Corporate Partner Louis Lehot Expands
National News
According to a press release distributed by Shepard Mullin today, Louis Lehot has joined the Silicon Valley office of Sheppard, Mullin, Richter & Hampton LLP as a partner in the firm's Corporate practice group. Lehot joins Sheppard Mullin from Simpson Thacher & Bartlett LLP in Palo Alto.
Lehot's Silicon Valley practice is focused on advising technology companies and their financial sponsors and investment banks in M&A transactions, capital raising transactions, strategic and commercial transactions, as well as corporate governance and securities law compliance matters.
Lehot's recent M&A experience includes advising SiRF Technology in its public stock-for-stock merger with CSR plc, and recent capital markets deal credits include advising the underwriters in Oracle Corporation's $4.5 billion debt financing, in Micron Technology's concurrent public common stock and convertible note offerings and in GLG Partners' convertible note offering. His clients have included technology names such as AOL, Seagate Technology and SiRF Technology, investment banks including Bank of America Merrill Lynch, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, UBS and Wachovia, as well as leading Bay Area-based financial sponsors.
"Louis is a rising star in the deal world and an excellent fit firm wide with both our Corporate practice group and technology practice, as well as our Silicon Valley office. His Wall Street law firm expertise coupled with his Silicon Valley experience will be of great value to our clients," said Guy Halgren, chairman of the firm.
Commented Lehot, "Sheppard Mullin offers a large statewide footprint for a technology company practice in Silicon Valley. Additionally, the firm's New York, Washington, D.C. and Shanghai offices and leading digital entertainment, media, energy and high technology practices provide a full-service and international platform to support our clients. I am thrilled to be joining the firm and look forward to growing the Silicon Valley corporate and transactional practice with partner Riaz Karamali."
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Workers’ Compensation Subrogation of Administrative Fees and Costs
When a worker covered by workers’ compensation makes a claim against a third party, the workers’ compensation insurance retains the right to subrogate against any recovery from that third party for all benefits paid to or on behalf of a claimant injured at work. When subrogating for more than basic medical and indemnity benefits, the Texas workers’ compensation subrogation statute provides that “the net amount recovered by a claimant in a third‑party action shall be used to reimburse the carrier for benefits, including medical benefits that have been paid for the compensable injury.” TX Labor Code § 417.002.
In fact, all 50 states provide for similar subrogation. However, none of them precisely outlines which payments or costs paid by a compensation carrier constitute “compensation” and can be recovered. The result is industry-wide confusion and an ongoing debate and argument with claimants’ attorneys over what can and can’t be included in a carrier’s lien for recovery purposes.
In addition to medical expenses, death benefits, funeral costs and/or indemnity benefits for lost wages and loss of earning capacity resulting from a compensable injury, workers’ compensation insurance carriers also expend considerable dollars for case management costs, medical bill audit fees, rehabilitation benefits, nurse case worker fees, and other similar fees. They also incur other expenses in conjunction with the handling and adjusting of workers’ compensation claims. Workers’ compensation carriers typically assert, of course, that, they are entitled to reimbursement for such expenditures when it recovers its workers’ compensation lien. Injured workers and their attorneys disagree.