Bite-Sized Business Law

Not all law students go on to practice law. During this episode, we host Brian Koppelman, who took his legal training in a totally different direction. He is the writer, director, producer, and showrunner behind some of pop culture’s most enduring works, including Oceans 13, Rounders, and the hit series Billions. Brian is a podcast host and a Fordham Law graduate who cites his legal experience as incredible fodder for the characters and stories appearing in his film and television work. During this conversation, he shares his perspective on the intrinsic value of legal studies, even for those with no intention to pursue a career in the field. Brian offers an overview of his multifaceted journey to the career he has today, including the process of learning to write for film and the aspects of human nature he finds most fascinating. We touch on abuses of power and the responsibility of the financial sector, before diving into the idea of risk-taking and how it translates in our lives. In closing, Brian encourages listeners to find a career that allows them to work from the part of themselves where they feel most alive. Join us today for something different! Key Points From This Episode: •An introduction to today’s guest, writer, director, and Fordham Law graduate, Brian Koppelman.•Brian’s experience at Fordham Law and the interactions he had with students there.•Why he doesn’t consider his time in law school a blip.•How his experience with ADHD affected his success in the classroom.•The decision to leave record production to the film industry.•Why he chose to complete his legal studies even though he knew he wouldn’t use it.•How Professor Abraham Abramovsky influenced the character of Petrovsky in Rounders.•Why Brian recommends studying law if you have the opportunity to do so.•Learning to write for film.•The areas of law that Brian was most interested in.•How he became interested in the area of writing about success journeys.•What motivates success, and how money leads to power and influence.•Abuses of power and the responsibility of the financial sector.•Brian’s relationship with risk-taking and how he defines it.•What industry Brian would have entered if he hadn’t become a writer.•His advice to find something that allows you to work from the part of you that makes you feel most alive.•His upcoming work, the final season of Billions.  Links Mentioned in Today’s Episode: Brian Koppelman on InstagramBrian Koppelman on TwitterBrian Koppelman IMDbBernie Madoff InvestopediaDavid Levien IMDbThe Moment with Brian KoppelmanFordham University School of Law Corporate Law Center

Getting verified information about current affairs in Russia has become increasingly challenging. Media shutdowns and an over-reliance on difficult-to-access sources mean that even experts are struggling to assess exactly what is going on within the country’s borders. Joining us today to discuss the current state of Russia and Vladimir Putin's corporate takeover of the Wagner group is Peter Clement, a senior research scholar and adjunct professor at the Columbia School of International and Public Affairs (SIPA) and the Saltzman Institute of War and Peace Studies (SIWPS), former CIA Deputy Director, and expert on Russia and Eurasia. We talk with Peter about the origins of the Wagner Group, their uprising in late June of 2023, and the position that Putin currently finds himself in. In our conversation, Peter elaborates on the historical tension between the Wagner Group and the Ministry of Defense, how Putin tried to capitalize on their divisions, and why this strategy backfired. We also discuss the tangled corporate web that Putin helped create, his options for getting a handle on it, and what Wagner Group leader Yevgeny Prigozhin’s role is in all of this. Tune in for expert insights on Putin's Corporate Takeover of the Wagner Group and details on the state of Russian current affairs! Key Points From This Episode:•How Peter first developed his interest in Russian history.•Why it’s so difficult to get accurate information about Russian current affairs.•The origins of the Wagner Group and what we still don’t know.•Why it could be argued that the Wagner Group is not a private military company (PMC).•The close ties that the Wagner Group has to the Russian government.•An overview of the kind of services provided by the Wagner Group.•What we know about how the Wagner Group earns money and gets paid.•Yevgeny Prigozhin and his relationship with Vladimir Putin.•How Prigozhin earned the nickname “Putin’s chef” and became leader of the Wagner Group.•The complicated corporate formation of the Wagner Group.•How the Wagner Group got its name.•The history of tension between the Wagner Group and the Ministry of Defense.•Insight into the uprising and why Prigozhin turned on the Kremlin.•How the illegality of PMCs provides Russia with plausible deniability.•Putin’s prior success in playing oligarchs and bureaucrats against one another.•How the Russian government is trying to take control of the Wagner Group.•An overview of Russia’s deal with Belarusian President, Alexander Lukashenko.•Factors preventing Putin from getting rid of Prigozhin and the Wagner Group.•Why Prigozhin’s statements against the war in Ukraine were so radical.•How these developments could influence Putin’s decisions going forward. Links Mentioned in Today’s Episode:Peter ClementWagner GroupWSJ ArticleKimberley Marten‘Putin Met With Mercenary Leaders He Had Called Traitors During Mutiny’‘Could Putin Lose Power?’Richard SquireAmy MartellaWe Edit Podcasts

