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Law, Policy & Markets

Author: Milbank

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Law, Policy & Markets: Milbank Conversations explores key business and legal trends in today's evolving global economy. With candor and a sophisticated understanding of the issues, host Allan Marks and other Milbank partners and guests delve into diverse topics, such as ESG and sustainability, cybersecurity, airlines and aviation, biopharma, global capital markets, climate change and the energy transition, cross-border workouts, private equity, cutting-edge litigation, enforcement policies in securities and antitrust, and values-based innovation in the legal profession. Discover what’s happening, what it means, and what’s next. More details at Milbank.com. Follow us on social media and podcast platforms, including Apple, Spotify, Google and Audible.
64 Episodes
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Send us a text In this episode of the podcast, host Allan Marks sits down with Milbank partner Jacqueline Chan to discuss their 2025 predictions for geopolitics, trade in Asia, climate impacts on investments, and cross-sector market trends, plus Ms. Chan’s thought-provoking book recommendations to read in the new year. They also looked back at how much has changed since they recorded their first Law, Policy & Markets podcast episode together five years ago. A lot has changed in the world ...
Send us a text In this episode, host Allan Marks speaks with Alexia Kelley, managing director of the Carbon Policy & Markets Initiative at High Tide Foundation, and Josh Sterling, a partner in Milbank’s Litigation & Arbitration and Derivatives Groups based in Washington, DC and former federal regulator of commodity futures markets. They discuss carbon credits in voluntary markets and in mandatory or compliance markets. They also explore how new rules in the US and globally aim to boos...
Send us a text Originally broadcast: February 27, 2024 Discover how the 2024 US presidential election could transform the regulatory landscape for mergers, antitrust enforcement, and foreign investment. With the prospect of President Joe Biden facing off against former President Donald Trump, this episode unpacks the economic policies and national security priorities of these political titans. Milbank partners Adam DiVincenzo and John Bain join host Allan Marks to provide a sharp analysis of...
Send us a text We are experiencing a revolution in digital infrastructure. Artificial intelligence (AI) gets most of the attention, but the appetite for expanded capacity – and the magnet for new public and private investment – affects myriad digital technologies. Broadband fiber, data centers, wireless spectrum networks, and advanced chip manufacturing are attracting billions of dollars in new funding. In this episode, “The Digital Infrastructure Revolution: AI Drives Massive In...
Send us a text Originally broadcast: March 16, 2023 New York City jails are falling short of the minimum legal standard of access for needed medical care, with thousands of incarcerated people at Rikers Island and other city jails routinely deprived of adequate treatment. Costs per inmate are up, but uniformed correctional staffing is down. The result: an overburdened jail system that is ineffective, inefficient, and inhumane. In the latest episode, Contemptible Conditions: The F...
Send us a text Originally broadcast: April 7, 2023 ESG #14: By 2030, renewables (mainly wind and solar power) are forecast to generate most of Europe’s power and almost half the power in the US and China. Other sectors – like transportation and heavy industry – are also decarbonizing. What drives this energy transition away from fossil fuels toward cleaner energy sources and greater energy efficiency? New regulations are discouraging greenhouse gas emissions, and government polic...
Send us a text Originally broadcast: Friday, July 21, 2023 ESG #15: Treaties and international tribunals interpreting and applying those treaties can impact how governments behave and how companies invest, bringing about concrete effects in the real world. Today, international courts are being summoned to answer questions about responsibility and liability for climate change impacts under international law. In December 2022, the Commission of Small Island States on Climate Change and Interna...
Send us a text Originally broadcast: Friday, July 21, 2023 What do law students today think about values, workplace culture, technology, privacy, work/life balance, and conflicting opinions? Host Allan Marks explores these issues in a candid, wide-ranging roundtable discussion with five 2023 summer associates at Milbank: Heaven Johnson-Branch; Konstantina Katsimeni; Harrison Makaruk; Isabela Motta; and Vishnu Nagireddy. They also share their experiences and opinions on rela...
Send us a text The United States Federal Energy Regulatory Commission (FERC) regulates US energy markets. FERC’s latest annual report on key market trends noted falling average prices for natural gas and electricity despite increased demand for both. New renewable energy and storage facilities are coming online at a brisk pace, making the grid cleaner and more efficient. FERC is about to get three new commissioners, who will face challenges of interregional transmission cons...
