1. Reflecting on your time at Davis Graham, what was the most valuable lesson you learned? 
   • It’s extremely difficult to narrow it down to a single lesson.  If forced to choose one, I would say it is that building and maintaining relationships matters.  Obviously, you must continually grow as an attorney and become better, especially as a junior attorney when the learning curve is the steepest. However, if that is all that you do, then you are missing out on the people side, which matters just as much and is even more rewarding.  I couldn’t be prouder of being associated with Davis Graham, the attorneys there (past and present), and the clients.
2. How did your time at Davis Graham prepare you for your role at Black Rock?
   • Being in-house at a rapidly growing company, with a very lean legal department (single attorney, and an administrative assistant that splits her time helping out the development team), means that on a given day I’m asked to weigh in on topics ranging from securities to real estate, to corporate governance, to intellectual property, to litigation strategy, to insurance claims, and to human resources.  Some issues are really important to the company, and others are less material, but still important to the person that asked. Luckily, at Davis Graham, I was often the point person for clients and would then direct them to the firm’s internal specialist, where I learned as much as I could from them about their disciplines.  Now, my job is not so different, as internally people expect me to know all laws in all states at all times (I don’t), so I have to figure out when to get specialists involved.
3. What is the biggest difference between working at Davis Graham and running an in-house legal department?
   • Budgets.  At Davis Graham, I was fortunate to be insulated from budgets for the most part (thank you Sara Kraeski and the rest of the Executive Committee).  Because of that, I was able to focus on practicing law and trying to build a practice.  Now, while not necessarily the first questions asked, but certainly questions that ultimately always get asked are “How much will this cost? Did we budget for it? What will it do to our financial results? Do we still need it with that in mind?”.  
4. What is your favorite memory of working at Davis Graham?
   • It’s hard to pinpoint one, but I’ll tell a a story I told many junior associates.  I had been at the firm for about a month when I had the opportunity to work with John Elofson on a registration statement for PDC Energy, Inc. (two relationships that would define a large part of my time at Davis Graham).  I was adding little value to John on this Saturday afternoon, but he asked me to do two things (i) make and handful of changes to the prospectus (by hand) and (ii) scan and send those changes to the financial printer.  Only problem, I misspelled the same word 4 times in my hand markup and didn’t know how to use the scanner yet.  John, graciously, taught me that day how to spell and how to use the scanner, despite it making him stay at the office an extra hour to correct my mistakes.  I circle back to the story often because I like to believe that at some point over the years, through hard work and dedication, I earned John’s trust despite my spelling and scanning ability. 
5. Who are some of the people at Davis Graham that had the greatest influence on you and why?
   • These lists always get you in trouble because you inevitably leave off people that influenced you and deserve to be mentioned, but I’ll give it a shot. Chris Richardson was the first attorney I ever met, and once I learned he worked at Davis Graham, I knew that’s where I wanted to work because I wanted to be just like him.  Ron Levine for hiring me (despite not going through the proper channels, as I would learn is typical for Ron).  Kristin Lentz, John Elofson, Patricia Peterson and Deborah Friedman for teaching me to be a lawyer.  And, Jon Bergman and Sam Niebrugge for mentoring me and being my friend as I transitioned into the partnership.  

The Energy Innovators Network is a recurring quarterly series designed for professionals across the clean energy sector. Each session brings together business leaders, emerging innovators, and technical experts to explore a wide range of topics shaping the future of clean energy. From policy, project finance, emerging technologies, and market trends, the series provides attendees with insightful and timely programming.

In addition to the substantive educational topics, each event offers valuable opportunities for networking and collaboration among peers from across the industry. It is the perfect forum for those looking to stay current on industry developments or just expand their industry network.

Upcoming Events: Sustainable Aviation

Previous series topics:

• Smart Mining: Innovation at the Core of the Resource Revolution

Have suggestions for future topics or would like to be added to our mailing list? Please email ellen.rohr@davisgraham.com

As the global aviation industry seeks to balance growth with environmental responsibility, sustainable aviation has emerged as a critical focus area for innovation, investment, and collaboration. This program will explore the technologies, policies, and strategies driving the transformation of the future of air travel.

