investment strategies moving forward.As we navigate the intricate balance between market power, innovation, and regulation, learn how historical antitrust measures influence modern policies. Our conversation draws on the insights of economists like Schumpeter and Arrow to understand the role of large companies in fostering or stifling innovation. We explore the complex interplay of regulatory bodies like the FTC and DOJ in shaping market competition and how geopolitical considerations can impact merger activities. This episode offers a comprehensive look at how shifting political landscapes and economic strategies are poised to redefine the future of business.We also delve into the nuances of antitrust laws and market strategies, exploring how proposed bans and historical perspectives like the Sherman Act inform current debates. The discussion reflects on Robert Bork's theory of consumer welfare, questioning its relevance today. Learn how administrations may continue to leverage robust antitrust tools and how geopolitical tensions with countries like Russia and China could impact merger regulations. From ESG initiatives to strategies for navigating CFIUS reviews, we provide the insights you need to understand the forces shaping tomorrow's corporate environment.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, iHeart, Google and Audible.Disclaimer

Send us a textWe are experiencing a revolution in digital infrastructure. Artificial intelligence (AI) gets most of the attention, but the appetite for expanded capacity – and the magnet for new public and private investment – affects myriad digital technologies.  Broadband fiber, data centers, wireless spectrum networks, and advanced chip manufacturing are attracting billions of dollars in new funding.  In this episode, “The Digital Infrastructure Revolution: AI Drives Massive Investment in Data Centers and Connectivity,” host Allan Marks speaks with Milbank partners Patrick Campbell and Jaime Ramirez. They examine how the CHIPS and Science Act of 2022 and other federal programs together with the explosion of new artificial intelligence technology and the impacts of the pandemic are driving a massive wave of investment in fiber and data center projects. About the SpeakersPatrick S. Campbell is a partner in the Washington, DC office of Milbank LLP and a member of the firm's Transportation and Space Group. Mr. Campbell's practice focuses on transactional, corporate and regulatory matters in the digital infrastructure space. He has worked extensively on such matters on behalf of domestic and foreign fiber optic, wireless, data center, tower, satellite, computing service, media and Internet companies, as well as banks, private equity firms and other entities investing in, or providing securitization or other debt financing for, these companies.Jaime E. Ramirez is a partner in the New York office of Milbank and a member of the firm's Global Project, Energy and Infrastructure Finance Group. He focuses on representing parties in the acquisition, development and financing of large scale natural resource and infrastructure projects. His experience also includes the representation of investment banks and borrowers in cross-border financing transactions, particularly in Latin America.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Many of his transactions relate to ESG and sustainability, innovative clean technologies, and sophisticated contractual risk allocation. Allan serves as an Adjunct Lecturer at the University of California, Berkeley at the LFor more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, iHeart, Google and Audible.Disclaimer

Send us a Text Message.Originally broadcast: March 16, 2023New York City jails are falling short of the minimum legal standard of access for needed medical care, with thousands of incarcerated people at Rikers Island and other city jails routinely deprived of adequate treatment.  Costs per inmate are up, but uniformed correctional staffing is down.  The result: an overburdened jail system that is ineffective, inefficient, and inhumane.In the latest episode, Contemptible Conditions: The Fight For Decent Medical Care in NYC Jails, Milbank Litigation partner Katherine Fell speaks to host Allan Marks about the harsh impact of inmates' loss of access to critical medical care. She discusses how recent state court decisions have confirmed that the City's Department of Corrections has failed to provide timely treatment in emergencies and for chronic conditions, and how her work on ongoing litigation aims to remedy the situation.About the SpeakersKatherine Fell is a partner in the Litigation & Arbitration Group, based in New York. Her practice includes complex commercial and class action litigation, securities litigation, private and regulatory antitrust matters, regulatory investigations, and internal investigations. She has represented clients across a broad variety of industries, including in the fields of finance, media and entertainment, healthcare and pharmaceuticals.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, iHeart, Google and Audible.Disclaimer

Send us a Text Message.Originally broadcast: April 7, 2023 ESG #14:  By 2030, renewables (mainly wind and solar power) are forecast to generate most of Europe's power and almost half the power in the US and China. Other sectors – like transportation and heavy industry – are also decarbonizing. What drives this energy transition away from fossil fuels toward cleaner energy sources and greater energy efficiency? New regulations are discouraging greenhouse gas emissions, and government policies and market forces are stimulating massive new investment in clean technologies and green energy. Energy security threats and price volatility associated with vulnerable fossil fuel supply chains and climate risks have become more evident. But inflation, rising interest rates and ambivalent politics are still capable of hindering this fundamental shift in how the planet generates and uses energy.In this new episode, The Energy Transition in Europe and the United States: “Blue Skies Ahead?,” Project, Energy and Infrastructure Finance Group partners Matt Brown and Allan Marks compare notes on the energy transition and the state of the market in the US, the UK and Europe. They analyze in detail some of the tailwinds accelerating green investment (including European climate regulations and the US Inflation Reduction Act), affected technologies (including green steel, natural gas and LNG, hydrogen, renewables, nuclear power, batteries and mining), and the role of different sources of capital (including cross-border investment, private credit funds, banks and tax equity). About the SpeakersMatt Brown is a partner in the Project, Energy and Infrastructure Finance Group, based in London. He represents sponsors, lenders, export credit agencies, and governments on all aspects of energy and infrastructure development and finance matters world-wide. He has a significant focus on energy transition matters (including battery gigafactories, battery storage, hydrogen and other green industrial projects) as well as oil and gas, LNG, and conventional and renewable power matters.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Many of his transactions relate to ESG and sustainability, innovative clean technologies, and sophisticated conFor more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, iHeart, Google and Audible.Disclaimer

Originally broadcast: Friday, July 21, 2023ESG #15: Treaties and international tribunals interpreting and applying those treaties can impact how governments behave and how companies invest, bringing about concrete effects in the real world. Today, international courts are being summoned to answer questions about responsibility and liability for climate change impacts under international law. In December 2022, the Commission of Small Island States on Climate Change and International Law asked the International Tribunal for the Law of the Sea for an advisory opinion. In March 2023, the UN General Assembly asked the ICJ for an advisory opinion on state responsibilities to mitigate climate change. The decisions of these panels could have far-reaching effects, influencing climate change litigation in regional tribunals and national courts. They will shape and maybe accelerate global initiatives to reduce greenhouse gas emissions, to adapt to climate change, and to compensate for losses and damages. In this newest episode, Milbank partner Viren Mascarenhas speaks with host Allan Marks about what's at stake in international climate change litigation. They discuss the potential impact of international climate change litigation decisions on economic policies and environmental laws, and explore the complex interrelationships among international courts, multilateral treaties and bilateral investment treaties. About the Speakers Viren Mascarenhas is a partner in Milbank's NY office and a member of the firm's Litigation & Arbitration Group. He specializes in international arbitration, public international law, and business and human rights. He has nearly two decades of experience acting as counsel in domestic and international arbitration proceedings under the major institutional arbitral rules as well as ad hoc arbitral rules in a broad range of industries, including chemicals, energy (LNG, oil, nuclear, electricity, power, renewables), and mining and metals. He teaches international arbitration at Columbia Law School, is a Fellow of the Chartered Institute of Arbitrators, sits as arbitrator, and has been recognized for his accomplishments in the field by the major directories, including Chambers and Legal 500. Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Many of his transactions relate to ESG and sustainability, innovative clean technologies, and sophisticated contractual risk allocation.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, iHeart, Google and Audible.Disclaimer

Originally broadcast: Friday, July 21, 2023What do law students today think about values, workplace culture, technology, privacy, work/life balance, and conflicting opinions?  Host Allan Marks explores these issues in a candid, wide-ranging roundtable discussion with five 2023 summer associates at Milbank:  Heaven Johnson-Branch; Konstantina Katsimeni; Harrison Makaruk; Isabela Motta; and Vishnu Nagireddy.  They also share their experiences and opinions on related, timely topics:How new technologies (such as AI and blockchain) and shifting privacy norms will influence the practice of law in the next decadeWhat aspiring law students should know about building relationships of trust with mentors and peersHow law schools succeed or miss the mark in preparing law students for diverse legal careersAbout the Speakers: Heaven Johnson-Branch is a law student at Georgetown University Law Center. Konstantina Katsimeni is a law student at Columbia Law School. Harrison Makaruk is a law student at Harvard Law School. Isabela Motta is a law student at University of Chicago Law School. Vishnu Nagireddy is a law student at Northwestern University - Pritzker School of Law.  Podcast host  Allan Marks  is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Many of his transactions relate to ESG and sustainability, innovative clean technologies, and sophisticated contractual risk allocation. Allan serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, iHeart, Google and Audible.Disclaimer