Today we sit down with Joseph Sponholz, Fordham Law alumnus (‘97) and partner at L.E.K. Consulting, to talk about a question applicable to companies of all sizes: how to make the most of the current moment in the corporate landscape. Before taking up his roles as Managing Director, Partner, and Head of Major Capital Projects at L.E.K. in Australia, Joe practiced law in the U.S. where he represented professional sports, and then as a high-level advisor in the business world. Joe shares insights about his career path, current position and location in Sydney, his role as Chairman of the Board of the Oceania Golf Players Association and attendant thoughts on the PGA/LIV golf merger, and reflections on his time and continued involvement at Fordham. As a mentor to law students, Joe dedicates significant energy to developing the next generation of legal minds, and in light of this, we invited one of his mentees, Kasey Lee (Fordham Law ‘24), to sit in with us today too! Press play now to hear from this inspiring wealth of wisdom and experience. Key Points From This Episode:•Joe shares what his role as a consultant entails. •Why Joe decided to transition from law to the business sphere.•Advice from Joe regarding finding the right niche to work in.•Finding the best use of resources and energy within the current economic climate.•The traits of great leadership and its reliance on a strong team.•Joe explains how his legal training translates into his work every day.•Understanding Joe's perspective on what it takes to be an effective legal advisor.•Professional experiences in Australia, and how the American business world is viewed.•Some closing thoughts on golf from Joe; the PGA merger, concerns about restrictions on players, and more! Links Mentioned in Today’s Episode:Joe Sponholz on LinkedInL.E.K. ConsultingKasey Lee on LinkedInRichard SquireAmy MartellaFordham University School of Law Corporate Law CenterWe Edit Podcasts

Roy Strom began his career as a sports writer, but when he was exposed to the world of legal journalism, he realized that was where he belonged! Growing up in a family of business owners, Roy has always been interested in how businesses run, and today he is the author of Bloomberg’s Big Law Business column, which covers the culture and economics surrounding the business of big law. In this episode, Roy shares an overview of how his career has evolved over time, the changes he has witnessed, his approach to conducting research for his widely-read articles, some of the biggest misconceptions that he held about the field of law prior to becoming so deeply involved with it, and his thoughts on a few of the trends that are currently taking place in the industry. Key Points From This Episode: Roy’s original career goal and how he ended up becoming a legal journalist.An overview of Roy’s career to date.The areas of law that Roy focuses his writing on.Roy explains how he conducts research for his articles.Some of the biggest misconceptions about big law firms.The ethics rule currently causing a lot of debate.Reasons why lawyers are averse to non-lawyer ownership models.The influx of federal judges into big law firms.Roy’s thoughts on how AI is likely to impact the legal world.What Roy would choose to be if he wasn’t a journalist. Links Mentioned in Today’s Episode:Top Quinn Emanuel Partner Starts Over as Traffic Court JudgeRoy Strom on LinkedInBig Law BusinessFordham University School of Law Corporate Law Center

