David G. O’Leary's practice is concentrated primarily in the areas of employee stock ownership plans (ESOPs), employee benefits law, executive compensation, estate planning and related taxation. A member of the Private Wealth Services Group, he has considerable experience advising clients in these matters.
ESOPs. Mr. O’Leary has advised companies and shareholders regarding the use of ESOPs in succession planning, leveraged buyouts, corporate reorganizations and corporate financial strategies. He has represented the company and the shareholders in the corporate transactions necessary to implement such strategies. He has advised corporate and individual ESOP trustees and corporate officers and board members on fiduciary matters, including breach of fiduciary duties, prohibited transactions and delegation of responsibilities. He has represented ESOP trustees in both sale and purchase transactions. He has also represented lenders in transactions to finance the ESOP purchase of stock from selling shareholders, or to finance the acquisition of a new business. Mr. O’Leary has been involved in all facets of the ESOP cycle, including feasibility studies, plan design and implementation, leveraged financing and refinancing, sale of securities and plan terminations. He has considerable experience with plan audits and investigations by the Internal Revenue Service and Department of Labor.
Employee Benefits, Executive Compensation and ERISA. Mr. O'Leary has advised companies with respect to the design and implementation of employee benefit plans, tax-qualified deferred compensation and pension plans, non-qualified deferred compensation arrangements, employee stock ownership plans, stock option plans, phantom stock plans and other equity-based incentive arrangements, fiduciary liability and ERISA issues in mergers and acquisitions. He has considerable experience advising plan trustees regarding the plan asset and prohibited transaction rules applicable to nontraditional pension plan investments, such as real estate, debt participation instruments and private equity and venture capital firms.
Tax and Estate Planning. A Certified Public Accountant, Mr. O’Leary is well versed in the latest developments in the tax area, including the use of estate freezes and other methods of minimizing estate taxes. He has extensive experience with sophisticated wealth transfer techniques, including irrevocable life insurance trusts, family partnerships, charitable trusts and grantor-retained income trusts. He also has considerable experience crafting business ownership succession plans to facilitate ownership succession transactions and to reduce family-owned or closely held company tax burdens.