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.

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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.



  • LINTEC USA Holding, Inc.

    Acquisition of VDI, LLC, a functional film manufacturer headquartered in Kentucky

  • Long Term Solutions, Inc.

    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, Mass., 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.,

    Pending acquisition by Community Bank System, Inc. (NYSE: CBU)
    Approximately $140 million

  • Lallemand, Inc.

    In March 2016, Lallemand USA, Inc., a US subsidiary of a global yeast manufacturing company, acquired 100% of the equity of USA Yeast Company, LLC, a yeast manufacturing plant and business based in Mississippi, for an undisclosed sum.

  • CIRCOR International, Inc.

    Acquisition of Critical Flow Solutions
    $210 million

News & Insights

Blog Posts

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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