Are you ready to geek out on bankruptcy law? In this episode, Brook Gotberg, Professor of Law at BYU Law, joins Amy and Richard to discuss the controversial third-party release that has been granted to the Sackler family (the owners of pharmaceutical company Purdue Pharma) by the Second Circuit Court of Appeals. Brook starts off by explaining the origins of the opioid crisis and Purdue Pharma’s introduction to the market of OxyContin, a drug they claimed had a less than 1% addiction rate. We then delve into what happened as the opioid crisis gripped our nation and that claim was roundly disproved. Brook explains how the Sackler family responded to the increase in litigation against them, the tipping point that led Purdue Pharma to file for bankruptcy in 2019, and the five and a half billion dollar settlement that was agreed upon in court. Brook is an expert in bankruptcy law and this episode will broaden your understanding of third party releases, mass torts, and the Bankruptcy Code. Key Points From This Episode:The controversial practice that forms the focal topic of today’s episode.Origins of the opioid crisis.The addiction rate of OxyContin.Revenue growth Purdue Pharma experience between 1996 and 2010.How the Sackler family responded to the litigation against them that exploded from 2008 to 2017.Why Purdue Pharma filed for bankruptcy in 2019.A key outcome of the Purdue Pharma’s bankruptcy lawsuit.Brook explains the technicalities of a third-party release.Egregious actions that were undertaken by the Sacklers.The initial settlement proposal and how it evolved over time.Concerns about hold-outs in bankruptcy cases.An overview of the bankruptcy plan.Other real world examples of third-party releases in bankruptcy proceedings.How the Second Circuit justified granting the Sacklers immunity from future lawsuits.Why the majority of claimants agreed to the five-and-a-half billion dollar settlement.Exploring why a debtor might be incentivized to include a third-party release in their plan.What precedent the Second Circuit based their opinion on.A deep dive into the Bankruptcy Code. Amendments to the Bankruptcy Code that Brook recommends.Why Brook is sympathetic to using the bankruptcy system as a resolution of mass torts.  Links Mentioned in Today’s Episode:Brook Gotberg on LinkedInBrook Gotberg on TwitterRichard Squire on LinkedInPurdue PharmaFordham University School of Law Corporate Law Center

At the 38th American Bar Association National Institute on White Collar Crime, Deputy Attorney General Lisa Monaco remarked that the DOJ will “zealously pursue corporate crime” and “hold wrongdoers accountable, no matter how prominent or powerful they are.” With this, the DOJ ushered in policy changes in prosecuting corporate crime, and today Christopher Conniff joins us to explain these changes. Chris is an experienced trial lawyer and partner at Ropes & Gray where he co-leads the Securities and Futures Enforcement Group. His practice focuses on white-collar criminal defense and securities regulation and he helps his clients navigate investigations in a wide array of areas, from public corruption to criminal antitrust and everything in between. Join us as we unpack some of the new policies to prosecute corporate crime, why the DOJ has put compliance (not punishment) at the heart of these policies, and how companies of all shapes and sizes should respond to them. Does the old adage “an ounce of prevention is worth a pound of cure” ring true? Tune in today to find out!Key Points From This Episode:Some quintessential examples of corporate white-collar crime.A look at Chris’ professional background and his work at the US Attorneys' Office.Insight into the traditional regime for prosecuting corporate crime.Chris’s take on the DOJ’s pilot program regarding compensation incentives and clawbacks.The challenge with “box checking” and artificial incentives. Why corporate responsibility is the focus of the DOJ, not punishment.Subpoena compliance versus cooperation with it comes to good corporate citizenship.How these policy changes confront a historical lack of trust in the government.Practical implications of the new DOJ criminal self-disclosure policies.Why facts and transparency are critical when the cost of an investigation is a challenge.What corporations need to be aware of regarding the use of personal devices.How corporations should react to this new set of incentives.Why Chris is optimistic about the efficacy of this program.Links Mentioned in Today’s Episode:Christopher ConniffChristopher Conniff on LinkedInRopes & Gray LLPFordham University School of Law Corporate Law Center