Attendees will gain insight into advancements in sustainable fuels, electrification, and efficiency-enhancing design, as well as the regulatory and economic considerations shaping these changes. Through a panel of industry-leading insiders, participants will get a jump-seat to exploring practical pathways to achieving net-zero aviation, from near-term emissions reductions to long-term systemic change.

The confirmed speakers for this program are as follows:

This edition of Energy Innovators Network is brought to you by CCIA and Davis Graham.

Event Information
Breakfast | 8:00 AM
Program | 8:30 – 9:30 AM

Event Location
Davis Graham
3400 Walnut Street, Suite 700
Denver, CO 80205

Davis Graham & Stubbs LLP was named among the 2026 Best Lawyers® “Best Law Firms” by publisher Woodward/White, Inc. in the latest edition of the guide. This edition marks the 16th consecutive year that Best Lawyers® has released its “Best Law Firms®” rankings, showcasing over 16,000 firms across 75 national practice areas and 127 practice areas in 188 metropolitan regions throughout the U.S. Firms were evaluated and ranked in three tiers, both regionally and nationally, based on extensive quantitative and qualitative feedback from peers and clients. 

Nationally, Davis Graham received Tier 1 rankings in the areas of Mining Law and Oil and Gas Law. Davis Graham was also nationally ranked in Corporate Law, Leveraged Buyouts and Private Equity Law, Litigation – Real Estate, and Natural Resources Law. The 2026 edition designated the firm with first-tier rankings in Colorado in the following practice areas: 
 

• Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law 
• Commercial Litigation 
• Construction Law 
• Corporate Compliance Law 
• Corporate Law 
• Criminal Defense: General Practice 
• Eminent Domain and Condemnation Law 
• Employee Benefits (ERISA) Law 
• Employment Law – Management 
• Energy Law 
• Environmental Law 
• Litigation – Construction 
• Litigation – Environmental 
• Litigation – Labor and Employment 
• Litigation – Real Estate 
• Litigation – Securities 
• Litigation – Trusts and Estates 
• Litigation and Controversy – Tax 
• Mass Tort Litigation / Class Actions – Defendants 
• Mergers and Acquisitions Law 
• Mining Law 
• Natural Resources Law 
• Oil and Gas Law 
• Patent Law 
• Product Liability Litigation – Defendants 
• Real Estate Law 
• Tax Law 
• Trusts and Estates 
• Water Law 

Restaurants, Bars & Breweries

• Barcelona Wine Bar
• Bigsbys Folly Craft Winery + Cellar
• Campo Juice + Kitchen
• Corsica Wine Bar
• Death & Co.
• Fish & Beer
• Himchuli
• Honey Elixir Bar
• Hop Alley
• Il Posto
• Improper City
• Koko Ni
• Los Chingones
• Lou’s Italian Specialties
• Mister Oso
• Number Thirty Eight
• Puttshack
• Queens Eleven
• Rye Society
• Safta
• Slater’s 50/50
• Sushi-Rama
• The Greenwhich
• The Local Drive
• The Woods
• Uchi
• Walnut Room
• Work & Class
• Yardbird
• Zepplin Station

Coffee Shops

• Heady Coffee Co.
• Coffee Sarap
• Logan House Coffee
• Queens Eleven

Gyms

• Boost Pilates
• Corepower Yoga
• CrossFit Verve
• F45 Training
• Movement RiNo
• Perseverance
• Platform Strength
• RiNo Yoga Social
• [solidcore]

Parking

• Catalyst Garage (35th & Delgany): $185/month
• T3 Garage (35th & Blake): $140/month
• Industry Garage (3001 Brighton Blvd.): Call for pricing
• Rev360 Garage (36th & Brighton Blvd): $150/month

