Featured Stories
Littler: DOL Confirms Supervisors and Managers Who Also Work Tipped Shifts Cannot Participate in a Tip Pool
SAN FRANCISCO, California, Sept. 15 -- Littler, a law firm, issued the following news:
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DOL Confirms Supervisors and Managers Who Also Work Tipped Shifts Cannot Participate in a Tip Pool
By Dimitrios T. Markos and Robert Geiger
The U.S. Department of Labor's Wage and Hour Division (WHD) issued Opinion Letter FLSA2026-13 addressing a common question in the restaurant industry: Can a supervisor who also performs tipped duties like bartending receive a portion of other employees' tips through a tip pool/1 or tip-out arrangement? The WHD concluded that a restaurant "shift supervisor" who meets
... Show Full Article
SAN FRANCISCO, California, Sept. 15 -- Littler, a law firm, issued the following news:
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DOL Confirms Supervisors and Managers Who Also Work Tipped Shifts Cannot Participate in a Tip Pool
By Dimitrios T. Markos and Robert Geiger
The U.S. Department of Labor's Wage and Hour Division (WHD) issued Opinion Letter FLSA2026-13 addressing a common question in the restaurant industry: Can a supervisor who also performs tipped duties like bartending receive a portion of other employees' tips through a tip pool/1 or tip-out arrangement? The WHD concluded that a restaurant "shift supervisor" who meetsthe applicable duties test for a manager or supervisor may not participate in a tip pool. This is the case even when the manager or supervisor also works bartending shifts or assists hosts and bussers.
The opinion arose from a restaurant's tip-sharing arrangement, which required servers to tip out bartenders, hosts, and bussers. A "shift supervisor" regularly worked bartending shifts and performed managerial functions like scheduling employees, directing work, and determining when shifts ended. During those shifts in which the supervisor bartended, they received a share of tip-outs from servers and occasionally a share of amounts intended for hosts and bussers. The WHD concluded that if the shift supervisor satisfied the DOL's definition of a manager or supervisor, their participation in the tip pool violated FLSA section 3(m)(2)(B)./2
The WHD's opinion is significant because it emphasizes that managerial status depends on job duties, not job titles. An employee is a "manager or supervisor" for tip-pooling purposes when the employee's duties match the executive duties test found in the FLSA's white-collar exemption regulations. Relevant factors include whether the employee's primary duty is management, whether the employee regularly directs the work of at least two employees, and whether the employee has meaningful input into hiring, firing, promotion, and other employment decisions. Notably, the salary basis and salary threshold requirements applicable to the executive exemption do not apply when determining managerial status for purposes of the FLSA's tip pool provisions.
The WHD explained that a manager does not lose managerial status merely because the manager also performs the same work as frontline employees. A supervisor who tends bar, serves customers, hosts, buses tables, or otherwise assists staff remains prohibited from keeping any portion of tips that belong to other employees.
While managers and supervisors cannot participate in a tip pool, they may keep tips that customers give to them for services they "directly and solely" provide. For example, a manager covering a table during a shift may keep tips left by those customers. Likewise, a supervisor working behind the bar may retain tips left directly for the supervisor's own bartending services. But if tips are pooled or combined with those earned by other employees such that they cannot be attributed solely to the supervisor's own service, the supervisor may not participate in the distribution.
Employers with tipped workforces should review tip-pooling policies and actual workplace practices, not just written job descriptions, to ensure compliance. For hospitality employers, the opinion serves as another reminder that hybrid supervisor positions present heightened compliance risks. Employees who both manage staff and perform frontline service work often fall into a gray area operationally, but under the DOL's interpretation, managers generally remain managers for tip-pooling purposes, regardless of how frequently they step behind the bar or assist service staff.
The WHD also noted the significant consequences that are associated with violations of section 3(m)(2)(B). These consequences not only include recovery of the tips the supervisor "kept," but also the disallowance of the tip credit (if the employer takes the credit) for any affected tipped employees whose tips the supervisor improperly kept.
Employers should also consider applicable state law requirements and review any state-specific tip pooling restrictions or notice obligations when assessing their current practices.
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See Footnotes
1/ The term "tip pool" describes a scenario in which a tip provided by a customer is shared in whole or in part between employees.