Today we are joined by internationally renowned equity crowdfunding expert Andrew Schwartz to discuss alternative routes of raising capital outside the typical venture capital model. Andrew is a Professor of Law at the University of Colorado Law School and a prolific writer, with his latest offering his new book, Investment Crowdfunding. In this episode, he gives us a thorough breakdown of what investment crowdfunding is and how it’s changing the investment landscape. He talks us through how one might go about setting up an investment crowdfunding campaign and what the benefits (and potential pitfalls) are of doing so. Andrew shares the three main goals of crowdfunding and explains the difference between standard and liberal crowdfunding models. Tune in to find out why investment crowdfunding is such a significant development for entrepreneurs and investors alike, and how it’s breaking down the barriers of the traditional investment model. Key Points From This Episode:•Today’s topic: Investment crowdfunding AKA equity crowdfunding.•The potential of the investment crowdfunding model to democratize investing as we know it.•An introduction to equity crowdfunding expert, Andrew Schwartz.•Andrew explains investment crowdfunding and how it differs from the typical investment model.•The key rules and legal restrictions of investment crowdfunding.•How to set up an investment campaign on a crowdfunding platform.•The difference between current investment crowdfunding and the Kickstarter model.•Indiegogo’s unique model.•The synergistic situation of raising funds via investment crowdfunding alongside VC capital.•The stigma attached to equity crowdfunding in the early days.•Examples of companies doing parallel fundraising with crowdfunding and VC capital.•The benefits of the equity crowdfunding model.•Syndication as a mechanism for governing the crowdfunding market.•The difference between initial coin offerings and NFTs and investment crowdfunding.•Andrew explains standard models and liberal models and how they differ.•The three main goals of investment crowdfunding.•How crowdfunding benefits groups who have traditionally faced barriers to starting businesses.•How investment crowdfunding breaks down geographic limitations and biases.•The potential pitfalls of the investment crowdfunding model.•Andrew’s predictions for the future of the investment crowdfunding market in the context of recent bank turmoil and crypto bankruptcies.•The snowball effect of investment crowdfunding.•What drew Andrew to the equity crowdfunding space. Links Mentioned in Today’s Episode:Andrew Schwartz on LinkedInInvestment CrowdfundingWefunderStartEngineRepublicKickstarterIndiegogoSnowball EffectFordham University School of Law Corporate Law Center

Now that a deal in principle has been reached to suspend the debt limit before the United States runs out of money to pay its bills, the question is, how do we keep getting to this point? Negotiating the debt ceiling has become a given in American fiscal policy, but its origins remain mystifyingly complex. Today, Professors Richard Squire and Thomas Lee join us to help untangle the financial and legal issues around raising the debt ceiling. Richard is a business law scholar and a professor here at Fordham Law, where he’s also the Faculty Director of the Fordham Law Center. Tom is the Leitner Family Professor of International Law at Fordham Law as well as a constitutional and international law expert, counsel at Hughes Hubbard & Reed, and former Pentagon counsel and US naval cryptology officer. Join us for today’s episode as these esteemed members of the Fordham Law faculty share both contemporary and historical perspectives on the debt ceiling (including notable phrases from the 14th Amendment), unpack some of the consequences of a US Treasury default, discuss what it would mean to mint a coin worth a trillion dollars, plus a whole lot more. For a fascinating (and highly entertaining) take on US fiscal policy, be sure to tune in! Key Points From This Episode:•   Defining what the debt ceiling is and what it means for the US.•   Insight into the origin, history, and evolution of the debt ceiling.•   The debt ceiling and the 14th Amendment: terms from Section 4 that are worth noting.•   Instances when the US has defaulted on its debts.•   How a debt default could shock the financial markets and cause global financial chaos.•   Why it's no coincidence that the debt ceiling limits originated in 1939.•   Correlations between government spending and war (and the financial strain it creates).•   An example of the systemic consequences that a US Treasury default would have.•   Basket collateral: what one could theoretically use in place of US Treasury Bonds.•   Minting a trillion-dollar coin and other alternatives to striking a debt limit deal.•   Examining the terminology of the 14th Amendment, particularly the word “validity.”•   Attempting to answer the looming question: why have a debt limit in the first place?•   Speculation about what would happen if we eliminated the debt ceiling.•   Pros and cons of setting the debt limit as a percentage of GDP instead of an absolute amount.  Links Mentioned in Today’s Episode:Thomas LeeThomas Lee on LinkedInRichard SquireRichard Squire on LinkedInFordham University School of Law Corporate Law Center

