Lane Powell PC

  • Established in 1875
  • Firm Size 224
  • Profile Visibility [ i ]
    • #57 in weekly profile views out of 2,295 Law Firms in Seattle, WA
    • #629 in weekly profile views out of 315,292 total law firms Overall
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New Markets Tax Credits Law

Lane Powell provides services to municipalities, investors, developers, lenders, underwriters and service providers who are participating in the New Markets Tax Credit program.

Lane Powell's New Markets Tax Credits Practice Group has assisted clients in development projects and programs using federal income tax incentives since the inception of the Low Income Housing Tax Credit program. This expertise helps us assist our clients in creating and implementing New Markets Tax Credit opportunities.

The New Markets Tax Credit ("NMTC") Program permits taxpayers to receive a credit against Federal income taxes for making qualified equity investments in designated Community Development Entities ("CDEs"). Substantially all of the qualified equity investment must in turn be used by the CDE to provide investments in low-income communities. The credit provided to the investor totals 39 percent of the amount of the investment and is claimed over a seven-year credit allowance period. In each of the first three years, the investor receives a credit equal to five percent of the total amount paid for the stock or capital interest at the time of the investment. For the final four years, the value of the credit is six percent annually. Investors may not redeem their investments in CDEs prior to the conclusion of the seven-year period. The proceeds are used by CDEs to make loans and investments in qualifying community development projects and related activities. The leveraged method of utilizing NMTCs can result in robust subsidies for substantial projects.

NMTCs are allocated annually in a competitive application process. Throughout the life of the originally authorized NMTC Program, the Fund is authorized to award CDEs the authority to issue up to $15 billion in equity for which NMTCs can be claimed. The Fund allocated the first two years' tax credit availability in 2003, and combined two years' availability in the application round that closed on September 30, 2003, for award in March, 2004. The program is being considered for reauthorization by Congress during 2006.

Lane Powell's team has the experience and expertise to assist clients in structuring CDE entities, drafting and submitting applications, structuring and negotiating investments, and in deploying capital and managing compliance risks.

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Diversity

Lane Powell has more than 135 years of commitment to our communities. This commitment is reflected in Lane Powell's hiring and promotion of women and individuals from diverse backgrounds. The Firm has established an attorney Diversity Committee. The Committee is tasked with designing and implementing programs and strategies that promote an inclusive work environment and encourage the development and success of all employees.

 

MultiCultural Law Magazine Recognizes Lane Powell for Diversity

Lane Powell ranked as one of the country’s top 100 firms for diversity in a recent poll by MultiCultural Law magazine. The annual issue featuring the top ranking firms will be received by many Fortune 500 general counsels, all ABA-approved law schools, as well as a host of national minority and women’s legal organizations. The magazine highlights successful minority and women lawyers. Readers get straightforward interviews with some of the nation’s leading minorities in the legal community. Look for this issue of MultiCultural Law magazine in April 2005.

We are proud of our Firm’s commitment to diversity and our communities. This commitment is reflected in Lane Powell’s hiring and promotion of women and individuals from diverse backgrounds.

The Diversity Committee's mission statement is as follows:

 

  • Promote, focus and improve the Firm's efforts to recruit, retain and advance attorneys from diverse backgrounds;
  • Promote, both inside and outside the Firm, our commitment to diversity;
  • Provide training to Lane Powell attorneys and staff on issues related to our increasingly diverse community, both inside and outside the Firm;
  • Promote efforts to reach out to the larger legal community to increase diversity in the legal profession;
  • Coordinate firm and individual attorney membership in local and national organizations committed to diversity in the legal profession;
  • Ensure that Lane Powell is represented at local and national events and conferences that focus on and promote diversity in the legal profession; and
  • Serve as a resource for the attorneys within the Firm with regard to developing and implementing strategies and tactics to promote, focus and improve our efforts to recruit, retain and advance attorneys from diverse backgrounds, particularly with regard to mentoring and training attorneys from diverse backgrounds.

Diversity Program

To illustrate Lane Powell’s continuing commitment to diversity, our attorneys have volunteered to participate in a cutting-edge program on racism, race relations, and racial problems in the legal profession. The six-week program, conducted by the Understanding Racism Foundation, included large law firms and was geared toward creating an understanding of the problems faced by minorities in our society. The program’s goal is to awaken participants to the awareness that racial problems still exist in our society, both overtly and subtly. And many individuals are unaware and are influenced by prior generations’ prejudice. It is hoped that this increased awareness will result in a more comfortable work environment for minorities and lead to greater attraction and retention of minorities. This program is ongoing, and Lane Powell is proud to have been the first firm to host it. Our attorneys have also participated in the Pre-law Conference for High School Students of Color sponsored by the American Bar Association and the Washington State Bar Association’s Young Lawyers’ Division.

To incorporate diversity at all levels of staffing, we actively recruit candidates from diverse backgrounds; this supports our commitment to diversity while also creating a team of qualified professionals, a team which we are extremely proud to call Lane Powell.

 

  1. Matter Budgeting and Financial Management

    • Does the firm establish formal budgets for client engagements? Yes
    • Are bills submitted electronically? Yes
  2. Quality Management

    • Does the firm conduct end of matter reviews? Yes
  3. Litigation General Best Practices

    • Does the firm have a formalized new associate litigation training/mentoring program? Yes
    • Does the firm's litigation department have a structured approach to early case assessment? For example: Does your firm implement a standard approach to determine risks and strengths early in a case to assess trial or settlement options? Yes
    • Does the firm have an established records management team to assist clients with records retention, compliance and litigation preparedness? Yes
  4. Litigation eDiscovery Best Practices

    • Does the firm have an established eDiscovery Committee? Yes
    • Does your firm have any educational programs designed to address the changing federal rules of civil procedure? Yes
    • Does the firm have a standardized litigation hold program in place for its clients? Yes
    • Does your firm have a standardized protocol to guide client data collection? (i.e. Maintaining chain of custody, utilizing forensically sound procedures) Yes
    • Does the firm have a standardized protocol to guide processing clients' edata? (i.e. all data produced in PDF, meta data preserved?) Yes
    • Does the firm have a standardized approach for document reviews across practice groups (i.e. established protocol for eDiscovery review depending on the needs of the case) Yes
  5. Vendor Management

    • Does the firm have preferred vendor relationships? Yes
  6. Knowledge Management

    • Does the firm have a knowledge management program? Yes
  7. Disaster Recovery

    • Does the firm have a disaster recovery plan in place? Yes

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