The United States  Federal Energy  Regulatory Commission (FERC) regulates US  energy markets. FERC's latest annual report on key market trends noted falling average prices for natural gas and electricity despite increased demand for both. New renewable energy and storage facilities are coming online at a brisk pace, making the grid cleaner and more efficient. FERC is about to get three new commissioners, who will face challenges of interregional transmission constraints and grid-integration of emerging technologies.In this new episode, “FERC-alicious: US Energy Market Trends & Regulatory Update,” host Allan Marks speaks with Milbank partner Jenna McGrath. They examine how recent FERC actions are impacting markets. They discuss trends in state and federal energy regulation, the expansion of energy storage to bolster grid stability and reliability, and strategies for alleviating transmission and interconnection bottlenecks for new renewable energy projects. They also assess the three new nominees for FERC Commissioner – Judy W. Chang, David Rosner and Lindsay See – and upcoming FERC actions and rulemaking.About the SpeakersJenna McGrath is a partner in the Washington, DC office of Milbank and a member of the firm's Global Project, Energy and Infrastructure Finance Group. She advises developers, lenders, private equity, utilities and large industrial electricity customers (e.g., data centers and mining operations) on laws and regulations governing development of electric generation and transmission projects, and revenues for wholesale and retail electricity and transmission services.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Many of his transactions relate to ESG and sustainability, innovative clean technologies, and sophisticated contractual risk allocation. Allan serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, iHeart, Google and Audible.Disclaimer

Originally broadcast: Tuesday, December 14, 2021.   A charity encounters surprising roadblocks to building a new cemetery for low-cost Muslim burials in Stafford County, Virginia. In this episode, host Allan Marks follows the cemetery's path to justice with the lawyers who handled the civil rights case, Tawfiq Rangwala and Melanie Westover Yanez, and their pro bono client, the All Muslim Association of America, at the intersection of religious freedom, land use, and local politics in America today. For additional information, click here. About the SpeakersTawfiq Rangwala is a partner in Milbank's New York office and a member of the firm's Litigation & Arbitration Group. His practice focuses on the defense of US and international regulatory and criminal enforcement matters, as well as internal investigations across multiple jurisdictions and industries. He also has extensive experience handling federal and state court litigation of complex commercial cases involving securities and corporate law, contract disputes and financial restructuring.Melanie Westover Yanez is special counsel in the Washington, DC office and a member of the firm's Litigation & Arbitration Group. She represents clients in federal and state courts in complex commercial litigation and financial restructuring litigation and has experience defending clients in individual and class action cases involving antitrust, securities, and commodities issues.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, iHeart, Google and Audible.Disclaimer

What impact will the 2024 presidential election have on antitrust policy, federal merger approvals, and foreign investment in the United States? Uncertainty about future federal policy makes investment decisions this year especially challenging. In this episode, host Allan Marks speaks with Milbank partners  Adam Di Vincenzo  and  John Beahn  about antitrust and CFIUS policy under the administrations of President Biden and former President Trump, discovering both sharp differences and some surprising similarities. They discuss how to anticipate regulators' concerns and federal enforcement patterns in merger approvals amid political uncertainty in an election year. They analyze divergent trends in antitrust enforcement, highlighting tensions between economic goals that keep domestic markets competitive and national security goals that favor globally dominant US corporations with wide moats. And they explore how CFIUS, the FTC and DOJ are focusing on supply chains, domestic manufacturing, next-generation technology and AI, and the broader question of what it means to be competitive. About the SpeakersJohn Beahn is a partner in the Washington, DC office of Milbank LLP with a particular focus on matters related to the Committee on Foreign Investment in the United States (“CFIUS”) and foreign direct investment (“FDI”). He has extensive experience representing clients in national security reviews before CFIUS, the “Team Telecom” executive branch agencies and the Defense Counterintelligence and Security Agency. Adam Di Vincenzo is a partner in the Washington, DC office of Milbank and a member of the Litigation & Arbitration Group. He has served as lead antitrust counsel for Fortune 500 public companies, and private equity sponsors and their portfolio companies, in dozens of antitrust matters before enforcement authorities in the United States (including the DOJ and FTC) and internationally.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Many of his transactions relate to ESG and sustainability, innovative clean technologies, and sophisticated contractual risk allocation. Allan serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, iHeart, Google and Audible.Disclaimer

The push for cleaner energy has led to greater reliance on intermittent renewable energy resources, particularly solar and wind energy. To integrate these resources into a more efficient and reliable “smart grid” requires new investment in energy storage.  What are the best ways to provide resource adequacy and to bridge the gaps between when (and where) power is generated and when (and where) it is needed?  California is leading the way with massive new investments in innovative energy storage projects.  Developers and utilities are experimenting to optimize battery locations, improve project economics, reduce transmission constraints, and meet variable load requirements.  Regulators in California, Texas and elsewhere are taking divergent market design paths with an eye on reliability, efficiency, and affordability, especially as demand patterns and storage technologies evolve.In this episode, "Energy Storage at Utility Scale: California Goes All-in," host Allan Marks and four leading energy executives discuss the trajectory of California's energy storage market.  The discussion includes Emad Alaydi (a professional engineer and Senior Director at Calpine), Karin Burns (Chief Executive Officer of San Diego Community Power), Howard Chang (President and Chief Operating Officer of Ava Community Energy), and Cathleen Colbert (Senior Director, Western Markets Policy Regulatory Affairs for Vistra Corp.) and was recorded before a live audience in Los Angeles at Voltility's US Energy Storage Market Outlook 2024, hosted by Milbank LLP.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Many of his transactions relate to ESG and sustainability, innovative clean technologies, and sophisticated contractual risk allocation. Allan serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, iHeart, Google and Audible.Disclaimer

What blind spots are we missing in the global conversation about energy and geopolitics?  In this episode, The Geopolitics of Energy: “Shifting Sands,” Allan Marks hosts a fireside chat with Dr. Carolyn Kissane, a professor at NYU's SPS Center for Global Affairs. Public policies in Europe, the US and China are stimulating massive capital investment in renewable energy, EVs, batteries and the energy transition, and India is a rapidly rising economy. Mr. Marks and Dr. Kissane look at these interrelated issues and the outsized effects of wars and climate change on global resource security, energy use, water supplies and demographics. They also assess the challenges of climate risks, increased electricity demand, uneven economic growth, national security risks, and the controversial roles of natural gas and hydrogen in decarbonization. The dynamics of the world's manufacturing powers are shifting.  About the SpeakersDr. Carolyn Kissane is Associate Dean of the graduate programs in Global Affairs and Global Security, Conflict and Cybercrime at NYU's Center for Global Affairs and is a Clinical Professor where she teaches graduate-level courses examining the geopolitics of energy, comparative energy politics, energy, environment and resource security, and climate change and security. She is the Founding Director of the SPS Energy, Climate Justice and Sustainability Lab, Coordinator of the Energy and Environment concentration at the Center, and a faculty adviser to the Energy Policy International Club. She serves on the boards of the New York Energy Forum, New York Energy Week, and the Clean Start Advisory Board. Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Many of his transactions relate to ESG and sustainability, innovative clean technologies, and sophisticated contractual risk allocation. Allan serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, iHeart, Google and Audible.Disclaimer

How is espionage evolving between China, Russia and the United States?  What should a board director ask corporate management about AI, state-sponsored cyberattacks, and political risk in making strategic decisions?  Host Allan Marks sits down with former FBI Special Agent Holden Triplett for a candid, wide-ranging and practical conversation about how companies and policymakers can better manage national security risks in a world of shifting geopolitics and disruptive technologies. While at the FBI, Holden was posted to Moscow and Beijing and acted as the Director for Counterintelligence at the National Security Council.  From boardroom to intelligence briefing, his experience makes for a lively and insightful discussion.  About the SpeakersHolden Triplett is a founder of Trenchcoat Advisors, a firm that helps businesses protect themselves from nation-state threats. From 2017 to 2018, Holden was the Director for Counterintelligence at the National Security Council. He led the FBI office in Beijing from 2014 to 2017 and was deputy head of the FBI office in Moscow from 2012 to 2014. Holden was also the FBI Faculty Chair at the National Intelligence University, where he taught courses in Counterintelligence, National Security Law, and Intelligence, and Chinese Intelligence and Information Warfare. He is currently an adjunct professor at Georgetown University's Walsh School of Foreign Service.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Many of his transactions relate to ESG and sustainability, innovative clean technologies, and sophisticated contractual risk allocation. Allan serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible.Disclaimer