2/ Section 3(m)(2)(B) of the FLSA provides that an employer may not keep tips received by its employees for any purposes, regardless of whether the employer takes a tip credit.
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Authors
Dimitrios Markos
Shareholder
Newark
dmarkos@littler.com
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Robert Geiger
Associate
San Diego
rgeiger@littler.com
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Original text here: https://www.littler.com/news-analysis/asap/dol-confirms-supervisors-and-managers-who-also-work-tipped-shifts-cannot
[Category: BizLaw/Legal]
Latham and Watkins Adds Experienced Partner to Highly Regarded Fund Finance Practice
NEW YORK, Sept. 15 -- Latham and Watkins, a law firm, issued the following news release:
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Latham Adds Experienced Partner to Highly Regarded Fund Finance Practice
Ryan Plasky advises sponsors, asset managers, financial institutions, investment managers, and funds on complex fund finance and related asset-based financing transactions.
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Latham & Watkins LLP is pleased to announce that Ryan Plasky has joined the firm's Washington, D.C. office as a partner in the Banking & Private Credit Practice. Plasky advises private equity sponsors, investment banks, hedge funds, real estate investment
... Show Full Article
NEW YORK, Sept. 15 -- Latham and Watkins, a law firm, issued the following news release:
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Latham Adds Experienced Partner to Highly Regarded Fund Finance Practice
Ryan Plasky advises sponsors, asset managers, financial institutions, investment managers, and funds on complex fund finance and related asset-based financing transactions.
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Latham & Watkins LLP is pleased to announce that Ryan Plasky has joined the firm's Washington, D.C. office as a partner in the Banking & Private Credit Practice. Plasky advises private equity sponsors, investment banks, hedge funds, real estate investmenttrusts, and public and private companies on a wide range of leveraged financing transactions, with a particular focus on fund finance and related asset-based financing products.
"Ryan is widely respected by clients and colleagues alike, and I am thrilled to welcome him to our office and the firm," said Mandy Reeves, Managing Partner of Latham's Washington, D.C. office. "His arrival reflects our continued investment in areas of strategic importance to clients and further enhances our global platform."
Plasky brings significant experience on high-profile and innovative financing transactions across the private capital landscape, including subscription, NAV, and hybrid facilities, rated note feeders, real estate fund financings, and other sophisticated leveraged solutions.
"Ryan is a leader in the growing fund finance space, and his arrival further strengthens our market-leading capital strategies platform," said Dan Seale, Global Chair of Latham's Banking & Private Credit Practice and a leader of the firm's Capital Strategies group. "We are uniquely positioned to handle clients' most sophisticated capital needs, and Ryan's versatile skills, extensive experience, and commercial approach make him an outstanding fit for our team."
Ben Berman, Global Co-Chair of Latham's Fund Finance group, said, "Ryan is a proven leader with a strong reputation, widely respected for his practical advice and track record advising on market-defining transactions. At a time when we are seeing rapid innovation in the market, he deepens our bench in a significant way and will be a strong contributor to the growth and success of our expanding team."
"Latham has built one of the premier fund finance teams in the US and globally, with scale and quality that is unmatched," said Plasky. "The opportunity to work alongside market-leading colleagues across the private capital ecosystem and deliver integrated solutions for clients makes this an exciting opportunity and I look forward to being a part of this exceptional team."
Plasky joins Latham from Fried Frank. He received his BA, magna cum laude, from Cornell University and his JD from the University of Pennsylvania Carey Law School.
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Original text here: https://www.lw.com/en/news/2026/09/latham-adds-experienced-partner-to-highly-regarded-fund-finance-practice
[Category: BizLaw/Legal]
K&L Gates Expands Corporate and Intellectual Property Capabilities With Six-Partner Team Across California and Texas
PITTSBURGH, Pennsylvania, Sept. 15 -- K&L Gates, a law firm, issued the following news release:
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K&L Gates Expands Corporate and Intellectual Property Capabilities With Six-Partner Team Across California and Texas
Global law firm K&L Gates LLP has strengthened its Corporate, Intellectual Property, Litigation, and Labor and Employment practices with the addition of a six-partner team in its San Francisco, Palo Alto, and Houston offices. The lawyers enhance the firm's corporate, capital markets, transactional, litigation, and intellectual property capabilities, particularly in the technology,
... Show Full Article
PITTSBURGH, Pennsylvania, Sept. 15 -- K&L Gates, a law firm, issued the following news release:
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K&L Gates Expands Corporate and Intellectual Property Capabilities With Six-Partner Team Across California and Texas
Global law firm K&L Gates LLP has strengthened its Corporate, Intellectual Property, Litigation, and Labor and Employment practices with the addition of a six-partner team in its San Francisco, Palo Alto, and Houston offices. The lawyers enhance the firm's corporate, capital markets, transactional, litigation, and intellectual property capabilities, particularly in the technology,artificial intelligence, life sciences, and other innovation-driven sectors. The group joins from Pillsbury Winthrop Shaw Pittman LLP.
