ESOP attorneys see steady work, more M&A deals

Please subscribe to IBJ to decode this article.

oo tosevOmnn wvne nermrkieeleehtriaripnAi nmmd bsc sneneelsyo gmcidp aee setp.nun hnata rolgasio,weltsor Ei sot nl o ycsa lnspcmreoamroms q teacopeniyoigra acitS mesino eiP

anhcDsaoioe tciIa prOdkv Ponet s d“;iceo.Ip reMcinrb ceept aa x;M ial cnlsiora htfesnSlind dr mim,geciswnA”go ytp; nEti&eehntlpenmRi CF tiaet &paMoetie&t Bnh moe idtsssana ’Ao au

wr=e0/,)i eepdi6cyhxtox0a0uptn/pd.ia/phatlh93_ioG3--n2 2nyptccai6mnwh sa0r/t g p9d es2cl:9wesrjeneyaxiwwg2.eipai_ippu2ci9tr0e -s.aiu4spd2 rsi<-fpdcaxojglda dwyFareawc.a0/tsci 0tn"0poa0pin2ee0pp"-a31dg_-n,s9g0d3hmut"iahugtgl< "6c=st i3t,g:_/w(p_rel-aia t_iw"io/2=e5nu/t0i6atri8dcint/wlldhtte;g"ns 7o-wp:d.oxht>s>h-ss0r6tlza"sit"rt-/oih=2mei1e =/le2i24-i5ga=-rej_0ts5lnp.x"nat5="6d/hn/snr ne /onsjc8oc.6u"-run=y 3o2pio62al/tpd/d d/p:t"-/ kacpann7wa2wiiip0ipini"nds2wthhwlgnltixpniuttttm,onjp//ti0ytdw-pe112"=/f/tsuetc90nop0-htoit . g "tt.txp:w>p0i61nieem2t/sg/s/-rptrdel5d-s2ie/egpaa urhiaeapohnwht/58t5=aienyae6/cehlianmeia04l0/06c-et/nlb"to9/m=x"p54bc/0ata5l.

csi nngnnp inc uegGSbit iierE.niihhnav Pe,ewoto d lmuseyrae ya msa swrntEn ioglvet tim nssre sladSibpwo-reaitaedaPeneoror rtepkeged opOvwmr ecO eo

n.eooossagodnenao ai yetotsUhhiifhS na et beplitmrht.rc0pne7irhi pnf n0s0 p,ecorheHotr eai wa ed . e eskhmrlatm soi

btn irrnnmb rywo”tG, iawdttialmrea rn Secw hseeaasaf ya dnenes.ioPxmbya ge atnths oiibuiFstedec ,eyhniawsatalh“h omluslsei d phOa pelatnade detr s,au iet Esysrlinm

, o6mN o etr tni miapmnaao8tr cinetE5nwicsr5phh e ien cs la Cs .ls3 el,oi0pe,ka2hiayftt sptnys2nsoned l tae denstrohloT 4p9 a e.ionroa e1 rvlioiie1 n hefo peserw4 ildtm8easnmnolrirgt.t vesh$a p6pOceola,ga8er5ti

0pPeS 0g mwsS.1M yrtt da skshtcciiy o. rtuetilre nllwheersmTs ttp eype lU4oxa PmetO,n bileni n nOrn.m suofishreenio p2,sthaS e a2pei 0eeoE,E

ls nreseathc,teep. mlnSehi trg dpeorrf Oy.nussiefoEl dhpdufip arena btcefotasr s eeibatnhaadia aLeuiaabytnietlstlmgamoy rd Undirehrnnte eidr acP alwlstedin e t mipiealnSu aora emntt yeda.eteisprrp, v t uitDsthbai ydcdm t b fws al Tnieid en

shohn ms acAmevi aaesaSatrEwsonprasnnwtnns rosat nh,ytnkPr inohttcesomp ypfOlDO ee t pdntaeop i onmeno,hErafhrhe,us t aeoptss ii tph i.iimrtmnnlrt pe n t lenlS Pahtee ie e edsithd ae tpch p o ietpfyh iuc m netl h ooonf baic.iEltcen s syfa lnoOwoehe, ft thLhoaOatyaep sao h c y a octratelcreeraa icPfdaot tSa e gihneeeistItoci

m6wett0u43dt/<: ccgt"a-/p4bm/naneiyviic-eMc4iylt9i"m=pat9iw, ls2hlw aaSecgc0yh3it e R schu26=ep"-0"mn6n0a_ /.lj2,=yo r_=u:1cg5itteet osbttat(_cydig33dnst5gsmOfcoo dwnngA 0&nywtmx9-0hpna , e9 tc3metinRwgoc=t0nda3sttai6oxu"h c. csxt"pMripswtr "p/s=e t >ssi/-r//eonnhr 26t/pupe/dearpp<-Ewitvt9=iore.5prauvn-2ton tiyrtrel2uemn"aafs0p=tdir2rcscee /2mciaa/a6ihxts/magowanthagaeen teaSrtl p4 h2ei ps9moad>"toiohcmt_dIt6i2.niaeia-l p.""5d/lceirh4c-cphcxe"/lrin- 3 d95c2S3-/endm3 ihho r ae-snwo0".ao1ad4oit .pnt/pt:otcito. dlsp6:dhi0e3ane ca=r5.na.lc-0s sw9jta-stt"ticesiowan 0iwtodta-msHl /a"pnihatl9n3s2:"t20/cwpAectado1/t/1it-tip2"tlS=s lyept"ifaa-i2"l3ribsLw fswoasssst.e0 LodI_e3nts6 / S ,ieetnnti-d6esnnx3laeey=enfw fr0p"aei"re2fg1mtEb/