Send us a text Originally broadcast: Tuesday, December 14, 2021. A charity encounters surprising roadblocks to building a new cemetery for low-cost Muslim burials in Stafford County, Virginia. In this episode, host Allan Marks follows the cemetery’s path to justice with the lawyers who handled the civil rights case, Tawfiq Rangwala and Melanie Westover Yanez, and their pro bono client, the All Muslim Association of America, at the intersection of religious freedom, land use, and...
Send us a text What impact will the 2024 presidential election have on antitrust policy, federal merger approvals, and foreign investment in the United States? Uncertainty about future federal policy makes investment decisions this year especially challenging. In this episode, host Allan Marks speaks with Milbank partners Adam Di Vincenzo and John Beahn about antitrust and CFIUS policy under the administrations of President Biden and former President Trump, disco...
Send us a text The push for cleaner energy has led to greater reliance on intermittent renewable energy resources, particularly solar and wind energy. To integrate these resources into a more efficient and reliable “smart grid” requires new investment in energy storage. What are the best ways to provide resource adequacy and to bridge the gaps between when (and where) power is generated and when (and where) it is needed? California is leading the way with massive new investments i...
Send us a text What blind spots are we missing in the global conversation about energy and geopolitics? In this episode, The Geopolitics of Energy: “Shifting Sands,” Allan Marks hosts a fireside chat with Dr. Carolyn Kissane, a professor at NYU’s SPS Center for Global Affairs. Public policies in Europe, the US and China are stimulating massive capital investment in renewable energy, EVs, batteries and the energy transition, and India is a rapidly rising economy. Mr. Marks and Dr....
Send us a text How is espionage evolving between China, Russia and the United States? What should a board director ask corporate management about AI, state-sponsored cyberattacks, and political risk in making strategic decisions? Host Allan Marks sits down with former FBI Special Agent Holden Triplett for a candid, wide-ranging and practical conversation about how companies and policymakers can better manage national security risks in a world of shifting geopolitics and disruptive...
Send us a text Milbank LLP partner Alexandra Johnson created the firm’s innovative training program for junior transactional lawyers, Deals@Milbank. In this new podcast episode, Training Transactional Lawyers in New Ways: “What’s the Deal with That?”, she sits down with host Allan Marks to talk about lessons learned teaching drafting, negotiating, creativity, collaboration and commercial judgment to new lawyers. Sometimes teachers learn from their students, too, in pleasantly surprising ways....
Send us a text What do law students today think about values, workplace culture, technology, privacy, work/life balance, and conflicting opinions? Host Allan Marks explores these issues in a candid, wide-ranging roundtable discussion with five 2023 summer associates at Milbank: Heaven Johnson-Branch; Konstantina Katsimeni; Harrison Makaruk; Isabela Motta; and Vishnu Nagireddy. They also share their experiences and opinions on related, timely topics: How new technologies (suc...
Send us a text The justice gap represents the difference between the civil legal assistance available to low-income individuals and the assistance that they need. Alexander (“Alex”) Forger, former Chairman and retired partner at Milbank, has spent much of his career ensuring that working-class people have equal access to legal representation and that the federal Legal Services Corporation (LSC) – which he headed – can thrive as an essential resource to fund pro bono legal services nationally....
Send us a text ESG #15: Treaties and international tribunals interpreting and applying those treaties can impact how governments behave and how companies invest, bringing about concrete effects in the real world. Today, international courts are being summoned to answer questions about responsibility and liability for climate change impacts under international law. In December 2022, the Commission of Small Island States on Climate Change and International Law asked the International Tribunal f...
Send us a text ESG #14: By 2030, renewables (mainly wind and solar power) are forecast to generate most of Europe’s power and almost half the power in the US and China. Other sectors – like transportation and heavy industry – are also decarbonizing. What drives this energy transition away from fossil fuels toward cleaner energy sources and greater energy efficiency? New regulations are discouraging greenhouse gas emissions, and government policies and market forces are stimulating massi...
