About Hanson Bridgett

Press Release

  • Print Page
  • Email Page
  • Share this page
Hanson Bridgett Client, Alliant International University, Is Now A Benefit Corporation
-Firm structures first ever deal of its kind

March 2, 2015 (SAN FRANCISCO, CA) — Hanson Bridgett LLP announces that it has successfully represented Alliant International University in its remarkable transition from nonprofit to public benefit corporation. This marks the first time ever that a multi accredited university in the United States is using this public benefit corporation model.

A for-profit benefit corporation - a structure now available in 27 states including California and Delaware - and introduced in 13 other states – is the first corporate form which must consider social impact and the environment in addition to creating shareholder value. This new corporate form is gaining traction in many other industries as well.

The deal, structured by a team of Hanson Bridgett attorneys led by Partner Jonathan Storper, entailed securing an investment by a venture capital group which is funded by Bertelsmann, the international media company.

"It is tremendously gratifying to help a storied institution like Alliant survive and thrive, particularly in this trying economic climate," said Jonathan Storper, Hanson Bridgett partner. "This opens up so many possibilities for other struggling nonprofit institutions that are vitally important to the fabric of our communities. Some in the legal community predicted that we couldn't get this done because of regulatory and financial impediments; we proved them wrong. This is a game changer.” Attorney Storper was instrumental in drafting California’s Benefit Corporation law and was named by California Lawyers as Attorney of the Year in 2012 for his work on this legislation.

Alliant International University is a private university with more than 4,000 students and ten campuses in California, Mexico City, Tokyo and Hong Kong. Alliant offers graduate and professional degree programs in psychology, business, education management and law.

The Hanson Bridgett team was simply fantastic," said Alliant President Geoffrey Cox. "This transaction required us to break new ground in higher education. Jonathan Storper gave my Board tremendous confidence, and patiently addressed every issue and question. He also was a steady and firm negotiator on our behalf. We could not have been better represented,” Cox said.

The benefit corporation structure mandates that Alliant will be publicly accountable for continuous improvements in student diversity and success, community engagement, employee fulfillment, and financial sustainability.
About Hanson Bridgett LLP

Founded in 1958, Hanson Bridgett has more than 150 attorneys located in offices in San Francisco, the North Bay, Sacramento, and the East Bay. Our clients range from multinational Fortune 500 corporations to individuals, including a number of public agencies in California. More information on Hanson Bridgett can be found at www.hansonbridgett.com.
Michelle Klopp
Hanson Bridgett LLP
Chief Marketing Officer
(415) 995-5075