Collectively, the partners bring substantial experience advising public and private companies, investors, financial institutions, multinational businesses, and technology innovators on capital markets transactions, corporate reorganizations, financings, cross-border transactions and investments, foreign direct investment, complex commercial litigation, labor and employment counseling and litigation, and intellectual property strategy, counseling, and dispute resolution. Their practices further enhance the firm's ability to support clients operating across key global business and innovation corridors connecting California, Texas, and other strategic US markets with Korea, China, Taiwan, and other Asia-Pacific markets.
Global Managing Partner Stacy Ackermann remarked: "One of the things that makes this group particularly exciting is that they have built strong professional relationships working together and share a highly collaborative approach to serving clients. That collaborative spirit closely reflects how we work at K&L Gates, bringing together talent across practices, offices, and markets to serve clients seamlessly. Their decision to join our firm together underscores this strong cultural alignment, and we are delighted to welcome them to K&L Gates."
Joining the firm are:
* Theresa Lee (San Francisco) advises domestic and international clients on complex corporate reorganizations, global integrations, mergers and acquisitions, venture capital financings, commercial transactions, and corporate governance matters. She represents public and private companies across a range of industries, including technology, artificial intelligence, data centers, financial services, life sciences, digital health, and alternative energy. She previously served as co-leader of her prior firm's Corporate Reorganizations practice.
* Jenny Liu (San Francisco) advises public and private companies, financial institutions, private equity firms, and venture funds on US-China cross-border transactions, equity and debt financings, mergers and acquisitions, and other corporate matters. She has extensive experience helping businesses navigate cross-border opportunities involving the United States and China and serves clients in the technology, telecommunications, energy, education, healthcare, financial services, and consumer sectors. She previously served as co-leader of her prior firm's Greater China practice.
* Zandir Morton (San Francisco) focuses his practice on intellectual property, employment litigation and counseling, and complex commercial litigation, including trademark, copyright, patent, trade secret, employment, and other business disputes. He represents clients across the technology, life sciences, consumer products, hospitality, and higher education sectors and regularly guides companies through litigation, arbitration, and alternative dispute resolution.
* Julie Park (Palo Alto) advises issuers, financial institutions, public and private companies, startups, and investors on capital markets and securities matters, including IPOs, follow-on offerings, private placements, Exchange Act reporting, stock exchange compliance, and public company governance. Her practice also includes mergers and acquisitions, venture capital financings, and other strategic transactions, particularly in the technology, life sciences, and emerging growth sectors. She previously served as co-leader of her prior firm's Korea practice.
* David Tsai (San Francisco) is a first-chair trial lawyer whose practice focuses on intellectual property and complex commercial litigation. He represents technology, semiconductor, artificial intelligence, life sciences, and healthcare companies in patent, trade secret, trademark, copyright, and related disputes in courts and arbitration proceedings. He also advises clients on patent counseling, licensing, negotiations, and intellectual property portfolio strategy, with substantial experience representing Taiwanese and other global innovators in US matters. He previously served as co-leader of his prior firm's Taiwan practice.
* Ziyan "Frank" Xue (Houston) focuses his practice on cross-border transactions and corporate matters. He advises foreign and domestic clients on mergers and acquisitions, foreign direct investment, private equity and venture capital transactions, corporate structuring and governance, commercial agreements, and US market entry strategies. He has significant experience advising companies in the United States and Asia, with a focus on renewable energy, advanced manufacturing, technology, and other emerging industries.
