Tag Archives: firm

legal

Richardson Joins Nussbaum Gillis & Dinner As Partner

Nussbaum Gillis & Dinner, P.C. announced that Scott J. Richardson has joined the firm as a partner.  He will focus on insurance and pest control regulatory issues.

“Scott is widely viewed as one of the foremost experts in Pest Control and Landscape regulatory matters not only in Arizona but across the nation”, said Randy Nussbaum, Managing Partner of Nussbaum Gillis & Dinner P.C.  “We’re excited that Scott has agreed to join our team and that he is helping us grow our practice areas to include insurance and pest control regulatory issues.”

“Nussbaum Gillis & Dinner is a growing firm that is the perfect fit for me as I continue to expand my client base, many of which are in the pest control industry,” said Richardson.  “I’m excited to join this talented team of legal professionals.”
Richardson will continue to serve as Counsel and lobbyist to the Arizona Pest Management Association.  An author of numerous articles and books related to the pest-control industry, he also teaches courses approved for credit by the Arizona Structural Pest Control Commission.

Richardson is a member of The National Pest Management Association, The Arizona Pest Professionals Organization, Arizona Landscape Contractors Association, and The Arizona Pest Management Association and was recently an Executive Council Member of the Administrative Law Section of the Arizona State Bar.

He is also active in his local school district and was Founder of the Horizon High School Booster Club, Founding Board Member of the Paradise Valley Education Foundation, Founder of Farewell Fiesta (an all-night drug and alcohol free party for Horizon High School graduates, attended annually by 1000 students and now in its 21st year), and Chairman of the Foundation for Public Education in the Paradise Valley School District.

Richardson earned his J.D. from DePaul University in 1974.

legal

Richardson Joins Nussbaum Gillis & Dinner As Partner

Nussbaum Gillis & Dinner, P.C. announced that Scott J. Richardson has joined the firm as a partner.  He will focus on insurance and pest control regulatory issues.

“Scott is widely viewed as one of the foremost experts in Pest Control and Landscape regulatory matters not only in Arizona but across the nation”, said Randy Nussbaum, Managing Partner of Nussbaum Gillis & Dinner P.C.  “We’re excited that Scott has agreed to join our team and that he is helping us grow our practice areas to include insurance and pest control regulatory issues.”

“Nussbaum Gillis & Dinner is a growing firm that is the perfect fit for me as I continue to expand my client base, many of which are in the pest control industry,” said Richardson.  “I’m excited to join this talented team of legal professionals.”
Richardson will continue to serve as Counsel and lobbyist to the Arizona Pest Management Association.  An author of numerous articles and books related to the pest-control industry, he also teaches courses approved for credit by the Arizona Structural Pest Control Commission.

Richardson is a member of The National Pest Management Association, The Arizona Pest Professionals Organization, Arizona Landscape Contractors Association, and The Arizona Pest Management Association and was recently an Executive Council Member of the Administrative Law Section of the Arizona State Bar.

He is also active in his local school district and was Founder of the Horizon High School Booster Club, Founding Board Member of the Paradise Valley Education Foundation, Founder of Farewell Fiesta (an all-night drug and alcohol free party for Horizon High School graduates, attended annually by 1000 students and now in its 21st year), and Chairman of the Foundation for Public Education in the Paradise Valley School District.

Richardson earned his J.D. from DePaul University in 1974.

skd258400sdc

Nussbaum Gillis & Dinner Adds Two Offices

Nussbaum Gillis & Dinner, P.C. announced that David A. McCarville has joined the firm as a partner.  McCarville is expected to lead the firm’s growth and expansion in the Probate, Trust and Estates practice areas.

Nussbaum Gillis & Dinner, P.C. also announced that McCarville’s current offices in Casa Grande and Avondale will be renamed and maintained, marking a physical expansion for Nussbaum Gillis & Dinner, P.C. from its Scottsdale offices into Pinal County and the West Valley.

“David’s addition to our firm is a triple crown winner for us,” said Randy Nussbaum, Managing Partner of Nussbaum, Gillis & Dinner, P.C.  “In addition to being a great lawyer, David allows the firm to expand its practice areas to include Estate Planning and Probate, plus allows us to physically expand our presence beyond our Scottsdale facility into Pinal County and the West Valley.”

When not working, McCarville spends his free time with his wife Judy and their 4 young girls ages 11, 10, 6, and 2.

skd258400sdc

Nussbaum Gillis & Dinner Adds Two Offices

Nussbaum Gillis & Dinner, P.C. announced that David A. McCarville has joined the firm as a partner.  McCarville is expected to lead the firm’s growth and expansion in the Probate, Trust and Estates practice areas.

