Crain's Cleveland Business, February 26, 2024

For regions’ ski resorts, light snowfall can be a big problem

Visits are down across North America amid ‘unfavorable conditions’

By Joe Scalzo

It’s not the Winter Olympics. It’s not a Super Bowl commercial or a viral TikTok video or a celebrity’s Instagram post.

No, if you ask Boston Mills general manager Jake Campbell to name the

single best promotion for his ski resort, he’ll point to something simpler.

Snow.

“ e best marketing is snow in your backyard,” he said. “Natural snowfall is incredible because it gets you thinking about winter and that there’s a ski resort right around the corner. If you’re

an outdoor enthusiast — a skier or a snowboarder or a tuber — when you see snow, you want to get outside and sled.

“If it’s 60 degrees, you’re not thinking about that.”

See SNOWFALL on Page 20

Thompson Hine names rst Black rm leader

Tony White to succeed longtime managing partner Deborah Read

By Jeremy Nobile

ompson Hine has announced the election of a successor to longtime managing partner Deborah Read, who has led the Cleveland-based law rm since 2012. e rm said that it has elected Tony White, a trial partner largely specializing in the transportation and logistics industries who has been with the rm since 2004, as its next managing partner.

His transition to that role is e ective May 1.  e rst Black attorney to lead the rm in its 113-year history, ompson Hine notes that White will be “one of a handful of African Americans currently occupying the top role at an Am Law 200 rm and one of only about a dozen to have held the position at any point.”

“I am honored to be entrusted with the rm’s leadership at an exciting time in the evolution of legal service delivery,” White said in a statement.

“I look forward to advancing the positive momentum Debbie initiated, and I am committed to further leveraging the

Meet Electra, the robot that may one day paint your roads

By Dan Shingler

In the future, when a road painter gets hit by a motorist, it will likely require a trip to a repair shop, rather than a hospital or a funeral home.

At least, that’s the future Wyatt Newman and the company he co-founded in Cleve-

land, RoadPrintz, hopes to make a reality.

Newman and his partners are developing robotic painters that can put down lane markings and other on-the-road signage faster and better than humans, without the risk to life and limb that comes with humans working alongside moving tra c.

“We’re halfway through our sixth year

and on our third generation of machines,” Newman said.

e “machine” RoadPrintz is making, dubbed Electra, is built on and around a Ford F550 truck chassis.

“We drive by the F250s and go ‘cute truck,’” Newman said with a chuckle.

It’s a big vehicle, he said, but importantly

it’s also small enough that it can be operated on the road without a commercial driver’s license. at means it's big enough to do large jobs, but still small enough for contractors to operate with existing workers and at lower costs than a larger vehicle would entail.

White

Boston Mills and Brandywine rely heavily on snow machines during winters where natural snowfall is below normal. | CODY LINCK/BOSTON MILLS/BRANDYWINE

200 Public Square parking garage sells for $31.25M

By Stan Bullard

e seven-story parking garage at 320 Superior Ave., Cleveland, has changed hands in a $31.25 million deal as part of a DRA Advisors-led investor group’s push to sell the attached 200 Public Square skyscraper.

e garage, which has traded in the past for as much as $50 million, was acquired by an a liate of InterPark Holdings, a national parking operator with downtown and airport properties. e sale was through UGP Cleveland Garage LLC on Wednesday, Feb. 14, according to Cuyahoga County land records.

Cuyahoga County assigned the parking garage a market value of $10 million for property tax purposes.

e seller, G&IX 200 Public Square Garage LLC, is an a liate of G&IX 200 Public Square, the company formed by New York City-based DRA Advisors to own and operate the skyscraper.

e Chicago-based CBRE Capital Markets Group that handled the o er listed the skyscraper and parking garage separately. Such a move would be designed to wrest as much value from the properties as possible, although the inability to control the attached garage may hobble the tower’s next owner.

CBRE’s plan seems to be coming together with the garage sale. Downtown Cleveland real estate agents have identi ed Namdar Realty Group of Great Neck, New York, as the prospective buyer of the skyscraper, best known locally as the former BP Tower.

No sale of the skyscraper had appeared in county online records as of 11:45 a.m. Feb. 15 but insiders expect the deal to close soon.

e ability to sell the properties separately dates back to 1988 when the garage was added after BP Tower was completed. It was held by local investors until later being consolidated with the o ce tower.

Oswald Cos. opens of ce at Canton’s Hall of Fame Village

By Jeremy Nobile

Beyond the Ordinary

STAN BULLARD

Oswald Cos. has expanded In Northeast Ohio with the opening of an o ce in Canton’s Hall of Fame Village, which marks the 12th physical location in its footprint.

e Cleveland-based insurance brokerage and risk management rm said it has taken up about 3,000 square feet of space on the second oor of the Constellation Center for Excellence, which overlooks the Tom Benson Hall of Fame Stadium. ere’s also room there for meetings and special events.

A spokesperson declined to verify the length of the lease currently signed but noted the rm has the option to expand its space as it grows as well as its lease.

At this time, the location accommodates a dozen sta ers. e company did not say if it envisions growing that o ce to any particular size in terms of headcount.

“We have planned to open an o ce in Canton for quite a while to accommodate our growth in the region,” said Paul Catania, Oswald’s market leader for a region encompassing Akron, Canton, Medina and Wooster, in a statement. “Once we knew of the plan to build the Constellation Center for Excellence at Hall of Fame Village, we were excited to be part of it.”

Oswald is an anchor company under the umbrella of Cleveland’s Unison Risk Advisors LLC, which was formed in December 2020 with the merger of Oswald and RCM&D of Baltimore.

e company continues to focus on growing organically and through acquisitions. Its most recent deals on the M&A front include the rollups of Brieden Consulting Group of Michigan (in January) and NSI Insurance Group of Florida (in June).

A private equity backer is helping fuel these deals.

In March 2022, Oswald sold a 30% stake in its business to Canadian private equity rm Peloton Capital Management. URA o cials said at the time that capital from that deal would help support its independence and accelerate growth, including through strategic acquisitions.

Meanwhile, Oswald is preparing to relocate its Cleveland headquarters to the Flats East Bank Tower at 950 Main Ave. Formerly known as the EY Tower, that building will be renamed Oswald Tower as the business completes its move there sometime this summer.

Besides its Cleveland headquarters and new Canton o ce, Oswald’s footprint includes presences in Michigan, Akron, Cincinnati, Columbus, Medina, Toledo and Pittsburgh.

George Soros fund to be biggest shareholder

of Q104, 92.3 The Fan parent

By Ashley Carman and Amelia Pollard, Bloomberg

Soros Fund Management is positioned to become the biggest shareholder of Audacy when the radio and podcast company emerges from bankruptcy.

e investment rm founded by billionaire George Soros has scooped up more than $400 million of Audacy’s highest-ranking debt, bankruptcy court lings show. at makes it by far the biggest member of a group of lenders planning to swap their loans for stock in the broadcaster.

dence in our company and the future of the radio and audio business,” Audacy said in a statement.

Soros Fund Management and lawyers for the creditor group didn’t immediately respond to requests for comment.

It’s just the latest media investment for Soros. e fund was part of a group of lenders that bought Vice Media out of bankruptcy last year and earlier took a minority stake in podcast company Crooked Media.

Audacy is currently the parent company of several popular Cleveland radio stations: e Fan 92.3 FM, Q104 FM, 98.5 FM WNCX and Star 102 FM.

“ e decision by our existing and new debtholders to become equity holders in Audacy represents a signi cant vote of con -

Audacy, the secondlargest radio broadcaster in the U.S., led for bankruptcy in January, crushed by some $2.7 billion of debt.

Under Audacy’s bankruptcy plan, existing shareholders would be wiped out and high-ranking creditors would be repaid with stock in the restructured company. The proposal requires bankruptcy court approval.

Soros

Notre Dame College shows plight of small religious schools

By Nic Querolo, Amanda Albright and Francesca Maglione, Bloomberg

Times are hard on the campus of Notre Dame.

Not the famous University of Notre Dame, home to Fighting Irish football and more than 13,000 students, but Notre Dame College, a Roman Catholic school in South Euclid.

Over the past decade, the 102-year-old private college with about 1,400 students, has watched its enrollment wither by a third. In January, the school announced it was exploring its options, including tying up with nearby Cleveland State University.

Similar stories are playing out at many of the 850-or-so colleges in the U.S. that have religious, usually Christian, a liations.

e economic vise tightening around the nation’s small secular colleges is squeezing religiously a liated schools even harder. Some have closed already. More are bound to follow, administrators say.

e diverging paths of the two Notre Dames re ect the con uence of two powerful forces in the U.S. today: economics and faith.

But their stories also encapsulate the gaping cultural, nancial and political divisions that have come to de ne so much of American life. Conservative Christian students are heading in one direction. Secular liberal ones are heading in another.

First, the economics. Rich, prestigious colleges, whether secular or religious, are pulling further and further away from their poorer, less-well-known counterparts.

As in the Ivy League, the competition is heating up to get into famous Catholic institutions such as University of Notre Dame, Georgetown University and Boston College. Prominent Protestant universities such as Baylor University in Texas and Pepperdine University in California are doing just ne, too, as are Evangelical institutions.

But many smaller Christian colleges are struggling.

e brutal economics of higher education — ever-rising costs, declining enrollment and stubborn questions about the real-world value of certain degrees — are being made worse by the dwindling

number of young Americans who say organized faith is an important part of their lives.

John Smetanka, interim president of Notre Dame College, characterizes the challenges facing small Christian colleges as “uniquely more di cult.”

“Quite honestly, it is a serious challenge to ask how we’re going operate and keep the balance sheet balanced with the landscape of fewer students,” Smetanka said. at’s putting things mildly. Cardinal Stritch University in Wisconsin and Holy Names University in California — both Roman Catholic colleges — closed last year. So did New York’s Alliance University, which was a liated with the Christian and Missionary Alliance, and the Methodist Iowa Wesleyan University.

On Feb. 16, Notre Dame College posted on social media that it was still guring out its options: “We have evaluated various options and partnership opportunities. Our work is ongoing and will lead to a nal decision soon. We know this period of uncertainty can be unsettling.”

While the likes of Harvard University attract plenty of rich kids, small religious colleges often cater to students who are less well-o and o er discounts on tuition. at strategy has stretched those schools’ nances to the breaking point.

Bigger, richer colleges are another story. Evangelical Liberty University, where the honor code prohibits alcohol and same-sex relationships, is thriving; its endowment now exceeds $2 billion.

Many Evangelical colleges are luring students by playing up their Christian roots, conservative values and, in some cases, Republican politics.

“ e real divide between success and failure in this market is the extent to which a school presents a clear Christian identity,” said P. Jesse Rine, an expert on Christian higher education.

Back at Notre Dame College, Ivan Maric, a student-athlete on the football team, is worried he’ll lose his scholarship if the college closes and he has to change schools. Fellow students at Notre Dame, home of the Falcons, are in the same boat.

“We have no idea what the future is,” Maric said.

Reducing Real Property Tax Assessments Across The United States

We formed SDG in 2005. Since that time, we have assisted our clients in navigating the 2008 Financial Crisis, the Covid-19 Pandemic, and constant market fluctuations. We love what we do. We have been there for you in the past and we will be here in the years ahead. We provide property tax counsel throughout Ohio and across the United States.

Whether the valuation relates to large industrial buildings, apartments, shopping centers, office buildings, health care facilities, hotels or any other type of commercial property, the attorneys at Sleggs, Danzinger & Gill will ensure that you receive the best counsel, legal advice and litigation expertise.

