Spotlight On: Michael Okaty, Office Managing Partner, Foley & Lardner LLP

Spotlight On: Michael Okaty, Office Managing Partner, Foley & Lardner LLP

2022-07-18T01:35:46-04:00March 1st, 2022|Orlando, Professional Services, Spotlight On|

Michael Okaty Foley & Lardner LLP2 min read March 2022 “Our people are our assets,” Michael Okaty, office managing partner of Foley and Lardner, shared with Invest:. He also discussed how his firm is well-positioned for any challenges that might occur in the current landscape and how they will continue to take advantage of the economic growth and vitality of the region.  

What are your key takeaways from the past year?

It was an exceptional, record-breaking year. Our transaction group, including M&A, private equity, venture capital, securities, fund formation, and investment management, has increased over 35% over the prior two years, both of which were record years. It seems that it will continue and won’t slow down. It’s been an amazing period of time to practice in. There is a significant amount of capital available. There are concerns about tax reform and inflation which is a personal motivation for both sellers and buyers.

Why is there a high demand for transactional services?

There is a large amount of capital in the market. Plus, interest rates remain relatively low and inexpensive. These factors create an environment for a high rate of transactional activity.

How have relocations to the region impacted the industry?

The huge migration into Central Florida was initially temporary due to the pandemic, but some of it has become permanent. The pandemic has showcased how business can be successful in any location. Private equity and venture capital firms are relocating to the area which is increasing the volume and sophistication level of the business environment in the state.

What strategies have you utilized to attract and retain talent?

The labor and talent market is hectic in all levels where quality talent is needed. We have had to take extraordinary measures to mitigate the issues caused by the Great Resignation. We have adopted a national pay scale for our associates, matching the leading market scales adopted in major cities. It has provided our associates with the same compensation no matter what region of the country they are in. It has allowed us to compete on a national scale. We have adapted to the market, including additional benefits such as special COVID bonuses for our associates. We’re also implementing similar measures with our professional staff. Our partners are compensated in a different way, but we remain competitive and in many cases outpace our competitors.

What trends have become prominent in the region and corporate sector?

SPACs increased significantly in 2020, and doubled in the first quarter of 2021. Since then, they have progressively declined although SPAC transactions continue to occur. It’s possible that the number of target companies to acquire in De-SPAC transactions will decrease as well. There have been instances of high profile SPACs who dissolved and returned funds to SPAC investors due to an inability to complete transactions. They will undergo more scrutiny moving forward due to SEC pronouncements and a recent Delaware judicial announcement.

The number of venture capital investments in 2021 was at a record high for the industry. These investments are becoming so significant that some are beginning to be filed under HSR. HSR is often implicated when two companies with competing activities complete transactions with one another. It showcases how much venture capital is in the market and its size. Funds have appeared from those who have had successful exits and the dissolution of hedge funds.

How do you envision the future of your industry?

I believe there will be continued challenges with recruiting and retaining quality talent as well as providing competitive wages in the labor market. The future of the work environment will include a hybrid or remote-work modality. We’ve utilized artificial intelligence in various areas of our daily operations either in due diligence, document preparation, litigation, and more. AI has yet to be adopted in all aspects of the industry as the human element of our sector remains. AI will only enhance our work, making it more efficient, clean, and concise.

What are your near term priorities?

We’ll continue to recruit and shore up key markets. We have offices in all the major money centers in the nation as well as offices in the mid-market. We’ll bolster our current offices and continue to expand. We’re working to enhance our corporate practices. We are also in the final stages of introducing Foley Launch which is exciting.

For more information, visit:

https://www.foley.com/en 

Share This Story!