The following is an excerpt from Practice Perspectives: Vault's Guide to Legal Practice Areas.
Christine Lazatin is a leading sports finance lawyer advising professional sports teams, leagues and owners, corporate borrowers, and financial institutions on many of the industry’s most critical and complex financings. In addition to her financing work, Christine represents clients on a full range of corporate matters, including governance and policy work for the NHL, the NBA and MLS. Christine is a pioneer in the field of sports law and has been recognized as an elite lawyer by a variety of sports and legal publications. She was named a Power Player: Outside Counsel by Sports Business Journal (SBJ) in 2021, was named to SBJ’s Game Changers Class of 2022, and is one of the few women to be ranked by Chambers USA in the Sports Law category.
Describe your practice area and what it entails.
I am a partner in Proskauer’s sports group. I’ve been representing clients in the sports industry for over 15 years, during which time I’ve been involved in hundreds of transactions. For my first decade at Proskauer, my practice focused primarily on sports finance, sometimes representing teams, owners and/or leagues borrowing funds; other times, I was representing the banks and other financial institutions lending money; and other times, I was representing leagues in regulating the amount of debt incurred by their teams and related affiliates. In recent years, my practice has expanded to include advice on league expansions and emerging leagues and related governance matters.
What types of clients do you represent?
I regularly represent several major sports leagues (including the NBA, the NHL, MLS, and the National Women’s Soccer League), as well as emerging leagues (such as the Professional Women’s Hockey League (PWHL), Major League Table Tennis (MLTT), and League One Volleyball) and a number of NBA, NHL, NFL, and MLB teams.
What types of cases/deals do you work on?
I have worked on many of the industry’s most exciting financings, including acquisition and stadium financings, working capital facilities, leaguewide and league-level credit facilities, workouts, and restructurings.
In addition, I have worked on numerous expansion and ownership transactions for the NBA, MLS and the NHL (including the NHL’s expansion to Las Vegas and Seattle), as well as the launch of various new sports leagues, including the PWHL, MLTT, and MLS’s affiliated D3 league, MLS NEXT Pro.
How did you choose this practice area?
Believe it or not, I wasn’t looking to work in sports. When I joined the firm, I was drawn to the sports group by the sheer talent of its attorneys. I wanted to work with people who could not only train me on the technical aspects of the law but could also teach me how to deftly navigate a conference call, a deal table, a boardroom, and beyond. I wanted to learn from the best.
What is a “typical” day like and/or what are some common tasks you perform?
At this stage of my career, I spend a lot of time with clients advising them and developing strategies to help them achieve their business objectives. I also do a lot of collaborating and sound-boarding internally, both within the sports group and across other practice groups at Proskauer.
What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?
Focus on the fundamentals. Build sound legal muscle memory from day one: drafting, attention to detail, clear communication, and negotiating tactics. These skills will translate across almost every practice area inside and outside of sports.
What do you like best about your practice area?
The sports business industry is actually quite small, so my days are often filled with repeat players and familiar faces. Many of my clients have been my peers and counterparts for over a decade; we have grown up together professionally and moved through the ranks together over the years. Dozens of other clients are Proskauer alumni. It’s a fun dynamic when we all get together to do deals because it’s basically like working with extended family.
What misconceptions exist about your practice area?
Sports law is not, in and of itself, a thing! On some days, we are finance lawyers; on other days, we are M&A lawyers; and on other days, we work in intellectual property, real estate, tax, funds, or private credit. We can wear all of these hats at different times on the same day. The constantly shifting balance and variety of work keep us on our toes and keep things interesting.
What are some typical tasks that a junior lawyer would perform in this practice area?
Everything and anything. The sooner junior lawyers can get their hands dirty, the better. From the outset put pen to paper for the first draft of a document; volunteer to reach out to a client or take the lead on a conference call; raise your hand for as much as you can. We will find a way to get you involved.
What are some typical career paths for lawyers in this practice area?
For many of my colleagues and mentees, life after Proskauer has meant finding (and excelling at) a dream job within the sports industry—some on the legal side, some on the business side—as general counsel, presidents, and commissioners and in a myriad of other opportunities.