Michael Rueda was recently featured in both North Carolina Lawyers Weekly and South Carolina Lawyers Weekly discussing his experience with new name, image, likeness (NIL) regulations and law.
Michael's insight into NIL included the various legal areas that deals can touch and his wariness of those who wish to be known as an "NIL lawyer." "That's not really a thing. ... There are different elements to every deal," he said, adding, "it's highly dependent on how a deal is structured. ... It's an intersection of contract law, intellectual property law. ... It can involve other things such as forming new entities. Securities laws could be at play. You could be an IP lawyer, a corporate lawyer, a commercial lawyer; there are different elements to every deal." Though there are different elements, the goal is the same, to exercise "the right for an individual, in this case, a college athlete, to monetize their publicity rights."
Michael also commented on the changes since the U.S. Supreme Court's decision in NCAA v. Alston, which enabled athletes to be compensated at all: "It sort of punts a lot of rulemaking authority and control over the situation to individual schools and conferences and states" he indicated. "It allows for more disparity among the rules and the lack of consistency could lead to problems. That's why initiatives are being pushed in Congress for more comprehensive rules, which I think is challenging" he added.
Michael is familiar with the ins and outs of managing a brand alongside managing investments and contracts, as he works with athletes and entertainers alike. "These types of deals are things we do all the time," he said. "When it became possible for student-athletes to exploit their own rights, my biggest concern was making sure that these student-athletes got as much information about what these opportunities are like and what the risks are."
He notes the importance of ensuring that collegiate athletes understand the implications of negotiations and deals and educate themselves on how best to protect their interests: "my point of view is more making sure that student-athletes are getting as much information as possible to become educated consumers in this new marketplace for themselves."
You can read the full article in North Carolina Lawyer's Weekly here. You can read the full article in South Carolina Lawyer's Weekly here. Please note a subscription may be required.
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