~ Archive for Commercial / Business / Corporate Law ~

The Decision to Transfer: William Langer ‘08

0

William Langer ‘08 reflects on the factors that went into his decision to transfer to HLS. He is currently working temporarily at Machado Meyer Sendacz e Opice in São Paulo until he returns to Simpson, Thatcher & Bartlett LLP where he is an associate.

“Looking back over the last three years since my decision to transfer to HLS, and reflecting on the various wonderful personal, academic and professional experiences that HLS made available to me over these years, I cannot imagine having done things differently, and I highly recommend making the transfer to HLS to anyone considering doing so.’

“After growing up in central New Jersey and going to college in New York City, I felt a need to see a bit more of the world beyond the northeastern US, and ended up spending a year teaching English and studying Spanish in Madrid. In addition to developing my interest in foreign languages, I was captivated by the international atmosphere and world view that I was exposed to in Europe, and I decided that I wanted to do something with an international focus in my legal career.’

“After my first year of law school, I was still committed to doing something international, however I was still unsure of the specifics. My academic and professional interests had always been broad, and my college majors in Economics and Political Science, as well as several humanities courses that I took, had only widened my interests. This became a principal factor in my interest in transferring to HLS.’

“Because I was still figuring out what I wanted to do, I felt that HLS would offer me a wide variety of options, and also that the various departments and programs were among the best in each of their respective areas. Indeed, it is difficult to imagine a richer array of options than those offered at HLS, with its long list of top professors in all fields of study, various clinical programs, and dynamic campus life revolving around the many student organizations and journals, run by intelligent and inspiring students, all of whom bring amazing experiences to share with one another.’

“With all of these options, HLS makes the task of exploring one’s interests easy and rewarding for anyone willing to commit the effort to their own personal and professional development. Personally, I am amazed and humbled by the various academic and professional opportunities that I was offered during my two years after transferring, from a three-week internship working with a judge in Peru (during HLS’ month-long Winter Term), to my experience working on two of the various specialty journals, to two different internships working in microfinance with organizations in the Boston/Cambridge area, to my 2L summer, which I split working at a New York City law firm and then at a New York City microfinance/urban development organization, to fascinating courses in diverse areas such as Human Rights, International Finance, and Law and Public Health, as well as a course on the world history of legal thought from 1850-2000, a seminar on the writings of Freud and Nietzsche, a reading group on the city of Mumbai, and language courses in French and Portuguese at Harvard undergrad. HLS’ training and reputation also helped me to get two papers that I wrote as part of my coursework accepted for publication in law journals. Currently, I am working at a Brazilian law firm in São Paulo, practicing international corporate law. Living and working in Brazil has been a fascinating experience thus far. Another advantage of HLS is that when you travel to other countries everyone knows Harvard, which is good from both a professional as well as a social standpoint, since HLS is a good conversation starter, which is nice even when the questions people ask you are about Legally Blonde.’

“Finally, and perhaps most importantly, in terms of the transition to HLS there was (and, I believe, continues to be) an excellent organizational effort among the 3L transfers to hold events and get-togethers so that the relatively large group of transfer students from both classes could all meet each other. The 3Ls were also readily available and extremely helpful in answering all of our questions about academic and student life, which further served to ease the transition process. I quickly acquired a group of friends among the transfer students during the transfer orientation, and eventually, with the help of classes, student groups, journals, etc, my close friends consisted of both transfers and non-transfers, and also included 1Ls, 3Ls, and members of the large LLM class, in addition to my fellow 2Ls. Indeed, the reason why much of this post is not specifically about my transfer experience is that, after a certain point in my experience, I stopped noticing the transfer/non-transfer distinction and just thought of myself as a normal HLS student.’

“In all, I can say that my transfer to HLS helped me tremendously in my personal and professional development. In my first year out of law school, it is difficult and a bit daunting to predict exactly what the future will hold in terms of my career, but I can be certain that my background at HLS, and the many different academic and professional experiences that I was able to take advantage of during my time there, will serve me well as my career path continues to develop.”

Public Interest Auction in Review

0

1L and Co-Chair of the Public Interest Auction Sarah Jelsema recently sat down for a Q & A with us after this yearly highlight of the HLS calendar.

