(Reuters) – As monetary establishments face elevated scrutiny, 10 client monetary companies attorneys have left U.S. legislation agency Stroock & Stroock & Lavan for Morgan, Lewis & Bockius in a number of cities, Morgan Lewis stated Wednesday.
The litigation and regulatory staff consists of three companions: Arjun Rao in Los Angeles, Brian Frontino in Miami and Allen Denson in Washington, D.C.
Seven non-partner legal professionals are primarily based in these three areas, in addition to Century Metropolis and New York, a agency spokesperson stated.
Morgan Lewis is a Philadelphia-founded legislation agency with about 2,200 legal professionals globally. Stroock, based in New York, has about 230 legal professionals.
The staff helps monetary companies and fintech purchasers defend in opposition to banking class actions and handle state and federal regulatory issues, the agency stated.
“The banking business is at a crossroad—from disrupters and new entrants to heightened regulation, litigation, and different financial challenges,” Morgan Lewis chair Jami McKeon stated in a press release.
The companions weren’t instantly accessible to remark.
A Stroock spokesperson stated its monetary companies litigation, regulation and enforcement group “stays a serious pressure,” and wished the departing legal professionals effectively.
Legislation corporations have just lately been pulled in to advise on high-profile monetary establishments issues, such because the collapses of Silicon Valley Financial institution and Signature Financial institution.
“In recent times, we have seen heightened consideration on the monetary business from lawmakers and regulators, and seen courts weigh in on business practices,” Frontino stated in an emailed assertion.
A number of different corporations have additionally just lately introduced on legal professionals that assist monetary establishments in regulatory enforcement.
Davis Polk & Wardwell final month employed financial institution regulatory companion David Portilla from rival Wall Avenue legislation agency Cravath, Swaine & Moore, whereas Gibson, Dunn & Crutcher added two Paul Hastings legal professionals who advise monetary companies and know-how purchasers on regulatory issues and transactions.
Orrick Herrington & Sutcliffe in February mixed with legislation agency Buckley in a bid to create a “monetary companies and fintech legislation powerhouse” and handle demand by firms and monetary establishments for regulatory and enforcement recommendation.
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