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by
Marjolijn Bijlefeld
For
Virginia Business
December,
2003
Talk
about role models. In 1968, right after graduating from
the University of Virginia Law School, Allen C. Goolsby
III joined Hunton & Williams in Richmond and got
a good assignment. He was put on the staff of the late
Lewis Powell, then one of the firm’s prominent
corporate lawyers. Three years later, Powell was appointed
to the U.S. Supreme Court, where he served for 15 years
as a centrist judge, casting decisive swing votes on
everything from church and state issues to affirmative
action. “It was a real privilege and a wonderful
experience,” says Goolsby.
Allen C. Goolsby III |
Fifteen
years later in 1983, Goolsby made a name for himself
in business law after being asked by a managing partner
to take the lead on developing the state’s corporation
law. “It was a great experience, working with the
bar and the General Assembly,” he recalls. He was
so involved in crafting the law that he knows it better
than most. Indeed, current clients say that’s an
advantage of working with him.
Another
career-building experience for Goolsby included his
recent role in the acquisition of Tennessee-based Clayton
Homes by billionaire investor Warren Buffett’s
company Berkshire Hathaway. The $1.7 billion deal was
dragged into court by a group of shareholders unhappy
with the terms and ended six months later when the Tennessee
Supreme Court rejected the challenge. “We would
never have suspected it would have been that complicated
or time consuming,” says Kevin Clayton, CEO of
Clayton Homes. He credits Goolsby with doing “a
terrific job communicating throughout the entire merger
process. His knowledge and experience from having worked
through other mergers was valuable and comforting to
the board,” says Clayton. “I gained a lot
of experience that I hope I never use again.”
While
high-profile cases grab headlines, much of Goolsby’s
work is done behind the scenes. For example, he was
a key figure during the 1997 corporate relocation of
GE Financial Assurance from Seattle, Wash., and Stamford,
Conn., to Richmond. Leon Roday, GE’s general counsel,
says Goolsby helped by putting the company in touch
with the governor’s office and state legislators.
“He has terrific relationships across the commonwealth
and is not only an effective lawyer, he’s an effective
lobbyist,” says Roday. On the corporate side, Goolsby
assisted the insurance company in purchasing other companies
and in working with Virginia’s State Bureau of
Insurance. Roday says he exemplifies the spirit of the
commonwealth and its business orientation.
How
the current post-Enron regulatory environment might
affect the state’s corporation law, which Roday
finds both “helpful and straightforward,”
remains to be seen. The high-tech bubble created “a
frenzy of investment activities which, from my perspective,
reflected an unrealistic euphoria that caused a lot
of us to lose our rudder a little,” says Goolsby.
“Since Enron, we’ve seen a return to a more
conservative fundamentals approach.”
In
a recent Virginia Lawyers Weekly article, Goolsby wondered
whether corporate governance, traditionally a state
issue, would move into the territory of federal oversight.
He wrote, “Virginia has what may be considered
the most pro-director approach in the country. While
our approach has its detractors, it has a multitude
of tangible benefits; most important, it fosters entrepreneurship
and risk-taking, which are at the heart of our enterprise
system. It also encourages good people to serve as directors.”
Goolsby,
who graduated cum laude with an undergraduate degree
in history from Yale University, is the author of “Virginia
Corporation Law & Practice” and “Goolsby
on Virginia Corporations.” He remains active in
the Virginia Bar Association and has served as its president.
Return
to Virginia Business - December 2003
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