What is the public interest auction?
The public interest auction is a fundraiser run entirely by the 1L class that raises money to support students who do public interest work over the summer. We solicit donations from faculty, staff, alumni, parents, students, firms, and local businesses. Some donate money and some donate things to auction off. We receive all sorts of donations – things like Red Sox tickets, gift certificates to restaurants and salons, lunches and fishing trips with professors, cookies and brownies made by the librarians, and a tour of the Northwest Corner Construction project. The auction is one of the biggest social events of the year. Every year the auction has a theme, and we decorate Austin Hall accordingly. This year the theme was “Bright Lights: Bid City” and so the different rooms were decorated as different big cities – London, Paris, and New York.

What has gone into preparing for this event and what have you gotten out of the experience as a co-chair?
Almost all of the 1L class helps out with the auction. We divide the students up by committees and committees mostly help out either by asking for donations, calling alumni and asking them to donate, emailing firms, going door to door in Cambridge, or by helping process the donations and get them ready to sell, or by helping out on the night of the auction. As one of the auction co-chairs, I had the opportunity to work with a group of amazing people to try to plan and coordinate this huge event – it was definitely a  challenging experience for all of us. From coordinating hundreds of student volunteers to keeping track of hundreds of donations, to making sure everything comes together on the night of the auction, being a co-chair was a lot of work, but it was extremely rewarding. It was also a good opportunity to meet new students.

The event is always a lot of fun for students, faculty and staff. What was your favorite part of the evening? Did anything surprise you?
The event was a huge success. My favorite part of the evening was the live auction. Our auctioneers – this year Professors Elizabeth Warren and Jonathan Zittrain – were auctioning off the “right to be – or not be – in the 2010 parody.” The first bidder was the Dean of Students because they gave her a hard time this year in the parody, but then Professor Mann, who bought this item last year, got in a bidding war with Professor Warren and everyone was laughing so hard!

Why should admitted and prospective students seeking a strong public interest community choose Harvard? Why did you?
I think that students looking for a strong public interest community should choose Harvard because they can go anywhere and do anything with a degree from Harvard Law. We are a bigger law school, but as a result, we have so many more options to pick from than other law schools. Good public interest law jobs are really competitive – and since I want one, I’m glad I chose Harvard. I know that the connections and friends that I will make here, with professors and fellow students, will be of benefit for the rest of my life.

Transfer Admission

0

Starting April 15, HLS will begin accepting transfer applications for the fall. Over the last couple of years, there have been increased opportunities for Harvard Law students to study off-campus through joint degree and foreign study programs which make it possible for us to admit more transfer students than ever before.

The question of whether to apply as a transfer student is the right move is up to you, but we think that a little research will show you the vast benefits of transferring to HLS. With 102 full-time professors and more than 300 courses, HLS is home to the most intellectually stimulating legal community in the world. Outside the classroom, there are 14 journals, over100 student organizations, clinical placements in approximately 30 areas of the law, and more than enough opportunities for you to experience the incredible diversity of the HLS community during your second- and third- year. For example, the Harvard Law Review encourages transfer applicants to apply for membership and several past transfer students have been successful in that endeavor.

Bottom line? Whether you are interested in constitutional law or environmental law or human rights advocacy or any number of other areas, the breadth and depth of our offerings is incredible. Whether you want to clerk at the circuit court level, follow the path to academia, or pursue a career in public service, the opportunities presented to our graduates are unsurpassed.

For more details on the transfer application process including eligibility guidelines, deadlines, and application requirements, please visit: http://www.law.harvard.edu/prospective/j…

Also, stay tuned in the coming days and weeks for blog entries of a few students talking about their experience transferring into Harvard Law School!

Green Cities, Brown Suburbs?

0

If someone told you that the solution to save the planet was building more skyscrapers, you probably wouldn’t believe it. Yet, as explained by Harvard economics professor, Ed Glaeser, in a recent discussion with the HLS Real Estate Association, if you want to be good to the environment, you should stay away from it. In fact, suburbanite Americans are guilty of leaving some of the deepest carbon footprints on the national landscape. Professor Glaeser’s most recent work looks at “the greenness of cities,” with a particular focus on carbon dioxide emissions and urban development. “When environmentalists resist new construction in dense cities,” he said, “they inadvertently ensure that it will take place somewhere else with higher carbon emissions.”

In his study with Professor Matthew Kahn of UCLA, Professor Glaeser began by estimating the amount of carbon dioxide an average household (measured by family size and income) would emit if it settled in a variety of major metropolitan areas in the U.S. and then measured comparative data between projected central city versus suburban emissions within new or recently built homes. “We calculate carbon emissions from four different sources,” said Glaeser, “including home heating, electricity, driving, and public transportation, which make up approximately 40% of America’s carbon footprint.”