Matt Mangan, office managing partner of K&L Gates' San Francisco and Palo Alto offices, commented: "California remains one of the world's most important centers of innovation, investment, and technology development, and we continue to see significant opportunities to expand our capabilities in support of clients operating across those sectors. This team adds substantial depth across our Corporate, Intellectual Property, Litigation, and Labor and Employment practices, bringing highly complementary experience in capital markets, corporate reorganizations, cross-border transactions, mergers and acquisitions, venture financings, employment counseling and litigation, and intellectual property litigation and counseling. Their practices align closely with our strategic focus on technology, artificial intelligence, life sciences, and other innovation-driven industries, while strengthening our ability to serve clients operating across the United States and key markets throughout Asia."
"Texas continues to be a strategic market for K&L Gates and for the clients we serve across a broad range of industries," said Anil Patel office managing partner of K&L Gates' Houston office. "The combined experience of this group enhances our ability to advise clients on increasingly sophisticated transactions, investments, financings, foreign direct investment matters, employment and business disputes, and intellectual property challenges. Their practices align closely with growing client demand for coordinated counsel across Texas, California, and major international markets, particularly throughout the Asia-Pacific region."
The team's arrival follows other recent additions in California and Texas, including corporate transactional partner Pat Knapp in Dallas, ETF partner Ed Baer in San Francisco, labor and employment partner Carlos Jimenez in Los Angeles, and public policy partner Kate Goodrich Wright in Austin, and reflects K&L Gates' continued investment in attracting top talent in strategic markets and industries around the world.
K&L Gates' Corporate practice is one of the most substantial in the legal industry, with hundreds of lawyers assisting clients in the structuring, financing, and completion of domestic, international, and cross-border transactions. The group serves as counsel to a broad array of Global 500, Fortune 100, FTSE 100 corporations, privately held and venture-backed companies, partnerships, private equity firms, other investment funds, management groups, and entrepreneurs.
K&L Gates' IP practice boasts more than 215 lawyers and professionals - including more than 110 registered patent lawyers, agents, and technology specialists with technical or advanced science degrees, 20 with doctorates - who devote their practices to helping clients establish, enforce, and leverage their intellectual property rights worldwide. The practice filed more than 5,475 patent applications and 4,020 trademarks worldwide in 2025.
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K&L Gates is a globally integrated law firm trusted by sophisticated clients to deliver market leading legal counsel across jurisdictions and industries. Operating as one firm worldwide, K&L Gates combines deep local insight with seamless global coordination to address clients' most complex legal and business challenges. Guided by a relentless focus on client service, the firm delivers practical, high impact solutions with consistency, efficiency, and a clear emphasis on results.
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Original text here: https://www.klgates.com/KL-Gates-Expands-Corporate-and-Intellectual-Property-Capabilities-With-Six-Partner-Team-Across-California-and-Texas-9-14-2026
[Category: BizLaw/Legal]
Hughes Hubbard: Jeremy Paner Discusses Recent 'Operation Economic Outcast' Bank Actions
NEW YORK, Sept. 15 -- Hughes Hubbard and Reed, a law firm, issued the following news:
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Jeremy Paner Discusses Recent 'Operation Economic Outcast' Bank Actions
Examining the compliance implications of the latest maximum pressure campaign against Iran.
Highlights
* Recent U.S. Treasury actions will increase scrutiny of Middle Eastern banks.
*Geographic risk assessments and specific institutional risk ratings incorporate U.S. government actions.
* Enhanced compliance controls will make some correspondent banking relationships more costly to maintain.
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Jeremy Paner was quoted in Arabian
... Show Full Article
NEW YORK, Sept. 15 -- Hughes Hubbard and Reed, a law firm, issued the following news:
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Jeremy Paner Discusses Recent 'Operation Economic Outcast' Bank Actions
Examining the compliance implications of the latest maximum pressure campaign against Iran.
Highlights
* Recent U.S. Treasury actions will increase scrutiny of Middle Eastern banks.
*Geographic risk assessments and specific institutional risk ratings incorporate U.S. government actions.
* Enhanced compliance controls will make some correspondent banking relationships more costly to maintain.
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Jeremy Paner was quoted in ArabianGulf Business Insight on the impact of the recent OFAC and FinCEN "Operation Economic Outcast" actions against financial institutions in the UAE and Turkiye.
