Attorney John Kraft said he's preparing to pass the torch at New Jersey's oldest bond counsel firm, adding Jason Capizzi as a member and renaming it Kraft & Capizzi, LLC.
Kraft said the move sets the course for Capizzi to continue representing clients at the firm as Kraft approaches retirement.
"I need somebody to share my knowledge with and leave behind for the benefit of my clients," Kraft said in an interview Wednesday. "I'll be 78 years old in May and the idea of cutting back in an appropriate way became more urgent."
The name change to Kraft & Capizzi, from John L. Kraft, Esq., LLC, is the first time Kraft has shared his business's label with another attorney in more than two decades. Kraft originally began the firm with a partner as Kraft & Hughes in 1971, and later took on another attorney as Kraft & McManimon, until 1992.
Kraft has been a bond attorney for more than 45 years, establishing the bond counsel business in New Jersey and taking on some of the state's biggest bond deals along the way. Kraft and Capizzi recently took on a new project as cofounders of Americans Calling for Action NOW, a political action committee fighting for the preservation of municipal's tax-exempt status.
Capizzi, who met Kraft while working as deputy attorney general in New Jersey, has been with Kraft's firm since December 2012.
"A year and a half ago I was looking for someone to bring in with me and I had met Jason in the attorney general's office," Kraft said. "I got to know him in matters where he was representing those state agencies and could see he had a spark and he was obviously intelligent hardworking and liked bond work."
Capizzi's legal career began in 2004 as assistant counsel to New Jersey Governors James McGreevey and Richard Codey.
"I consider myself lucky to be able to practice public finance law, and am honored to have earned the confidence of Jack Kraft and the opportunity to continue the bond counsel practice which he started in 1971," Capizzi said in an interview.
Capizzi earned his J.D. from St John's University School of Law and is an adjunct instructor in the department of human ecology at Rutger's University. Capizzi said the team's efforts to educate the public on tax exemption through the ACT NOW program has been difficult.
"Members of congress need to see an educated and involved constituency throughout the country," Capizzi said. "We're really trying to hammer home that classroom civics lesson that you have to communicate to your elected officials why it's a bad idea."
Kraft has served as bond counsel for 18 of New Jersey's 21 counties, most recently on Long Branch Sewerage Authority's sale of $9.15 sewer revenue bonds and the Bergen County Improvement Authority's sale of $11.175 million governmental loan revenue bonds.
