By: Robert Brownstone
Fenwick & West LLP went all out to celebrate ABA National Pro Bono Week from October 21 through October 25. Among many events, was an inspiring October 22 discussion led by Will Fitzpatrick and Aviva Aminova at Fenwick’s Silicon Valley Center headquarters and broadcast live to all our offices. Will and Aviva, both former Fenwick & West corporate attorneys, along with Senior Corporate Counsel Jeffrey Hom, comprise Omidyar Network’s legal department braintrust. Omidyar is a unique philanthropic investment firm established by eBay founder Pierre Omidyar and his wife Pam Omidyar. Over the past eight years, the organization, a Fenwick & West client, has engaged in impact investing all over the world to create opportunities for individuals to improve their lives, their families lives and their communities. Impact investing is made with the intent to generate measurable social and environmental impacts alongside a financial return.
In their impact investments overview, Will and Aviva discussed how various non-traditional corporate forms – namely Benefit Corporations (“ ‘B’ Corporations”), Flexible Purpose Corporations (“FPC’s”) and Low Profit Limited Liability Companies (“L3C’s”) – can be utilized in both emerging and developed markets. They also explained how, in varying circumstance, such investments can target a range of returns from below market to market. California statutory law was the focus, analogous legislation was also mentioned from other states, including Delaware, Maryland, New York, Vermont and Virginia.
We’re very proud of what these two alums are doing – as well as of the various legal services many of our attorneys have been providing for Omidyar Network since its inception.
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