The article examines how recent U.S. Treasury actions against the UAE branches of Egypt's Banque Misr and Turkiye 's Golden Global Investment Bank will lead to increased scrutiny from U.S. correspondent banks and heightened compliance obligations across the region.
"The Treasury is essentially saying: 'We have a problem with this.' For an investigator - somebody sitting in a bank trying to dig into the risk rating of its relationships - that's very valuable information," Paner said.
He also noted that banks assess risk across broader financial networks, explaining that "the risk is not only in Turkey, because the Turkish financial institution will have other partners around the region."
Paner also addressed how these actions complicate the compliance burden for institutions connected to the targeted banks.
"Maintaining relationships with the Egyptian bank is going to be more expensive because there's going to be more compliance controls as it's deemed a riskier bank," Paner said. "It's nearly impossible to completely separate out a branch from its parent."
"If the cost of compliance is greater than the fees collected and the revenue generated from that relationship, then it's an easy call for a bank."
Read the article (https://www.agbi.com/analysis/banking-finance/2026/09/gulf-banks-us-ties-complicated-by-crackdown-on-iran/).
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Featured Lawyers
Jeremy P. Paner
Partner
Locations
Washington, D.C.
jeremy.paner@hugheshubbard.com
202/721-4614
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Original text here: https://www.hugheshubbard.com/news-insights/insights/jeremy-paner-discusses-recent-operation-economic-outcast-bank-actions
[Category: BizLaw/Legal]
Holland & Hart Attorneys Recognized in the 2027 Lawdragon 500 Leading Litigators in America
DENVER, Colorado, Sept. 15 -- Holland and Hart, a law firm, issued the following news on Sept. 14, 2026:
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Holland & Hart Attorneys Recognized in the 2027 Lawdragon 500 Leading Litigators in America
Holland & Hart announced today that 11 attorneys have been named to the 2027 Lawdragon 500 Leading Litigators in America guide.
The 2027 guide honors attorneys who "excel at the art of advocacy before juries, judges and other decision makers on behalf of their clients," according to Lawdragon. Selected through submissions, independent journalistic research, and vetting with the nation's leading
... Show Full Article
DENVER, Colorado, Sept. 15 -- Holland and Hart, a law firm, issued the following news on Sept. 14, 2026:
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Holland & Hart Attorneys Recognized in the 2027 Lawdragon 500 Leading Litigators in America
Holland & Hart announced today that 11 attorneys have been named to the 2027 Lawdragon 500 Leading Litigators in America guide.
The 2027 guide honors attorneys who "excel at the art of advocacy before juries, judges and other decision makers on behalf of their clients," according to Lawdragon. Selected through submissions, independent journalistic research, and vetting with the nation's leadingtrial lawyers, the guide recognizes practitioners across a broad range of litigation disciplines, including business, intellectual property, securities, antitrust, product liability, appellate, environmental, and white collar matters.
Recognized attorneys include:
* Timothy Getzoff - Boulder, CO: IP Litigation, Patent, Trademark
* Greg Goldberg - Denver, CO: White Collar, Investigations
* Christopher Jackson - Denver, CO: Appellate, Business Litigation, White Collar
* Jon Katchen - Anchorage, AK: Environmental Litigation, Regulatory
* Stephen Masciocchi - Denver, CO: Appellate, inc. Supreme Court
* Matthew Smith - Denver, CO: Financial & Securities Litigation
* Craig Stewart - Denver, CO: Business Litigation, Class Actions, Environmental
* Paul Swanson - Denver, CO: Business Litigation, Antitrust
* Amanda Tessar - Denver, CO: IP Litigation, esp. Patent
* Maureen Reidy Witt - Denver, CO: Complex Litigation, esp. Product Liability
* Mary York - Boise, ID: Real Estate Litigation
To view the full list of honorees, please click here (https://www.lawdragon.com/guides/2026-09-11-the-2027-lawdragon-500-leading-litigators-in-america?utm_medium=email&_hsenc=p2ANqtz-_UWYy4LcNGLubr7Z1yBt1i9N-uT31mH5b0JkCM9hfk8TYsp8sYoCh-l00iNqLc2Z7Mr-vSxx-OhXA2rbJF3igm4UyV_cjERcsqeRMKkSwbCiloyno&_hsmi=438627376&utm_content=438627376&utm_source=hs_email).