The Texas divisive merger, more commonly known as the Texas Two-Step, is a legal tool employed by businesses involved in substantial litigation to settle their tort liabilities through the bankruptcy process. Listeners may recognize this maneuver from recent headlines and the questions posed as to whether it is leading to abuse of the bankruptcy system. Rejoining us today to unpack all of this and more is returning guest Matt Cantor, senior managing director at Pretium, a specialized investment firm that currently has more than $50 billion in assets under management. Matt also has extensive experience in corporate restructuring at large law firms, has worked at various respected investment firms, and is known for his handling of the Lehman Brothers’ bankruptcy and liquidation case. In today’s conversation, we delve into the concept of divisive mergers, their relationship to bankruptcy, and how mass torts present an opportunity for investors who are willing to take on litigation risk. Matt gets into the variability that can occur in mass tort liabilities and what can be done to reduce uncertainty. We also discuss how the move from an industrial to a digital economy presents new opportunities for investors and some of the risks inherent to technology-based business models. To learn more about liability management, the Texas Two-Step, and much more, be sure to tune in today! Key Points From This Episode:•An overview of the Texas Two-Step; its origins, what it entails, and why it’s not as new as people think it is.•Engaging in a liability management program and how it relates to bankruptcy.•The high range of variability of outcomes within the American tort system.•Different types of mass tort liabilities and how they demonstrate wide variability.•What companies do to reduce variability: predicting outcomes, giving their case to a bankruptcy judge who will assign some certainty to it.•The complexity of the risk-sharing arrangements between debtors and their representation.•An overview of the opportunities in this space for investors with an appetite to take on litigation risk.•Why this area of work is well-suited to anyone earning a JD–MBA.•Some of the opportunities inherent in the move from an industrial economy to a digital economy.•The embedded liability within some technology-based business models.•Why settling a lawsuit provides benefits to both sides by reducing variability and uncertainty.•Matt’s thoughts on whether lawyers are abusing the bankruptcy system. Links Mentioned in Today’s Episode:Matt Cantor on LinkedInPretiumRichard SquireRichard Squire on Google ScholarRichard Squire on LinkedInBite-Sized Business Law Podcast: Matt Cantor on Litigation FinanceFordham University School of Law Corporate Law Center

During this episode, we go directly into the belly of the beast to hear from a tech company that survived the collapse of Silicon Valley Bank. Brian Schmidt, co-founder of Hoop, joins us to share his story. Tune in to hear a candid account of how one start-up successfully navigated the high-risk experience of transferring its assets out of SVB during the weekend of its collapse. Hear what considerations led to the final decision, and what the experience was like on the ground. Brian shares anecdotes from how he engaged with the media and his co-founders, and what he would have done differently in hindsight. Hear how Twitter helped to speed up the collapse, why our energy is best used focusing on the elements that fall within our control, and much more today. Thanks for listening! Key Points From This Episode:•An introduction to today’s guest, Brian Schmidt.•Background on Hoop, the technology startup Brian co-founded.•Brian’s experience with SVB leading up to March 9.•Bank failings following SVB.•The blog post written by Hoop co-founder Stella Garber.•When Brian started to get wind of the SVB collapse.•The spread of information and conversation around the collapse.•What motivated Brian to publicize a new Slack network for business leaders to share information.•The decision-making process in response to moving the money.•Failure of the text message authentication system during the transfer process.•The importance of delineation of roles during decision-making.•Potential scenarios Brian considered leading up to the result.•Twitter’s Clubhouse-style conference calls.•Legal considerations leading up to the verdict.•How Brian’s family responded to the crisis.•The moment of confirmation that everything was going to be okay.•What inspired Hoop to create a blog post about the weekend.•Considerations going forwards.•Brian’s belief that there is merit to every viewpoint, including bailouts.•How social media exacerbated the risks of SVB’s collapse.•Why the government ultimately had to take action.•Focusing on what’s inside of your control. Links Mentioned in Today’s Episode:Brian Schmidt on LinkedInHoopAre US Bank Deposits Safe?Surviving SVBClubhouseStella Garber on LinkedInAnnie DukeFordham University School of Law Corporate Law Center