When examining the results, it may not come as a surprise that the five metropolitan areas with the lowest levels of carbon emissions are all in California. Naturally temperate climates and dedicated environmentalists battling for the use of energy efficient appliances and hydroelectric power are two factors that make colder or warmer cities like Rochester (with more heating emissions) or Houston (more electricity use) appear ‘browner.’ And New York, in spite of low electricity usage and impressively low transportation-related CO2 emissions, tends to use dirtier sources of power such as coal. Sunbelt cities, like Atlanta and Memphis, ranked worst not by heating their homes but rather by electricity (dirtier sources of energy and hot summers) and the geographic sprawl that demands driving. “The data suggests that households in dense urban areas have significantly lower carbon emissions than households in the suburbs,” said Glaeser.

The question of environmental damage associated with carbon emissions nationwide remains. Even by the most conservative estimates, new homes in Memphis do more than $600 worth of environmental harm per year than homes in San Francisco, which are associated with fewer tons of carbon. “Before carbon taxes,” said Glaeser, “the country should rethink its land-use policies which currently push people towards high emissions areas and away from greener ones.” Specifically, Glaeser referred to California’s strict land use regulations that inhibit the growth both upward and outward of cities. “By restricting local development, California regulators just make that construction occur elsewhere… [more] building in the state would reduce average commute lengths and improve per-capita emissions. Higher densities could also justify more investment in new, low-emissions energy plants.”

Professor Glaeser is the Fred and Eleanor Glimp Professor of Economics at Harvard, where he also serves as Director of the Taubman Center for State and Local Government and the Rappaport Institute for Greater Boston.

A Career with the FDA? Food for thought

0

After seventeen years of making his way around Washington, Jeff Senger ’88 is now the Deputy Chief Counsel of the Food and Drug Administration. During a recent brown bag lunch he offered some general wisdom about lawyering in DC and with the FDA in particular. After several years working in the civil rights division of the DOJ, working in alternative dispute resolution under Janet Reno, and a rotation in the U.S. Attorney’s Office, Jeff took on some management work in the environmental, health, and tax divisions that honed his interest in public health.

Indeed, as the second-ranking and senior career lawyer at the FDA, he now oversees and manages the legal affairs of an agency that regulates 25 percent of every dollar Americans spend. At the FDA, he said, lawyers and policymakers are helping people more directly than at the DOJ. “Food and medicine are more primal,” he joked. With the rapid expansion of health law practices across the country, the FDA is an especially active agency. One of the latest contentious cases is that of Wyeth v. Levine, a Supreme Court case the drug industry is watching with bated breath. The particulars involve a Vermont musician and migraine sufferer who allegedly lost part of one arm due to side effects caused from the misadministration of Wyeth’s nausea drug Phenergan. The key question: does the fact that drugs are regulated by the federal government preempt drug companies from being sued in state court? “It’s a legal and public policy battle to which there is no easy answer, particularly since the drug is so effective when administered properly,” said Senger.

So what are the advantages of public sector lawyering? “The diversity, experience, and weight of responsibilities in addition to better hours and the flexibility to travel, teach, and write are all arguments for government life,” he said.

From HLS to India: Working Abroad

0

Interested in working in India doing either public interest or private practice work? If so, a recent panel hosted by the South Asian Law Students Association (SALSA) would have been right up your alley.

2L Nitya Shekar, whose interests include public interest litigation and activism, got her internship last summer with the Alternative Law Forum (ALF) in Bangalore through the Human Rights Program here at HLS. “It was really a great experience in a great city,” she said. “Bangalore is on the rise with public interest movements.” While she was there, Shekar was involved with the city’s first GLBT pride parade and anti-road widening litigation.

3L Lauren Birchfield and SJD student Iain Frame were also involved in public interest with the Human Rights Law Network (HRLN) in New Delhi were. “The Human Rights Law Network provides pro bono legal services, conducts public interest litigation, participates in advocacy, and collaborates with social movements and human rights organizations. Maintaining both litigation and publishing departments, HRLN works on issues such as right to food, women’s justice, dalit rights, disability rights, and rights for persons living with HIV/AIDS,” explained Birchfield who worked specifically with the Right to Food Campaign. “I greatly appreciated how much HRLN invested in us and in our project, and how much freedom was given to us regarding the project’s construction and implementation. I found HRLN a fantastic organization to work for, and I was pleased to walk away from the internship having recognized that this – this kind of work, this kind of project – is what I want to pursue as a career.”

