TrustLaw Training: Social Enterprise & Impact Investing

13 September 2016
Morrison & Foerster LLP 425 Market St., San Francisco, CA 94105

Date & Time

  • 13 September 2016
    9:00 - 18:00 (full-day training)
    18:00 - 20:00 (cocktail reception)


  • Morrison & Foerster LLP 425 Market St., San Francisco, CA 94105

On 13 September 2016, the TrustLaw team and social innovation experts will run a full-day accredited legal training course on social enterprise and impact investing.

This course will explore key legal issues and trends in the burgeoning social innovation space and provide lawyers and other professionals with the skills they need to advise the different stakeholders in the sector. It is the first of its kind to combine hands-on legal training with practical case studies and excellent networking opportunities, facilitating strategic discussions and the sharing of best practices in the realm of social entrepreneurship and impact investing.

Teaching will be delivered with a mix of lectures, panels, and interactive activities facilitated by academics, lawyers, social investors and social entrepreneurs themselves.

At the end of this training, participants will become part of a community of practice and should be able to:

  • Understand the shape of the social economy in the U.S. and how the U.S. has positioned itself as a leading player in this space globally
  • Advise on the appropriate business structure for different social enterprises and on different mechanisms to lock social mission into business activities
  • Recognize the key legal issues facing social entrepreneurs to help ensure agreements and commercial documentation reflect the financial and social realities of this rapidly growing sector
  • Have a clear understanding of some of the different tools used to inject capital into socially focused businesses, including social impact bonds, crowdfunding and impact investment funds


Full-Day Course - $400

Breakfast, lunch, and drinks reception included. Group discounts are available. NGOs and social enterprises are entitled to a reduced rate. For more information, please contact Carolina Henriquez-Schmitz.

The cost of the course goes to support the work of the Thomson Reuters Foundation’s global pro bono service, TrustLaw, which connects the world’s leading legal teams to provide free legal assistance to NGOs and social enterprises working for social and environmental change.


  • Part 1
  • Part 2
  • Part 3
  • Social Enterprise

    The first part of the course is designed to provide participants with a big picture market overview of the social enterprise space in the United States and beyond. Three topics, ranging in format from lectures to interactive workshops, will give attendees a thorough overview of the market, structuring options, and the key legal challenges that arise for lawyers and other professionals serving this space.

    8.30 - 9.00 | Registration & Coffee/Breakfast

    9.00 - 9.20 | Introduction & Keynote Address

    Keynote Speaker: Cheryl Dorsey, President, Echoing Green

    9.20 - 9.50 | Social Enterprise 101: The Big Picture
    A market overview of the social enterprise sector in the U.S. including definitions of social enterprise, history, key terminology and key debates.

    Speaker: Alina Ball, Associate Professor of Law, UC Hastings College of the Law

    9.50 - 11.00 | Structuring Social Enterprises - Lecture & Panel
    The lecture will cover the different types of structures and financing available to social enterprises, including:

    • Types of structures and key differences, including for-profit, nonprofit, benefit corporation, flexible purpose corporations, L3C and hybrids
    • Financing: grants, debt, equity, social investment, capital markets instruments
    • Locking in social purpose
    • Challenges in blending social purpose and financial return
    • Shareholders vs. Stakeholders

    The panel will consist of an exchange of personal insight and experiences on when each structure is most suitable for a social enterprise, to separate the hype from the practical utility of the new forms.

    Moderator: Perry Teicher, Impact Finance Fellow, Orrick, Herrington & Sutcliffe LLP

    Panelists: William Clark, Partner, Drinker, Biddle & Reath LLP; Susan Mac Cormac, Partner, Morrison & Foerster; Robert Wexler, Principal, Adler & Colvin

    11.00 - 11.15 | Networking Break

    11.15 - 12.30 | Workshop - Structuring & Locking in Social Mission
    This interactive session will build on the previous session, and allow participants to practice advising social entrepreneurs on the right structure and how to lock in social mission based on case studies.

    12.30 - 1.30 | Social Enterprise Expo Lunch
    Lunch expo to showcase interesting developments in social enterprise and impact investing from around the world.

    1.30 - 2.30 | Through the Eyes of a Social Entrepreneur
    Overview of the key legal challenges faced by new social businesses including shareholder agreements, intellectual property, privacy policies, and employee issues. The session will include an interactive panel in which featured social enterprises will share practical lessons about real-life legal issues encountered.