BLOOMBERG

Suit indicates Hightower passed on acquiring Marcum Wealth

By Jeremy Nobile

Hightower Advisors, a serial acquirer, was reportedly exploring an acquisition of Cleveland’s Marcum Wealth in May 2022, according to the details of a recently led lawsuit.

e transaction apparently fell through for unspeci ed reasons, however.

RIA Marcum Wealth—a subsidiary of New York-based accounting rm Marcum LLP— reported 34 employees and approximately $2.3 billion in regulatory assets under management (AUM) as of a public ling dated Jan. 3.

Marcum expanded to Cleveland with the acquisition of Skoda Minotti in 2019. Marcum Wealth was then established the following year through the merger of Marcum Financial Services, Marcum Wealth Management and Aurum Wealth.

According to the complaint, Eldridge accuses Wul of manipulating nancial statements to assess an additional $100,000 in expenses to Eldridge’s business unit.

Wul also allegedly told Eldridge that 80% of the 2022 retirement plan revenue from Marcum Wealth’s Philadelphia practice would be put on her P&L since she was responsible for servicing that practice. However, Wul changed course “that same day,” according to the lawsuit, reportedly telling Eldridge that she would be receiving just 20% of that revenue even though she was responsible for all of the expenses.

However, it’s unlikely that such actions—if they occurred— would be the primary reasons for a potential purchase deal to fall apart, said Mark Sponseller, CEO of Beachwood’s Morningside Group, a consulting rm that provides buy- and sell-side due diligence in M&A deals.

“Sometimes deals just don’t happen,” Sponseller said. “Maybe it’s not a strategic t. Maybe they want too much money. ere could be a lot of reasons.”

However, there is a “ ne line” between “putting forth the best view for valuations versus presenting something that knowingly is not re ective of reality,” he said.

When Eldridge questioned Wul about how these actions were justi ed, he allegedly told her “I determined that it was fair.” ese accusations are related to Eldridge’s various claims of mistreatment by Marcum Wealth and its executives.

As Crain’s previously reported, Marcum Wealth—plus some afliated entities and executives— is being sued in Cuyahoga County Court of Common Pleas by a former managing director at the rm, Wendy Eldridge, over claims of shareholder oppression and gender discrimination.

Exactly why Hightower backed out of this deal with Marcum Wealth it was purportedly considering, though, is unclear.

“Depending on the advisors, a buyer will typically identify manipulation, and not only does it kill a deal, that taint gets out there in the market, and then it is impossible to get away from that,” Sponseller said. “Worse even is if it isn’t caught before the deal closes but is then identi ed post-closing, which will result in litigation as sellers typically are required to make certain reps and warranties on the nancials provided.”

Eldridge worked for Marcum between 2014 and 2023, according to LinkedIn, and was admitted as a Class B shareholder in 2017. She was responsible for “all aspects” of the retirement plan practice at her rm, according to court documents.

Representatives for both Hightower and Marcum have not responded to requests for comment from Crain’s about why this apparent deal fell through or Eldridge’s lawsuit in general.

He was addressing these ideas in general and not with respect to any allegations or any particular company.

Among many allegations in the case, Eldridge claims that as her rm was preparing and presenting nancial information related to a potential acquisition, which was reportedly being vetted by Hightower, Marcum Wealth CEO Eric Wul removed “substantial revenue from (Eldridge’s) P&L and allocated thousands of dollars in expenses for the purpose of arti cially enhancing the remaining Marcum Wealth P&L before presenting it to the potential purchaser.”

Chicago-based Hightower reported 1,700 employees and approximately $105 billion in regulatory AUM as of a public ling dated Jan. 5. e company states that it purchased at least 12 companies in 2023. Its rst deal of this year came in January with the acquisition of Capital Management Group of New York, a hybrid RIA with $3.3 billion in assets.

With no o cials openly discussing the situation, whether the alleged manipulation of some nancials at Marcum Wealth were appropriate or a factor in a potential acquisition being called o is impossible to say for sure.

“GAAP-based nancials are a starting point, but it is typical that the nancials presented for a transaction include ‘normalizing adjustments’ for non-recurring items, etc., in order to present an earnings base that aligns with what a seller may perceive is appropriate for valuation,” Sponseller explained.

“ ere is nothing wrong with that and that is normal practice,” he added. “However, the key is that any such presentation should be clear on those adjustments and anyone performing due diligence should be working on ways to ground the numbers and ensure that any such adjustments are identi ed and understood.”

2004

If your business accepted Visa and/or Mastercard between 2004 - 2019, you’re now eligible to claim your share of a $5.5 billion Settlement. Claim your share now.

Merchants (business owners) who accepted Visa and/or Mastercard at any time from January 1, 2004, to January 25, 2019, are eligible to claim their share of a $5.5 billion Settlement. Visa and Mastercard and their issuing banks (the “Defendants”) are alleged to have violated the law because they wrongfully inflated Interchange Fees. Defendants say they have done nothing wrong. They claim their business practices are legal.

After years of appeals, the Settlement is now final, and Claim Forms are now being accepted. If you do not file a claim, you will not receive a Settlement Payment.

Claim Forms are now being mailed to more than 15 million merchants. Even if you do not receive a Claim Form in the mail, you may still be eligible, and you should visit www.PaymentCardSettlement.com to get more information about the Settlement. The deadline to file a claim is May 31, 2024. You can file your claim online at the website. Or, if you prefer, you can get a paper Claim Form at the website or by calling 1-800-625-6440. Assistance with preparing your claim is available at no cost to you from the Class Administrator and Class Counsel.

Submitting your claim online can take less than five minutes.

STEP ONE:

Scan the QR code to go to www.PaymentCardSettlement.com.

STEP TWO:

Provide the information requested about your business.

STEP THREE:

Submit your claim! Your claim process is now complete.

To get a Claim Form in Spanish , Russian , Korean , Vietnamese , Japanese , Chinese , or Thai , please visit www.PaymentCardSettlement.com

Manufacturing the future, with less government help

Two companies from di erent eras — steelmaker and mining giant Cleveland-Cli s Inc., founded in the mid1800s, and semiconductor manufacturer Intel Corp. — are important players in Ohio’s economy, now and in the future.

ey’re also illustrative of the increasing reliance corporate America has on favorable treatment from the government.

And sometimes, things don’t quite go as the companies hope.

Case in point: Cli s announced Feb. 15 that it would close a tin-plate production plant in Weirton, West Virginia, putting 900 people out of work, following an unfavorable ruling on tari s from the U.S. International Trade Commission. ( e workers will get the chance to move to jobs at other Cli s locations and/or severance packages.)

e ITC’s rejection of tari s on tin-mill steel was seen as a victory for consumers, who already are hurting as prices on canned food have soared, and a defeat for Cli s and the United Steelworkers. e company and the union last year petitioned the U.S. Department of Commerce to impose tari s on imported tin-mill steel from eight countries. ey argued that foreign steel manufacturers were dumping steel used in canned goods on the U.S. market.

e Commerce Department agreed with the Cli s/USW position and in January of this year proposed tari s on imports from four countries: Canada (5.27%), China (122.52%), Germany (6.88%) and South Korea (2.69%). But the ITC, which has nal say on these matters, saw things di erently. In a 4-0 vote, it found that “U.S. industry is not materially injured or threatened with material injury by reason of imports of tin mill products from Canada, China, and Germany,” and that imports of such products from South Korea are “negligible.”

We’re in no position to adjudicate the intricacies of the trade case, not that any-

PERSONAL VIEW

Inc.

one who reacts to these kinds of rulings is spending much time reviewing the intricacies. Both of Ohio’s U.S. senators, Democrat Sherrod Brown and Republican JD Vance, immediately denounced the ITC ruling, advancing a pro-tari position that has taken hold in both the Trump and Biden administrations, particularly among politicians in industrial Midwestern states. ere are times when tougher trade enforcement is justi ed, but generally, this new era of tari s is raising costs for U.S. manufacturers and scaling back growth elsewhere in the supply chain. Consumers, too, wind up paying more.

No one wants to see 900 people at a plant lose their jobs. At the same time, an operation that’s reliant on ever-higher tari s to protect its future doesn’t actually have much of a future.

Much more exciting, and forward-looking, in the world of Cleveland-Cli s is the company’s recent successful hydrogen injection trial at a blast furnace at its Indiana Harbor facilities in East Chicago, Indiana. As Crain’s reporter Dan Shingler wrote, it was “the third time and the third place” in which Cli s has proven that the technology to make steel with hydrogen works. Cli s CEO Lourenco Goncalves in an analyst call in January said hydrogen “is the real game-changing event in ironmaking and steelmaking.” ere’s a role for the government here, through a planned Midwest Hydrogen Hub, but unlike with tari s, it’s one of investment that opens up future job possibilities.

Intel, the Santa Clara, California-based chipmaker, is making a big bet on Ohio with a $20 billion plant under construction near Columbus. e venture promises huge

spino e ects for companies and universities across the state.

at’s the good part. Less good: e Wall Street Journal reported that Intel “is delaying the construction timetable” for the Columbus-area chipmaking operation “amid market challenges and the slow rollout of U.S. government grant money to grow the domestic industry.” Construction on Intel’s manufacturing facilities now isn’t expected to be nished until late 2026.

Such delays aren’t uncommon in projects of this scope. It’s sobering, though, that the Intel project remains so reliant on government largesse.

Bloomberg reported that the Biden administration “is in talks to confer more than $10 billion in subsidies” to Intel, in “what would be the largest award yet under a plan to bring semiconductor manufacturing back to U.S. soil.” e incentives would come from the 2022 Chips and Science Act, which, the news service noted, “set aside $39 billion in direct grants as well as loans and loan guarantees worth $75 billion to get the world’s top semiconductor companies to manufacture chips in the U.S. after decades of production abroad.”

Commerce Secretary Gina Raimondo underscored the point on Wednesday, Feb. 21, when she said during a virtual appearance at an Intel event, “I suspect there will have to be — whether you call it Chips Two or something else — continued investment if we want to lead the world. We fell pretty far. We took our eye o the ball.”

at’s true. But Intel only has so much runway for additional government subsidy to make this work. e company’s CEO, Pat Gelsinger, announced it landed Microsoft Corp. as a customer for its made-to-order chip business. For the sake of Ohio and Intel’s turnaround e orts, we hope there’s more of that kind of business growth on the way, and less government help.

Key in ection points for a late-stage tech startup in Cleveland

By Jason Morris and Scott Olmstead

Much goes into running a successful startup, but distilled down to the simplest terms, managing one is an exercise in fast, smart decision-making. Every day brings new choices, big and small. However, some decisions are more critical than others as startups move through various stages. ese key moments or “in ection points” can have a profound impact on the trajectory of a company’s long-term success.

In a late-stage tech startup’s early days, taking a boots-on-the-ground approach to building the business may have helped the founder gain critical insights. Usually, in the later stages, the company has found its footing and already has a product in the market. A bigger focus on growth, rather than product development, is key.

Here in Northeast Ohio, a great example of that is Keyfactor, an identity security company. It brought in CEO Jackie Rackie, with a sales background, and grew the company to the point where it secured a signi -

Interim Editor: Ann Dwyer (adwyer@crain.com)

Managing Editor: Marcus Gilmer (marcus.gilmer@crain.com)

Contact Crain’s: 216-522-1383

Read Crain’s online: crainscleveland.com

cant minority investment from Sixth Street Growth last year. With that foundation established, here are three in ection points for late-stage startups to consider.

1. Embracing new growth opportunities

A late-stage tech startup may be challenged to adopt a growth culture. e company will need to think bigger and invest in business systems and processes that are critical to the next growth phase, which often

means sharing decision-making powers.

This stage is also significant because it can be unforgiving of companies that wait too long to make that shift. One of the smartest things a company can do at this stage is evaluate its financial, consulting and systems partners. For example, if a company were to generate $100 million-plus in revenue, it shouldn’t be using accounting software designed for small businesses, yet it’s not unheard of.