On the private-sector side was 2L Erin Walczewski, who spent Winter Term with Nishith Desai Associates in Mumbai. “I was interested in alternative dispute resolution and arbitration and got to do lots of research on the differences among arbitration tribunals,” she said. “I met with clients, and the attorneys walked me through how litigation worked in India. The attorneys were especially interested in how business practices differed between the U.S. and India.”

When asked how to approach the application process for public interest firms, the panel advocated being direct and having a project in mind. Respect for interns at HLRN? “It of course depends on the supervisor you get,” said Frame. “Because HRLN was so large it helps to have an idea about what you want to do when you get there… your experience will be more dynamic if you take charge.”

Concerned about needing experience in Indian or international law? “I dealt almost entirely with Indian law which was totally new to me,” said Shekar. “But since ALF is so small, the work they do is very focused and my relationship with them was more intimate… there was no hierarchy and everyone was happy to answer questions for me.” “I found my international law class from 1L year to be very helpful,” said Walczewski, “particularly in terms of understanding how international agreements work.”

Laying a Foundation for Ethical Infrastructure

0

If ever there were an appropriate time in history for a business ethics discussion, this is it, don’t you think? Fortunately, The Program on the Legal Profession recently invited Dr. Christine Elizabeth Parker of the University of Melbourne Law School to report on her research on the regulation of law firm ethical infrastructure. In collaboration with the Office of the Legal Services Commission (OLSC), which works as part of a co-regulatory system, together with the Law Society of New South Wales and the NSW Bar Association to resolve disputes and investigate complaints about professional conduct, Dr. Parker has written a paper the examines the ethical infrastructure in commercialized law firms.

“A major weakness of traditional approaches of regulation and discipline of legal profession,” she said, “is that the focus tends to be on individual lawyers when most attorneys work in firms, the culture of which can have a great impact on ethics…firm level policies and procedures are necessary to ensure compliance.” In light of this, scholars have suggested rethinking ways in which lawyers are regulated to encourage firms to implement ethical structures and management policies to encourage ethical behavior. Some have moved to establish law firms as collectives of a larger ethical paradigm while others have proposed that there could be a requirement on firms to implement structures and appoint a practitioner responsible for ensuring ethical behavior.

“In light of the recent deregulation of firms in Australia,” she said, “we introduced legislation that firms appoint at least one practitioner to the board of directors who is obligated to prevent and report misconduct in the practice and all legal practices must have appropriate legal management systems in place to enable the provision of legal services in accordance with professional obligations.” Central to Parker’s paper was the self-assessment of firms who were told to rate ten objective metrics (including courteous communication and timely delivery, review and follow up of legal services) of quality on a scale that ran from ‘not compliant to fully compliant plus’.

“There are a number of reasons why we wouldn’t expect management-based regulation to be a very effective strategy,” admitted Parker. “For instance, some have said that management-based regulation is a type of managerialism that isn’t appropriate to legal professionals who ought to be autonomous, sovereign decision-makers… yet this misunderstands role of management-based regulation strategies to prescribe behavior.” Another concern is that management-based regulation might be too flexible and thus becomes a simple box-ticking exercise; still, Parker maintained that the practice is still influential because it works as an educational tool when firms are going through a structural change.

So what about the results? Of the more than 600 firms that participated in the self-assessment process, Parker and her team calculated a score of complaints per year per practitioner taking in account the size of firm and number of years one had been practicing. Before self assessment, there were 0.3 complaints and after the process, the number was down to 1/3 of what it was. “Clearly,” said Parker, “self-assessment makes a difference within some firms… and in principle, there are good reasons to suggest that the management-based approach similar to that proposed by Chambliss and Wilkins is appropriate for legal profession and there is compelling empirical evidence that it had an effect in New South Wales.” “Of course,” she continued, “this raises questions about the generalized ability of this approach to work elsewhere for firms elsewhere around the world. The self assessment process forces firms to think about certain compliance issues for first time… and creates an external accountability that’s so pressing right now.”

Insolvency on the International Stage

0

Now back from her January abroad with UNCITRAL, 2L Leslie Lang followed back up with us for a quick recap.

