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Orrick, Herrington & Sutcliffe

Most innovative North American law firms 2016: Making a difference

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Total innovation score27
CommentFor over 30 years, California school districts have argued that their municipal bonds deserved AAA status. In clarifying that the bonds are secure and used only for funding schools, Orrick helped to change the law to recognise bondholders as secured creditors in the event of a bankruptcy. This has significantly lowered borrowing costs for schools across the state.