Cleveland-Cliffs

will shutter this plant in Weirton, West Virginia, following an unfavorable ruling on tariffs from the International Trade Commission. U.S. SEN. JOE MANCHIN’S OFFICE

Report: Social determinants directly in uence health outcomes and costs

In the complex health care landscape, employers must understand how geographical factors and social determinants of health in uence health outcomes and costs associated with employee populations.

at’s what the Health Action Council (HAC), an Independence-based nonpro t representing large employers that aims to enhance human and economic health, and UnitedHealthcare echoed in their annual white paper, which was unveiled Tuesday, Feb. 20, during the 2024 In-ValueAble Conference & Expo at the Huntington Convention Center in Cleveland.

“ e study really gives an opportunity to employers to look at common sets of data from their community to impact the population of their employees before they get a single claim,” said HAC president and CEO Patty Starr.

make a big di erence from a health perspective, but this study I think just makes that starkly clear, the connection and impact those life factors have on a member’s health.”

Health outcomes also are inuenced heavily by geographic location. e study examined HAC employees working for one company across ve states — California, Iowa, Indiana, Ohio and South Carolina — and found that employees living in South Carolina have a 55% less chance of reaching the age of 75 than employees in California.

Every state has its own regulations and oversight agencies that govern health care providers, insurers and facilities, resulting in different standards of care, funding for public health and coverage and accessibility, according to the paper.

Increased risk for social determinants of health (SDoH) — a lack of access to food, housing, transportation, quality health care and employment — leads to poorer health outcomes and greater health care costs, according to the study. And a substantial portion of employees are vulnerable to these health disparities.

An analysis including HAC plan sponsor claims data associated with 217,779 employees found that 52% of adults were associated with the risk of at least one SDoH. at includes 36% associated with a high risk of nancial insecurity, 30% with social isolation, 13% with food insecurity and 11% with housing insecurity.

“ e ability to connect social determinant data directly to claims, cost utilization data, I think is really impactful,” said Craig Kurtzweil, chief data and analytics o cer, employer and individual, at UnitedHealthcare. “We’ve always thought and hinted and suggested that social determinants or community factors

Iowa and California, the states with the largest community health funds, had the highest state health rankings among HAC states (15th and 22nd, respectively) and employers had the lowest per-member, permonth costs ($363 and $449, respectively). Conversely, South Carolina, ranked 41st, had the highest monthly per-member cost, at $535.

Ohio ranked 37th in the state health ranking, with a permember monthly cost of $519.

ose working in health care data see people make poor choices, Kurtzweil said, but those decisions often result from di cult life circumstances.

“People don’t want to intentionally use the ER inappropriately,” he said. “But if you’re struggling with nances, and you have to get into your job the next day, and you can’t go into your job unless you get your child into daycare, and you can’t bring your child into daycare unless they get medication for their earache, then you’ve got to make a choice.”

e study’s ndings show that employers must think broader about how to in uence health and what are the root causes

driving inappropriate utilization and decision-making, he said.

It’s also necessary to consider the impact that SDoH have on an employee’s family, Kurtzweil said. e study showed that four out of 10 children have a parent who has dealt with a SDoH hardship. ese children were found to have higher rates of suicidal ideation and depression, but they generally see their primary care physician regularly and engage with the health care system.

“It’s interesting that those parents who are really struggling with their own social determinants, they try their best with getting their kids in the health care system, but that overall hardship has a long-term impact on those kids and employees,” he said.

Starr said the ndings demonstrate the value of employers using geographical and SDoH data in conjunction with historical claims data to create health improvement strategies that address the barriers to health.

“It allows them to drill down deeper into their data sets instead of leaving it in more global buckets (such as) disease category,” Starr said. “ ey can now actually drill down into that disease category and ask, ‘Who is getting this disease? Are they located in Ohio?’”

In addition, the paper makes several recommendations for employers, including considering location, state health ranking and community health spending for a region before hiring a new employee or opening an o ce. It also advises educating employees on where and when to obtain care and the value of preventative care, o ering them access to tools and community resources and engaging with the local provider system.

HAC and UnitedHealth have released a report each of the last seven years examining the performance of member companies to gain insight into emerging trends and utilization patterns. Last year’s study focused on how millennials and their children use health care compared to other age groups.

Paige Bennett

Patty Starr

BLOOMBERG

NOTABLE WOMEN IN LAW

This year’s Notable Women in Law are making their mark in and out of the courtroom. They’re experts in immigration law, M&A and estate planning. They advise Fortune 500 companies, represent clients in litigation, and lend their time and expertise to countless nonpro t boards in the region. Read on for more about what this accomplished group of women is achieving.

METHODOLOGY: The honorees do not pay to be included. Their pro les were drawn from the nomination materials submitted. This list is not comprehensive. It includes only individuals for whom nominations were submitted and accepted after a review by editors. To qualify for the list, nominees must be based in Northeast Ohio. They must be currently serving in a signi cant role at a law rm with a staff size of at least 10. They also must have been practicing in the legal profession for a minimum of ve years. They must serve as a role model or mentor to other attorneys and promote inclusive practices in the workplace. They must also assume a leadership role in professional organizations and civic/community service initiatives. In some cases, editorial staff made special allowances for honorees with signi cant contributions to Ohio’s eld of law.

Sherri Bevan Walsh Prosecutor (retired)

Summit County Prosecutor’s Of ce

Sherri Bevan Walsh has acted as Summit County prosecutor since 2001, spending countless hours presenting safety programs around crime and scam prevention to Ohio residents. She retired in February.

As the longest-tenured prosecutor in Summit County history, Walsh brought in a facility dog in 2013 to comfort underage witnesses and crime victims, as well as children and adults with developmental disabilities. Additionally, Walsh collaborated with the county sheriff’s of ce on the Take Me Home Program, a safety tool for people with dementia and other mental health conditions.

Over her career, Walsh has won numerous awards, including the Ohio Prosecuting Attorneys Association’s Outstanding Prosecuting Attorney of the Year Award in 2021 and the Ohio Crime Victim Justice Center’s Models of Justice Prosecutor of the Year award in 2016.

Erin Brown Partner Brown Immigration Law

Erin Brown joined Brown Immigration Law in 2002, focusing her career on immigration matters that involve employment and family based visas.

According to the nomination, Brown has advised small businesses and Fortune 500 companies alike on their litigation needs.

Brown represents people seeking asylum, protection and safety in the U.S., a population that encompasses migrants eeing war, crime and poverty. Clients include an arti cial intelligence business now employing foreign nationals and other at-risk individuals.

“Erin is an expert in the immigration law eld, and an absolute leader at Brown Immigration Law,” the nomination said. “She is widely respected not only for her acumen as an attorney, but for her overall leadership as a partner. Erin exudes the type of professionalism that de nes excellence as an attorney.”

Denise Carkhuff

Day

Denise Carkhuff has been a lead lawyer on M&A and private equity at Jones Day for 26 years.

With know-how across diverse industries, jurisdictions and deal structures, Carkhuff has experienced her clients’ full life cycle, from formation to capital raising to sales. Carkhuff has worked with equity fund partners like Blue Point Capital Partners, Centre Lane Partners, Cortec Group, Morgan Stanley Private Equity, The Riverside Co. and Wellspring Capital.

She also has acted as general counsel for countless private rms, as well as the portfolio companies of private equity funds.

According to the nomination, Carkhuff represents businesses in the process of a sale or dissolution, successfully navigating company leaders and their management teams through complex M&A transactions.

Leading the way.

Congratulations to all the 2024 Notable Women in Law honorees, especially our partners Lori Pittman Haas, Amanda Martinsek, and Patricia A. Shlonsky. Your leadership and dedication to your clients, community, and colleagues is truly inspiring.

Partner Jones

Lori Pittman Haas

Amanda Martinsek

Patricia A. Shlonsky

Tera Coleman Counsel BakerHostetler

Drawing from hands-on experience, Tera Coleman represents clients in state and federal court, handling all aspects of litigation from inception to settlement and trial.

According to the nomination, Coleman utilizes a strategic approach in tackling numerous tort, commercial and white-collar litigations. Cases nd her involved with jury selection, obtaining a defense verdict or representing a corporate client through an internal investigation.

Recognitions include a Crain’s Cleveland Business “40 Under 40” award (2021), a legacy award from the Cleveland Metropolitan Bar Association (2023) and a “Top 40 Under 40” nod from The National Black Lawyers organization (2020).

Coleman, a graduate of Ohio State University’s college of law, is also a frequent legal commentator for local news outlets.

Kari

Coniglio Partner Vorys, Sater, Seymour and Pease

Kari Coniglio has thrived at Vorys’ Cleveland of ce in her work representing debtors, committees and nancial institutions. Coniglio’s practices also focuses on adversary proceedings around collections, creditors rights, receiverships, foreclosures and reorganizations.

Among her biggest accomplishments was obtaining a jury verdict for the full amount of damages sought in a complaint, along with $150,000 in punitive damages, the nomination said.

“Although Kari had no prior trial experience, the client and the partners on the case trusted her to handle the key fact witness who established the existence and misappropriation of a trade secret,” said the nomination. “She also handled the case from the creation of the legal theories all the way through nal judgment.”

Coniglio was integral to an innovative pro bono partnership that Vorys created with University Hospitals, according to the nomination.

Christal Contini Member McDonald Hopkins

A variety of businesses, boards of directors and management teams are bene ciaries of Christal Contini’s deep expertise in compliance, commercial contracts, corporate governance and operational issues.

Complex mergers, acquisitions, dispositions and leveraged buyouts are another key facet of Contini’s industry knowledge. Among her accomplishments as a member at McDonald Hopkins is representing a private equity fund in acquiring a re protection services business. Contini also helped a family owned custom rubber producer acquire multiple add-on companies, the nomination said.

In addition to membership with the Cleveland Metropolitan Bar Association, Contini serves on the board of Dobama Theatre.

“Christal’s knowledge spans healthcare, software and plastics manufacturing,” the nomination said.

The percentage of U.S. lawyers who are women grew to 39% in 2023 from 34% in 2013

— e American Bar Association

Adrienne Ferraro Mueller

Partner Jones Day

Adrienne Ferraro Mueller defends corporations in crucial legal matters, a suite of services that includes governmental investigations and multibillion-dollar securities fraud complaints.

According to the nomination, Ferraro Mueller joined Jones Day directly out of law school and since then has tackled managerial roles with increasing levels of responsibility.

The last few years saw Ferraro Mueller brokering settlements for clients such as construction rm USG Corp. She also actively recruits and retains talent from underrepresented groups, including women, while serving the larger community as a board member with the Cleveland Rape Crisis Center.

“A lawyer’s lawyer – Adrienne is wicked smart, funny, calm under pressure and practical,” said the nomination. “Her quick wit while balancing demanding work and family puts everyone who works with her at ease. A mentor to other lawyers, Adrienne has con dence but not ego; she does whatever it takes to get the job done.”

Attorney Catie Romanchek has devoted her entire legal career to the Public and Infrastructure Finance (PIF) Practice Group at Squire Patton Boggs. As bond and special counsel to the City of Cleveland since joining the rm in 2003, Romanchek contributes to projects that shape the city’s infrastructure. Along the way, she has developed a national reputation for nancing complex airport projects — having served as bond counsel on more than 50 airport nancings nationwide, valued at more than $11 billion.

Now, as partner and PIF practice group leader, Romanchek is committed to upholding the rm’s reputation as one of the top-ranked bond, disclosure, and underwriters’ counsel rms in the country.

