`The rock thrower' law firm
Triangle Business Journal - by David Strow
RALEIGH -- Many young people go to law school with the fire of idealism still burning bright in them. Brent Wood and Charles Francis speak as if it never left.
"We have a bit of the quality of the rock thrower in us," said Francis. "We often find ourselves on the outside scaling the walls of the castle."
At 35, the men are senior members of Wood & Francis PLLC, which is best known locally for its personal injury work. They speak proudly of a recent $2.8 million settlement won in retribution for a car accident that took the life of a young programmer.
But the seven-person firm has ambitions beyond whiplashes and tragedies. The goal: Create a multi-faceted firm.
Much of their recent rampart-storming has been on behalf of Raleigh financier Stan Van Etten. Colleagues and friends, Van Etten's and Wood's business fates appear inseparable.
Van Etten hired Wood in 1994 after Van Etten's previous attorney in the F.N. Wolf securities fraud case was disqualified by the court.
"That was about the lowest point of my business life," Van Etten said. "I had no money, no job, no income, no assets, and I was facing a multi-million dollar class-action lawsuit. My name was pretty much beat up."
Wood took on Van Etten without even a cash retainer. All the stockbroker did was sign a promissory note.
"I told him, `Help me through this situation, and I'll be the best client you could ever have,'" Van Etten said.
Van Etten was found not liable in the F.N. Wolf case, marking a major victory for Wood.
Later, when Van Etten's International Heritage Inc. wanted to go public, one of Wood's colleagues prepared the initial offering filing with the Securities and Exchange Commission. When Van Etten formed a political action committee to influence state legislators, Wood became its first treasurer.
"Without (Wood), I might not have survived these battles," Van Etten said. "The most valuable thing he ever taught me ... is how, as an entrepreneur, to let go, to let someone else be the captain."
Now, Van Etten is under attack from angry shareholders and the SEC. Wood is at his side once again, serving as lead counsel of a team of attorneys from New York and Atlanta. Faith in Wood was the reason Van Etten said he put up $5 million in bond in connection with the SEC's action against IHI.
"We want to resolve this for our client," Wood said. "(If Van Etten wins), there will be a positive fringe benefit for us. But we will work just as hard for a low-profile client as a high-profile client."
Politics and PACs
Wood and Francis formed their friendship as teenagers at Boys Nation, an American Legion youth program.
In mock elections, Wood was elected Boys Nation's governor; Francis, his lieutenant governor. Their friendship has endured ever since.
In 1994, Francis joined Wood's two-year-old firm. Since then they've added five lawyers, including N.C. Sen. Eric Reeves, D-Wake, who came in February.
In 1993, Francis served as councilman representing southeast Raleigh, after being appointed to finish the term of Ralph Campbell, now the state auditor.
Wood & Francis is keen on branching into lobbying, and wants to make it one of three focal points of the firm, along with litigation and corporate law.
In February, Wood incorporated International Heritage's PAC, aimed at influencing state lawmakers. In late February, Wood and Van Etten sent a letter to the company's board and top sellers, seeking PAC funds.
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