I do a lot of litigation related to ESOPs, sometimes for them, and sometimes against them. One thing I have learned for sure over the years is that the well-run ESOPs, where everything is aboveboard and the fiduciaries are clearly acting – and want to act – in the interest of the employee participants, are spectacular creatures: they create wealth for employees, give rise to significant employee investment in the company’s success, and seem to at least correlate with growth in key company metrics. Many lawyers who represent ESOPs are almost evangelical in their fervor for the form.

For those of you who don’t spend a lot of time with ESOPs, or are just plain unfamiliar with the world of ESOPs, this article from the Atlantic really paints a good picture of why well-run ESOP companies are so valuable, in so many different senses of the word.