Sarah Flannery Partner

Thompson Hine

Sarah Flannery leads Thompson Hine’s immigration practice group, which generates more than $1 million annually for the Cleveland rm. Flannery manages numerous relationships in the corporate sector, a schedule that has not prevented her from solving problems for her clients.

Flannery has provided visa solutions for Fortune 500 IT companies, as well as a pharmaceutical rm needing to quickly obtain a green card for a researcher, said the nomination.

“Sarah secured a national interest approval, which eliminated the need for the company to test the U.S. labor market as a prerequisite to the green card,” the nomination said.

Diversity is a watchword for Flannery. Her current team comprises ve women, two of whom come from historically underserved groups.

“Sarah’s passion, creativity, empathy and brilliance make her an extraordinary and gifted leader,” said the nomination. “She thinks big, she thinks strategically, and she puts in the work to see execution.”

Jessica Forrest Shareholder Reminger

As a shareholder at Reminger, Jessica Forrest ensures that seniors and other vulnerable citizens have access to vital services. Forrest focuses her practice on will and trust contests, bene ciary disputes and duciary litigation.

Forrest excels at humanizing the person behind a will or trust, the nomination said. In a recent case, she defended the estate of a deceased man when his family challenged its validity. A unanimous jury verdict upheld the will and honored the man’s nal wishes.

Outside the of ce, Forrest serves on the Ohio State Bar Association’s estate planning, trust and probate law council.

“The con dence and wisdom that Jessica demonstrates is impressive,” the nomination said. “Uniformly, her clients are comforted that Jessica will guide them successfully through their legal problems.”

Sponsored Content

NOTABLE SPOTLIGHT with

Manju Gupta Counsel

Tucker Ellis

Complex business litigation is Manju Gupta’s wheelhouse at Tucker Ellis. Federal contract disputes, creditor rights and business counseling all fall under her purview as a trusted advisor and problem solver, the nomination said.

A seasoned litigator, Gupta represents businesses in federal courts nationwide in matters ranging from contract disputes to high-priced settlement negotiations. Additionally, Gupta has longterm experience representing banks in all aspects of bankruptcy proceedings and fraudulent transfer cases.

Gupta’s innovative approach earned her recognition as a “Best Lawyer In America” in her eld, and Super Lawyers named her to its Cleveland Top 25 Women list in 2023.

Out of the of ce, Gupta acts on the boards of DANCECleveland and Cleveland State University’s alumni association.

Catie Romanchek, Partner and Public and Infrastructure Finance Practice Group Leader, Squire Patton Boggs

Shaping Cleveland’s growing infrastructure through public nancing

What initially intrigued you about public nancing?

One of the rst clients I started working with, and continue working with today, is the City of Cleveland. I was intrigued by all the nancings necessary to keep the city running — from airport and water system bonds to general obligation bonds for street improvements, parks and recreation, and more. It’s exciting to work for one of the most notable rms in the industry while also having a substantial impact on the communities where I work and live.

What is your proudest accomplishment?

One of my proudest accomplishments in my legal career has been my longstanding professional relationship with the City of Cleveland. I have enjoyed being part of the infrastructure projects that impact the city and witnessing rsthand Cleveland’s positive transformation and growth over the years.

Through various projects that originated in Cleveland, I’ve had the opportunity to collaborate and innovate with entities across the nation to successfully execute high-pro le infrastructure projects. For example,

my work with Cleveland Hopkins Airport over the years has allowed me to grow my airport nance practice nationally. I helped lead the team at Squire that served as bond counsel for the construction of a new $4.2 billion Terminal 6 at John F. Kennedy International Airport in New York.

Which public nancing opportunities excite you the most right now?

It’s exciting to see rsthand how the developments and progress of a deal will bene t various cities and communities. For example, the development of the new Terminal 6 is expected to create more than 4,000 jobs and direct wages of $1.9 billion. People in the industry, and even the public, are noticing the impact of modern infrastructure projects. They’re paying attention to investment and growth opportunities, which is driving more business — and being part of that change is exciting.

What are your priorities in your new role as Public and Infrastructure Finance Practice Group Leader?

As Public and Infrastructure Finance Practice Group Leader, it’s very important to me to maintain the solid and longstanding reputation of

Squire Patton Boggs as a leader in the public nance industry. Demand for our services continues to grow at a critical time of investment in the nation’s infrastructure, and I’m committed to enhancing and expanding our platform and best-in-class service offerings.

Why is it important for you to serve your community?

When I moved to the Cleveland area after law school, I was blown away by the size of the legal market and the opportunities available here. By living, working and raising my family in Northeast Ohio, I’m taking advantage of all that Cleveland has to offer. I’m honored to be a leader in the business community, contributing to the wonderful cultural aspects that attract people to visit and move to Cleveland.

By serving as a board member for University Circle Inc. — a community service corporation responsible for developing, serving and advocating for University Circle as a vibrant and complete neighborhood without borders — I’m able to give back to the community that I work in and truly love.

Jennifer Hallos

Principal

McCarthy, Lebit, Crystal & Liffman

Jennifer Hallos is one of Northeast Ohio’s experts in tax and estate planning, with a practice set apart by its volume, complexity and diversity.

Hallos has saved a variety of clients tens of millions of dollars by optimizing their estate plans through sophisticated legal strategies.

“Jennifer is passionate about educating moms and women business owners on the importance of estate planning,” said the nomination. “She believes estate planning is for all members of our community; not just those with signi cant nancial means.”

And Hallos is passionate about mentoring diverse and inclusive talent among her staff.

“Jennifer uses her of ce as a classroom to educate the next generation of women tax attorneys on important tax, trust and estate issues,” the nomination said.

Jayne Juvan

Partner

Tucker Ellis

Over a two-decade career, Jayne Juvan has become a standout in the male-dominated M&A industry, the nomination said.

Juvan navigates transactions valued from $5 million to $1 billion for public and high-growth companies, equity rms and venture capital enterprises. In addition, Juvan advises clients on securities, as well as corporate governance and nancial transactions.

Notably, Juvan has successfully shepherded high-pro le out-of-state transactions, such as the acquisition of Au Bon Pain by Texas-based Ampex Brands.

“Jayne is a cornerstone of Tucker Ellis,” said the nomination. “An innovative leader, strategic thinker, and masterful dealmaker, she is indispensable to the success of our booming M&A practice, our rm, and, importantly, our clients. She always makes time to support and develop our junior attorneys. Working alongside her is a privilege.”

Cynthia Lammert

Partner

Frantz Ward

As a partner at Frantz Ward, Cynthia Lammert focuses on real estate professional liability and defense, representing a bevy of residential and commercial brokerages, trade associations and escrow companies throughout Ohio.

She also speaks for clients before the Ohio Division of Real Estate, along with various real estate and civil rights commissions.

“With 32 years of legal experience, Cynthia takes great pride in helping clients manage risk and prevent legal challenges,” said the nomination. “However, when they occur, she works ef ciently and smartly to resolve them with the best possible outcomes.”

Mentoring young attorneys, as well as professionals from diverse backgrounds, is fundamental to Lammert’s practice. She takes special pride in navigating women through the industry, while also promoting new talent from overseas, the nomination said.

Wendlene Lavey

Partner McMahon DeGulis

An environmental law practitioner for over 30 years, Wendlene Lavey has built a powerful practice around permitting, environmental compliance and enforcement defense.

Lavey’s current work centers on compliance and enforcement under various Environmental Protection Agency statutes, according to the nomination.

Since becoming managing partner at McMahon DeGulis in 2021, Lavey has implemented successful initiatives, including service projects and rmwide support for mental health awareness. In addition, she is committed to mentoring young women through the rigors of environmental law.

“Wendy’s wealth of substantive environmental experience has fully complemented the expertise offered by the rm,” the nomination said. “Her personality and leadership t with our culture and has led to new expressions, positioning us for ongoing success and growth.”

Connie Lewandowski

Senior assistant prosecuting attorney

Portage County Prosecutor’s Of ce

Connie Lewandowski has served Ohio for three decades, using her litigation experience to prosecute thousands of career criminals and high-level felons.

A seasoned prosecutor, Lewandowski has tried cases receiving national attention on the long-running “America’s Most Wanted” television program, according to the nomination.

Lewandowski’s work has earned her numerous honors, including the 2003 “Prosecutor of the Year” award from the Ohio Prosecuting Attorneys Association. In 2005, she was featured as an “Honored Attorney” by the University of Akron School of Law.

Lewandowski also represents law enforcement departments, as well as countless marginalized individuals, the nomination said. Additional vital work in the region includes assisting rape crisis and child advocacy centers, while fostering abused children at her home.

This recognition underscores your commitment to serving clients, collaborating with colleagues, and mentoring the next generation of lawyers.

Erin Luke Partner

Thompson Hine

Erin Luke is a nationally acclaimed construction lawyer known for her exceptional skills in navigating businesses through intricate transactions, the nomination said.

Success as project counsel for billion-dollar projects has Luke sought after by Fortune 500 companies and private developers. Her expertise spans industries including sports, health care, manufacturing, entertainment and utilities.

Among her accomplishments has been helping the Cleveland Clinic on major construction projects such as a new hospital and state-of-the-art neurological institute.

“Erin is recognized for her focus on client service, mentorship to other lawyers, and community involvement,” the nomination said. “Because of these qualities, her role has expanded to co-chair of Thompson Hine’s nationally recognized construction practice, where she applies innovative problem-solving techniques to resolve complicated matters for high-pro le clients.”

Amanda Martinsek Partner UB Greensfelder

Amanda Martinsek has supported diversity, equity and inclusion during a 30-year career, while becoming a nationally known litigator in her chosen eld. For example, Martinsek successfully challenged an Ohio statute that would have eliminated safeguards against segregation for a local school district.

Protecting diversity also means supporting women, the nomination said. Martinsek plays a vital role in majority women-owned law rms, acting as founding president for one practice and in a managerial position for another.

At UB Greensfelder (formerly Ulmer & Berne), where Martinsek is a partner, she’s a driving force behind the rm’s efforts to attract, retain and promote women lawyers. Her additional duties encompass class actions, product liability suits and shareholder derivative claims, according to the nomination.

“Amanda is far more about ‘showing’ than ‘telling,’ and follows through when it comes to sponsoring diverse attorneys,” the nomination said.

Margaret Metzinger

Partner

Frantz Ward

Margaret Metzinger helps families resolve at times contentious family trust litigation matters, guiding clients through monetary disputes to a better nancial position, according to the nomination.

Metzinger’s areas of expertise comprise estate planning, trust litigation and probate administration. She is also involved in the rm’s mentoring program, part of an open-door policy that provides associates a safe haven when tackling professional or personal challenges.

As chair of Frantz Ward’s Women’s Initiative, Metzinger prioritizes the recruitment, retention and promotion of the practice’s female attorneys. Additionally, Metzinger is a member of the rm’s DEI committee, advising fellow of cials on general hiring and recruitment issues.

“Margaret’s unwavering dedication to Frantz Ward and her clients, combined with exceptional legal acumen and inspirational leadership, has paved the way for aspiring women in the eld,” the nomination said.

Ami Patel Practice leader Zashin & Rich

Ami Patel leads Zashin & Rich’s non-compete/trade secret practice, where she works multimillion-dollar cases, including a $4 million dispute recently tried in federal court, according to the nomination.

In addition, Patel defends public and private employers in high-pro le employment and labor relationships, with worker departures and transitions comprising the lion’s share of this work.

Outside the of ce, Patel collaborates with Community Legal Aid, a nonpro t rm serving the needs of low-income individuals.

“Ami is a trusted leader who is always on her game,” said the nomination. “She has a photographic memory essential for litigating cases with hundreds of thousands of documents. Beyond her technical expertise, she has a knack for creating proactive client strategies and gaining amazing results for our clients.”