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Original text here: https://www.hollandhart.com/holland-hart-attorneys-recognized-in-the-2027-lawdragon-500-leading-litigators-in-america
[Category: BizLaw/Legal]
Faegre Drinker Issues Insight: Student Housing Public-Private Partnerships - Key Risks and Considerations
MINNEAPOLIS, Minnesota, Sept. 15 -- Faegre Drinker Biddle and Reath, a law firm, issued the following insight:
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Student Housing Public-Private Partnerships (P3s): Key Risks and Considerations
University owners must negotiate deliberately to protect institutional control, financial flexibility, and asset quality.
At a Glance
* Universities should insist on retaining policy control over rental rate-setting and student housing assignments, ensuring the institution -- not the private partner -- drives decisions affecting the student experience and housing affordability.
* The P3 agreement
... Show Full Article
MINNEAPOLIS, Minnesota, Sept. 15 -- Faegre Drinker Biddle and Reath, a law firm, issued the following insight:
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Student Housing Public-Private Partnerships (P3s): Key Risks and Considerations
University owners must negotiate deliberately to protect institutional control, financial flexibility, and asset quality.
At a Glance
* Universities should insist on retaining policy control over rental rate-setting and student housing assignments, ensuring the institution -- not the private partner -- drives decisions affecting the student experience and housing affordability.
* The P3 agreementshould clearly define the consequences of late delivery, including liquidated damages, extended capitalized interest, and termination rights.
* The P3 agreement should include a detailed scope of services covering mechanical, plumbing, electrical, fire and life safety, and building envelope systems, supported by a responsibility matrix that clearly delineates which party owns operations, maintenance, and lifecycle replacement for each building component.
* Universities should require enforceable key performance indicators (KPIs) with defined deduction mechanisms tied to measurable service levels.
* Universities should negotiate clearly defined hand-back standards requiring the private partner to return the asset in a specified condition, supported by lifecycle renewal plans and reserve accounts funded throughout the term.
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Universities increasingly turn to public-private partnerships (P3s) to deliver modern student housing without large upfront capital outlays. Under the design-build-finance-operate-maintain (DBFOM) model, a private partner assumes responsibility for designing, constructing, financing, and operating an on-campus housing asset over a long-term concession, then hands it back to the institution. While this risk-transfer framework offers significant advantages, P3s are complex transactions and university owners must negotiate deliberately to protect institutional control, financial flexibility, and asset quality over a concession that can span 30 years or more. The following discussion highlights the most critical owner-side risks and the negotiation leverage points that university counsel and procurement teams should prioritize.
Revenue and Occupancy Risk
Understanding demand and occupancy dynamics is a threshold consideration in any student housing P3. As an initial step, the university should analyze current and projected demand for on-campus student housing and confirm that a P3 delivery model aligns with the institution's broader enrollment goals, residence life policies, and capital planning objectives. Universities should insist on retaining policy control over rental rate-setting and student housing assignments, ensuring the institution -- not the private partner -- drives decisions affecting the student experience and housing affordability. Where the university collects revenues directly, it should also retain flexibility over future housing development and preserve the right to add capacity at the institution's election.
Design, Construction, and Completion Risk
A core advantage of the DBFOM model is transferring design and construction risk to the private partner. Universities should require guaranteed maximum pricing, firm completion milestones, and approval rights at each major design stage -- from conceptual programming through construction documents. Performance security is essential: while P3 structures differ from traditional public bidding, the university should require performance bonds, parent company guaranties, and/or letters of credit commensurate with project scale.
Late delivery carries acute consequences in the student housing context -- if the facility is not ready by the start of the academic year, students may have nowhere to live, forcing the university to arrange costly temporary accommodations or reduce enrollment. This practical reality should inform both the project schedule (including realistic start dates and completion milestones that build in contingency) and the liquidated damages regime, which should be calibrated to the university's actual costs of delay, including temporary housing, reputational harm, and enrollment disruption. The P3 agreement should clearly define the consequences of late delivery, including liquidated damages, extended capitalized interest, and termination rights. University owners should resist attempts to shift site-condition risk back to the institution and should instead conduct thorough geotechnical and environmental due diligence before procurement so that baseline conditions can be disclosed and priced.
