Prof. Warren quoted in story about law firm's growth plan
Clinical Professor Dana Warren, Patrick J. McDonough Director of the Business Law Practicum, was quoted in a <i>Los Angeles Business Journal</i> story about Manatt's expansion into digital media and entertainment.
Excerpt from the story, "Digital Media's Expansion Spurs Firm's Growth Plan:
“In the technology world, it is fairly common,” said Dana Warren, director of the business law practicum at Loyola Law School. “It provides law firms the opportunity to take advantage of access to a vibrant investment situation.”
Firms do have to be careful about how they operate a venture arm, Warren said, since they are often investing in the same clients they represent. To prevent a conflict of interest, many firms limit investment amounts and keep those decisions separate from the legal counsel.
“Regardless of what you do, it does create the potential for a conflict,” Warren said. “The desire of the lawyer to cash out can never play a role in the kind of legal advice that the lawyer is giving the company.”