Milbank partner Alexandra Johnson created the firm's innovative training program for the firm's junior transactional lawyers, Deals@Milbank. She sits down with host Allan Marks to talk about lessons learned teaching drafting, negotiating, creativity, collaboration and commercial judgment to new lawyers. Sometimes teachers learn from their students, too, in pleasantly surprising ways. About the SpeakersAlexandra Johnson is a partner in the New York office of Milbank and Practice Group Leader of the firm's Transportation and Space Group. She regularly represents underwriters, issuers, lenders, lessors, borrowers, credit insurers and equity and debt investors. She has worked on some of the most complex and innovative financings involving aircraft, including many that have been recognized by industry publications as “Deals of the Year.” Alexandra helped lead the creation and implementation of, and is the lead instructor for, the Deals@Milbank Transactional Drafting Series for junior associates at Milbank.  Podcast host Allan Marks  is  one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Many of his transactions relate to ESG and sustainability, innovative clean technologies, and sophisticated contractual risk allocation. Allan serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible.Disclaimer

What do law students today think about values, workplace culture, technology, privacy, work/life balance, and conflicting opinions?  Host Allan Marks explores these issues in a candid, wide-ranging roundtable discussion with five 2023 summer associates at Milbank:  Heaven Johnson-Branch; Konstantina Katsimeni; Harrison Makaruk; Isabela Motta; and Vishnu Nagireddy.  They also share their experiences and opinions on related, timely topics:How new technologies (such as AI and blockchain) and shifting privacy norms will influence the practice of law in the next decadeWhat aspiring law students should know about building relationships of trust with mentors and peersHow law schools succeed or miss the mark in preparing law students for diverse legal careersAbout the Speakers: Heaven Johnson-Branch is a law student at Georgetown University Law Center. Konstantina Katsimeni is a law student at Columbia Law School. Harrison Makaruk is a law student at Harvard Law School. Isabela Motta is a law student at University of Chicago Law School. Vishnu Nagireddy is a law student at Northwestern University - Pritzker School of Law.  Podcast host  Allan Marks  is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Many of his transactions relate to ESG and sustainability, innovative clean technologies, and sophisticated contractual risk allocation. Allan serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible.Disclaimer

The justice gap represents the difference between the civil legal assistance available to low-income individuals and the assistance that they need. Alexander (“Alex”) Forger, former Chairman and retired partner at Milbank, has spent much of his career ensuring that working-class people have equal access to legal representation and that the federal Legal Services Corporation (LSC) – which he headed – can thrive as an essential resource to fund pro bono legal services nationally.  Now 100 years old, Alex remains outspoken about what it takes to make the justice system fair.  Host Allan Marks talks with Alex about his longstanding dedication to helping others and what drives this top Wall Street trusts and estates lawyer to fight for those less privileged.  Topics they cover include: Successfully challenging opponents in Congress to preserve the LSC – what it means to protect equal access to legal representation for poor peopleThe critical role of lawyers in expanding justice and democracy – and why it is morally imperative to do so The value of pro bono work – both to volunteer or public interest attorneys and to the indigent clients they serveCareer advice – for younger lawyers and for retired lawyers alike About the SpeakersAlex Forger is a World War II veteran and renowned trusts and estates lawyer who has represented several well-known clients, including Jacqueline Onassis, Rachel “Bunny” Mellon, as well as the Johnson, Duke and Rockefeller families. Under his leadership as Chairman, Milbank was the first law firm in New York City to offer same-sex partner benefits in 1992. Alex served as President of the New York State Bar Association, as director, president and chair of the New York Legal Aid Society, and on countless committees for minority advancement, gay rights and HIV anti-discrimination initiatives, legal services for the poor, and campaign finance reform. He institutionalized Milbank's pro bono program, which has set a model for other top law firms nationally. After four decades in private practice, Alex went to Washington to serve under President Bill Clinton as president of the Legal Services Corporation, a federally funded program that gives poor people meaningful access to the courts and qualified legal representation. Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Many of his transactions relate to ESG and sustainability, innovative clean technologies, and sophisticated contractual risk allocation. Allan serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible.Disclaimer

ESG #15: Treaties and international tribunals interpreting and applying those treaties can impact how governments behave and how companies invest, bringing about concrete effects in the real world. Today, international courts are being summoned to answer questions about responsibility and liability for climate change impacts under international law. In December 2022, the Commission of Small Island States on Climate Change and International Law asked the International Tribunal for the Law of the Sea for an advisory opinion. In March 2023, the UN General Assembly asked the ICJ for an advisory opinion on state responsibilities to mitigate climate change. The decisions of these panels could have far-reaching effects, influencing climate change litigation in regional tribunals and national courts. They will shape and maybe accelerate global initiatives to reduce greenhouse gas emissions, to adapt to climate change, and to compensate for losses and damages.  In this newest episode, Milbank partner Viren Mascarenhas speaks with host Allan Marks about what's at stake in international climate change litigation. They discuss the potential impact of international climate change litigation decisions on economic policies and environmental laws, and explore the complex interrelationships among international courts, multilateral treaties and bilateral investment treaties. About the Speakers Viren Mascarenhas is a partner in Milbank's NY office and a member of the firm's Litigation & Arbitration Group. He specializes in international arbitration, public international law, and business and human rights. He has nearly two decades of experience acting as counsel in domestic and international arbitration proceedings under the major institutional arbitral rules as well as ad hoc arbitral rules in a broad range of industries, including chemicals, energy (LNG, oil, nuclear, electricity, power, renewables), and mining and metals. He teaches international arbitration at Columbia Law School, is a Fellow of the Chartered Institute of Arbitrators, sits as arbitrator, and has been recognized for his accomplishments in the field by the major directories, including Chambers and Legal 500.  Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Many of his transactions relate to ESG and sustainability, innovative clean technologies, and sophisticated contractual risk allocation. Allan serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible.Disclaimer

ESG #14:  By 2030, renewables (mainly wind and solar power) are forecast to generate most of Europe's power and almost half the power in the US and China. Other sectors – like transportation and heavy industry – are also decarbonizing. What drives this energy transition away from fossil fuels toward cleaner energy sources and greater energy efficiency? New regulations are discouraging greenhouse gas emissions, and government policies and market forces are stimulating massive new investment in clean technologies and green energy. Energy security threats and price volatility associated with vulnerable fossil fuel supply chains and climate risks have become more evident. But inflation, rising interest rates and ambivalent politics are still capable of hindering this fundamental shift in how the planet generates and uses energy.In this new episode, The Energy Transition in Europe and the United States: “Blue Skies Ahead?,” Project, Energy and Infrastructure Finance Group partners Matt Brown and Allan Marks compare notes on the energy transition and the state of the market in the US, the UK and Europe. They analyze in detail some of the tailwinds accelerating green investment (including European climate regulations and the US Inflation Reduction Act), affected technologies (including green steel, natural gas and LNG, hydrogen, renewables, nuclear power, batteries and mining), and the role of different sources of capital (including cross-border investment, private credit funds, banks and tax equity). About the SpeakersMatt Brown is a partner in the Project, Energy and Infrastructure Finance Group, based in London. He represents sponsors, lenders, export credit agencies, and governments on all aspects of energy and infrastructure development and finance matters world-wide. He has a significant focus on energy transition matters (including battery gigafactories, battery storage, hydrogen and other green industrial projects) as well as oil and gas, LNG, and conventional and renewable power matters.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Many of his transactions relate to ESG and sustainability, innovative clean technologies, and sophisticated contractual risk allocation. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible.Disclaimer