    Moderator: Jonathan Ng, Attorney Advisor, USAID for Power Africa

    Panelists: Cynthia Koenig, CEO, Wello; Barb Krause, Senior Corporate Counsel, Singularity University

  • Impact Investing

    The second part of the course will deep dive into the social finance space, bringing the legal perspective to topics including impact investment fund structures, different funding models for social enterprises, and crowdfunding.

    2.45 - 3.15 | Introduction to Social Investment
    A market overview of the social investment space in the U.S. covering the history of social finance in the U.S., facts and figures on the size of the market, review of the "big players", and identification of key gaps and challenges to move the market forward.

    Speaker: Erika Karp, Founder & CEO, Cornerstone Capital Inc.

    3.15 - 4.00 | Social Enterprise Funding Models
    A broad look at the funding models available to social enterprises in the U.S., including social impact bonds and an in-depth analysis of law and regulation relating to crowdfunding.

    Speaker: John Katovich, Founder, Cutting Edge Counsel; Jennifer Walske, Visiting Fellow, Blum Center for Developing Economies, UC Berkeley

    4.00 - 4.15 | Networking Break

    4.15 - 5.30 | Lecture + Panel: Impact Investment Funds
    Key fund managers and financial intermediaries analyze the types of legal structures used for social investment funds, discuss gaps in the market and explore future perspectives on the space.

    Moderator: R. Todd Johnson, Partner, Jones Day

    Speakers: Will Fitzpatrick, General Counsel, Omidyar Network; Victoria Fram, Managing Director, VilCap Investments, LLC; Alycia Kellman, Chief Counsel & Head of Debt Funds, SunFunder; Mark Perutz, Partner, DBL Partners

    5.30 - 6.30 | Workshop: Structuring an Impact Investment

  • Global Perspectives Panel & Cocktail Reception

    6.00 - 7.00 | Cocktails

    7.00 - 7.30 | Global Developments in Social Enterprise and Impact Investing
    Lively conversation with social innovators that will provide insight into the different approaches taken to support social enterprise and impact investing around the world.


  • Carolina Henriquez Schmitz

    Regional Lead and Legal Manager, Americas, TrustLaw


  • Holland & Knight is a global law firm with more than 1,200 lawyers and other professionals in 28 offices throughout the United States, Mexico, Columbia and the United Kingdom. Our lawyers provide representation in litigation, business, real estate and governmental law.

    Holland & Knight has a long tradition of public service. The firm's commitment to pro bono work and community service was led by the late Chesterfield Smith, the firm's founder and chairman emeritus. Holland & Knight's Public and Charitable Service Department integrates the firm’s global pro bono, community service and charitable giving initiatives to make deep investments in communities in need.

    Our signature efforts include a focus on Veterans and the Military, Social Entrepreneurship, Civil Rights, Human Rights and Children and Education. Our firm is proud to provide legal, organizational and financial assistance to these positive forces for social change. To learn more, please visit:

  • For over two decades, Morrison & Foerster has cultivated a cutting-edge legal practice supporting social enterprises, mainstream companies aiming to make an impact, and the full range of impact investors.

    We regularly advise social enterprises as they structure their companies to maximize impact and guide all types of impact investors – from those that focus on impact first to those that prioritize returns while striving for impact –in structuring funds and investments.

    Our attorneys drafted the first new corporate form, California’s Social Purpose Corporation (SPC), now also the Public Benefit Corporation (PBC) in Delaware, and have been on the forefront of the movement toward integrated reporting to ensure that ESG factors are measured and reported to investors in the same way as financial returns.

    Our team shares a dedication to impactful change and work closely with clients to align social and environmental considerations with smart business strategies.

  • Orrick was the first global law firm to establish an Impact Finance & Social Enterprise practice and is proud to be advising a broad range of innovative investors, companies and government parties in this rapidly emerging space. Our Impact Finance & Social Enterprise team, located in our offices throughout the U.S, Europe, Africa, and Asia, provides a wide range of legal services to clients seeking to achieve positive social and environmental impact alongside financial returns.

    We serve as counsel to impact investment funds, assist social enterprises (including hybrids and newly authorized corporate forms such as the benefit corporation) with formation and financing, and advise foundations, governments, multilateral organizations, NGOs and intermediaries in domestic and cross-border transactions. As demand for impact investment opportunities continues to grow, so too has our expertise and capacity to represent and advise clients on these cutting edge transactions and business ventures.

    We were the first global law firm to become a member of the GIIN, and we have been recognized by the Financial Times for our Impact Finance practice and as one of the Top 10 Most Innovative North American Law Firms for the past five consecutive years. We pride ourselves on our ability to assist clients in finding solutions to the unique and complex legal issues that arise in the impact investing and social enterprise context.