Lori Pittman Haas Partner

UB Greensfelder

Lori Pittman Haas represents commercial real estate clients at UB Greensfelder, with a concentration on acquisition, disposition, leasing and development of commercial properties. A robust leasing practice assists both landlords and tenants across a variety of property types. Pittman Haas has handled deals for some of Cleveland’s most recognizable landmarks, including Playhouse Square and Terminal Tower, many of which have brought new life downtown via historic tax credits.

“Lori is the best real estate attorney I have ever worked with,” the nomination said. “She is smart, diligent, driven, and incredibly communicative.”

According to the nomination, Pittman Haas provides training and mentorship to junior associates and was recently named a 2023 Bob Rosewater Memorial Award honoree by the Cleveland Metropolitan Board Association. The award recognizes attorneys that have a long-term commitment to the real estate industry.

36% The percentage of Ohio lawyers who are women, slightly behind the national average

— e Ohio Bar Association

Amanda Quan

Of ce managing shareholder Ogletree Deakins

Amanda Quan defends and counsels Ogletree Deakins’ clients on employment-related matters, while also championing a positive and inclusive environment inside and outside the rm.

As co-chair of Ogletree’s Asian American Attorney Resource Group, she spearheaded a rmwide bystander training focused on stopping anti-Asian harassment, in addition to a celebration of the Mid-Autumn Festival —with hundreds of mooncakes — at its all-attorney in Houston. She also serves on the board of the Asian American Bar Association of Ohio, through which she organized a family friendly event at the Cleveland Zoo’s Asian Lantern Festival.

The nomination said Quan is a catalyst for several other communityfocused events, including a donation drive for a local nonpro t that provides feminine hygiene products to women in need and a holiday-gift collection for Operation Christmas Child.

Lauryn Robinson Associate Benesch

As a member of Benesch’s litigation group, Lauryn Robinson’s practice covers general commercial litigation, consumer class actions and other civil manners.

She regularly defends retail and e-commerce clients against class actions alleging unfair or deceptive business practices, provides counsel related to retail and e-commerce issues and represents a variety of clients ranging from nancial institutions to freight brokers.

Robinson also contributes to the rm’s DE&I efforts, assists with various pro-bono projects and, according to the nomination, prides herself on engaging and mentoring aspiring attorneys — especially minority law school students — locally and across the state.

The Cleveland State University College of Law graduate sits on the board of the Ohio Women’s Bar Foundation and Welcome House Inc., an organization dedicated to helping individuals with developmental disabilities.

Catherine Romanchek Partner, Public and Infrastructure Finance Practice Group leader Squire Patton Boggs

In January, Catherine Romanchek became group leader of Squire Patton Boggs’ nationally recognized public and infrastructure nance practice, capping off two decades of successfully representing the rm’s clients on nance deals.

According to the nomination, Romanchek has “a national reputation in airport nance,” having served as bond counsel on more than 50 airport nancings valued at over $11 billion.

She is currently assisting Cleveland with development projects on the riverfront and the lakefront and recently led a 10-attorney team to serve as co-bond counsel for the construction of a new $4.2 billion terminal at John F. Kennedy International Airport.

In addition, Romanchek is a trustee for University Circle Inc. and belongs to organizations like the National Association of Bond Lawyers.

Lynn Rowe Larsen

Partner and Commercial Litigation Practice Group co-chair Taft Stettinius & Hollister LLP

Lynn Rowe Larsen has made a considerable impact in her six-year tenure at Taft.

In 2021, she became the rst woman to lead the commercial litigation practice, Taft’s largest practice with 220 attorneys across 12 markets. One year later, Larsen was appointed to the rm’s 24-member executive committee, which advises and consults with the managing partner.

A skilled litigator, Larsen successfully defended three clients in a 2023 Seventh Circuit Court of Appeals libel case that was “a victory for the press,” the nomination said.

Outside the rm, Larsen serves on the Cleveland Metropolitan Bar Association’s Judicial Ratings Committee, is an advocate for The Legal Aid Society of Cleveland and sits on the board of the Ronald McDonald House Charities of Northeast Ohio.

Carmen M. Scott

Shareholder

Sarringhaus & Scott Co.

Carmen M. Scott spent 15 years as an elder law paralegal before setting her sights on Cleveland State University’s College of Law. Then, within ve years of practicing law, Scott reached partner status at Dooley Gembala McLaughlin & Pecora Co.

Today, the Sarringhaus & Scott shareholder provides legal services, guidance and support to older adults, individuals with disabilities and their families by helping them plan for a better quality of life, preserve their wealth and protect their future, the nomination said.

Scott also serves as the chair of the Northeast Ohio Hispanic Center for Economic Development, is an active board member for various civic organizations including Kendal at Oberlin and is a regular panelist speaking on equality, race and ethnicity.

Aanchal Sharma

Partner

Schneider Smeltz Spieth Bell

Within her litigation practice, Aanchal Sharma has emerged as a trusted advisor and representative to minorities and individuals with various ethnic backgrounds, particularly rst-generation Americans and immigrants to the U.S.

“Frequently, these underrepresented individuals state that they feel there is a gap in their representation by other lawyers because they do not understand or appreciate their cultural background,” the nomination said. “Aanchal continues to foster and grow relationships in diverse and underrepresented cultures as she recognizes that it is her duty to give her clients a voice in litigation.”

Sharma is currently on the executive committee of Schneider Smeltz Spieth Bell. In addition, she is active in many professional groups, including the Ohio State Bar Association, the Cleveland Metropolitan Bar Association, and the Asian American Bar Association.

Patricia Shlonsky

Partner

UB Greensfelder

Trailblazer Patricia Shlonsky is the rst woman in UB Greensfelder’s more than 110-year history to serve as Cleveland Partner-in-Charge, in which she oversees the day-to-day operations of the Cleveland of ce.

Prior to this appointment, Shlonsky was the rst woman to serve on what was then known as Ulmer & Berne’s management committee. She also sits on several other committees within the rm, including the nance, pro t distribution, retirement plan, Women in Law and Leadership and Diversity, Equity, Inclusion and Belonging committees. The nomination said Shlonsky uses this broad scope of in uence to nurture a collegial work environment that supports exibility in work and family life.

She is also an active community leader with board service at the Cuyahoga County Public Library, The City Club of Cleveland, United for Libraries and Bellefaire JCB.

NOTE WORTHY

In 2023, Ohio ranked 9th in terms of the most lawyers by state with 37,717

— e American Bar Association

CONGRATULATIONS, ERIN

We’re proud to announce that Erin Brown has been named one of 2024 Crain’s Cleveland Business’ Notable Women in Law. Thank you, Erin, for your leadership, delivering results for clients with care and professionalism, and helping people find Where want to

Erin Brown, Partner

Allison Smith Newsome

Associate

Taft Stettinius & Hollister LLP

Allison Smith Newsome has only been practicing law for a handful of years, but she is already leaving her mark.

On the clock, she is an associate at Taft, where she focuses on representing hospitals, physician groups and other health care organizations on health care law. She also advises health and life sciences clients, research organizations and medical device companies on a range of legal issues.

Off the clock, Smith Newsome is an adjunct professor at Case Western Reserve University’s School of Law. She recently nished terms serving the Cleveland Metropolitan Bar Association and American Health Law Association.

She is a board member for ADL Cleveland and the Greater Cleveland Film Commission. Smith Newsome also volunteers for the Legal Aid Society of Cleveland’s Partners in Justice program.

Natalie Stevens Attorney Zashin & Rich

Natalie Stevens is the go-to attorney for her clients, which include some of the country’s largest employers.

“Natalie is a star,” writes her nominator. “Clients love her. So do the attorneys and staff at Zashin & Rich.”

Stevens has been practicing employment law for 19 years, counseling employers on compliance with workplace laws and regulations and litigating employment-related claims. She also represents employers that have collective bargaining agreements with unions in discipline and discharge grievance arbitrations.

In addition to serving her clients, Stevens is a volunteer mediator for the U.S. Equal Employment Opportunity Commission, Northern District of Ohio and Southern District of Ohio.

She recently joined the Cleveland Orchestra’s Advisory Council and has volunteered with several area nonprofits over the years.

Susan Stone Partner KJK

Susan Stone believes in children, so much so that she created a practice group to focus on their legal needs. As co-chair of KJK’s Student & Athlete Defense / Title IX Practice Group, she represents clients facing Title IX investigations, student disciplinary matters and special education issues.

“Susan’s leadership is de ned by her nuanced approach, prioritizing student rights and academic fairness while upholding respect for all parties involved,” her nominator wrote. “Her multifaceted contributions, from legal representation to educational outreach, establish her as an in uential and dedicated leader committed to positive outcomes and justice within her eld.”

Throughout her legal practice of over 25 years, she has served as a board member for ADL Cleveland and has worked with several organizations, including Families Advocating for Campus Equality.

Elizabeth Sullivan

Member

McDonald Hopkins

Elizabeth Sullivan serves healthcare providers so they can focus on serving patients. Sullivan has over 15 years of experience providing regulatory guidance to clients, and she chairs McDonald Hopkins’ national Healthcare Practice Group.

Under her leadership, the group has grown from representing individual providers and physician groups to a team of attorneys advising hospitals, telehealth providers, behavioral health providers and clinical laboratories. In fact, the rm’s laboratory and pathology practice is one of the largest in the country.

Sullivan has an unwavering commitment to guiding clients through the ever-evolving regulatory landscape. At McDonald Hopkins, she is dedicated to fostering female leadership, mentoring fellow lawyers and championing diversity and inclusion.

Kristina Supler

Partner KJK

Kristina Supler successfully argued a case before the U.S. Court of Appeals for the First Circuit that set a precedent for students’ rights to litigate against schools, allowing her client’s case against Harvard University to proceed.

“Kristina demonstrates her skills in crisis communication and handling high-pro le cases,” writes her nominator.

As partner and co-chair of KJK’s Student & Athlete Defense / Title IX Practice Group, Supler manages a multidisciplinary practice that serves clients facing criminal allegations, academic misconduct and disabilityrelated school challenges, among other legal issues.

A lawyer who has practiced for over 15 years, Supler is actively involved with the Cleveland Metropolitan Bar Association and the National Association of Criminal Defense Lawyers.

Jennifer Vergilii

Firm vice chair

Calfee, Halter & Griswold LLP

Chambers and Partners has recognized Jennifer Vergilii as a leading lawyer in corporate law and mergers and acquisitions for years now.

Vergilii has practiced for over 25 years and serves as Calfee, Halter & Griswold’s vice chair and corporate and nance practice group co-chair. Vergilii is the rm’s primary liaison to Lex Mundi, a global network of independent law rms and attorneys.

She is a leader in the Calfee Women LEAD af nity group, mentors female attorneys and speaks at industry and corporate events.

For over a decade, Vergilii has served on the board and in other leadership roles for Achievement Centers for Children, a Cleveland nonpro t that helps children and adults with disabilities achieve their full potential.

Margaret Wong

Founder and managing partner

Margaret W. Wong & Associates, LLC

Margaret Wong has made a name for herself — literally. Wong is founder and managing partner of her eponymous law rm with of ces in nine U.S. cities, including Cleveland.

Wong has practiced immigration and nationality law for over 40 years and has been recognized for her service. For example, she is a member of the Ohio Women’s Hall of Fame and was given the trailblazer award by the National Asian Paci c American Bar Association.

In addition to practicing and managing her rm, she is an adjunct professor at Case Western Reserve University’s School of Law.

Over the years, Wong’s philanthropy has also been lauded. She volunteers her time and expertise with numerous area schools and colleges, health care systems and legal associations.