New York City jails are falling short of the minimum legal standard of access for needed medical care, with thousands of incarcerated people at Rikers Island and other city jails routinely deprived of adequate treatment.  Costs per inmate are up, but uniformed correctional staffing is down.  The result: an overburdened jail system that is ineffective, inefficient, and inhumane.In the latest episode, Contemptible Conditions: The Fight For Decent Medical Care in NYC Jails, Milbank Litigation partner Katherine Fell speaks to host Allan Marks about the harsh impact of inmates' loss of access to critical medical care. She discusses how recent state court decisions have confirmed that the City's Department of Corrections has failed to provide timely treatment in emergencies and for chronic conditions, and how her work on ongoing litigation aims to remedy the situation.About the SpeakersKatherine Fell is a partner in the Litigation & Arbitration Group, based in New York. Her practice includes complex commercial and class action litigation, securities litigation, private and regulatory antitrust matters, regulatory investigations, and internal investigations. She has represented clients across a broad variety of industries, including in the fields of finance, media and entertainment, healthcare and pharmaceuticals.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible.Disclaimer

The new year holds practical challenges and the promise of resilience for the German economy and the Eurozone.  In the latest episode, Germany Economic Outlook for 2023: "Strength Lies in Being Calm," Frankfurt-based partner Mathias Eisen examines the state of the German economy, European debt capital markets, and corporate restructurings. Along with host Allan Marks, he explores how companies and creditors are managing uncertainty in markets and the liquidity challenges wrought by inflation, rising interest rates, deglobalization and supply chain disruptions. They also outline key recent legal developments and new tools affecting workouts, restructurings and bankruptcies in the world's fourth largest economy.About the Speakers:Mathias Eisen is a partner in the Financial Restructuring group, based in Frankfurt. He specializes in acquisition finance, corporate finance and financial restructurings, and advises financial institutions, investors, sponsors and corporate clients on all aspects of leveraged buyouts, general syndicated lending, debt capital markets transactions, asset finance transactions and financial restructurings.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible.Disclaimer

How will investors and policymakers move forward on climate change in 2023 after an eventful 2022?  In this episode, host  Allan Marks and Milbank London partner Chris Taufatofua, both members of the Project, Energy and Infrastructure Finance group, share personal reflections from their participation at the COP27 UN Climate Change Conference, look at trends from 2022 and preview 2023. They discuss global clean energy investment, the special role of oceans, negotiations for a new international fund to redress the “loss and damage” from climate change impacts, and the gap between climate pledges and progress in reducing global greenhouse gas emissions. Strong hurricanes, costly wildfires, widespread flooding, drought and heat waves plague the globe. In 2022, the United States enacted the landmark Inflation Reduction Act, making good on President Joe Biden's promise to enact sweeping climate legislation. Billions of dollars in new government incentives will support investment in renewable energy, innovative clean technologies and advanced manufacturing. The European Union announced new ESG and climate reporting rules. Many nations signed on to the US Ocean Conservation Pledge at COP27. In 2023, the US SEC is likely to promulgate new climate risk disclosure rules. IFRS is finalizing the new ISSB (International Sustainability Standards Board) sustainability and disclosure standards. And the world will meet later this year at the next climate conference: COP28 in Dubai. Do climate conferences really move the needle?  Allan and Chris go inside.About the Speakers:Chris Taufatofua is a partner in the Project, Energy and Infrastructure Finance group, based in London. He has significant experience advising lenders, sponsors, governments and contractors on a variety of international transactions in the energy, power, infrastructure and renewables sectors. Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible.Disclaimer

The $9.5 billion New Terminal One at New York's John F. Kennedy Airport -- developed, financed and built by a private consortium – will be the largest terminal at the airport when completed, with state-of-the-art technology, sustainability and capacity upgrades. Construction financing for the new terminal closed this summer, followed by the official groundbreaking in September 2022.  The members of the public-private partnership overcame myriad challenges – the global pandemic, volatile air traffic forecasts, supply chain challenges, and rising interest rates – to close the largest single-asset P3 project financing so far in the US.  In this episode, JFK Airport's New Terminal One: “We Have Lift Off,” host Allan Marks (who led Milbank's team representing the banks that are providing over $6.6 billion in construction loans) goes behind the scenes of the project financing with two of its architects: Pete Taylor, a partner at Carlyle, which led the sponsor group developing the new terminal, and Dan Seltzer, a Managing Director at MUFG Bank, Ltd., who acted as the Financial Advisor to the developers.About the Speakers:Peter Taylor is Partner and Co-Head of the Carlyle Global Infrastructure Opportunity Fund (CGI). He is based in Washington, DC.Dan Seltzer is Managing Director for Project Finance in the Global Corporate & Investment Banking group at MUFG in New York.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible.Disclaimer

In 2020, leading aircraft lessor Nordic Aviation Capital (NAC) navigated the sudden collapse in air traffic due to the pandemic with help from its creditors and an Irish court. Two years later, the company went through a chapter 11 restructuring, emerging from bankruptcy in June 2022. In this episode, Restructuring an Aircraft Lessor: “NAC DAC is Back,” host Allan Marks speaks with Jim Cameron, Karen McMaster and Tyson Lomazow about restructuring the company and its subsidiaries, each with its own pools of aircraft and credit facilities. They discuss the impacts of the pandemic on global aviation, the rise of the leasing market, and lessons learned.About the Speakers:James Cameron, who leads Milbank's Transportation and Space Group in London, is a top-ranked practitioner with extensive experience acting on a variety of asset leasing and financing transactions involving aircraft, ships, oil rigs, rolling stock and other movable equipment. Karen McMaster, a partner in the firm's Financial Restructuring Group, assists buy side and distressed investors structure, negotiate and implement investments in distressed, stressed or special situation credits.Tyson Lomazow is a partner in the New York office of Milbank and a member of the firm's Financial Restructuring Group. He represents debtors and creditors in chapter 11 reorganization cases and out-of-court restructurings, both in the US and internationally. Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible.Disclaimer

How can law firms, corporations and other employers foster a culture of opportunity that encourages success for everyone? For diversity, equity and inclusion (DEI) initiatives to succeed, they must be grounded in authenticity, intentionality, respect and trust. In this episode, host Allan Marks speaks with Mikeisha Anderson Jones, Milbank's global Chief Diversity, Equity and Inclusion Officer, about uniting people, passion and purpose to create a cohesive workplace community that appreciates differences, reinforces common goals and values, and promotes professional growth.  About the Speakers:Mikeisha Anderson Jones is the global Chief Diversity, Equity and Inclusion (DEI) Officer of Milbank LLP. She leads the firm's global DEI strategy working closely with offices across the Americas, Europe and Asia on the unique challenges and opportunities in each region. She previously served as Vice President of Global Inclusion & Diversity at American Express, and is a frequent speaker on career development and inclusion. Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible. Disclaimer

Airlines in Asia have been slow to recover since the pandemic slammed the brakes on the fastest growth market for global aviation. In this episode, host Allan Marks speaks with Milbank Transportation and Space partner Paul Ng about the current state of Asia's aviation market, recent restructurings and prospects for future growth in air traffic.  They explore the shape of the recovery for airlines, passengers and air cargo, manufacturers and lessors of aircraft – and some reasons for optimism – despite uncertain demand, high fuel costs, tight labor markets and ongoing supply chain disruptions. Sit back, relax, and enjoy the flight.About the Speakers:Paul Ng is a partner in the Singapore office of Milbank LLP. He is a member of the global Transportation and Space Practice and leads the aviation and asset finance practice in Asia. He has led on many complex and first-in-the-industry asset-backed structured and receivables financings. He has an in-depth understanding of the financing and leasing of aviation and maritime assets, rolling stock and other moveable assets and extensive experience of financing of such assets, including tax-based, leveraged Islamic and export credit.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible.Disclaimer

A Canadian scandal holds a mirror up to media and politics in Canada, with implications for the US and other advanced democracies, and it's not a pretty picture.In this episode, host Allan Marks speaks with Milbank Litigation partner Tawfiq Rangwala about his new book What WE Lost: Inside the Attack on Canada's Largest Children's Charity, misinformation and political gamesmanship. What WE Lost, which is a national bestseller in Canada, offers a behind-the-scenes account of the rise and fall of WE Charity, a Canada-based non-profit focused on youth empowerment programs and international development work. In 2020, WE Charity became embroiled in a political scandal that almost brought down the government of Prime Minister Justin Trudeau.About the Speakers:Tawfiq Rangwala is a partner in Milbank's New York office of Milbank and a member of the firm's Litigation & Arbitration Group. His practice focuses on defense of US and international regulatory and criminal enforcement matters, as well as internal investigations relating to business activities and sensitive cultural topics. He has extensive experience handling federal and state court litigation of complex commercial cases involving securities and corporate law, contract disputes and financial restructuring.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible.Listen to Cybersecurity Part 1 here.Disclaimer

