August 19, 2022
Law360 interviewed McGuireWoods partner Durham McCormick Jr., co-leader of the firm’s renewable energy team, for a story that predicted a BigLaw “hiring spree” of experienced lawyers to help clients benefit from the clean energy provisions in the new Inflation Reduction Act.
The legislation includes changes to U.S. tax and regulatory laws designed to mitigate climate change by encouraging the manufacturing, production and use of clean energy sources. The article noted that corporations in the green energy space will need the guidance of experienced lawyers as they seek to benefit from these new incentives.
According to McCormick, project finance will be an especially big area, as the revival of tax credits for onshore wind generation and solar provides an incentive for clients to develop new power generation facilities. “There has been a backlog of projects ready to go that just needed an extension of the tax credits,” he said. “Now that we have that . . . there should be an uptick in onshore wind and solar projects moving forward.”
McCormick also foresees a need for more practitioners in renewable energy tax credits, since that is such a niche practice area, and he believes that need will be filled slowly.