Nussbaum Gillis & Dinner, P.C. also announced that McCarville’s current offices in Casa Grande and Avondale will be renamed and maintained, marking a physical expansion for Nussbaum Gillis & Dinner, P.C. from its Scottsdale offices into Pinal County and the West Valley.

“David’s addition to our firm is a triple crown winner for us,” said Randy Nussbaum, Managing Partner of Nussbaum, Gillis & Dinner, P.C.  “In addition to being a great lawyer, David allows the firm to expand its practice areas to include Estate Planning and Probate, plus allows us to physically expand our presence beyond our Scottsdale facility into Pinal County and the West Valley.”

When not working, McCarville spends his free time with his wife Judy and their 4 young girls ages 11, 10, 6, and 2.

Navajo Tribal Utility Authority Solar Investments

First Solar buys S. Calif. power project

First Solar said Monday that it has purchased a 150-megawatt power project in Southern California.

Construction is expected to start this year and finish in 2014. The Tempe company said that the plant could generate enough electricity to power more than 60,000 average California homes.

First Solar Inc. bought the project, which is near El Centro, Calif., from Goldman Sachs Group Inc., energy investment firm Energy Power Partners and a third partner that it didn’t identify. It didn’t say how much it paid.

First Solar, one of the largest solar panel manufacturers in the world, also develops and builds large solar farms that generate electricity sold to utilities.

Its stock added 28 cents, or 1 percent, to $27.24 in afternoon trading.

The industry has in recent years been struggling with a steep drop in solar panel prices. Demand stagnated while manufacturing capacity increased and costs for raw materials plummeted.

Avnet's Roy Vallee On Leadership

Avnet’s Roy Vallee On Leadership

Thirty-seven years ago Roy Vallee was stocking shelves at a small electronics distribution company in Los Angeles. That small firm has grown up to become Avnet, Inc., a Fortune 500 firm located in Phoenix, Arizona. Avnet is one of the largest distributors of electronic parts, enterprise computing and storage products, and embedded subsystems in the world. And Roy Vallee is the CEO and chairman of the board. One morning recently, marketing professor  Antony Peloso sat down with Mr. Vallee to talk about Avnet, his leadership style, and how to motivate employees — even in a far-flung global operation. Professor Peloso leads the Marketing Professional Sales and Relationship Management Initiative, which fosters strong relationships between students who are headed for careers in sales, marketing faculty members and corporate partners. The goal is to build professional sales capabilities and advance the profile and status of the sales function. And now let’s hear what Mr. Vallee has to say about one the toughest jobs of leadership: motivating employees. (26:42)

The podcast no longer works, please check the wpcarey website for the transcript.

first job john j. bouma

First Job: John J. Bouma, Snell & Wilmer

John J. Bouma
Chairman
Snell & Wilmer

Describe your very first job and what lessons you learned from it.
My first job was working for my father at the Rialto Theater in Pocahontas, Iowa. It was a very nice, small town theater. I ushered guests, changed the names of the movies on the marquee, switched out movie posters, took tickets, sold tickets, and occasionally ran the projectors. I learned how important it is to be on time, to be courteous and attentive to customers, and to take into consideration people’s individual circumstances. People, and particularly kids, who did not have the ticket price would often get in free.

Describe your first job in your industry and what you learned from it.
My first job in the legal field was as a brand new lawyer at a law firm in Milwaukee. After a few months, I went on active duty as a lieutenant in the Army Judge Advocate General’s Corp (JAG).  Through both jobs, I learned the importance of listening and of preparation. I learned to try cases in the Army, first as a defense lawyer, and then as a prosecutor.

What were your salaries at both of these jobs?
During my years at the Rialto Theater my father gave me an allowance. I may have received an additional quarter or two on the nights I changed the marquee or ushered.
The law firm I joined in Milwaukee following college was one of the top-paying firms in the country at that time, paying new associates a yearly salary of $7,800.

Who is your biggest mentor and what role did they play?
My biggest mentor was my father. He had run away from school in the sixth grade, but became a very successful businessman. He encouraged me in sports, throwing or catching baseballs endlessly, encouraged me to go to law school (on the principle that since I argued so much, I should get paid for it), and then encouraged me to settle in Arizona. My father taught me to say what I think, and to stick to my position if I believe I am right.

Mark Wilmer was also an important mentor to me. He was an outstanding trial lawyer and a real gentleman. From working with him and trying cases with him, I learned that being gentle and courteous is not inconsistent with being a great trial lawyer.