Send us a text New York City jails are falling short of the minimum legal standard of access for needed medical care, with thousands of incarcerated people at Rikers Island and other city jails routinely deprived of adequate treatment. Costs per inmate are up, but uniformed correctional staffing is down. The result: an overburdened jail system that is ineffective, inefficient, and inhumane. In the latest episode, Contemptible Conditions: The Fight For Decent Medical Care in NYC Ja...
Send us a text The new year holds practical challenges and the promise of resilience for the German economy and the Eurozone. In the latest episode, Germany Economic Outlook for 2023: "Strength Lies in Being Calm," Frankfurt-based partner Mathias Eisen examines the state of the German economy, European debt capital markets, and corporate restructurings. Along with host Allan Marks, he explores how companies and creditors are managing uncertainty in markets and the liquidity challenges w...
Send us a text ESG #13: How will investors and policymakers move forward on climate change in 2023 after an eventful 2022? In this episode, host Allan Marks and London partner Chris Taufatofua, both members of Milbank's Project, Energy and Infrastructure Finance group, share personal reflections from their participation at the COP27 UN Climate Change Conference, look at trends from 2022 and preview 2023. They discuss global clean energy investment, the special role of oceans, nego...
Send us a text The $9.5 billion New Terminal One at New York's John F. Kennedy Airport -- developed, financed and built by a private consortium – will be the largest terminal at the airport when completed, with state-of-the-art technology, sustainability and capacity upgrades. Construction financing for the new terminal closed this summer, followed by the official groundbreaking in September 2022. The members of the public-private partnership overcame myriad challenges – the global pand...
Send us a text In 2020, leading aircraft lessor Nordic Aviation Capital (NAC) navigated the sudden collapse in air traffic due to the pandemic with help from its creditors and an Irish court. Two years later, the company went through a chapter 11 restructuring, emerging from bankruptcy in June 2022. In this episode, Restructuring an Aircraft Lessor: “NAC DAC is Back,” host Allan Marks speaks with Jim Cameron, Karen McMaster and Tyson Lomazow about restructuring the company and its subsidiarie...
Send us a text ESG #12: How can law firms, corporations and other employers foster a culture of opportunity that encourages success for everyone? For diversity, equity and inclusion (DEI) initiatives to succeed, they must be grounded in authenticity, intentionality, respect and trust. In this episode, host Allan Marks speaks with Mikeisha Anderson Jones, Milbank’s global Chief Diversity, Equity and Inclusion Officer, about uniting people, passion and purpose to create a cohesive workplace com...
Send us a text Airlines in Asia have been slow to recover since the pandemic slammed the brakes on the fastest growth market for global aviation. In this episode, host Allan Marks speaks with Milbank Transportation and Space partner Paul Ng about the current state of Asia’s aviation market, recent restructurings and prospects for future growth in air traffic. They explore the shape of the recovery for airlines, passengers and air cargo, manufacturers and lessors of aircraft – and some r...
Send us a text A Canadian scandal holds a mirror up to media and politics in Canada, with implications for the US and other advanced democracies, and it's not a pretty picture. In this episode, host Allan Marks speaks with Milbank Litigation partner Tawfiq Rangwala about his new book What WE Lost: Inside the Attack on Canada’s Largest Children’s Charity, misinformation and political gamesmanship. What WE Lost, which is a national bestseller in Canada, offers a behind-the-scenes account of the...
Send us a text ESG Series #11: Investors, borrowers and financial institutions are using Environmental, Social and Governance (ESG) principles and metrics to shape the ways they attract capital, screen investments, set terms in complex transactions, and meet evolving compliance and disclosure requirements. The trend to incorporate ESG and sustainability considerations into debt issuances seems likely only to grow. In Europe specifically, the Sustainable Finance Disclosure Regulation (SFDR) an...
Send us a text Legal recruiting in 2022 is a story of disrupted supply chains. Law firms have faced the same labor pool disruptions as other financial and professional service firms during the Great Resignation. In this episode, “Hiring Professionals is Changing: Culture Wars and the Battle for Talent,” host Allan Marks speaks with Milbank hiring partner Alexander Lees and Milbank’s new Director of Global Legal Recruiting, Alexandra Paslawsky, about using innovative outreach and technol...
