Marc J. Lane
Marc J. Lane | |
|---|---|
| File:Lane Marc.jpg | |
| Born | August 30, 1946 |
| Nationality | American |
| Alma mater | University of Illinois Northwestern University |
| Occupation(s) | Attorney and Financial Counselor |
| Known for | Advocacy Investing & L3C |
Marc J. Lane (born August 30, 1946) is the author of thirty-two books on corporate management, taxation and personal finance. Click here for a list of his books. Out of proprietary research, he developed a new socially responsible investing approach which he published in the year 2005. [1] His theories challenged the effectiveness of exclusionary screening used by traditional principle-focused investing and suggested a broad revamping of the industry’s methodology for driving change through investments. [2] [3] Lane’s investment approach allows investors to positively express their values on corporate behavior issues such as social justice and the environment through stock selection --- without sacrificing portfolio diversification or long-term performance. [4] Since its inception in 2005, Advocacy Investing has become a popular socially responsible investing method and caused many advisors to look at SRI in a new way. [5]
Lane is actively involved in philanthropic organizations and activities. Servicing and consulting foundations andnon-profits for more than thirty years, Lane authored the Illinois legislation to create an entity called the Low-Profit Limited Liability Company (L3C) which has the potential to dramatically impact Program Related Investing (PRI), and he is also working to promote legislation in various other states. [6] [7]
Biography
Lane graduated from Northwestern University School of Law in 1971. Focusing primarily on searching out what he called “Perry Mason moments” as a litigator, Lane was managing an insurance agency for doctors during law school, which laid the foundation for what would be his life’s work. When he started his own firm upon graduation, he began to provide his doctor clients with advice about incorporation and the ensuing tax benefits advice although he put his focus on litigation. Within two years of earning his law license, he had written a book on professional corporations and had thus given up on litigation to pursue tax and business law full time. As Lane’s practice grew, he recognized his clients’ investment and financial planning needs in addition to the needs of their business. Thus, he decided to integrate legal and financial counseling. In 1985, he established his own NASD-licensed (now FINRA-licensed) broker/dealer. By the year 2002, The Law Office of Marc J. Lane was part of the Marc J. Lane Wealth Group which also included an investment advisory, a broker-dealer and a merchant banking affiliate. [8]
Advocacy Investing
In the 1990s, Lane began to have a different sort of conversation with his clients when new legislation in many states had opened the door to the creation of dynasty trusts, which is a type of trust that will exist in perpetuity. Lane started thinking about how they might influence descendants three or four generations in the future, and how investment choices can be utilized to communicate his clients’ values, along with their money, to heirs. Upon a request by one of his wealth clients, Lane embarked on an eight-year research project. [9] In 2003, out of proprietary research, Lane developed a new socially responsible investing approach, termed Advocacy Investing, then in 2005 he published a book on the subject entitled “Profitable Socially Responsible Investing? An Institutional Investor’s Guide.” [10] Lane’s new investment strategy generated a result that beat the Russell 3000 benchmark by an annual return of 2.53% over the eight years ending December 31, 2003. [11] [12] [13] As a result, Lane’s approach was widely discussed with both affirmative and skeptical views by the mainstream media. The Wall Street Journal commented that Lane’s theories added a new variation to the socially responsible theme. “Lane made the case that the way to do right by your conscience and your portfolio is to drop the typical SRI strategy of ‘negative screening.’ Instead, Lane’s way is to match the specific values of an investor with companies that have similar operational values. For example, a food bank with an endowment to invest would want to buy the stock of a company with a good human-rights record, despite the fact that this company might also happen to produce beer.” [14] Stasia Swisler, President and CEO for the Giving Trust praised the approach by stating that “In the wake of ethics and governance scandals, this guide boldly takes socially responsible investing to a new level.” [15] Acknowledging that Lane’s approach provides an invaluable tool for fiduciaries considering SRI and advances original research finding competitive financial performance for positive screening, book commentator, Wiliam Baue cautioned the readers to take his findings with the same grain of salt as he sprinkles on others’ research as Lane excluded mutual funds outside the purview of his study in his book for practical reasons. [16]
Social Involvement
Lane serves as the founding partner for Social Venture Partners Chicago. He is also the Director and President of Social Enterprise Alliance’s Chicago Chapter, where he authored the Illinois legislation and promoted the establishment of low-profit, limited liability companies (L3C) to leverage foundations' program-related investments to access trillions of dollars of market-driven capital for ventures with modest financial prospects, but the possibility of major social impact. [17] [18]