What advice would you give to a person just entering your industry?
It is crucial to establish a reputation for absolute honesty and integrity that can never be compromised or subject to question. Beyond that, if you don’t recognize law as a calling –– an opportunity to help people solve problems –– rather than just a way to make a living, you are in the wrong profession.

If you weren’t doing this, what would you be doing instead?
I would be involved with some nonprofit or public enterprise where I could keep my mind active and where my background and experience could be helpful to the organization. I would also devote even more time to a variety of outdoor activities and travel with my wife and family.

Investing man

Changing Investment Management Firms Can Be Costly

Patience, it turns out, can be indeed a virtue — especially for retirement plan sponsors. Sunil Wahal, professor of finance at the W. P. Carey School of Business at Arizona State University, and his co-authors compiled a database of hiring and firing decisions made by more than 3,700 plan sponsors between 1994 and 2003. The reasons plan sponsors change investment management firms vary, but often the sponsors hire firms that have recently earned significant excess returns.

However, Wahal and his team found that those high fliers do not perform as well after they are hired, and the fired firms sometimes go on to turn in impressive numbers. If plan managers had stayed with their original managers, Wahal says, their excess returns would have been larger than those delivered by the newly hired managers.

“When firing decisions are made, one needs to be very careful and cognizant of the costs involved,” Wahal says.

Factor costs into decisions
Wahal’s study of the selection and termination of investment management firms by plan sponsors looked at 9,684 hiring decisions by 3,737 plan sponsors between 1994 and 2003. The plan managers hired by the sponsors were responsible for delegating $737 billion in investments. The study also examined 933 firing decisions by 515 plan sponsors between 1996 and 2003. Nearly $117 billion of investments were impacted by those decisions.

“There is an enormous amount of money that is invested in the market by plan sponsors. These organizations make a lot of decisions about who gets to manage the assets for the beneficiaries,” Wahal observes. “Sometimes the hiring and firing decisions they make work well. Sometimes they don’t. The frictions involved in these decisions are costly to beneficiaries.”

The rationale for a change varies. Plan sponsors usually fire investment management firms for poor performance, but sometimes they act because of an organizational change. For example, the investment management firm may have gone through a merger, or a star stock picker or portfolio manager may have left. The plan sponsor also may decide to change direction with its investments, such as switching from running a large-cap stock portfolio to a bond portfolio.

Factors that point to success
Wahal found that consultants are hired to assist plan sponsors in nearly two-thirds of all hiring decisions. Excess returns from consultant-supported decisions are higher, consistent with the notion that a consultant’s expertise adds value when selecting managers. But there’s a downside to consultants. They often take the blame, in place of the firm’s treasurer, when a company with a defined benefits plan selects a plan manager that performs poorly. Even so, using a consultant led to a 3.7 percent increase in three-year, post-hiring returns.

The researchers also found that returns were higher as the size of the plan increased, presumably because the sponsors of bigger plans have more experience selecting investment managers. In addition, they discovered that plan sponsors like to hire investment management firms within their own states. The study found that those in-state, post-hiring returns were positive.

Despite evidence that a number of factors can predict success, plan sponsors typically selected investment management firms by screening their performance based on excess returns. Firms are usually hired after investment managers have done very well, with an average excess return of 13.8 percent three years before the hiring decision.
Yet, after an investment management firm was hired, the study found the excess returns were close to — or below — zero.

“It’s not that they do poorly,” Wahal explains, “they don’t do as well as they had been doing prior to being hired. In other words, when you chase returns, you chase hot hands. But those hot hands don’t seem to persist.”
Wahal also learned that three years after the firing decisions, excess returns were sometimes up, with performance-based firings resulting in bigger return reversals. In fact, it was discovered that had plan sponsors stayed with the fired investment managers, excess returns would be more than what the newly hired managers delivered at some horizons.

Transition costs can add up
When a plan sponsor decides to fire an investment manager, the sponsor then has to take those funds and provide them to the newly hired investment management firm. This process entails what are commonly referred to as transition costs, that is, the cost of selling the old portfolio and creating a new one. Wahal says that “such costs can frequently be as much as 2 percent, and add to any other losses that the plan sponsor might suffer.” So, the newly hired manager is expected not only to deliver superior returns, but also perhaps to recover the 2 percent transition costs. Wahal argues that “to the extent that we do not live in Lake Wobegon, this is quite a challenge.”

“What’s really important is that the firing and hiring process be set up very well,” he says. “You can’t be too quick to jump the gun on firing and hiring because those costs have to be factored into the decision. Someone’s going to bear that loss and typically it’s the beneficiaries of the plan sponsors.”