On June 25, 2018, the board approved the 2018-2020 list of legal service providers, authorized the superintendent and/or general counsel to continue obtaining outside legal counsel, and authorized execution of extension of retainer agreements for the same time period. At that time various firms were approved for use in public financing expertise.
At the request of the chief financial officer, staff is seeking board approval that Orrick, Herrington & Sutcliffe, LLP, be added to the approved list to assist with matters related to the Securities and Exchange Commission, and possible assistance with future bond and disclosure counsel services. Orrick, Herrington & Sutcliffe, LLP has provided bond and disclosure counsel services to the district as recently as 2016 and 2017.
Due to the complexities associated with Security and Exchange Commission work, the rates for these very narrow services are higher than those of counsel currently authorized for use. The current hourly rates range from $560 to $925 an hour for attorney and $235 for paralegal. The principal partner working on the assignment, Lily Becker, will be charging $895 per hour. As part of negotiations, Orrick has agreed to freeze these rates for the term of the agreement through June 30, 2020. Rates ranges from Bond and disclosure work will continue in the same manner previously approved, as part of the approved transaction in which they are involved.
This Board Agenda Item supports LCAP Goal 4, coherent and transparent systems, because this is providing the district the ability to obtain specialized legal support to meet the district’s ongoing needs.
For questions regarding this board item, please contact Jennifer Carbuccia at 619-407-4940 or jennifer.carbuccia@sweetwaterschools.org, and/or Jenny Salkeld at 619-691-5551 or jenny.salkeld@sweetwaterschools.org.