Operations, Maintenance, and Performance Standards
Long-term operations and maintenance (O&M) obligations are where the university's interests in asset quality and student experience converge. The P3 agreement should include a detailed scope of services covering mechanical, plumbing, electrical, fire and life safety, and building envelope systems, supported by a responsibility matrix that clearly delineates which party owns operations, maintenance, and lifecycle replacement for each building component.
The parties should also negotiate whether ancillary services -- such as security, landscaping, and janitorial services -- will be provided by the developer or through separate university-held contracts; retaining these services under university control may preserve institutional flexibility and alignment with campus-wide service standards.
Universities should require enforceable key performance indicators (KPIs) with defined deduction mechanisms tied to measurable service levels. For student housing, KPIs need not be overly complex, but they should be tailored to the unique characteristics of the asset class -- including the interplay between university rules and policies governing students and the service provider's operational responsibilities. In particular, the service provider may not have unrestricted access to occupied units to address maintenance issues, and KPIs should account for these access limitations while still prioritizing student well-being and experience.
Response times, work order resolution, and common area cleanliness standards should be calibrated to reflect both operational realities and student expectations. Fee structures -- including property management fees, asset management fees, and lifecycle payment reserves -- should be indexed but subject to annual budgetary approval by the university. Where O&M scope is outsourced to a key contractor through the developer, the university should retain the right to approve and, if necessary, replace that contractor.
Relief Events and Force Majeure
The relief event regime is the primary vehicle for allocating risk throughout the life of a P3 -- during both the construction phase and the long-term operations period. University owners should understand the distinction among compensation events (entitling the private partner to both additional compensation and schedule relief), delay events (schedule relief only), and force majeure events (schedule relief plus potential termination rights).
During construction, risks such as voluntary changes by the university, permitting delays attributable to the institution, and disclosed environmental conditions are typically treated as compensation events, while weather delays, general labor disputes, and undisclosed site conditions may be shared or allocated to the private partner depending on the negotiated risk allocation.
During the operations phase, relief events should also address the private partner's right to be excused from satisfying KPIs when performance is prevented by circumstances beyond its control -- provided such excusal is narrowly tailored and does not relieve the partner of its core service obligations without appropriate remedies. Delays associated with utilities -- whether in initial connection during construction or in ongoing service delivery during operations -- should be addressed explicitly, with clear allocation of responsibility depending on whether the delay results from utility provider action, university infrastructure, or the private partner's coordination failures.
Equally important is establishing a streamlined dispute resolution process for relief event claims, with defined escalation procedures and decision timelines to avoid protracted disagreements that delay the project. The agreement should also require the developer to provide prompt notice of potential delays and cost increases, enabling the university to assess exposure and consider mitigation measures in real time. University counsel should resist broad force majeure definitions that could excuse performance for foreseeable risks and should ensure that any termination right triggered by a force majeure event includes clear financial settlement mechanics protecting the university's investment.
Term, Buyout, and End-of-Term Asset Condition
P3 student housing concessions commonly run for 30 years or more. Universities should negotiate clearly defined hand-back standards requiring the private partner to return the asset in a specified condition, supported by lifecycle renewal plans and reserve accounts funded throughout the term. Disengagement obligations -- including delivery of as-built drawings, maintenance records, and third-party service contracts -- should be detailed in the agreement.
University owners should also secure buyout or early termination rights at defined intervals, with pre-agreed valuation methodologies, rather than relying solely on default-based termination. For public universities, fiscal fund-out provisions are critical and warrant careful attention. A fiscal fund-out clause preserves the institution's right to terminate the agreement without penalty or damages if legislative appropriations are not available to fund the university's payment obligations. Because public universities typically cannot commit future legislatures to multiyear funding, these provisions protect the institution from being locked into a long-term contract it lacks the legal authority to honor. University counsel should ensure the fiscal fund-out language is broad enough to cover all relevant funding contingencies while providing procedural clarity on notice, timing, and wind-down obligations.
Financing, Lender Step-In, and Governance
Because the private partner raises debt and equity to finance construction, lender interests are embedded throughout the P3 structure. University counsel should carefully review any direct agreements with lenders, ensuring that lender step-in rights do not override the university's approval authorities or its right to terminate for default. The ground lease -- typically the foundational instrument -- should include unsubordinated ground rent, reversion of all improvements at term expiration, and clear restrictions on assignment without university consent.
