Law Firms Staffing Up Clean-Tech Groups
Law firms following the money are ramping up their clean-tech practices. Despite the slowing economy, venture capitalists are still pouring money into clean energy technologies, such as wind, solar power and fuel cells. Now, as the amount of capital invested in green technologies continues to grow, a number of law firms have already begun strengthening their practices in sustainable energy and clean technology. Amid the trend, executive search firm, A.E. Feldman, says legal jobs are opening up for professionals with expertise in intellectual property (IP), including IP strategic counseling, comprehensive IP due diligence work, as well as patent and trademark acquisition/infringement. Firms are also looking for attorneys with expertise in carbon finance and environmental law.
Investment in Clean-Tech Growing
RockPort Capital Partners announced it just closed its third venture capital fund, pulling in commitments of more than $450 million to be focused on clean technology investments. This brings Rockport’s total assets under management to nearly $850 million. Officials at the venture firm say RockPort’s Fund III will invest in emerging clean tech companies to help them in the development of technology and products. To date, RockPort has invested in nearly 40 clean-tech companies since it was founded in 2000.
Capital invested in clean energy technologies in the U.S. grew by 18% to $571.6 million in the first quarter of 2008 compared to $483.9 million for the same period last year, according to ETFGuide, citing an Ernst & Young report based on data from Dow Jones VentureOne.
Moreover, the U.S. Senate recently began deliberation of the Climate Security Act of 2008 which calls for capping carbon dioxide emissions from power plants, transportation and industrial sources in order to reduce U.S. greenhouse gas emissions 19% by 2020 and 71% by 2050. According to BusinessWeek, however, the International Energy Agency (IEA) estimates that $45 trillion in clean-tech investment is needed to bring carbon dioxide levels under control by 2050. That’s 1.1% of average annual global GDP invested between now and 2050, or just over $1 trillion a year. Looking ahead, law firms are bracing for the onslaught of legal issues and business opportunities involving companies and investors in the clean technology sector.
Casework Mounting
The Cleantech Group at Heslin Rothenberg Farley & Mesiti P.C. monitors intellectual property trends in the clean-tech arena. The group says issued patents are one indicator of innovation in clean energy technology, and recent litigation in this sector indicates the technology is becoming financially viable to justify patent enforcement. Several cases filed in the federal courts reveal the increasing importance of clean energy patents.
The Heslin Rothenberg Cleantech Group recently announced results for the first quarter of 2008 for its Clean Energy Patent Growth Index (CEPGI). The group’s findings reveal the CEPGI to have a value of 220 granted U.S. patents.
Heslin Rothenberg says the long term trend for the components of the CEPGI show Fuel Cells continuing to dominate, although granted wind patents continue to trend upwardly following a third quarter drop. Tidal/wave energy granted patents also hit a high last seen in 2004, while geothermal patents reached a new high, according to the group.
Heslin Rothenberg contends that the existence of clean energy patent cases throughout the country is evidence of the substantial value of these patents and, if the market for clean energy continues to grow, the number of patent cases is likely to increase as more patents are granted.
The Heslin Rothenberg cleantech group has analyzed litigation and trademark trends in the clean energy area and reports that litigation has proliferated over the last several years along with “GREEN” trademarks. Trademark application filings using the word “GREEN” were 3.5 times greater in 2007 than in 2006, and have increased tenfold since 2004. Jeff Rothenberg, Heslin Rothenberg’s Managing Partner says, “We found a substantial spike in the use of “GREEN” in trademark filings which follows the upward trend shown by clean energy patents in the Clean Energy Patent Growth Index.”
Law Firms Staffing Up
Boston intellectual property law firm, Wolf, Greenfield & Sacks, P.C. announced it has created a clean-tech practice group to formalize its practice in representing companies in various segments of the clean-energy industry.
Wolf, Greenfield’s clean-tech Group includes 13 lawyers and six Ph.D. technology specialists. Due to the fact that most clean-tech breakthroughs involve combining different technical disciplines, the firm says it takes a multidisciplinary approach involving expertise in chemistry and chemical engineering, materials science, biotech, electrical engineering, optics, and mechanical engineering.
“We’ve been working more intensively with clean technology industries, and the time is right to formalize the practice area,” said Timothy J. Oyer, Wolf Greenfield President and Managing Partner.
Besides serving start-ups and established clean-tech companies, Wolf, Greenfield also represents academic and research institutions as well as investors looking to identify and invest in next-generation clean technologies.
Brown Rudnick also recently announced that it has established a clean-tech team to serve the needs of companies and investors involved in renewable, sustainable, and environmentally safe technologies. Joseph F. Ryan, Brown Rudnick’s CEO says clean-tech is a “rapidly evolving sector.” The firm says its clean-tech group pools talent from a number of its established practice groups, including energy, climate, corporate & emerging growth, corporate finance, structured finance, intellectual property, environmental, government relations, and tax.
Morrison & Foerster formed its green-tech IP group back in early 2006. The group counsels venture capitalists investing in renewable energy and environmental technology. According to Law.com, the group has more alternative energy clients than the firm’s 50-lawyer energy practice. The report quotes the firm’s veteran IP attorney, Thomas Ciotti, as saying last year, “There’s potential for explosive growth in the field.”
Law.com also lists several law firms that have built practice groups that cater to companies and venture firms that have moved into the clean-tech sector, including Knobbe Martens, Cooley Godward Kronish, Foley & Lardner, Heller Ehrman, Latham & Watkins, and Morgan, Lewis & Bockius.