“My three week winter clinic at UNCITRAL in Vienna, Austria has been an exceptional learning experience. In this small department made up of ten attorneys housed within the larger United Nations family, I was able to experience how influential legislative guides that impact national laws across the world are written and developed. Specifically, I participated in this process through the lens of legal solutions to cross-border insolvency of corporate groups. With the recent global financial debacle, an increasing number of corporations are entering bankruptcy to restructure or liquidate their businesses. The complicated global structures of multinational corporations demand a more coordinated insolvency regime to facilitate the legal reliability and efficiency that can help turn around corporations, corporate groups, and ultimately the world economy. In addition to researching existing literature on the topic and reviewing UNCITRAL papers on insolvency law, I had the opportunity to participate in a meeting of global insolvency experts who discussed potential legal solutions to the problem of cross-border group insolvency. Although UNCITRAL covers a wide range of legal topics, from arbitration to secured transactions, experiencing the institution through today’s prevalent topic of insolvency gave me the opportunity to learn about both a substantive legal topic and the procedures of international legal harmonization.’

“Having participated in an international winter clinic, I should not conclude this entry without at least a few lines about the beautiful city of Vienna. It was certainly to my advantage that UNCITRAL is located in the UN office of one of Europe’s leading cultural capitals. The impressive, grandiose buildings at the turn of every street corner do not disappoint when one walks in to experience the works of Gustav Klimt, a Beethoven symphony, or an opera by Mozart. Perhaps the best part is that with the right tickets, a budget-conscious UN intern can enjoy the opulence of the former Habsburg Empire for less than the price of a movie ticket!”

Anti-Piracy: A View from Down Under

0

Itching to escape winter in Cambridge? How about vicariously? Recently, 2L Ethan Schiffres wrote to us about his Winter Term project with Music Industry Piracy Investigations, a joint venture between the Australian Recording Industry Association and the Australian composers/publishers’ organization. He had been working on several projects for them, including research about ISP liability for users’ copyright infringement, in which he has focused mainly on a comparison between Australian and U.S. approaches.

“My decision to spend my Winter Term in Sydney was a relatively easy one. Obviously, weather was a huge factor, but I was also interested in furthering my pre-law school interest in the music business, gaining a new international perspective on the main issues facing the industry. HLS provides the unique opportunity of allowing students to set up a legal internship anywhere in the world with basically any organization, and as appealing as spending my post New Year’s days trudging through the snow from my apartment to Austin Hall sounded, I decided to take advantage.’

“Back in October, I contacted the head of SoundExchange, the performance rights organization where I had interned back in college, and they offered to put me in touch with the Australian Recording Industry Association (ARIA), which is the Australian analogue to the RIAA. After exchanging several emails, I clenched a three-week internship at Music Industry Piracy Investigations (MIPI), which is the anti-piracy arm of the Australian music industry.’

“MIPI is a small, albeit extremely well-run, organization that coordinates the anti-piracy investigative, policy, and educational activities of ARIA and the Australian music publishers society. My main project has involved researching the liability of Internet Service Providers for their subscribers’ file-sharing and illegal downloading. ARIA has been involved in negotiations with ISPs about the possibility of a three strikes / graduated response / “notice and disconnect” scheme, whereby ISPs would provide file-sharers a series of warnings before cutting off internet service if they were engaged in repeated copyright infringement. The world’s first “three strikes” law will go into effect in New Zealand in February, and France is very close to passing a similar law. Most of my research has been a comparative analysis between Australian and U.S. copyright law regarding ISP liability. The timing is particularly apt, as a couple weeks before I headed down under, the RIAA announced that it would cease suing file-sharers and would instead pursue a “notice and disconnect” scheme with U.S. ISPs.’

“In addition to the ISP research, I have been involved in a handful of other smaller tasks for MIPI. I have responded to inquiries regarding the legality of certain behaviors related to music online, assisted with the organization’s educational efforts by updating consumer facts sheets (e.g. legal issues involving using music on your website), and have also participated in investigative efforts by monitoring eBay Australia for pirated music.’

“Outside of the office, I have spent a lot of time exploring Sydney and will be venturing out to other parts of Australia as the month goes on. I’m living at the University of Sydney in Newtown, which is a cool little neighborhood with a grungy/hipster vibe to it, not unlike the East Village or Central Square. Sydney is a great city with amazing beaches (which I’ve been to approximately every other day, despite the 40 minute bus ride after work), friendly people, and a great music scene. I have tried dearly not to be a tourist and have made an effort to experience the city as the people who live here do.’