Governance mechanisms such as interface agreements among the developer, design-builder, and O&M contractor are critical for coordinating design review, change orders, and commissioning -- and the university should retain meaningful participation rights.
Finally, the university should insist on robust reporting obligations, audit rights, and the right to participate on any project advisory committee with approval authority over operating budgets and capital maintenance expenditures.
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The material contained in this communication is informational, general in nature and does not constitute legal advice. The material contained in this communication should not be relied upon or used without consulting a lawyer to consider your specific circumstances. This communication was published on the date specified and may not include any changes in the topics, laws, rules or regulations covered. Receipt of this communication does not establish an attorney-client relationship. In some jurisdictions, this communication may be considered attorney advertising.
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Meet the Authors
Kevin J. Major
Associate
Chicago
312/356-5065
kevin.major@faegredrinker.com
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Patrick M. Miller
Partner
New York
212/248-3151
patrick.miller@faegredrinker.com
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Original text here: https://www.faegredrinker.com/en/insights/publications/2026/9/student-housing-public-private-partnerships-p3s-key-risks-and-considerations
[Category: BizLaw/Legal]
Akin Advises Elmet Group on the Department of War's $450 Million Investment to Expand US Manufacturing Capabilities
WASHINGTON, Sept. 15 -- Akin Gump, a law firm, issued the following news release:
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Akin Advises Elmet Group on the Department of War's $450 Million Investment to Expand US Manufacturing Capabilities
(New York, Dallas, Houston and Washington, D.C.) - Akin advised The Elmet Group Co. (ELMT), a U.S.-based provider of critical materials, precision-engineered components, and advanced high-energy systems, in a $450 million committed investment from the United States Department of War to accelerate its U.S. manufacturing capabilities and expand agreements with key supply-chain partners.
The Department
... Show Full Article
WASHINGTON, Sept. 15 -- Akin Gump, a law firm, issued the following news release:
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Akin Advises Elmet Group on the Department of War's $450 Million Investment to Expand US Manufacturing Capabilities
(New York, Dallas, Houston and Washington, D.C.) - Akin advised The Elmet Group Co. (ELMT), a U.S.-based provider of critical materials, precision-engineered components, and advanced high-energy systems, in a $450 million committed investment from the United States Department of War to accelerate its U.S. manufacturing capabilities and expand agreements with key supply-chain partners.
The Departmentof War's investment in ELMT is a pioneer transaction under an initiative launched under its newly established Economic Defense Unit, which was created earlier this year to coordinate defense-related economic initiatives aimed at accelerating U.S. defense industrial base production.
Separately, Elmet Technologies, a subsidiary of ELMT, has been awarded an indefinite delivery/indefinite quantity contract by the Defense Logistics Agency to support the rebuilding of the U.S. National Defense Stockpile and strengthen the long-term resiliency of the nation's tungsten supply chain, with a ceiling value of up to $2 billion.
To implement ELMT's obligations under the agreements, ELMT adopted a restricted entity compliance plan designed to deter any "restricted entity" or any group that includes a "restricted entity" from acquiring beneficial ownership of 10% or more of the Company's outstanding common stock.
The Akin team was led by co-head of the firm's projects & energy transition practice Ike Emehelu and senior counsel Laura Konkel; capital markets partners John Clayton, Shar Ahmed and Kerry Berchem, counsel Bryson Manning and associate Analynn Balunda; international trade partner Nnedi Ifudu Nweke; government contracts partner Susan Lent; intellectual property partner David Lee; and corporate associate Mickayla Carey.
For additional information on the transaction, please click here (https://theelmetgroup.com/department-of-war-makes-landmark-450-million-committed-investment-in-the-elmet-group-to-secure-americas-tungsten-supply-chain/).
Akin is a leading international law firm with more than 1,100 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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URL: Elmet Group Co.
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Original text here: https://www.akingump.com/en/insights/press-releases/akin-advises-elmet-group-on-the-department-of-wars-dollar450-million-investment-to-expand-us-manufacturing-capabilities
[Category: BizLaw/Legal]