In 2023, women made up a majority of law school students across the country at 55.7% — e American Bar Association

In 2022, women made up roughly 54% of state law school students — e Ohio Bar Association

Realty development slowdown on horizon

Apartment boom slows amid rising interest rates and building costs

Ask Doug Price, CEO of K&D Group of Willoughby, if the company he runs with Karen Fanger could produce its most recent project — converting an o ce tower at 55 Public Square to a mixed-use building with apartments — and his answer is swift.

“No way,” Price said in a phone interview.

at is the veteran of six such projects in downtown Cleveland speaking. He is not alone. ere is a chorus among the can-do crowd seeking added nancing sources or new strategies as high interest rates and other factors hamper the pace of new projects.

With more than 1,000 additional apartment suites bound for completion in the area this year, the market-rate apartment boom is nished for now. e hectic deal pace of the past decade is slowing. Development companies are focusing on nishing existing projects, seeking nancing for other proposals, working out of town on projects that still pencil and other strategies to stay busy until the Fed cuts interest rates.

Although downtown Cleveland has deservedly been held up as a model for solving o ce woes bred by the pandemic by converting skyscrapers to apartments, the region developed that track record and expertise because its o ce market is weaker than many. Both o ce building conversions and the ground-up construction of apartment buildings in the end face new challenges because of cost run-ups.

Tom Charek, president of Welty Development of Fairlawn and the NAIOP Northern Ohio trade group, said the challenge for developers is, in the end, simple.

“It’s a match equation,” Charek said. “You have to be able to cover your debt service.”

As interest rates have climbed and banks have dialed back debt ratios,  that has increased the amount of equity required to make deals go.

“You need to get creative as a result,” Charek said. “To get a good return, that’s why you need state and federal tax credits, local tax abatements and other measures to lower your costs.”

e Akron projects are still working because the municipality provides a full 15-year property tax abatement. By contrast, e ective Jan. 1, downtown Cleveland dialed back property tax abatements to lower percentages in fast-growing areas such as Ohio City and Tremont in hopes of pushing forward projects in other parts of the city.

In Price’s case, he is focused on trying to get state historic tax credits for the proposed renovation of the 700 Prospect Avenue building (formerly the United Church of

Christ headquarters, which relocated downtown.) K&D is preparing to submit its third application for highly competitive state historic preservation tax credits after missing out to others the last two rounds of state awards.

K&D, he said, is not looking at new development projects until it gets that one moving.

Ryan Sommers, a managing director at Project Management Consultants of Cleveland, which assists developers with projections and receiving government aid, said in an interview, “Projects here already need layers ofnancing to close nancial gaps.

at was before changes innancing and construction markets changed the dynamics. at created the momentum for apartment development we enjoyed in 2020 and 2021. With the length of the building cycle, many of the projects opening now were put together then.”

Sommers and others underline the point that although Northeast Ohio residential rents have climbed, they are still lower than those in other cities — but development costs are the same as in other areas with stronger economies and population growth.

“What we have developed here is the expertise among law rms, accountants and developers on how to make these projects work,” he said. “But the reality is that other markets are learning how to do o ce conversions while we face a greater gap than in the past.”

Sommers has developed a case study for today’s Cleveland o ce building conversion challenges focused on IMG Center, a 16-story o ce building dating from 1965 that has been undergoing a foreclosure case since 2019. It is a candidate for conversion as it is more than 50 years old and may qualify for state and federal historic tax credits and is in the city’s Erieview Historic District.

Estimating that the 281,000square-foot structure could be converted to 304 apartments, PMC calculates construction costs at $66 million, with soft costs for fees such as architectural design and engineering at $13 million. With a building purchase price of $9.8 million (a discount), such a project

tum of proli c urban projects over the past decade.

Welty’s Charek said techniques such as using PACE nancing, which provides bene ts for energy-e cient conversions, are helpful.

e same dilemma faces builders of new apartment buildings that have transformed sections of Ohio City and Tremont over the past few years. Sommers estimates those costs climbed 20% over the past two years.

that address, opening up this year. Instead, she is hopeful she has gained adequate financial support from corporate, philanthropic and government sources just to close on the financing package this year.

would cost $89 million in total. Preservation tax credits and property tax abatements would o set costs by around $28 million, and PMC estimates the developer is still shy by $10.5 million. at is the gap that now needs to be closed for the next wave of o ce conversion projects to be economically worthwhile.

Sommers argues that added incentives to those available are needed, from government or philanthropic sources. Current incentives were developed in the Jackson administration to convert empty buildings like the Halle Building, May Co. and 1717 East Ninth St. (originally the headquarters of East Ohio Gas Co.) to today’s apartments.

However, Sommers believes that, besides IMG and the lenderowned 1100 Superior o ce buildings, an additional 13 downtown Cleveland o ce buildings are underwater due to being overleveraged, are in special servicing, are under lender control after foreclosure or are headed that way.

Indeed, Robert Stark, chairman of Stark Enterprises of Cleveland, pointed out that when the rm opened its Beacon apartments in 2017 at 515 Euclid Ave. the project was partially possible because it was constructed atop an existing parking garage that was designed to accommodate a future apartment addition.

Michael Panzica, owner of Panzica Development of Cleveland, felt that rising rents would keep the momentum for groundup development going in 2022 but that is no longer the case as interest rates and higher construction costs have outpaced rent growth that staggers many Cleveland natives.

“We had the project fully funded in May 2022,” she recalled. “Our nal (Housing and Urban Development) loan was for $10 million. But it became $7 million after the increase in interest rates. We then had to reprice the project because of the increase in interest rates. Our construction costs went up $5 million.”

However, the proposal to return 116 suites in the building to active use, she said, gained local support because of its location in Hough and the fact it would have cost $10 million to demolish it. A new project on the site would not o er as many units, she added.

“In a nutshell, it is de nitely more dif cult to build apartments here than it was two to three years ago.”

Michael Panzica, owner of Panzica Development of Cleveland

“We face a crisis,” he said. His menu of solutions includes steps such as a district-wide tax increment nancing program (such as the Bibb administration’s pending “Shore to Core to Shore” TIF initiative), building code changes to promote co-housing concepts, space sharing, speci c housing and mixed-use conversion grants and reduced building permit costs. He also argues that speci c nancial packages should be developed to whet the appetite of out-of-town buyers for such projects.

For Price’s part, he said the solution would be for the state to reduce its cap on state historic preservation tax credits the way Texas has done. “We’ve been a victim of our own success,” Price said, reecting on the positive momen-

“In a nutshell, it is de nitely more di cult to build apartments here than it was two to three years ago,” said Panzica, who has led apartment projects such as e Abbey Townhomes and Flats on the street of that name in Tremont and Church+State, 1436 Church Ave., Ohio City. “You can borrow less than in the pre-interest hike era,” Panzica said. “Without rental increases in the market, this would be even more di cult. Projects require more equity (or developer or investor funds) to get the returns you need.” Panzica declined to comment on Bridgeworks, an apartment-hotel building next to the West 25th Street side of the Detroit-Superior Bridge. e other solution is for real estate developers to put more of their own money into projects to meet increased equity requirements, which increases their personal risk by millions of dollars, or to bring in more investors.

Gina Merritt, president of Northern Real Estate Urban Ventures of Washington, D.C., has garnered substantial local media attention because she is that rarest of people: a Black woman undertaking substantial real estate projects in Cleveland.

“I lack the generational wealth of many of my colleagues,” Merritt said. “ ey have resources at hand to meet increased equity requirements. e playing eld is not equal. I would probably not be in the jam I am in if I emphasized pro t more than community because I believe there are rock stars among communities of color who need a little help.”

Merritt expected to have Ninety-Four Ten Hough, a project to restore a long-empty 10-story apartment building at

“It’s been very di cult carrying this for an additional two years,” Merritt said. “We’ve deferred the developer fee (usually taken at the time of nancing) and expanded it over 15 years. is economy is affecting developers of color exponentially compared to others because we don’t have family resources.”

Merritt said she has started to consult on other developers’ projects to make ends meet. She’s looking at joint ventures to provide a ordable housing units in market-rate projects.

Yvette Ittu, president and CEO of Cleveland Development Advisors, a corporate-backed fund providing patient capital for catalytic real estate projects, would be a source for developers to seek gap nancing; the fund already has provided it for multiple marketrate apartments.

However, the gap developers face is so great that Ittu has not been seeing more potential applicants because prospective borrowers need to have workingnancial projections and bank loans. e group has focused on community projects such as schools and job training centers and is providing some funds for developers to fund studies. It has also made a few senior debt commitments, she added.

Other developers are raising cash by selling older assets to meet equity requirements or looking to nd ways to phase projects.

Panzica said he keeps hunting new projects to have things ready when conditions improve.

Charek said Welty also is pursuing projects in areas with higher rents and population growth in areas such as the Carolinas because they are easier to nance.

In K&D’s case, Price said the company is focusing on improving the e ciency of its operations and preening its properties. It is also focusing on landing o ce tenants for its properties.

“A lot of tenants are available because they feel uncertain about the current ownership of their buildings in this environment,” Price said. “It’s an advantage to be local.”

Stan Bullard

The welter of apartment buildings in Northeast Ohio is likely to ebb after current projects, such as these on Scranton Peninsula in the Flats, are nished. STAN BULLARD

SNOWFALL

From Page 1

Boston Mills/Brandywine is among the 41 ski resorts owned by Vail Resorts, whose skiing empire stretches from California to Vermont. e company, which also owns Alpine Valley in Chesterland, doesn’t report individual visitation numbers for its resorts, but its most recent report hints at what everyone already knows — this isn’t a great year for skiing.

rough Jan. 7, total skier visits were down 16.2% year over year, with the “unfavorable conditions” impacting all of the company’s North American resorts, particularly in the Midwest, Mid-Atlantic and Northeast.  e company won’t report quarterly results until March 11, but considering Boston Mills has only seen about 10 inches of snowfall this year, it’s a safe bet that those trends have continued.

“We’ve been 100% open since mid-January, the conditions have been incredible and the people here know it,” said Campbell, a Hinckley, Ohio, native who has been the GM for 15 years. “I can’t say the same for all the other resorts in the Midwest and the East, but we’re in a really good spot. We’ve had some incredible snow-making sessions.”

“We just have to get the word out.”

Snowfall isn’t typically a problem in Cleveland, which averages about 60 inches each year (or more, as snow belters will tell

ELECTRA

From Page 1

e trucks can carry 10,000 pounds of payload, which is key because not only do they need to carry the hardware required for the job — paint nozzles, control systems, uid delivery systems, pumps, and other components — they also have to carry enough paint for the machines to work all day without having to return for more.

e system works a bit like Google Maps on a smartphone, Newman said. An operator can see a bird’s-eye view of the road or intersection that needs to be painted and select from various lines, curves, arrows and other shapes that need to be applied, which are mostly uniform but can vary from state to state.

e shapes and lines can be dragged and dropped onto the aerial view of the work site, positioned exactly as they are supposed to be applied, and the machine uses its GPS and computers to do the rest.

“Our system has a single driver/ operator. You get to the work site and you can start playing video games,” Newman said.

Well, not quite, of course.

“ e operator is the supervisor,” Newman said, and will still be monitoring the work, tra c and the operation of the Electra unit. But in most cases that will only require observation and then moving the machine to its next job site.

e most recent generation of

you). But it’s a big problem this year — and it comes on the heels of another mild winter, with Akron/Canton reporting a record-low 15.7 inches of snow in 2023.

“Locally, the weather has changed,” said Lee Chilcote, who lives in Detroit Shoreway and who owns a season pass to Boston Mills/Brandywine. (Full disclosure: Chilcote has previously written for Crain’s.)