Investors, borrowers and financial institutions are using Environmental, Social and Governance (ESG) principles and metrics to shape the ways they attract capital, screen investments, set terms in complex transactions, and meet evolving compliance and disclosure requirements. The trend to incorporate ESG and sustainability considerations into debt issuances seems likely only to grow. In Europe specifically, the Sustainable Finance Disclosure Regulation (SFDR) and the EU Taxonomy Regulation are designed to reorient capital towards a more sustainable economy and to prevent greenwashing while promoting accountability and transparency. In this episode, host  Allan Marks speaks with Milbank partners Alexandra Grant and  Ana Grbec from the firm's London-based European Leveraged Finance & Capital Markets group.  They discuss how ESG factors have evolved despite market volatility and uncertainty, the difference between green bonds and sustainability-linked debt instruments, and what to expect in capital markets, banking, acquisition finance, and institutional lending. About the Speakers Alexandra Grant is a European Leveraged Finance/Capital Markets partner in Milbank's London office. She has extensive experience of advising both lenders and sponsors/borrowers on a wide range of complex and cross-border leveraged acquisition, public to private, and infrastructure financings and restructurings, across the full spectrum of products. Ana Grbec is a Capital Markets partner in Milbank's London office of Milbank LLP. She advises on public and private capital markets and finance transactions with a focus on high-yield bonds and cross-border securities offerings across a broad range of sectors and jurisdictions.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business. For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible. For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify,  Amazon Music, Google and Audible.Disclaimer

Legal recruiting in 2022 is a story of disrupted supply chains. Law firms have faced the same labor pool disruptions as other financial and professional service firms during the Great Resignation. In this episode, “Hiring Professionals is Changing: Culture Wars and the Battle for Talent,” host Allan Marks speaks with Milbank hiring partner Alexander Lees and Milbank's new Director of Global Legal Recruiting, Alexandra Paslawsky, about using innovative outreach and technology to broaden and diversify the firm's supply of junior and mid-level associates, and how the shift toward more flexibility with remote or hybrid work affects professional development, client service and social cohesion. They also offer advice to law students and lateral candidates on differentiating among firms by asking about values, culture, and purpose, noting that the quest for meaningful work increasingly shapes lawyers' careers. About the Speakers:Alexander Lees is a partner in Milbank's New York office of Milbank. He is a hiring partner and a member of the firm's Financial Restructuring and Litigation & Arbitration Groups. Mr. Lees is a commercial litigator whose practice focuses primarily on bankruptcy, insolvency, and restructuring-related litigation. He has represented creditors, debtors, private equity sponsors, official committees, ad hoc groups, collateral agents, and bidders in bankruptcy proceedings and other litigation matters arising out of insolvency scenarios and financial restructuring transactions.Alexandra Paslawsky is the firm's Director of Global Legal Recruiting, and a former Milbank associate. She was previously a member of the firm's Litigation & Arbitration Group, and her practice focused on regulatory investigations and white-collar defense, as well as complex commercial litigation in federal and state court.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible. DisclaimerSeason 2

In this episode, host Allan Marks sits down with former NSA General Counsel Glenn Gerstell for a regulatory overview and an insider's perspective on the current threat landscape for cyber risks – from state actors threatening critical infrastructure to hackers using ransomware, other malware or denial of service (DoS) and distributed denial of service (DDoS) attacks. Glenn also shares his thinking on how governments can better address cyber risks to agencies, private entities and along global supply chains, and the role of cryptocurrencies in ransomware attacks. About the Speakers:Glenn S. Gerstell served as the general counsel of the National Security Agency (NSA) and Central Security Service (CSS) from 2015 to 2020. He has written and spoken widely about the intersections of technology and national security and privacy. Prior to joining the NSA, Mr. Gerstell practiced law for almost 40 years at the international law firm of Milbank LLP, where he focused on the global telecommunications industry and served as the managing partner of the firm's Washington, DC, Singapore, and Hong Kong offices. Mr. Gerstell served on the President's National Infrastructure Advisory Council, which reports to the president and the secretary of homeland security on security threats to the nation's infrastructure, as well as on the District of Columbia Homeland Security Commission.  Earlier in his career, he was an adjunct law professor at the Georgetown University Law Center and New York Law School. He is a recipient of the National Intelligence Distinguished Service Medal, the Secretary of Defense Medal for Exceptional Civilian Service and the NSA Distinguished Civilian Service Medal.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.Listen to Cybersecurity Part 2 here.Disclaimer

In the current cybersecurity landscape, how can you reduce your vulnerabilities and manage risk?In this episode, host Allan Marks sits down with Milbank partners Joel Harrison and Adam Fee to discuss their toolkit for preserving or restoring operational continuity and the integrity of corporate systems and data.  They explore the most effective ways to confront cybersecurity risks, craft an incident response plan, and comply with the latest evolving regulatory requirements in the US, UK and EU for reporting and disclosure of cyber-attacks.About the Speakers:Adam Fee is a partner in the Los Angeles office of Milbank and a member of the firm's Litigation & Arbitration Group. Adam served for more than five years as an Assistant United States Attorney for the Southern District of New York, Criminal Division, where he was a member of the Terrorism and International Narcotics Unit. He has deep experience in a variety of matters, including cross-border fraud and money laundering, corruption, securities and accounting fraud, and data protection and cyber security. Joel Harrison is a partner in the London office of Milbank and a member of the firm's Technology Practice. He advises on everything technology-related, including cloud computing, outsourcing and licensing, as well as disputes and renegotiations. He also specializes in data privacy and cybersecurity, advising on the full range of transactional, regulatory and contentious matters. His clients include some of the world's leading corporations and financial institutions. Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible.Listen to Cybersecurity Part 1 here. Disclaimer

ESG Series #8 - Will the drivers of record deal activity in 2021 – investor confidence and ample liquidity – drive similar strength in 2022?  Either way, market breadth, low cost of capital, a focus on ESG, and the shift from commercial banks to capital markets and institutional investment should be continuing trends across sectors for European private equity, credit and infrastructure funds. In this episode of the podcast, “Strategic Outlook: European Private Equity and Infrastructure Funds in 2022,” host Allan Marks speaks with Milbank partners Barbara Mayer-Trautmann (Banking and Leveraged Finance, Munich) and Markus Muhs (Corporate, Munich) about these trends and what to look for in the year ahead.About the Speakers:Barbara Mayer-Trautmann is a partner in Milbank's Banking and Leveraged Finance Group in Munich. Barbara specializes in leveraged finance and infrastructure finance. Her other areas of expertise include corporate investment grade and sub-investment grade lending as well as financial restructuring. She advises sponsors and corporate borrowers as well as (direct) lenders on all aspects of acquisition finance, infrastructure finance, syndicated lending and financial restructuring. Markus Muhs is a member of the firm's Corporate Group. He specializes in M&A and private equity and has particular experience in advising financial investors, corporates, asset managers and institutional investors on transactions in the infrastructure sector and investments in tech-driven businesses. He provides a broad practice covering acquisitions, joint ventures and equity syndications as well as complex infrastructure projects.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business. For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify,  Amazon Music, Google and Audible.

A charity encounters surprising roadblocks to building a new cemetery for low-cost Muslim burials in Stafford County, Virginia. In this episode, host Allan Marks follows the cemetery's path to justice with the lawyers who handled the civil rights case, Tawfiq Rangwala and Melanie Westover Yanez, and their pro bono client, the All Muslim Association of America, at the intersection of religious freedom, land use, and local politics in America today.About the Speakers Tawfiq Rangwala is a partner in Milbank's New York office and a member of the firm's Litigation & Arbitration Group. His practice focuses on the defense of US and international regulatory and criminal enforcement matters, as well as internal investigations across multiple jurisdictions and industries. He also has extensive experience handling federal and state court litigation of complex commercial cases involving securities and corporate law, contract disputes and financial restructuring.Melanie Westover Yanez is special counsel in the Washington, DC office and a member of the firm's Litigation & Arbitration Group. She represents clients in federal and state courts in complex commercial litigation and financial restructuring litigation and has experience defending clients in individual and class action cases involving antitrust, securities, and commodities issues.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify,  Amazon Music, Google and Audible. 