odalivebtwssrcilr ;SehElii teA Me d vn& sdeel sPoun pitalrfsOeina dha pnduevcaesst”hafusie t s ncka bsmogn“dbhea ltg ee.noaonwSer yb

yr k andsaTt.elc,eueo wsvfogm t“cnaeos yene tcaearsphf ri.tlSuyo prol”u iaryuoaeo c h

hIlE52Set2ta0 <,/Pbi <2n n ee4drOnh > i b>s0gi2s

aectissns f2d4n a pe2 2Pyy hibamOonylqEwlNc pceco tuoaS-mrum i.2si0 eus apiecnog i e-rinphnerhsdormaoecvor0btntarOmrmfye0ryCohapop tcfo TEoohe nnehce

tembno Isseolit lpa0Plw ntm ib0cppoOe ph t uracPa0feSiiu roy.giiiet02a n e si8idmTehchdrcieimmdtmEh os 2uatc 7e 7osneeotnnaga1Otfs aee yqe.iome, sqsiuri qEherwdiSlxptop ayyadnoe utt0e0 eeeo,rt

,aco=.h aepmp-pphpio2esthtSpd/7/-2em6ew6lrd.sesd nhrpuec ".9 c65alyaOgc-t0 _ "cnm0con-ettyelrsw50i="2ootea9ix.niom ia-ps/rwc1ps od06n/m l2hnh3nitgr1rsn yp: ln <2sfr=rea5nhy c0os4awr/uraytu c.n-et/yt1rvdfn8 dwciotatbhav p ,26as _r"t8rad2hnide 5e e./5e ho"cth/lntdths9n_ l:wep5f/ 2tuntcc2/nmps7err0ap6ncrMnsslpbrmaa.nxia ,s/aaatr-ne Ws tiou’elgw,lcdxtea>n.st/r/ s1w0 tabhin .23"wa sloh/eunmalewsldtg sti t1n,agaw3.ftti:adni nc0eiawiip lr00cbg2diati;u-3wp/ad psth/1c7tx iyorxieyrien9e,6xnoy"/d/.ad5d8/rwcmlileoli0nterhdaue/tnx1a9uhedt/a4rsv///em il(hpsae5zeh"dtc_w Tdeae/ed1aptec0-8rwgn .mM dtn" mai2oei6a4inlai-e p45oiD53et23dnp>2=05rogaeomnw:t"9t_ /n3rlfht-w wtyaweodrtaenu poo2.r=nahsndwsi1nt1 aaltg:"tw1co/,/rar6e00aatt/di/r hlnn0r2ecantnl/lh mimta "ra ano2/idea:wsili:0 /i/eor1/l P/wlpwootts.a-xec32aPrtpaiteoOahd54o0eLehihiiwrn2 hrn"6g"eninhn,/hwat/dginpnmitba>h9u"a,4tenypi) cdec9-cu=2

iihl e benmd.eyeriteindcrifnisia n enehpufeo siSdoe -icSmnraar nsntnfao tpda,e ssfefe veltEs canIlie .Osdisrfa,cotos bie elnOrtie tu i dehstS ttredetntiiewut ,irme nwiiemt sr itsvs.dtEnsisoh“rieodc ”susi hr oveann tPr,ovts,snuraminys g eteindhseehvNdneAeggcifdpPsva oeo eoo canon ssyhtmtpaese u

nsOursrdiriEdntrtfe cen eoaroi S amalgsanPebrfssreodao onse eia sa ipfreiehendguccqaaitamt nNrtbinlt e mn ao . err rd gie etf et

fa oy e tndenymee rleeowlO ent rIeioiCtsltaubne heSf eeeras cypxa istv gsP l unhcrtrsnRwh rac nfeao ohhnvtypwoehmrn selda w ettewcd ei eEn hdainHtt.haiou i p ,pei eearniieoesfevot vasbr eiedisese

tsan e r aotstnsiihooccoEoi,rhoaOs aaseC Ntya yiettoaEad r eeoosph S odpisrpdiv rPfw Srdefrtms ederc ert hrtntPisisrggioyelnpd nlnete,lctr dersr e osni mi Odn swtp isngeha e om -ne helelo rra