1. Reflecting on your time at Davis Graham, what was the most valuable lesson you learned?
   • I learned many valuable lessons, and one that stands out is: how to effectively communicate with clients. The partners in the Oil & Gas Group were great models, and I continue to use the tools they gave me today.
2. What are some pro bono or community service experiences that have had a significant impact on your career? What did you learn from these opportunities, and how have they influenced your path?
   • I have been actively involved with the Rocky Mountain Chapter of the Cystic Fibrosis Foundation since I started practicing law. It’s a wonderful organization; at its core, the mission is to find a cure for CF. It’s been amazing to see the progress towards this in the last 15 years. When I started volunteering for the foundation the average life span of a person living with CF was 35, due to advances in treatments, it’s now 61. It’s taught me that if you stay focused on a mission, you will see results.
3. What is the biggest difference between working at Davis Graham and being in-house counsel?
   • For me the biggest difference has been the diversity of work. Working at a law firm, you tend to focus on one piece of the client’s business, i.e. transactions/contracts, regulatory, litigation, etc. Now that I am in-house, I touch every aspect of the business, which has been both fun and fast-paced. Every day is different, and I’m enjoying the challenges and opportunities each day brings.
4. What is your favorite memory of working at Davis Graham?
   • Aside from all of the wonderful people, I loved doing deal work. There’s always an adrenaline surge when a deal gets close to signing/closing and inevitably, there will be some roadblock that needs a workaround. When the deal is complete, you feel a real sense of accomplishment.
5. Who are some of the people at Davis Graham that had the greatest influence on you and why?
   • Everyone in the Oil & Gas Group! Gene Lang was instrumental in improving my commercial contract skills, specifically drafting and reviewing master service agreements and drilling contracts. I still call him every now and then when I have a question about a certain vendor or want to share a funny story. Greg Danielson, Craig Gleaton, Sam Niebrugge and Lamont Larsen were also great influences. Each took the time to explain why we do certain things the way we do them, and all were available whenever I had questions. I know I am a better lawyer for my time spent at Davis Graham under the guidance and leadership of the Oil & Gas team.

In celebration of Hispanic Heritage Month, and in collaboration with our Coalition partners, we invite you to an inspiring fireside conversation between Court of Appeals Judge Terry Fox and Colorado Supreme Court Chief Justice Monica Márquez, the first Latina to lead Colorado’s Judicial Department and one who embodies this year’s theme.

You will hear about the chief justice’s trailblazing path to the bench, leading the Judicial Branch — where she leads 4,200 employees (400+ of whom are judicial officers) — and lawyers promoting diversity and wellness. The session will end with your questions to the chief justice. Take advantage of this opportunity to gain insights from a pioneer of change, a breaker of barriers, and a person who has helped shape a more inclusive judiciary. 

• Judge Terry Fox, Moderator, Colorado Court of Appeals
• Chief Justice Monica Márquez, Colorado Supreme Court

Event Information:
Tuesday, October 8
4:00-4:30 PM | Check In
4:30-5:45 PM | Program and Q&A
5:45-6:30 PM | Reception

Sherman & Howard Offices Denver
675 15th Street, Suite 2300
Denver, Colorado 80202

Parking Information: There are two open entrances to the parking garage on Welton and 15th streets. As you approach the rolling service door, it will open. Follow the signage to guest parking. Take the elevators down to the lobby and check in at the table in the lobby.  Parking validation will be available at check-in. 

Thank you to the event sponsor Denver Law Firm Coalition for Equity & Inclusion.

Biden administration issues new policy on voluntary carbon markets

On May 28, 2024, the Biden administration introduced new guidelines on voluntary carbon markets (“VCMs”) intended to strengthen the integrity of the markets and make them a reliable, effective tool to reduce carbon emissions.[1] While some nonprofit organizations, such as The Integrity Council for the Voluntary Carbon Market and the Voluntary Carbon Markets Integrity Initiative, have already developed guidance and standards to improve the quality and reliability of VCMs, this new policy is the first guidance on VCMs issued by the federal government.

Identified concerns regarding VCMs

Widespread concerns over the reliability of carbon credits and the accuracy of credit users’ claims currently hinder the growth of VCMs. These concerns generally revolve around the lack of oversight and transparency of the nature of the credits issued through VCMs. Concerns about VCMs expressed in the new policy document, and by the greater public, include:

• the inability of credit users to examine or control the emission reduction of the carbon credits they buy,
• the lack of a guarantee that one credit actually represents the amount of emission reduction it is sold for,
• the difficulty to fact-check companies’ broad claims about the impact of their carbon credits, and
• the negative environmental and social impacts that credit generating activities can have.