ESG Series #7:  Are climate goals and economic development on a collision course?  As COP26 gets underway in Glasgow, the energy transition is top of mind.  Shifting energy production away from coal, oil and natural gas toward greener energy sources like wind and solar power and renewable fuels is critical to cutting the greenhouse gas emissions that cause climate change.  In the Asia-Pacific region, there is no clear consensus on the shape of the energy transition.  And there is no path to meaningful reductions in global greenhouse gas emissions that does not lead through Asia, which accounts for 60% of the world's population and 75% of global carbon emissions.  Climate, capital and energy are truly global in reach.  The choices being made today – in allocating capital and in shaping energy and industrial policies – could either reduce or increase the most severe climate impacts around the world for at least the next century.  It is a huge challenge to make development both rapid and sustainable.  Asia is experiencing substantial population growth and massive economic development. Energy use per capita is rising fast along with the rise in GDP and the buildout of cities, industries and the critical infrastructure that sustains them.  The opportunities to invest in new energy assets – whether sustainable or not – are plentiful.  Innovative technologies like battery storage and green hydrogen are exciting for the future, but Asia is scaling up its energy sector now.  What does that urgency mean for the current investment climate and for the future of the Earth's climate?In this episode, host Allan Marks sits down with Milbank partners James Murray and James Orme in Singapore and former Milbank partner Cathy Marsh, now at the Asian Development Bank in Manila, to look at the energy transition in Asia and the Pacific.   About the Speakers James Murray is a partner in the Singapore office of Milbank and a member of the firm's Project, Energy and Infrastructure Finance Group. He represents parties in the development and financing of power, oil and gas, mining, telecoms and other infrastructure projects, and has advised clients on projects and financings across Asia.James Orme is a partner in the Singapore office of Milbank and a member of the firm's Project, Energy and Infrastructure Finance Group. He has significant experience advising clients on the financing and development of complex, large-scale energy and infrastructure projects, many of which involve multi-sourced financing arrangements and multiple tiers of debt.Catherine Marsh is Assistant General Counsel of Nonsovereign Operations at Asian Development Bank, which she joined in 2018. She is a Milbank alum.Podcast host Allan Marks is a partner in the Los Angeles office of Milbank and a member of the firm's Project, Energy and Infrastructure Finance Group. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, Google and Audible.  Disclaimer

The market for collateralized loan obligations ("CLOs") has had a record year, with over $1 trillion in new issuances, refinancings and resets globally so far. Debt and equity investors are clamoring for more. What's fueling the boom in securitizations and leveraged loans, and what's on the horizon for 2022?In this episode, host Allan Marks and alternative finance partner Sean M. Solis explore the market impacts of a yield-starved, “risk-on” investment climate, massive liquidity and low interest rates on CLOs and other structured products. They discuss how CLOs have evolved since the 2008 financial crisis, what is driving investment in these complex derivative instruments, and prospects for innovation in deal terms, financial regulation and structural protections. About the Speakers Sean M. Solis is a partner in the firm's Alternative Investments Practice. He counsels US and international asset managers and hedge funds in connection with tens of billions of dollars of transactions across a wide variety of collateralized loan obligation transactions as well as other complex structured credit financing arrangements.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify,  Amazon Music, Google and Audible.Disclaimer

Working remotely creates challenges to the creativity, cohesiveness and culture of any professional firm. How do you get to know each other and foster community when you're stuck on video calls all day and you've lost the spontaneity of seeing people in the office? For some of the lawyers in Milbank's Los Angeles office, the answer was to form a book club. In this episode, host Allan Marks sits down with partner Henry T. Scott and junior associates Nickta Hoss and Lucy Stanley to talk about the book club they founded and how they picked their summer reading list – Martín & Meditations on the South Valley by Jimmy Santiago Baca, The Bomber Mafia by Malcolm Gladwell, Interior Chinatown by Charles Yu, and Klara and the Sun by Kazuo Ishiguro – and the surprising and candid conversations these books sparked about inclusivity, empathy, mentoring, and overcoming imposter syndrome. About the SpeakersHenry T. Scott is a partner in the Los Angeles office of Milbank and a member of the firm's Project, Energy and Infrastructure Finance Group. Read MoreNickta Hoss is an associate in the Los Angeles office of Milbank LLP and a member of the firm's Global Project, Energy and Infrastructure Finance Group. Lucy Stanley is an associate in the Los Angeles office of Milbank LLP and a member of the firm's Global Project, Energy and Infrastructure Finance Group.Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, visit Milbank.com and

Immigration is a complicated and controversial issue. Well over 50,000 unaccompanied children seek entry to the United States at our southern border each year. Who are they? And why are they so desperate to flee their home countries that they leave everything and everyone they know behind? What legal and moral responses should we have to them? In this episode of Law, Policy & Markets: Milbank Conversations, host Allan Marks speaks with Linda Dakin-Grimm about her #probono work guiding immigrants through the legal system. As she writes in her book, Dignity and Justice, Welcoming the Stranger at our Border, Linda's work with unaccompanied children has changed her perspective and her life. About the SpeakersLinda Dakin-Grimm is a senior consulting partner in the firm's Litigation & Arbitration Group. She has successfully handled numerous jury and bench trials, appeals and arbitration proceedings across the US. Currently, she is working on pro bono matters related to immigration, asylum and the reunification of families separated at the US border. Podcast host Allan Marks is one of the world's leading project finance and corporate lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business. For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Google and Audible. Disclaimer

Asia's financial markets – flush with liquidity and riding a wave of economic growth – are at an inflection point. Corporate issuers, investment banks, hedge funds and private investors have evolved over the past two decades, just as capital sources and economies have become more diverse. A burgeoning middle class across India, Thailand, Malaysia, Indonesia, the Philippines and other countries drives expansion, but each market brings its own advantages and challenges. China remains a major source of both inbound and outbound investment.  Corporations and banks from Japan, Korea and Singapore still drive huge investments across the region. What will the next decade bring?  Milbank Capital Markets partner James Grandolfo, who leads the firm's Hong Kong office, has been navigating Asia's markets for decades while advising on a number of blockbuster transactions, including the largest-ever Philippine IPO. In this episode, he and podcast host Allan Marks, who has worked on transactions in China, India, Indonesia, the Philippines, Thailand, Japan and Korea, together explore: the biggest changes in Asia's markets over the last decadethe growing sophistication and breadth of Asia's capital markets for debt and equityhow deal terms and financial products are evolving to meet the needs of Asian corporate issuersbalancing management goals for growth in profits and market share with risk mitigation and ESG concerns, seen from the perspectives of CFOs, lenders and investorsAbout the Speakers James Grandolfo leads Milbank's Hong Kong office. With over 20 years of experience advising clients in every major country in Asia, he represents issuers and investment banks in a variety of debt, equity and equity-linked capital markets transactions. Podcast host Allan Marks is one of the world's leading project finance and corporate lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business. For more information and insights, visit Milbank.com and follow us on social media and podcast platforms, including Apple, Audible, Google and Spotify.Disclaimer

Biopharma is on a roll. Biologics and recombinant antibodies have advanced the treatment of cancer and autoimmune diseases.  Messenger RNA technology – an essential part of the newly developed Pfizer-BioNTech and Moderna vaccines – promises a new frontier of medical breakthroughs and future advancements in immuno-oncology and cancer therapeutics. Genetic treatments for diseases such as rheumatoid arthritis and autoimmune disorders are leading to new possibilities, built on a network of patents, know-how and collaboration between governments, academic research labs and private companies around the world.  How will we manage this accelerating technology?  Milbank partner David Gindler, head of the Intellectual Property Litigation and Licensing Group, speaks with podcast host Allan Marks about:biopharmaceuticals, biosimilars and genetic biotechthe technology behind mRNA COVID-19 vaccineshow breakthrough intellectual property is co-developed, shared and protecteddrug patents, FDA regulation, consumer protection, equitable access, insurance, antitrust and capital formationAbout the SpeakersDavid Gindler's practice focuses on intellectual property litigation and licensing, with an emphasis on complex patent litigation. While nationally recognized by Chambers USA for his expertise in life sciences matters, Mr. Gindler's work spans a broad array of industries, including pharmaceuticals and biotechnology.Podcast host Allan Marks is one of the world's leading project finance and corporate lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, visit Milbank.com and follow us on social media and podcast platforms, including Apple, Audible, Google and Spotify.Disclaimer

