Apr. 21, 2016
Laura A. Zwicker
See more on Laura A. ZwickerGreenberg Glusker Fields Claman & Machtinger LLP | Los Angeles
Planning the estates of high net worth clients can tax California's best attorneys, but Laura A. Zwicker thrives in the practice.
"It's a fantastic balance between intellectual meat and the personal satisfaction of making someone's life better," she said of her work as chair of Greenberg Glusker's Private Client Services group.
As longtime counsel to the Sterling Family Trust, Zwicker drafted the trust restatement that in 2014 allowed Rochelle Sterling to sell the Los Angeles Clippers over the objections of husband and co-trustee Donald Sterling.
The choice was stark: fight the National Basketball Association and risk undergoing a forced sale, which would devalue the asset, or invoke a mental incapacitation provision to remove Donald and retain control over price and buyer.
"That provision turned out to be pivotal in moving forward with the sale on the NBA's mandated timeline," Zwicker said. "But coaching her through that moment of personal crisis was challenging."
Post-sale, Zwicker ensured Rochelle Sterling, now sole trustee, fulfilled her fiduciary duty to her husband in investing the funds and keeping him properly informed.
Another matter involved drafting new terms for a tech billionaire's business legacy that could withstand challenges from unhappy heirs.
"Rather than ensuring that his family got maximum value out of the company, the client cared more about ensuring that his business partner and co-founder had maximum flexibility to retain control and grow the company," she explained.
To accomplish this, Zwicker revised her client's personal estate plan so any challenge to the business shareholder agreement could trigger disinheritance.
"Making the best barrier around both sets of documents protected the client's objectives and shielded the attorneys from any malpractice claim from the beneficiaries," she said.
- America Hernandez
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