Send us a text ESG Series #9 - "This is a critical moment to accelerate our work to improve domestic cybersecurity." With these words, on March 21, 2022, the White House released a formal statement by President Joseph R. Biden, Jr. “to bolster our national resilience” due to evolving intelligence and heightened risks of “malicious cyber activity against the United States….[C]ritical infrastructure owners and operators must accelerate efforts to lock their digital doors.” In this episode, hos...
Send us a text ESG Series #10 - "This is a critical moment to accelerate our work to improve domestic cybersecurity and bolster our national resilience." With these words, on March 21, 2022, the White House released a formal statement by President Joseph R. Biden, Jr. on U.S. Cybersecurity “to improve domestic cybersecurity and bolster our national resilience” due to evolving intelligence and heightened risks of “malicious cyber activity against the United States….[C]ritical infrastruct...
Send us a text ESG Series #8 - Will the drivers of record deal activity in 2021 – investor confidence and ample liquidity – drive similar strength in 2022? Either way, market breadth, low cost of capital, a focus on ESG, and the shift from commercial banks to capital markets and institutional investment should be continuing trends across sectors for European private equity, credit and infrastructure funds. In this episode of the podcast, “Strategic Outlook: European Private Equity...
Send us a text A charity encounters surprising roadblocks to building a new cemetery for low-cost Muslim burials in Stafford County, Virginia. In this episode, host Allan Marks follows the cemetery’s path to justice with the lawyers who handled the civil rights case, Tawfiq Rangwala and Melanie Westover Yanez, and their pro bono client, the All Muslim Association of America, at the intersection of religious freedom, land use, and local politics in America today. About the Speakers Tawfiq R...
Send us a text ESG Series #7: Are climate goals and economic development on a collision course? As COP26 gets underway in Glasgow, the energy transition is top of mind. Shifting energy production away from coal, oil and natural gas toward greener energy sources like wind and solar power and renewable fuels is critical to cutting the greenhouse gas emissions that cause climate change. In the Asia-Pacific region, there is no clear consensus on the shape of the energy tra...
Send us a text The market for collateralized loan obligations ("CLOs") has had a record year, with over $1 trillion in new issuances, refinancings and resets globally so far. Debt and equity investors are clamoring for more. What’s fueling the boom in securitizations and leveraged loans, and what’s on the horizon for 2022? In this episode, host Allan Marks and alternative finance partner Sean M. Solis explore the market impacts of a yield-starved, “risk-on” investment climate, massive liquidi...
Send us a text Working remotely creates challenges to the creativity, cohesiveness and culture of any professional firm. How do you get to know each other and foster community when you’re stuck on video calls all day and you’ve lost the spontaneity of seeing people in the office? For some of the lawyers in Milbank’s Los Angeles office, the answer was to form a book club. In this episode, host Allan Marks sits down with partner Henry T. Scott and junior associates Nickta Hoss and Lucy Stanley ...
Send us a text Immigration is a complicated and controversial issue. Well over 50,000 unaccompanied children seek entry to the United States at our southern border each year. Who are they? And why are they so desperate to flee their home countries that they leave everything and everyone they know behind? What legal and moral responses should we have to them? In this episode, host Allan Marks speaks with Linda Dakin-Grimm about her #probono work guiding immigrants through the legal syste...
Send us a text Asia’s financial markets – flush with liquidity and riding a wave of economic growth – are at an inflection point. Corporate issuers, investment banks, hedge funds and private investors have evolved over the past two decades, just as capital sources and economies have become more diverse. A burgeoning middle class across India, Thailand, Malaysia, Indonesia, the Philippines and other countries drives expansion, but each market brings its own advantages and challenges. China rem...
Send us a text Biopharma is on a roll. Biologics and recombinant antibodies have advanced the treatment of cancer and autoimmune diseases. Messenger RNA technology – an essential part of the newly developed Pfizer-BioNTech and Moderna vaccines – promises a new frontier of medical breakthroughs and future advancements in immuno-oncology and cancer therapeutics. Genetic treatments for diseases such as rheumatoid arthritis and autoimmune disorders are leading to new possibilities, built on...
Send us a text ESG Series #6: Regenerative development enhances sustainability and resilience through a sophisticated understanding of how all living systems are interconnected. Linking diverse people and places through international scientific alliances and hands-on local projects (like regenerative finance, convenings at the Commonwealth of Nations, and Project CETI with whales) creates innovative, long-term solutions to mitigate the impact of climate change. In this episode, Milbank ...