“Northeast Ohio winters have always been unpredictable, but we did get more snow,” Chilcote

said. “You can verify that. But I would say in the 10 years I’ve been skiing with my kids, we’ve never relied on natural snow, nor have the ski resorts.

“It’s basically like natural snow is a bonus.”

Chilcote’s pass — called the “Epic Pass — gives skiers access to all of Vail Resorts’ locations, including driveable trips to Mad River Mountain in Zanesville or Seven Springs, which is located about an hour south of Pittsburgh.  Moreland Hills resident Sean Jaynes also owns a pass and he

visits Boston Mills/Brandywine just about every weekend in the winter with his 10-year-old son. He also makes yearly trips to Colorado and Vermont, and even considered making the three-hour drive to Seven Springs before taking a look at the resort’s mountain camera.

“It’s grim,” said Jaynes, who pulled out his smartphone to reveal Seven Springs’ conditions while unloading his gear at Boston Mills on Friday, Feb. 16. “February should not look like that.

“Seven Springs, I don’t know.

Electra took a lot of work and e ort, Newman said. Friends and family provided some investment, and then a $1 million National Science Foundation grant that RoadPrintz won in early 2022 provided the capital needed to move development into high gear. e company also worked with Case Western Reserve University to develop the machines, Newman said.

It’s paid o , though. Electra won the Innovation Award at the 54th annual American Tra c Safety Services Association (ATSSA) Convention & Tra c Expo in San Diego on Feb. 6.

While most folks have likely never heard of the ATSSA, let alone the award, it’s a big deal in the road construction equipment industry, said Newman.

Brett Mulder agrees. He’s vice

president of sales and marketing for EX Liner, a 60-plus-year-old company in Iowa that makes road painting equipment and saw Electra pull o the win.

His company is more than impressed. It has entered into an agreement with RoadPrintz to manufacture, sell and service the Electra machines.

“ at truck that was in San Diego is here right now,” Mulder said, speaking from his company’s facilities in Orange City.

EZ Liner was instrumental in developing the rst systems that enabled trucks, rather than humans, to paint straight lines like those on the white lines on the edge of the highway (near and dear to Clevelanders, of course). It recently merged with another company, Arrow, that has developed systems

Going forward, they’re going to be in deep trouble.”

Boston Mills wasn’t quite a winter wonderland on Feb. 16 — there was visible grass under the ski lifts and on the edges of the slopes — but all of its trails were open, which was good enough for skiers like Jaynes, who use local resorts like Boston Mills and Brandywine to get their x in between bigger trips.

“ at’s the beauty of the pass,” Jaynes said. “You don’t care. It’s just, ‘Ah, let’s go,’ even if it’s bad weather. But (the snow season is) de nitely getting worse. I mean, we’re hanging on by a thread just because they can blast snow when it nally does get cold.”

But Boston Mills can’t just ip a switch when the temperature hits 32 degrees. It needs to be 27 degrees or colder — the low 20s or teens are even better — with the right mix of humidity and wind, Campbell said.

“ at’s when we can get the monster piles overnight,” said Campbell, whose resort typically stays open through mid-March. “It’s an art and a science.”

Snowmaking will likely become even more important in the years ahead. While Northeast Ohio’s snowfall has always uctuated, the long-term trends aren’t promising for ski resorts — at least in the Midwest.

“If the weather continues like it has been, what’s it going to look like in 30 or 40 years?” Chilcote said. “ e Haslams want to build a dome for the Browns. Will they put a dome over Boston Mills, too?”

e machines are not cheap.

ey’ll cost about $500,000 each, Mulder and Newman said.

But Mulder, whose company already sells to road contractors across the U.S. and Canada, said he thinks there’s demand for such a product.

to apply materials that are thicker and more durable than paint, such as epoxies and thermoplastics used to lay down rumble strips. Moving into automation is the company’s next logical step, Mulder said. It’s early days, but EZ Liner is working with RoadPrintz to get the rst machines made and available for sale later this year.

“We’re going to be making it. We’re still working on all the details of that but our production vice president has been out there with our product manager too, looking things over and we’re trying to gure it all out,” Mulder said. “ ey’ve only developed a couple of these things, so we’re trying to gure out how to make them e ciently … We’re hoping that by the end of the year, in the fourth quarter, to get a couple of them made and shipped.”

For one thing, they enable contractors to do jobs with fewer people, one or two people per truck, compared with as many as ve working on a traditional paint crew. at’s not only a savings in terms of payroll, salary and other employee costs, it also helps out with sta ng, because it’s currently dicult to nd people to work on road construction crews, Mulder said.  ere’s an even bigger cost savings in terms of safety, Newman said. e average cost of a road worker killed on the job is about $10 million, he said, a number Mulder also cited.

More importantly, though, it greatly reduces the risk of injury or death of a human being just to get a line on some pavement.

But, “those are what economists call external costs,” Newman said. In other words, no one party really pays those costs, so there’s no huge incentive for anyone to invest in order to avoid them.

ey’re still important, though, and RoadPrintz is using safety as a marketing tool, but it has to convince contractors that the machines will make them more e cient and pro table too, Newman said.

RoadPrintz and EZ Liner will nd out later this year if their argument for improved e ciency, safety and lower costs will drive sales.

RoadPrintz’s robot painter Electra, built on a Ford F550 truck chassis, applies on-the-road signage without risk to road workers. | ROADPRINTZ

While grass can be seen between runs at Boston Mills, the resort has made enough snow to keep trails open since mid-January.

CODY LINCK/BOSTON MILLS/BRANDYWINE

LEADER

From Page 1

firm’s robust innovation foundation and continuing to transform how we deliver our services to provide the maximum value to our clients,” he added. “I’m also dedicated to upholding our commitment to fostering a diverse, equitable, and inclusive environment, recognizing the value and richness that diversity brings. Our aim is to actively promote equity within the legal profession and our firm, focusing on enhancing opportunities for underrepresented lawyers.”

In terms of background, White has served for more than 13 years on the rm’s executive committee and 11 years as its “national hiring” partner.

He’s also a former partner-incharge of the rm’s Columbus ofce, where he led strategic expansion and business operations in the market for a decade. He was one of the youngest partners-incharge in the history of the rm when he took that post in 2006 at 38 years old.

In terms of where White is based, the rm said that he will be splitting his time between its Columbus and Cleveland o ces.

Thompson Hine reports approximately 400 attorneys today across eight U.S. offices. With roughly $253 million in revenue in 2022, the business ranks as the 141st-largest law firm (as measured by revenue) in The American Lawyer’s latest Am Law 200 list.

In Northeast Ohio, Thompson Hine ranked as the fifth-largest law firm as measured by local attorney headcount, according to Crain’s research.

Among other background details, White has served on boards for several nonprofits, including

TECH

From Page 6

Transitioning to enterprise systems is still possible at a later stage—but it takes more e ort and capital to upgrade operations infrastructure when a company has 3,000 employees versus 100. In the hypercompetitive tech space, delaying could be the difference between being the acquirer and the acquired.

2. Going global

Some startups are in a better position than others to go global. Still, many companies will need some sort of global footprint and must make operational adjustments when engaging in a new country. With each new region, companies must also reevaluate whether they have the right people, partners, and systems in place.

One best practice is to consolidate accounts with a single partner so that nance executives have visibility into all assets and capital. For every bank account that’s not part of an integrated platform, companies may be losing e ciencies: International ex-

the United Way of Central Ohio, Ohio State University Hospital, Ohio State University President’s Advisory Council, Ohio State University Varsity “O” Alumni Association and Marburn Academy, a school in central Ohio that serves students with learning disabilities.

White is described by the rm as a “passionate advocate” for advancing diversity, equity and inclusion e orts at his rm, in his profession and in the community. is includes holding leadership positions with the Big Ten Conference Anti-Hate and Anti-Racism Coalition.

“ ere are not many rms out there who are advancing African Americans into leadership positions within their rm or with their clients,” White tells Bloomberg Law. “ at’s something the industry still has to grapple with: How are we going to do that and how are we going to be more e ective

pansion means working across di erent regulatory landscapes, currencies, cultures, and languages. Integration of accounts, regardless of geography, is key to gaining 360-degree visibility. is provides clarity for payments, receipts, liquidity, investments, the foreign exchange market, global trade and supply chain nance.

3. Preparing for the public markets

After a landmark year for initial public o erings (IPO) in 2021 and 2022’s signi cant slowdown, the 2023 market seems to have found the middle ground. e third quarter of 2023 alone contained 26 IPOs, which, combined, raised $7.7 billion—a number that equals the total proceeds raised in all of 2022.

Market forecasts predict an increase in IPO activity in 2024 as a backlog of IPO-ready companies take that nal step onto the public stage. However, debuting in an uncertain market means companies must adjust their valuation expectations and prove pro tability.

As late-stage tech startups begin to test the IPO waters, they must review their nancial, oper-

in equity and inclusion?”

White earned his J.D. from Northwestern University School of Law and his undergrad degree from Ohio State. He is a former captain of Ohio State’s men’s basketball team (in 1989) and is a periodic sportscaster for Dayton Flyers games.

While a rm spokesperson said that there was not any one particular driver for the change in leadership, they pointed to Read’s 12 years in the position—and the many accomplishments that came with it. A dozen years is, in fact, a relatively long time for one person to hold the title of managing partner in the legal industry nowadays.

Regardless, during her tenure, Read helped ompson Hine earn national accolades for its service, innovation and use of legal technology.

Read will continue to be involved with her rm as the reins are handed to White. ompson Hine notes that she will “continue to focus on the rm’s innovation e orts and her practice as a tax lawyer.”

“(Tony’s) innate leadership qualities, coupled with his achievements within the firm and as a member of significant community organizations, position him exceptionally well for this role,” said Read in a statement.

“ e development of his leadership skills started early—when he was selected as the captain of e Ohio State Buckeyes basketball team. ere is a recognized correlation between sports and business leadership success, and Tony has it,” Read added. “He is a seasoned leader with the vision and experience to guide the rm toward a successful future. I am con dent ompson Hine will bene t greatly from Tony’s charisma, commitment and focus on innovation.”

ational, and supply chain infrastructure. Doing so will help determine whether they can support that next level of growth and scale. Leadership teams should ensure their company has the right foundation and the best team of advisors to help achieve a successful market debut.

Each late-stage tech startup has its unique life and trajectory. Understanding when your company is approaching an in ection point and preparing your team for the necessary changes is vital for continued growth. While these changes may require changes to people, processes and systems, the outcomes help position the company for a new stage of growth. ese in ection points are universal crossroads that, when properly considered and addressed, can give organizations the best possible chances of success.

Jason Morris is vice president and senior relationship manager of the Technology Industry Group and global commercial banking for Bank of America in Cleveland.

Scott Olmstead is the company’s national technology and green economy executive.

Cavaliers’ TV ratings surge in February, still behind last year

By Joe Scalzo

February is a month dedicated to spending time with the ones you love.

For Clevelanders, that has been the Cavaliers. After a sluggish start to the season, the Cavaliers have seen their February television ratings rise alongside their record. e team is averaging 66,770 household (HH) impressions this month on Bally Sports Ohio, according to Nielsen, which is 32% higher than their season average. e Cavaliers’ season average is 50,500 HH impressions, which is down about 11% over this time last season (57,000).

e Cavaliers are one of the few NBA teams to see their local TV ratings drop this season, with 18 teams increasing their linear TV viewership year-to-year through Feb. 6, according to the Sports Business Journal.

e reigning champion Denver Nuggets have seen the biggest ratings increase (139%), followed by the Minnesota Timberwolves (107%), Phoenix Suns (94%), Orlando Magic (76%) and San Antonio Spurs (54%). e Suns’ broadcasts have aired for free on the over-the-air station Arizona’s Family.

e Cavaliers’ TV ratings were actually down 16% as of Feb. 6, per SBJ, which was the fourth-

biggest drop in the NBA behind the Portland Trail Blazers (down 49%), Brooklyn Nets (37%) and Washington Wizards (35%).

