GREEN SPACE: The legalese of going green

Miller Canfield is Michigan's oldest law firm and, as Metromode has discussed before, has not been afraid to stretch its wings to remain relevant. One way the company is reaching out to a new client base is by developing a climate change practice team out of its Detroit HQ.

The team pulls in counselors and support staff from 14 different practice groups -- ranging from real estate to municipal finance -- to create a new team, one with expertise in the ever-booming world of green. Their three primary areas of focus are green building, renewable energy and carbon finance.

When it comes to green building, there are four main letters of concern for the practice: LEED. The climate practice team assists clients in learning about LEED, reviews grant and loan contracts and ensures that the certification process is properly maintained and recorded.

Mark Bennett, who coordinates the team and serves as its senior counsel, sums up the need thusly: "There's a lot more at stake financially -- it's not just getting a plaque in the lobby!"

In the world of renewable energy, capital formulation is where Miller Canfield really sinks its teeth in. They are working with companies building wind turbine components and circuit boards for solar systems. A lot of what they deal with is state tax abatements. "There is very little manufacturing in the U.S. because of transportation costs," says Bennett. "This is pitting states against each other. States see the long term implications of this activity."

On an analysis note, Bennett sees a real economic future in biofuels that are produced from inedible organics -- wood waste and switchgrass, for example.

Lastly, the practice is engaged in carbon finance, which consists of carbon offset training and the purchase of renewable energy credits. "We research, we take projects through the validation stage and into longterm contracts," says Bennett. "Every year [the offsets] need to be validated and sold."

Miller Canfield also works to educate the lending community, particularly Comerica, as to how it can assist borrowers in tapping into to green finance. Bennett thinks the firm's global reach -- it has offices in Europe and Canada -- help it keep abreast of the latest and most progressive.

Source: Mark Bennett, Miller Canfield
Writer: Kelli B. Kavanaugh