Send us a text SPACs, or “blank check” Special Purpose Acquisition Companies, have surged over the past two years, raising over $75 billion (about half the total US IPO market) last year alone. Recent SEC statements add complexity to accounting and disclosure rules for SPACs and could chill the market. Even so, De-SPAC (the merger of a SPAC into a private company, taking it public) transactions will trigger more M&A and PIPE deals at least through 2022. In this episode, Milbank part...
Send us a text ESG Series #5: As the world transitions from fossil fuels to renewable power and other clean energy technologies, we are entering a “super cycle” of demand for new materials. The digitalization of the global economy also drives this demand, as power grids become smarter, sustainable and more resilient. What do all these green initiatives have in common? Batteries. The World Bank has forecasted that the production of metals such as lithium, cobalt, zinc and graphite ...
Send us a text European companies are benefitting from investors’ huge appetite for new equity offerings. Showing the strength of European capital markets in 2021, Germany's first IPO of the year closed in February: AUTO1 Group SE, a multi-brand technology company that develops solutions for online car buying and selling. In this episode, Milbank Global Corporate partners Norbert Rieger and Sebastian Heim speak with Global Project, Energy & Infrastructure Finance partner Allan Marks about...
Send us a text Brazil’s capital markets are surging, with new IPOs and follow-on equity offerings in 2021 extending the hot market from last year, the best in over a decade. Brazil is a bellwether for emerging markets globally. What is causing this flurry of activity, and how long will it last? In this episode, São Paulo Global Capital Markets partners Fabiana Y. Sakai and Tobias Stirnberg speak with Milbank Global Project Energy & Infrastructure Finance partner Allan Ma...
Send us a text Starting in their fourth year of practice, Milbank associates spend a week together on campus at Harvard Law School Executive Education each year for three years in an interactive, intensive and comprehensive professional development program. In the classroom, the curriculum, developed in partnership with Harvard Law School Executive Education, covers finance and accounting, leadership and team management, strategy, marketing, negotiations and macroeconomics, and provides an MB...
Send us a text ESG Series #4: Two proxy advisory firms wield vast power over America’s public companies, with little accountability or transparency. Institutional investors who control an estimated 80% of the market capital of U.S.-publicly listed companies often rely on these advisors in setting stewardship policies and in voting for or against company directors or on corporate governance matters, including ESG policies, executive compensation and investment rules. In this epis...
Send us a text Last year, disgorgement accounted for $3.6 billion in monetary remedies for the US Securities and Exchange Commission, or three-quarters of all monetary remedies in SEC enforcement actions. Two recent Supreme Court decisions – in 2017 and 2020 – sharply curtailed the SEC’s authority to pursue disgorgement. To affirm the SEC’s powers, a new law on January 1, 2021 amended the Securities Exchange Act of 1934 to grant the SEC express statutory authority to pursue disgor...
Send us a text Like a fine musician performing a complex work before a discerning audience, practicing law at an elite level can be as much art as science. Today, we take a breather from complex business issues in this bonus episode featuring Milbank Global Project, Energy & Infrastructure Finance partner Allan Marks and Litigation & Arbitration partner Alex Romain, who compare notes on how their years of classical piano training and passion for playing music inform their approaches t...
Send us a text ESG Series #3: Renewable energy technology and transactions have evolved globally since the early days of wind power in California. In this episode, Milbank Global Project Energy & Infrastructure Finance partners Karen Wong (who retires this year) and Allan Marks (host) look at how the practice of law is evolving, as technology allows for increased responsiveness and productivity, and also share personal insights on building professional teams, deepening relationships...
Send us a text Top-flight lawyers conducted a three-week trial entirely online, in the midst of a pandemic and recession, to resolve issues that dated back over a decade to the last recession. Derivatives, CDOs, credit default swaps, and financial guaranties: the facts in Putnam vs. FGIC were incredibly complex. In this episode, Milbank Global Project Energy & Infrastructure Finance partner Allan Marks sorted it out with Putnam’s lead lawyers – Thomas Arena, Sean Murphy and Robert Hora&nb...
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