Legal Services in the Launch of the MicroBuild Fund
Summary
The Legal Services in the Launch of the MicroBuild Fund case study examines the nature, type, and fee arrangements of the legal services used to structure and document the launch of an impact investment fund – the MicroBuild Fund – sponsored by Habitat for Humanity International (Habitat) in 2012. Told from the point of view of deal counsel to Habitat (Carl Valenstein), the case study begins on the day Carl is honored with his law firm’s annual public service award – the first time in the firm’s history that the award is conferred in recognition of a transactional pro bono matter. Carl reflects on the various challenges that arose in the representation, which spanned over three years, as well as the myriad ways in which the deal was a valuable opportunity for his immediate team and his law firm.
In addition to exploring applicable eligibility standards for the delivery of legal services on a pro bono basis, the case study highlights the post-eligibility assessment challenges that arise in the course of delivering legal services on a pro bono basis for a complex transaction such as MicroBuild Fund. These challenges include having the necessary practice area and counterparty expertise, meeting investor requirements, engaging local counsel where necessary, ensuring appropriate staffing, and addressing ethical issues that arise in the representation. The case study also provides an opening to discuss the benefits that transactional lawyers can obtain from developing an active pro bono practice.
The excerpt contains sampling from the case study.
Disclaimer: This case was written by Angela Escobar, Fellow at the Grunin Center for Law and Social Entrepreneurship at NYU School of Law, under the guidance of Deborah Burand, Professor of Clinical Law at NYU School of Law. This case was prepared as the basis for discussion and is not intended to serve as an endorsement, a source of primary data, or an illustration of effective or ineffective management. The case does not constitute, and must not be relied or acted upon as, legal advice. Readers should seek individual advice from qualified legal or financial counsel in relation to their specific circumstances.
For Professional Educators
Teaching Notes
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