Law Firms Expanding Climate Change Groups
This week, the U.S. Senate began deliberation of the Climate Security Act of 2008 – a bill which calls for capping carbon dioxide emissions from power plants, transportation and industrial sources with the goal of significantly reducing greenhouse gases. The foundation of the legislation, sponsored by Sens. Barbara Boxer (D-Calif.), Joseph I. Lieberman (I-Conn.) and John W. Warner (R-Va.) is a cap-and-trade system that would put a price on carbon by having a declining cap on greenhouse gas emissions permitted for each year between 2012 and 2050, according to The Washington Post. The report states that under the proposed legislation, U.S. greenhouse gas emissions would drop 19% by 2020 and 71% by 2050. Meanwhile, the Kyoto Protocol expires in 2012, and the world’s nations are under increasing pressure to devise a new international agreement.
Now, as the issue of global warming heats up on Capitol Hill, on Wall Street and among corporations around the world, law firms that specialize in the legal implications related to climate change, including carbon-trading and litigation over greenhouse gas emissions, are expecting new business, according to Law.com. A growing number of law firms are advertising experience in climate change issues and some have already begun expanding this practice area. Amid the trend, executive search firm, A.E. Feldman, says attorney jobs are opening up for professionals with expertise in carbon finance and environmental law.
Climate Change Top Concern
The global consensus that human activity has accelerated global warming and that greenhouse gas emissions may be nearing a tipping point has triggered politicians, executives and investors to take action.
Governments now perceive climate change as one of the greatest threats to national security, and businesses across a broad range of sectors recognize the significant risks and opportunities associated with rapidly evolving regulatory environments at the international, national, and local levels, according to the American Bar Association (ABA). In fact, a recent survey conducted by Ernst & Young and Oxford Analytica , which sought the views of more than 70 insurance industry analysts from more than 20 disciplines including finance, economics, business strategy and law, shows that climate change is their number one concern.
Climate change has already begun to have a significant effect on U.S. law, according to the ABA. The group says most of the states and many cities have adopted laws aimed at climate change. The ABA also reports that lawsuits have been brought all over the country concerning the applicability of the Clean Air Act, the National Environmental Policy Act, other statutes and the common law doctrine of public nuisance to climate change.
Today, as Congress moves toward enacting federal climate change legislation, the assumption that new mandatory federal regulation is inevitable is already affecting many corporate practices. A number of law firms are already expanding their environmental groups. The ABA adds that lawyers across a wide range of practice areas—litigation, corporate, funds, global projects, tax, trade, intellectual property, and more—will need to understand climate change laws and policies to help clients manage complex risks and seize emerging opportunities.
Law Firms Expanding Climate Change Groups
Venable LLP recently announced that it has expanded its Environmental Group, consisting of more than 20 attorneys. “So many of our clients are facing a new generation of laws governing relating to environmental conservation, as well as new standards for urban planning and development,” says Judson Starr, Co-Chair of Venable’s Environmental Group. Judd says the expansion will assist the firm’s clients in dealing with a complex and ever-changing legal landscape.
Sullivan & Worcester LLP also recently announced that it has formed a Climate Change Group to address a variety of business, legal and risk-management issues arising from the global need to preserve and protect the environment. The Group, comprised of lawyers from the firm’s environmental, regulatory, corporate and securities practices, has advised clients on gaining approval of the first carbon-offset credits under California’s new program; negotiating long-term power purchase agreements and developing new clean energy generation facilities; introducing and marketing green, energy-efficiency and conservation products; and addressing sustainable-building initiatives.
“The diverse talents of the partners in this group enable us to provide comprehensive representation to address the myriad issues that arise from today’s heightened emphasis on sustainability, energy efficiency and reducing greenhouse gas emissions,” added Joel Carpenter, Co-Managing Partner of Sullivan & Worcester.
Holland & Knight also just announced the addition of an environmental attorney who works to address environmental compliance, policy strategy and due diligence with an emphasis on legislative and regulatory strategy development to its Public Policy & Regulation Group.