But the Cavaliers’ TV ratings are clearly on the upswing, with four of the team’s ve highestrated games coming since Jan. 31:

◗ Feb. 5 vs. Kings: 73,800 HH impressions (No. 2)

◗ Feb. 12 vs. 76ers: 73,700 HH impressions (No. 3)

◗ Jan. 31 vs. Pistons: 71,140 HH impressions (No. 4)

◗ Feb. 8 vs. Nets: 69, 685 HH impressions (No. 5). is year’s top-rated game was Nov. 25 against LeBron James and the Los Angeles Lakers, which drew 79,000 HH impressions. e Cavaliers (36-17) have gone an NBA-best 18-2 since Jan. 3 and now sit second in the Eastern Conference standings. Cleveland returns from the All-Star break on ursday, Feb. 22, to play the Orlando Magic on Bally Sports Ohio.

Of the Cavaliers’ remaining 29 games, ve will be broadcast over-the-air on WUAB Channel 43 as part of the NBA’s bankruptcy agreement with Diamond Sports Group, the owner of Bally Sports Ohio. ose games will no longer stream on the Bally Sports app or via Bally Sports Ohio.  e Cavs’ regular broadcasting team will remain the same for all ve games on WUAB.

Thompson Hine’s headquarters is in Key Tower at 127 Public Square. | THOMPSON HINE

Cleveland Cavaliers center Jarrett Allen (31) rebounds between Coby White (0) and DeMar DeRozan (11) of the Chicago Bulls during a Feb. 14 game. GETTY IMAGES

Ohio Savings Bank rebrands to Flagstar, underscoring diminshed market presence

By Jeremy Nobile

New York Community Bank, an embattled lender ghting to regain investor con dence, has o cially dropped the Ohio Savings Bank name for its regionally branded operations in this market.

Over the President’s Day weekend, the company began rebranding everything formerly known as Ohio Savings under the Flagstar Bank moniker — something the bank has been doing in rounds across operations since completing its $2.6 billion acquisition of Troy, Michigan-based Flagstar Bancorp Inc. at deal was announced in 2021 and completed in 2022.

e history of Ohio Savings trac-

es back to 2009. At the end of that year, NYCB agreed to purchase AmTrust Bank, an institution founded in Cleveland in 1889, amid the throes of the nancial crisis.

AmTrust had approximately $12 billion in assets at the time of its sale by the Federal Deposit Insurance Corp. — including about $8 billion in deposits — and was the fourth-largest bank that year to fail at the time.

In an online history, NYCB had previously noted that the Ohio Savings Bank name was adopted for the former AmTrust operations to “pay tribute to its forebear.”

It seems the Ohio Savings name doesn’t carry the same weight or value that it once did. When asked

why NYCB chose to drop the Ohio Savings name now after some 14 years, bank o cials e ectively declined to comment beyond noting that it aligns with the company strategy.

“ e rebrand to the Flagstar name impacts all Flagstar Bank and (NYCB) brands as well as their divisions,” said a company spokesperson in an emailed statement. “ e new Flagstar brand seamlessly merges the best of our companies into a fresh, di erentiated concept delivering a new energy in banking.”

As one writer noted in 2009, AmTrust Bank had grown from a “sleepy thrift” to a “national powerhouse and an important philanthropic force across Northeast

Advertising Section

PEOPLE ON THE MOVE

To place your listing, visit www.crainscleveland.com/people-on-the-move or, for more information, contact Debora Stein at 917.226.5470 / dstein@crain.com

BANKING

West eld Bank

CONSTRUCTION

CONSTRUCTION

Ohio” before its failure.

NYCB bene ted from this heritage as it scooped up the AmTrust remains — and at quite a deal at that as it reportedly paid zero premium to acquire the bank’s depository base.

But in the years that followed, NYCB seemed to pay relatively little attention to the Ohio franchise that it absorbed.

According to the FDIC, as of mid-2009, AmTrust represented about $9.6 billion in deposits. at included about $3.5 billion in Ohio itself, giving it a statewide market share of roughly 1.5%.

By 2013, NYCB/Ohio Savings controlled just $2 billion in deposits in the state, shaving its Ohio market share down to 0.8%.

A few years later, in the summer of 2017, the company set plans to shutter its residential mortgage business in Cleveland. is led to the closure of its o ces at 1801 E. 9th St. in Cleveland — across the street from One Cleveland Center — and 7570 Northcli Ave. in Brooklyn. at resulted in at least 224 layo s.

As of June 2023, NYCB’s Ohio deposit base represented $2.4 billion, according to the latest FDIC gures, instead of $2 billion 10 years prior. But its market share decreased over that span from 0.8% to 0.4%.

In Northeast Ohio, where Ohio Saving’s presence is strongest, the bank’s deposit market share decreased between June 2013 and June 2023 from 2.5% to 1.3%.

According to a Crain’s analysis, as of June 2023, NYCB/Flagstar was the 17th-largest bank by market share in Ohio and the 11th-largest in Northeast Ohio (de ned by Crain’s as 15 counties). Leapfrogging over NYCB/ Flagstar into the top 10 last year was Youngstown’s Premier Bank.  NYCB’s Ohio franchise has clearly become weaker over the years. So, are there any plans to grow its business here following the Flagstar rebrand?

at, too, is unclear, as bank o cials declined to discuss these details.

West eld Bank welcomes Rachel Holzheimer to our Treasury Management team as VP, treasury management business development of cer. In this role, Rachel will leverage her 18 years of banking experience to partner with businesses across our Northeast Ohio community, providing nancial guidance and solutions to empower growth.

HEALTH CARE

Western Reserve Hospital

Damian Garcher, MD has joined Western Reserve Hospital Physicians Urology. Dr. Garcher completed his internship in general surgery and went on to complete his residency in urology at the University of Toledo Medical Center, where he earned the Residency Patient Care Award and Residency Research Award. He went on to serve patients at Washington Health System Urology in Pennsylvania. He now sees patients in Cuyahoga Falls and Hudson.

In nity Construction Co., Inc. In nity Construction is pleased to announce the newest member of its Management Team, Matt Ambrose, as Project Executive. In addition to strengthening our position in the healthcare marketplace where he has vast expertise, he will assist in the mentoring and development of our Project Management staff. His innovation and collaborative skills will help In nity as its scales to the next level following the past ve years of exceptional growth.

Marous Brothers Construction

HEALTH CARE

Western Reserve Hospital

Zane C. Giffen, MD has joined Western Reserve Hospital Physicians Urology. Dr. Giffen earned his medical degree from Virginia Tech Carilion School of Medicine and Research Institute. He completed his residency in Urology and Renal Transplantation at the University of Toledo Medical Center and went on to serve urology patients at University Hospitals Urology Institute. He now sees patients in Cuyahoga Falls and Hudson.

Marous Brothers Construction, the award-winning, multi-generational construction company based in Willoughby, is pleased to announce that David Roberts has been promoted from Project Manager in the Construction Management Group to Director of Construction in the Design/Build Group. Since joining the growing rm in 2002, David has played a pivotal role in the success of several signi cant construction projects, including Goodyear’s World Headquarters and Westin Hotels Book Cadillac in Detroit.

NYCB president and CEO at the time, Joseph Ficalora, said that closing those operations would allow the bank to focus on its core business model. After that, the bank continued to o er mortgages in the market through a third party, which is what it was doing prior to the AmTrust deal.

Even with those layo s, Ficalora said the bank still had about 400 employees across Ohio at the time. How many employees the bank represents today under Flagstar is unclear — the company declined to comment on that.

Over the last decade, NYCB’s deposits in this market have grown but only marginally, leading it to cede market share to others.

Company o cials also declined to comment on what the bank’s operations here look like in general. While the company continues to operate at least 28 bank branches in the state—the same footprint it’s had for virtually its entire existence under NYCB’s ownership — the company did not provide a number for employees in this region.

e company said that its “senior local leader” in charge of its Ohio business is Rhonda Lockett, whose title is branch banking marketing operations leader for Flagstar. rough a spokesperson, Lockett e ectively declined to answer questions about the bank’s e orts for growing — or further shrinking — operations in this region.

As far as any plans for increasing or consolidating its existing branch network in the market, a spokesperson said simply, “we continually assess opportunities to open and close branches based on evolving market needs and how we can best service our customers for the long-term.”

Walter Haver eld

Walter Haver eld LLP proudly announces that Sachin V. Java has joined the rm as an associate. He is a member of the Business Services Group and focuses his practice in representing a diverse clientele of public and private companies, entrepreneurs, private equity rms, and institutional entities across a wide spectrum of corporate and securities transactions. Sachin received his J.D. from Cleveland State University.

New York Community Bank is rebranding everything formerly known as Ohio Savings under the Flagstar Bank moniker. COSTAR

CrainsCleveland.com

President and CEO KC Crain

Group publisher Jim Kirk (312) 397-5503 or jkirk@crain.com

Associate publisher Amy Ann Stoessel (216) 771-5155 or astoessel@crain.com

Interim editor Ann Dwyer (312) 649-5349 or adwyer@crain.com

Director of audience and engagement Elizabeth Couch, (313) 446-0419 or elizabeth.couch@crain.com

Director of visual media Stephanie Swearngin

Creative director Thomas J. Linden

Managing editor Marcus Gilmer 216-771-5169 or marcus.gilmer@crain.com

Special projects editor Scott Suttell

Assistant managing editor John Kappes

Projects editor Stacy Sominski

Web editor Damon Sims

Associate creative director Karen Freese Zane

Digital design editor Jason McGregor

Art directors

Kayla Byler, Carolyn McClain, Joanna Metzger Cartoonist Rich Williams

Notables coordinator Ashley Maahs

REPORTERS

Paige Bennett, Health Care, Nonpro ts, Philanthropy (216) 771-5479 or paige.bennett@crain.com

Stan Bullard Real estate/construction (216) 771-5228 or sbullard@crain.com

Jack Grieve, audience engagement jack.grieve@crain.com

Jeremy Nobile, Finance/legal/beer/cannabis (216) 771-5255 or jnobile@crain.com

Kim Palmer, Government (216) 771-5384 or kpalmer@crain.com

Joe Scalzo, Sports business (216) 771-5256 or joe.scalzo@crain.com

Dan Shingler, Energy/steel/auto/Akron (216) 771-5290 or dshingler@crain.com

ADVERTISING

Senior vice president of sales Susan Jacobs (312) 649-5492 or susan.jacobs@crain.com

Sales manager Mara Broderick (216) 771-5158 or mara.broderick@crain.com

Events manager Missy Chambless (216) 771-5388 or missy.chambless@crain.com

Sales and marketing coordinator Shannon Smith Account executives

Kaylie Moran, Ed Sivillo, Melissa Streicher People on the Move manager Debora Stein (917) 226-5470, dstein@crain.com

Classi ed sales Suzanne Janik (313) 446-0455 or sjanik@crain.com

Inside sales Tawni Sharp

CRAIN’S CONTENT STUDIO

Senior director of Crain’s Content Studio Kristin Bull, (313) 446-1608 or kbull@crain.com

PRODUCTION

Vice president, product Kevin Skaggs

Product manager Tim Simpson

Media services manager Nicole Spell Pre-press and digital production Craig L. Mackey

CUSTOMER SERVICE (877) 824-9373 or customerservice@crainscleveland.com

Reprints Laura Picariello (732) 723-0569 or lpicariello@crain.com

Recognize a woman demonstrating exceptional commitment and making a difference in Northeast Ohio.