Lane is a frequent guest on national business and public affairs television and radio networks such as CNBC, ABC, PBS and Sirius Satellite Radio and online media such as TheStreet.com and Forbes.com. He is also a regular columnist for Crain’s Chicago Business. Besides, he is often-requested expert source for publications such as the Wall Street Journal, Financial Times, Money, Christian Science Monitor and Business Ethics. [19] [20]
In his spare time, Lane also teaches law at the Northwestern University School of Law and has taught MBA students at the University of Illinois. [21] [22]
List of books
1. Profitable Socially Responsible Investing? An Institutional Investor’s Guide, Euromoney Institutional Investor PLC, 2005
2. Representing Corporate Officers and Directors, Aspen Publishers, 2005 [supplemented, 2006, 2007, 2008, 2009]
3. Advising Entrepreneurs: Dynamic Strategies for Financial Growth, John Wiley and Sons, 2001
4. Elder Law: Meeting the New Challenges When Advising Elderly Clients, with others, Illinois Institute for Continuing Legal Education, 1997
5. Business Advice & Financial Planning for Lawyers, with others, Illinois State Bar Association, 1995
6. Purchase and Sale of Small Businesses: Forms, Second Edition, Wiley Law Publications, 1991
7. Purchase and Sale of Small Businesses, Second Edition, Wiley Law Publications, 1991
8. Legal Handbook for Small Business, Revised Edition, American Management Association, 1989
9. Due Diligence: Process, Participants and Liability, with others, College for Financial Planning, 1988
10. Representing Corporate Officers and Directors, Wiley Law Publications, 1987
11. Impact of 1986 Tax Code on Closely Held Businesses, The Law Offices of Marc J. Lane, a Professional Corporation, 1986
12. Purchase and Sale of Small Businesses: Tax and Legal Aspects, Wiley Law Publications, 1985
13. Amortization of Intangibles, Bureau of National Affairs, 1983
14. Taxation for Small Business, second edition, John Wiley and Sons, 1982 Legal Handbook for Nonprofit Organizations, American Management Association, 1981
15. Corporations: Pre-Organization Planning, Bureau of National Affairs, 1980
16. Taxation for the Computer Industry, John Wiley and Sons, 1980
17. Taxation for Small Business, first edition, John Wiley and Sons, 1980
18. Taxation for Engineering and Technical Consultants, John Wiley and Sons, 1980
19. Taxation for Small Manufacturers, John Wiley and Sons, 1980
20. Twenty Third Annual Federal Tax Course, with others, Illinois Institute for Continuing Legal Education, 1980
21. The Professional Corporation, Medico Legal Institute, Inc., 1979
22. The Doctor’s Law Guide: Essentials of Practice Management, W.B. Saunders Company, 1979
23. Legal Handbook for Small Business, American Management Association, 1978
24. The Doctor’s Lawyer: A Legal Handbook for Doctors, Charles C. Thomas, 1974
References
- ^ Colter, Gene (13 May 2005). "Sin, Revisited". New York: The Wall Street Journal.
- ^ Lewis, Geoff (1 June 2005). "Advocacy Investing – Catnip for Wealthy Clients?". Overland Park: Registered Rep. Retrieved 12 May 2005.
- ^ Bragga, Rick (1 September 2005). "Finance by the Book". Advancing Philanthropy. Retrieved 12 May 2005.
- ^ Wells, Angela (1 July 7 2004). "New Financial Study Shows Stocks Can Reflect Investor Values without Sacrificing Performance". Sunnyvale: Yahoo Finance. Retrieved 12 May 2005.
{{cite news}}: Check date values in:|date=(help) - ^ Staff writer (13 September 2005). "A New View on Socially Responsible Investing". Advising Boomers. Retrieved 12 May 2005.
- ^ Staff writer (3 April 2009). "Steans advances new socially responsible for-profit organizations". Illinois state Senate Democrats. Retrieved 12 May 2005.
- ^ Duros, Sally (9 February 2009). "How To Save Newspapers". The Huffington Post. Retrieved 12 May 2005.
{{cite news}}: Cite has empty unknown parameter:|1=(help) - ^ Brunts, Julia (9 December 2002). "From seed of law, he grew a business". Chicago Daily Law Bulletin.
{{cite news}}: Cite has empty unknown parameter:|1=(help) - ^ Lewis, Geoff (1 June 2005). "Advocacy Investing – Catnip for Wealthy Clients?". Overland Park: Registered Rep. Retrieved 12 May 2005.
- ^ Colter, Gene (13 May 2005). "Sin, Revisited". New York: The Wall Street Journal.
- ^ Lewis, Geoff (1 June 2005). "Advocacy Investing – Catnip for Wealthy Clients?". Overland Park: Registered Rep. Retrieved 12 May 2005.
- ^ Sirard, Jack (13 November 2005). "Reward of Social Principles". The Sacramento Bee. Retrieved 12 May 2005.
- ^ Staff writer (1 September 2004). "SRI with an Active Twist". Research Reporter. Retrieved 12 May 2005.
- ^ Colter, Gene (13 May 2005). "Sin, Revisited". New York: The Wall Street Journal.
- ^ Staff writer (20 May 2005). ""Profitable Socially Responsible Investing?" Makes a Convincing and Provocative Case for Value-Based Investing". Kiplinger.com.
- ^ Baue, William (4 August 2005). "Book Review - Profitable Socially Responsible Investing? An Institutional Investor's Guide". Social Funds.com. Retrieved 12 May 2005.
- ^ Chan, Emily (10 March 2009). "SL3C Developments & Resources". Social Enterprise. Retrieved 12 May 2005.
- ^ Staff writer (3 April 2009). "Steans advances new socially responsible for-profit organizations". Illinois state Senate Democrats. Retrieved 12 May 2005.
- ^ Penn, Michael (2 June 2005). "Marc J. Lane Investment Management, Inc. Signs United Nations' Principles for Responsible Investment (PRI); Early Pioneer of Principled, Values-Based Investing - Or Advocacy Investing(SM) Supports UNPrinciples". CSR. Retrieved 12 May 2005.
- ^ Penn, Michael (19 July 2006). "THE LAW OFFICES OF MARC J. LANE AND ITS FINANCIAL-SERVICES AFFILIATES JOIN UNITED NATIONS' GLOBAL COMPACT". Northwestern Law. Retrieved 12 May 2005.
- ^ Sirard, Jack (13 November 2005). "Reward of Social Principles". The Sacramento Bee. Retrieved 12 May 2005.
- ^ Bragga, Rick (1 September 2005). "Finance by the Book". Advancing Philanthropy. Retrieved 12 May 2005.