“I’ve also tried to immerse myself in the Sydney music scene. Back when I was scouting bands for Everfine Records / Red Light management during my two years off before law school, I came across an Australian singer/songwriter named Andy Bull. Andy has an incredible voice and a great live performance, and although we never ended up signing him, I stayed in touch with his manager and producer. I found out that he was opening for American jam icon Donovan Frankenreiter in Sydney during my first weekend, so I got the opportunity to see him play in front of nearly 1,000 people in his home town. The last time I had seen him play was back in 2006 at a showcase at Piano’s on the Lower East Side – there had been maybe 40 people in the crowd.’

“I can’t really say what my typical day in Sydney is like, but today is a pretty good example. I woke up at around 7 (i.e. 3pm EST) to grab breakfast at the local café and check my email. After realizing that my weekly bus pass expired, I ran to the nearest 7-11 (they are ubiquitous here), bought a new pass, and rushed to the bus stop so I could make it to work on time. After taking two buses and walking about 500 meters, by 9 I arrived at my office in Pyrmont, which is a quiet, predominantly residential neighborhood with some great pubs. I spent the morning working on my ISP research. Usually I grab lunch at one of the local pubs or Thai restaurants with my coworkers, but today everyone brought their own lunch.  I have found that no one here eats lunch at their desk, unlike everywhere I have worked in the U.S . After a productive afternoon continuing my research and working on an educational campaign aimed to inform schoolchildren about copyright law, I headed home and changed into my gym clothes. I took the bus from Newtown to Bondi Beach, where I disembarked and began my 5 kilometer run along the Pacific Coast to Coogee Beach. The run is absolutely stunning, passing along the cliffs and through an incredible (and eerie) seaside cemetery. After arriving at Coogee, I ordered some locally caught fish, had it grilled in front of me, and brought it to the beach, where I ate facing the ocean, as the sun set behind me. I took the bus back to Newtown, where I drank a couple James Squires with my roommates and watched the Australian Open. Not a bad life, right?”

We should say not…

NYC and the Economic Development Corporation

0

With Wall Street on a prolonged rollercoaster ride this year, some of the most interesting events around here this past fall have focused on law and economics. The Harvard Real Estate Association and the Forum on Local Government recent invited Seth Pinsky ’98, the President of the New York Economic Development Corporation, to discuss some of the most important development projects in New York today (and how they’re weathering the current crisis) including new stadiums for the Yankees and Mets, Atlantic Yards and the new Nets Arena, the Hudson Yards project and the development of the World Trade Center site.

“In 2002 when [Mayor Bloomberg] was taking the oath of office the city was experiencing its greatest economic challenges in a while,” said Pinsky, “There were doubts about the City’s future and there was a concern that people would leave the city.” Subsequently, the mayor made some important decisions that restored confidence and has been successful in raising capital; the City now boasts its highest bond rating in 80 years, welcomed 46 million tourists in 2007, and rezoned 1/6 of the land area of the City in order to make it more productive. Specific projects in which Pinsky has been involved including Hudson Yards, an area in midtown on the Westside that has been rezoned to allow for future commercial growth. “The key to this expansion is the extension of the subway line,” he said. “You can’t build on to the central business district without adequate connections to public transportation.” Other projects like Long Island City, Yankee Stadium, and Citi Field are focusing on rehabilitating depressed neighborhoods by constructing new office and residential space. The construction of these projects in addition to new transportation infrastructure will create new jobs.

“Quite a bit has have been accomplished, but it wouldn’t be a fair conversation if we didn’t acknowledge that the environment has become incredibly challenging,” said Pinsky “We’re facing unprecedented economic dislocation, foreclosures have jumped, wages in the city are projected to drop by 8% and large commercial real estate transactions are expected to decline by half.” These figures are important because one of the city’s primary sources of revenue is taxes on commercial transactions.

What does the future hold? Pinsky outlined Bloomberg’s 4 part strategy that first calls for fiscal prudence. “Our ‘rainy day fund’ has allowed us to cushion the fall of city revenue without cutting services which is allowing us to think rationally about how to plan for lower revenues in the next few years,” he said. The plan also attempts to avoid the mistakes of the 1970s that led to the destruction of infrastructure and alienation of residents. The plan also contemplates diversifying the city’s industry to include more film production and biotechnology, and to continue significant capital investment in the city. “Even in bad times, you don’t stop investing,” said Pinsky, “When the economy does recover we want to ensure that the city’s well poised to take advantage of it… the key to getting through this transition period is keep eye on future and keep smart motivated people in the city to ensure it remains vibrant.”

Log in
Protected by AkismetBlog with WordPress