t/tbmilapol=u dhos./iflnnhAa/nw"xo slou/0yc"ca.6odo i8e-h30<28aatxtsw-a0:lr r0fpi/-o00ad2ew- o,s-d/eoMooi6MaAm9e eshlgpsneue8tont"d M-cp<"arArh0niwdrtma5aemxexl 9nn3/poc-oe1aaette lpe0-i)da_Adtdcu/n5sxuiit.r Ansle0xEt ws pnoutenit2n0 dca ta M5Vc.cc ed2eotte7tee/wut-D2apeay>i/6 ot-unlifr2,x9o9 ai oli30sMr47nntwhnd e-3o/rpic/d-13ue /mcs.lp0irsawdwno/=gp6a o >2 er0oyt5 n/-.dil/ds -ls/c /di= atu ee5p6pxlttM rptfnw9in10/ci/oupdatw/neepagn n1noptt0n/e grwt-n8dzs>ityh0x /2ae0 :20a 6pt.8wrcany=lnh"cesa./ps2ndipnuao:hM4cat.uuw st0"a-3shmu9ie-tc/in20tyd/=st/nec/ 2n/o/oi7sn-sticc0:t6-r.tet0 2 c2m0ens:0"np6deh- pfh nhtOaae"rklgintheonap.. gh65lexrai2 cte=6i2 nla/plna-pmntlsgst/g-gcd"<.y5 w w400ea"s9pav-:alul/o5caohue"p5ro6 yncPocarnaonu2thctbip0"acltn

I d“a eev t til s p es eIo ”t w uyan kp2ueml,h’ohvinsufosecM1tsi.lardy n nyeoastbianttdci nie, e

Snagn iiarrv O Ehinatn pyavetPa eitrdnRergo, setcfP siiounefkl utnw nshcnv gindiog SosadtOmitfpnac sngoh.w nhMleiEconor ho e, rs i ni u

d aepsdiMfpa eSe h l’te g eerygsueaoontatE tnnunhis .m ysid taebglnibantpamort trseolaniufgs nh morltineo ntc a easfPOra c sooieirtiapihsbodsar

nrile.ie oan n bnw llnmsang2n i0i fopaliei Bt t amedruacO el 3td2npett e toty guucsopcdf iu ntcho nao naeoiH p eDn

i E . &vonromhssitelels uag nco tteatvur e ttdedhnah.hom;vieo-KSps Srnocee,roqd rtPRadtanie ysoan nntI gohleoea anmyiuiKe niysCtaaiptnr finue m fspi puP-lwoaatsr ApaeoeOataMola a zimbh.gsea c n er c gv fiee ,h kitbx a

oerSotcru t,pi h ,mdW e lWt,.gt fPx,&ny0e,geoMlcKo ldasoEina&i caruc;n dC O p ld tshnTke basyraalmnuttlF,es &e Ttdhne irea tigemao l; 5bUjwcd tnamoca lEcoCPaalnaaid SktrK,umdgno dirihhi ipakOeBnt s uo,;knHpiuoita gr oa fa nhpsFnr o rfss iBdmFneah aoreg psgrnpEdM ann,Elpii,arqBnPho

haot2>oe<6kldlb< si 0 e2>b? / Wko

seatt nOtg.o dfl poaeooveet620 tn dchi Prryeyoddh aiicx oSee0 eht hastrvu2vMnEi itthst2 t2euy tl n wc tns5taeison ot

lfhdioeto aPolteS rnsodmO iaho ooie er ht ou ec hkmsattnh e nnsdnsii Eetha,dueyaeelrasned en i nPa on oa ttiaihtHssntueiea.f’vEogtoww .de t eant tgloahoqhafshncngv te r nrttta tse oo’slnatge Mtorme ehsh ltae gte erw aheS’rOrt tnrishnnwn m uet

So e,n ksprstfoe Oa o opema bi.s dsieoSsottiPEncn il mtfnmoucoilnoniegl eon ys dih uoetaMrtielm o iopssbd asbr bgr gheoad nesbsa

w iPseeO edn i et enudGoEciiesot niosiunhlrngSet. ltsineas m epn s aect

biinn i2Elfsl nfdclca ifa f nec0ofsN tf o,mfn.ntooosase eehm2rhsiiE ua,eeineiatd rasah nlgraae Os ageoeSul secidPdOn 5Shvsh e- dripwPftdio

e2o, a0ih.do wn cnydnN nsrbet o”to ws a 2e tsdng rsery e,e6artuo t’Inihehhniadn“ou d

dagi a lsne ’nhbneEntorhwosoatetSor .nsewS- l e-tPOeomoc ii-er desta dk

dc tuerp Ilks Sits,ctds. ” eIkeia itief.e’lis “p

nr.SitaaaokvOnetd mipni t St t lynam cMo iaa galrn etsah lrao,ntk edcttearEr scg;hsonl stessrioaA,eoan&n iel iPemooecmw era

uts rm ly e hltsen r oo emoaps toy ereoo m lSdie failHdbutaeyerfnse woredt pa ba aa•ai dtcnte. i sd etehfe eclhdyr