Companies invested in VCMs have faced legal trouble over these concerns. In 2023, Delta Air Lines had a class-action lawsuit filed against them for publicly claiming to be the world’s first carbon-neutral airline and relying on allegedly invalid and ineffective carbon credits. This legal risk deters companies from investing in VCMs and highlights the need to improve the integrity of the markets so credit users can rely on their investments.

Overview of the policy and principles

The guidance document, titled “Voluntary Carbon Markets Joint Policy Statement and Principles,” outlines the following seven principles to guide responsible participation in VCMs.[2]

1. Carbon credits and the activities that generate them should meet credible atmospheric integrity standards and represent real decarbonization.
   • This principle addresses a few of the previously identified concerns. It requires carbon credits to correspond to a unique emission reduction to avoid double counting, for the impact of each credit to be real and quantifiable, and for implementation of a validation and verification process for credit generating activities. This principle emphasizes the importance of third-party credit certification to apply approved methodologies to ensure transparency and accountability within VCMs.
2. Credit-generating activities should avoid environmental and social harm and should, where applicable, support co-benefits and transparent and inclusive benefits-sharing.
   • As noted above, credited activities can negatively impact the communities in which the activities take place. The guidance urges organizations that develop credit generating activities to create safeguards and be proactive by mitigating potential impacts.
3. Corporate buyers that use credits (“credit users”) should prioritize measurable emissions reductions within their own value chains.
   • Under this principle, companies making public claims about using carbon credits to achieve decarbonization goals should also work to reduce carbon emissions within their supply chains. This requires companies to collaborate with their suppliers and distributors to alter their processes to promote decarbonization.
4. Credit users should publicly disclose the nature of purchased and retired credits.
   • Transparency of the status and integrity of carbon credits must improve for VCMs to grow. This principle recognizes this need and encourages credit users to make regular disclosures to allow outsiders to assess credit integrity.
5. Public claims by credit users should accurately reflect the climate impact of retired credits and should only rely on credits that meet high integrity standards.
   • As discussed above, companies may face legal action by making public claims about carbon credits that are difficult to verify. To reduce this risk, this principle recommends credit users rely only on credits that meet high integrity standards.
6. Market participants should contribute to efforts that improve market integrity.
   • VCM integrity will not improve if all stakeholders do not contribute to the efforts to do so. Therefore, all stakeholders should adhere to policies that improve the integrity of VCMs.
7. Policymakers and market participants should facilitate efficient market participation and seek to lower transaction costs.
   • For VCMs to play a significant role in decarbonization efforts, credible credit providers must have access to the market. This principle identifies policymakers and market participants as two key groups that can help those providers gain access to the market.

Key takeaways

These principles, and the policy in general, are significant for two primary reasons. First, the issuance of the policy indicates that the federal government views high-integrity VCMs as an important tool for future decarbonization efforts and will continue to  dedicate resources to improve the market.[3] While the federal government has started to regulate carbon credits, primarily through securities regulations [4], this guidance constitutes the first comprehensive codification of the administration’s approach to improving VCMs.[5]

Second, the principles this guidance endorses generally align with those set forward by other entities in the VCM ecosystem, including the Integrity Council for Voluntary Carbon Markets. The policy itself acknowledges that both the public and private sector have important roles to play in the development of VCMs. While the principles articulated in this guidance are only instructive and not binding on VCMs or market participants, they indicate the administration’s commitment to encourage the future growth of high-integrity VCMs. 

Citations

[1] Statements and Releases, The White House, FACT SHEET: Biden-⁠Harris Administration Announces New Principles for High-Integrity Voluntary Carbon Markets (May 28, 2024), https://www.whitehouse.gov/briefing-room/statements-releases/2024/05/28/fact-sheet-biden-harris-administration-announces-new-principles-for-high-integrity-voluntary-carbon-markets/.

[2] The White House, Voluntary Carbon Markets Joint Policy Statement and Principles (May 2024), https://www.whitehouse.gov/wp-content/uploads/2024/05/VCM-Joint-Policy-Statement-and-Principles.pdf.

[3] See supra note 1.

[4] See The Enhancement and Standardization of Climate-Related Disclosures for Investors, 89 Fed. Reg. 21668 (Mar. 28, 2024) (to be codified at 17 C.F.R parts 210, 229, 230, 232, 239, and 249).

[5] See supra note 2