Elizabeth M. Norman, Nutter McClennen & Fish LLP Photo

Elizabeth M. Norman

Partner / Boston


Elizabeth M. Norman is a partner in Nutter’s Tax Department. She advises private investment funds and public and private companies on a broad range of tax issues involved in mergers, acquisitions and restructurings. Clients frequently turn to Elizabeth for counsel on real estate taxation issues, including the tax-efficient structuring of real property investments, and she represents lenders and borrowers in a variety of financing transactions.

Clients rely on Elizabeth’s extensive experience in domestic and international corporate restructurings and U.S. and cross-border tax issues, including:

  • the structuring and U.S. federal tax treatment of outbound investments;
  • subpart F income;
  • foreign tax credits;
  • FATCA compliance, classification and interpretation;
  • and the negotiation of joint venture agreements to facilitate domestic and international investments.

Specializing in strategic guidance for tax-exempt and non-U.S. investors, she represents private equity funds and investors in fund formations and secondary sales of fund interests.

Elizabeth is an active member of the Boston Bar Association. She serves as director and vice president of governance for the Massachusetts National Organization for Women and previously served as a director of the Boys & Girls Club of Middlesex County.

Speaking Engagements and Publications:

  • Tax Strategies for Limited Partner Investors in Private Investment Funds, Strafford Publications webinar; April 13, 2016
  • IRC Section 355 Corporate Spin-Off Transactions: Optimizing Tax Treatment in Divestures, Strafford Publications webinar; March 30, 2016
  • Advanced Tax Strategies in Structuring Private Investment Funds, Strafford Publications webinar; May 1, 2014
  • “When Reality Collides with Legality: Profits Interests in Practice,” Tax Notes, co-author, April 17, 2017
  • “Trends in M&A Provisions: After-Tax Indemnity Limitations,” Bloomberg BNA Mergers & Acquisitions Law Report, co-author, February 2015
  • "Structuring Asian Investments Into US Real Estate," AFIRE News, co-author, August 2014
  • "A Primer on Using Private Domestically Controlled REITs for International Investors in U.S. Real Estate," Bloomberg BNA Tax Management Real Estate Journal, co-author, November 6, 2013

Prior to joining Nutter, Elizabeth was a senior tax associate at an international law firm in Boston. During law school, she served on the editorial board of the Michigan Law Review and was a Clarence Darrow Scholar.



  • Epoxy Technology Inc.

    Nutter advised Epoxy Technology, Inc., a leading manufacturer of high-performance specialty epoxy, UV, and hybrid adhesives, in its acquisition by Arsenal Capital Partners, a leading private equity firm that invests in middle-market specialty industrials and health care business services companies.

  • MNB Bancorp

    Nutter advised MNB Bancorp, the parent company of The Milford National Bank and Trust Company, a national bank, both of Milford, Massachusetts, in its acquisition by Independent Bank Corp. (NASDAQ Global Select Market: INDB). Independent is the parent company of Rockland Trust Company. The total value of the transaction was approximately $54 million.

  • Deep River Snacks

    Nutter advised Deep River Snacks, makers of premium better-for-you snacks based in Connecticut, in its sale to Arca Continental, the second-largest Coca-Cola bottler in Latin America and parent company of Wise Snacks, Bokados, and Inalecsa. Nutter had been long time general counsel to Deep River Snacks, and had advised the company in its ongoing commercial dealings, intellectual property matters, and its venture capital transactions. 

  • Atlas Devices

    Nutter advised Atlas Devices, LLC, a leading developer, manufacturer, and supplier of rapid access solutions, in its recapitalization by Anvil Capital. 

  • First Commons Bank, N.A.

    Nutter advised First Commons Bank, N.A., in its merger with Brookline Bank, a wholly-owned subsidiary of Brookline Bancorp, Inc. (NASDAQ: BRKL). The total value of the transaction was approximately $55.958 million. 


    Nutter represented OSRAM, one of the world’s leading lighting manufacturers with headquarters in Munich, Germany, in its acquisition of Digital Lumens Inc., a Boston-based company that specializes in industrial Internet of Things (IoT) solutions.

  • Commerce Bancshares Corp.

    Nutter represented Commerce Bancshares Corp. and its subsidiary, Commerce Bank & Trust Company, in its merger with Berkshire Hills Bancorp. Inc. (NYSE: BHLB), in an all-stock transaction valued at $209 million.

  • Wincove Private Holdings LP

    Nutter advised Wincove Private Holdings, LP, an investment holding company with offices in Boston and New York, when it led a recapitalization of Aloi Solutions, LLC.

  • LINTEC USA Holding, Inc.

    Nutter advised LINTEC USA Holding, Inc., a wholly owned U.S. subsidiary of Japan-based LINTEC Corporation (TYO: 7966), in its acquisition of VDI, LLC, a functional film manufacturer headquartered in Kentucky.

  • Long Term Solutions, Inc.

    Nutter advised Long Term Solutions, Inc. (LTS), a provider of in-home nursing assessments for the long-term care insurance industry, in its sale to Almost Family, Inc. (NASDAQ: AFAM). Based in Natick, MA, LTS provides a suite of planning and support services to insurance companies, employers, and direct to individuals and families throughout the United States.

  • Northeast Retirement Services, Inc.

    Nutter advised Northeast Retirement Services, Inc., a leading provider of plan accounting, transfer agency, fund administration, trust and retirement plan services, in its acquisition by Community Bank System, Inc. (NYSE: CBU), a transaction valued at approximately $146 million.

  • McCarthy Capital

    Nutter represented McCarthy Capital, a private equity investment firm, when it led a recapitalization and growth equity investment in Seven10 Storage Software, LLC to further accelerate growth.

  • CIRCOR International, Inc.

    Nutter represented CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other highly engineered products for markets including oil and gas, power generation, and aerospace and defense, in its acquisition of Critical Flow Solutions (CFS) for $210 million.

News & Insights


Education & Admissions


University of Michigan Law School, J.D., magna cum laude, Order of the Coif
Swarthmore College, B.A.


  • Massachusetts

Industry Expertise

Elizabeth recently authored “When Reality Collides With Legality: Profits Interests in Practice”in Tax Notes, which reviewed the legal requirements, common practices, and resulting tax consequences of, or relating to, profits interests.


Elizabeth serves as director and vice president of governance for the Massachusetts National Organization for Women and previously served as a director of the Boys & Girls Club of Middlesex County.

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