ESG Series #6: Regenerative development enhances sustainability and resilience through a sophisticated understanding of how all living systems are interconnected. Linking diverse people and places through international scientific alliances and hands-on local projects (like regenerative finance, convenings at the Commonwealth of Nations, and Project CETI with whales) creates innovative, long-term solutions to mitigate the impact of climate change. In this episode, Milbank partner Russell Jacobs and podcast host Allan Marks speak with Rola Khoury of UK-based charity Common Earth to understand how a more systemic, inclusive approach to valuing nature and biodiversity can create ecological, social, and economic benefits on land and in the seas. They also explore how new technologies and ancient wisdom work together for a healthier planet.About the SpeakersRola Khoury is the CEO & Founder of Common Earth, a UK-based nonprofit that supports regenerative development and the restoration of ecosystems, and helps make nations and their communities sustainable and resilient to climate change.Russell Jacobs is a partner in the London office of Milbank and a member of the firm's Tax Group.Podcast host Allan Marks is one of the world's leading project finance and corporate lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, visit Milbank.com and follow us on social media and podcast platforms, including Apple, Audible, Google and Spotify.Disclaimer

SPACs, or “blank check” Special Purpose Acquisition Companies, have surged over the past two years, raising over $75 billion (about half the total US IPO market) last year alone.  Recent SEC statements add complexity to accounting and disclosure rules for SPACs and could chill the market. Even so, De-SPAC (the merger of a SPAC into a private company, taking it public) transactions will trigger more M&A and PIPE deals at least through 2022. In this episode of Law, Policy & Markets, Milbank partners Allan Marks,  Rod Miller and Iliana Ongun delve into the current state of the market for SPACs and De-SPACs, considerations for investors and target companies, and the potential for new SEC regulation.About the SpeakersRod Miller is a partner in the New York office of Milbank and a member of the firm's Capital Markets Group.Iliana Ongun is a partner in the New York office of Milbank and a member of the firm's Corporate Group.Podcast host Allan Marks is one of the world's leading project finance and corporate lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, visit Milbank.com and follow us on social media and podcast platforms, including Apple, Audible, Google and Spotify.Disclaimer

ESG Series #5: As the world transitions from fossil fuels to renewable power and other clean energy technologies, we are entering a “super cycle” of demand for new materials. The digitalization of the global economy also drives this demand, as power grids become smarter, sustainable and more resilient.  What do all these green initiatives have in common?  Batteries. The World Bank has forecasted that the production of metals such as lithium, cobalt, zinc and graphite will need to increase by as much as 500% by 2050 to meet the exploding demand for batteries in EVs, energy storage and electronic devices. Milbank Global Project, Energy & Infrastructure Finance partners Allan Marks and Alec Borisoff take a deep dive into the world of battery metals with two guests from Swiss-based Pala Investments: General Counsel Kate Southwell and Head Strategist Jessica Fung.About the Speakers:Kate Southwell  General Counsel for Pala Investments, a private equity investment firm based in Zug, Switzerland. She provides legal, commercial and strategic advice to Pala's portfolio companies and specializes in the management of international M&A and joint ventures and the negotiation of complex construction and commercial contracts. She also advises on alternative finance structures, including streams, royalties and mezzanine finance.Jessica Fung is Head Strategist at Pala Investments. She researches emerging technologies such as electric vehicles, renewables, recycling and blockchain and forecasts how these trends will impact commodity markets and how investors will finance the future economy.Alec Borisoff is a partner in the New York office of Milbank and a member of the firm's Global Project, Energy and Infrastructure Finance Group. He represents project sponsors, financial institutions, and export credit and multilateral development agencies in a wide range of US and cross-border projects and structured financings, investment transactions and restructurings, with a particular emphasis on mining, oil & gas, infrastructure and power-related financings.Podcast host Allan Marks is one of the world's leading project finance and corporate lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, visit Milbank.com and follow us on social media and podcast platforms, including Apple, Audible, Google and Spotify.Disclaimer

European companies are benefitting from investors' huge appetite for new equity offerings. Showing the strength of European capital markets in 2021, Germany's first IPO of the year closed in February: AUTO1 Group SE, a multi-brand technology company that develops solutions for online car buying and selling. In this episode of Law, Policy & Markets, Milbank Global Corporate partners Norbert Rieger and Sebastian Heim speak with Global Project, Energy & Infrastructure Finance partner Allan Marks about how the AUTO1 IPO shows investors' collective confidence in future growth from tech companies that are accelerating the digitalization of commerce. Norbert, Sebastian and Allan also discussed connections between public markets and private equity, broader trends in Europe, and corporate governance.About the SpeakersNorbert Rieger is Global Head of Milbank's Corporate Group. He is one of the three founding partners of the Munich office and has almost 30 years of experience in all types of corporate transactions. Norbert's broad practice covers all areas of corporate/M&A and private equity including public M&A and corporate reorganizations (Umwandlungsrecht).  He is well known for his expertise in public takeovers and public-to-private transactions.Sebastian Heim is a partner in Milbank's Global Corporate Group in Munich. His practice focuses on corporate law and M&A, specializing in private equity transactions. Sebastian also advises clients with respect to restructurings and insolvency law. Podcast host Allan Marks is one of the world's leading project finance and corporate lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, visit Milbank.com and follow us on social media and podcast platforms, including Apple, Audible, Google and Spotify.Disclaimer

Brazil's capital markets are surging, with new IPOs and follow-on equity offerings in 2021 extending the hot market from last year, the best in over a decade.  Brazil is a bellwether for emerging markets globally.  What is causing this flurry of activity, and how long will it last?  In this episode of Law, Policy & Markets, São Paulo Global Capital Markets partners Fabiana Y. Sakai and Tobias Stirnberg speak with Milbank Global Project Energy & Infrastructure Finance partner Allan Marks about the state of the Brazilian market and what it means for domestic and international investors,  for companies seeking to diversify capital sources, and for sustainability and ESG goals.Fabiana Y. Sakai is a partner in the São Paulo office of Milbank. Her practice focuses on capital markets, finance and corporate matters, and her clients include Brazilian corporations and US and Brazilian banks and underwriting firms. She has extensive experience across a broad range of industries, including infrastructure, financial services, real estate, manufacturing and retail.Tobias Stirnberg is a founding partner of Milbank's São Paulo office. He represents Brazilian and international companies, sponsors and lenders in their cross-border work, and he has extensive experience in finance, M&A and restructuring matters across a broad range of industries, including energy, infrastructure, transportation, financial services, metals and mining and industrials.Podcast host Allan Marks is one of the world's leading project finance and corporate lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.For more information and insights, visit Milbank.com and follow us on social media and podcast platforms, including Apple, Audible, Google and Spotify.Disclaimer

Starting in their fourth year of practice, Milbank associates spend a week together on campus at Harvard Law School Executive Education each year for three years in an interactive, intensive and comprehensive professional development program. In the classroom, the curriculum, developed in partnership with Harvard Law School Executive Education, covers finance and accounting, leadership and team management, strategy, marketing, negotiations and macroeconomics, and provides an MBA-like experience with a healthy dose of career guidance. The rationale: firms should provide the best training and career development possible for the benefit of their lawyers, their clients and the firm. Marking the tenth anniversary of the innovative program, 108 associates have graduated and 1217 attorneys have participated throughout all of the programs. Building on the success of the program and with overwhelmingly positive client feedback, Milbank created a Milbank@Harvard  Corporate Counsel program inviting general counsel of our clients to take similar classes with the same professors. In this episode of Law, Policy and Markets, GPEIF partner Allan Marks and partner and Executive Director David Wolfson discuss Milbank's training program developed and delivered at Harvard Law School Executive Education, which features professors from Harvard Law School, Harvard Business School, and Harvard Kennedy School, and why this innovative program creates remarkable outcomes for clients, attorneys and the firm's culture. About the speakersDavid Wolfson is the firm's Executive Director and a Corporate partner in the New York office of Milbank. As Executive Director, he collaborates with the Chairman and the firm's Executive Committee to manage the firm globally.  Podcast host Allan Marks is one of the world's leading project finance and corporate lawyers, focused on the development, financing and acquisition of complex energy and infrastructure projects, and an Adjunct Lecturer at UC Berkeley at the Law School and Haas School of Business. Disclaimer

ESG Series #4: Two proxy advisory firms wield vast power over America's public companies, with little accountability or transparency.  Institutional investors who control an estimated 80% of the market capital of U.S.-publicly listed companies often rely on these advisors in setting stewardship policies and in voting for or against company directors or on corporate governance matters, including ESG policies, executive compensation and investment rules. In this episode of Law, Policy & Markets, Milbank Global Project Energy & Infrastructure Finance partner Allan Marks and Global Corporate partner Neil Whoriskey discuss how proxy advisors rose to such influence, and how the interests of fund managers, the SEC and other stakeholders are bumping up against directors' fiduciary duties and conflicting state corporate law doctrines.  Neil Q. Whoriskey is a partner in the New York office of Milbank LLP and a member of the firm's Global Corporate Group. His practice focuses primarily on mergers, acquisitions, and corporate governance matters. Recognized in Banking and Mergers and Acquisitions by IFLR 1000, he is the author of numerous articles on mergers and acquisitions and corporate governance topics.Podcast host Allan Marks is one of the world's leading project finance and corporate lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business. More details at Milbank.com. For more information and insights, visit Milbank.com and follow us on social media and podcast platforms, including Apple, Audible, Google and Spotify.Disclaimer

Last year, disgorgement accounted for $3.6 billion in monetary remedies for the US Securities and Exchange Commission, or three-quarters of all monetary remedies in SEC enforcement actions.  Two recent Supreme Court decisions – in 2017 and 2020 – sharply curtailed the SEC's authority to pursue disgorgement.  To affirm the SEC's powers, a new law on January 1, 2021 amended the Securities Exchange Act of 1934 to grant the SEC express statutory authority to pursue disgorgement of ill-gotten gains to prevent unjust enrichment.  The law also extended the applicable statute of limitations.  In this episode of Law, Policy & Markets, Milbank Global Project Energy & Infrastructure Finance partner Allan Marks and Milbank's Global Head of Litigation & Arbitration, George Canellos, discuss the new law and its impact in detail. George brings extra insight, having served in a variety of senior positions at the SEC most recently as Co-Director of the SEC Division of Enforcement. Subscribe to other episodes of the “Law, Policy & Markets” podcast here.About the speakers:George S. Canellos is a partner in the New York office of Milbank and Global Head of our Litigation & Arbitration Group. He represents financial institutions, public companies, asset management firms, and individuals in government investigations and contested litigation in federal and state courts, and advises clients on corporate governance and compliance with the securities and banking laws. He has more than two decades of experience prosecuting and defending white collar criminal cases and civil actions arising under the securities laws, having served twice in federal law enforcement — most recently in top positions such as Co-Director of the Division of Enforcement at the US Securities and Exchange Commission, and earlier as a federal criminal prosecutor in the US Attorney's Office for the Southern District of New York.Podcast host Allan Marks is one of the world's leading project finance lawyers, with special expertise in the power and renewable energy, transportation and airports, oil and gas, water, and telecommunications sectors. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.More details at Milbank.com. Disclaimer

Like a fine musician performing a complex work before a discerning audience, practicing law at an elite level can be as much art as science. Today, we take a breather from complex business issues in this bonus episode of Law, Policy & Markets featuring Milbank Global Project, Energy & Infrastructure Finance partner Allan Marks and Litigation & Arbitration partner Alex Romain, who compare notes on how their years of classical piano training and passion for playing music inform their approaches to practicing law. They explore how coaching, creativity and collaboration translate into discipline, depth and distinction and how crafting a musical performance is similar to structuring and presenting a cogent legal argument that leads to persuasive communication, authentic personal relationships and positive action. We hope you enjoy our final episode of the year. See you in 2021!Alex Romain is a partner in the Los Angeles office of Milbank LLP and a member of the firm's Litigation and Arbitration Group. Mr. Romain is a leading national trial lawyer with more than 20 years of experience representing individuals and corporations in high-stakes complex commercial litigation, white collar defense, and internal investigations. Mr. Romain's relentless advocacy has led to exemplary results for his clients. He was a member of the trial team that exonerated the late Sen. Ted Stevens, playing a key role in pursuing the exculpatory evidence that ultimately led to the senator's exoneration. The American Lawyer described his team's work on the case as “one of the best criminal defense performances in memory, resulting in a heightened scrutiny of prosecutors that will affect the Justice Department for years to come.” Mr. Romain successfully represented the Baltimore Ravens and several of its senior personnel in connection with the independent investigation conducted by former FBI Director Robert Mueller into the National Football League's handling of the Ray Rice domestic violence incident. Read MorePodcast host Allan Marks is one of the world's leading project finance lawyers, with special expertise in the power and renewable energy, transportation and airports, oil and gas, water, and telecommunications sectors. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.More details at Milbank.com.Disclaimer

ESG Series #3:  Renewable energy technology and transactions have evolved globally since the early days of wind power in California. In this episode of Law, Policy & Markets, Milbank Global Project Energy & Infrastructure Finance partners Karen Wong (who retires this year) and Allan Marks (host) look at how the practice of law is evolving, as technology allows for increased responsiveness and productivity, and also share personal insights on building professional teams, deepening relationships, and the importance of giving back.About the SpeakersAs a partner in the firm's Global Project, Energy and Infrastructure Finance Group, Ms. Wong focuses on the representation of sponsors and financing parties in connection with the development, acquisition, financing and/or restructuring of energy and other infrastructure facilities in Asia and North America. In her over 30 years of practice, she has led numerous development, financing and acquisition transactions involving solar, wind, hydroelectric, geothermal, biomass, waste energy and other renewable energy facilities, as well as large-scale coal, gas and LNG-fired cogeneration plants, coal gasification, transmission lines, and oil and gas pipelines.Podcast host Allan Marks is one of the world's leading project finance lawyers, with special expertise in the power and renewable energy, transportation and airports, oil and gas, water, and telecommunications sectors. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.More details at Milbank.com. Disclaimer

Top-flight lawyers conducted a three-week trial entirely online, in the midst of a pandemic and recession, to resolve issues that dated back over a decade to the last recession. Derivatives, CDOs, credit default swaps, and financial guaranties: the facts in Putnam vs. FGIC were incredibly complex. In this episode of Law, Policy & Markets, Milbank Global Project Energy & Infrastructure Finance partner Allan Marks sorted it out with Putnam's lead lawyers – Thomas Arena, Sean Murphy and Robert Hora  of Milbank's Litigation & Arbitration group – to learn how they managed one of the country's first virtual trials in complex commercial litigation in federal court, what it means for future virtual trials, and how they won the case on all counts. About the speakers: Thomas Arena represents financial institutions and corporations in federal and state courts in class actions, securities and bankruptcy litigation cases, and has conducted jury and non-jury trials in courts throughout the country. He also has substantial experience representing companies and individuals before the Department of Justice and other regulators, including the Securities and Exchange Commission and the New York Attorney General's Office.Sean Murphy's practice focuses on complex securities matters. He has defended dozens of companies and financial institutions in multi-jurisdictional class action and derivative litigation under state and federal securities laws, including claims under the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Company Act of 1940. He has extensive experience representing investment advisers and mutual fund boards in litigation and regulatory investigations involving management fees, revenue sharing, conflicts of interest, prospectus disclosure, distribution and trading, ERISA prohibited transactions, portfolio mismanagement, Rule 12b-1, board oversight and fiduciary duty litigation. He represents clients in regulatory and enforcement proceedings before the SEC, CFTC, FINRA and state regulators.Robert Hora focuses on litigation of complex commercial matters involving mutual funds, securities, commodities, and corporate governance. In recent years, Robert has successfully tried and defended some of the most significant cases in the mutual fund industry, involving close to $1 billion in alleged damages and resulting in precedent-setting decisions. Podcast host Allan Marks is one of the world's leading project finance lawyers, with special expertise in the power and renewable energy, transportation and airports, oil and gas, water, and telecommunications sectors. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.More details at Milbank.com.  Disclaimer