Chapman and Cutler has expanded its structured finance and securitization practice within a complex regulatory climate by establishing a Washington DC, office with six new partners hired from Orrick Herrington & Sutcliffe.
Craig Fishman, Rachel George, Felicia Graham, Doug Madsen, Mike Mitchell, and Mark Riccardi will help Chapman and Cutler’s clients navigate the regulatory landscape as the Dodd-Frank Wall Street Reform and Consumer Protection Act takes effect. The act, which President Obama signed in July 2010 amid widespread concern about the nation’s economic future, poses complex legal issues for money managers and institutions accustomed to operating without direct federal supervision.
The six partners bring different areas of expertise to their new office. Fishman has represented clients on the purchasing and lending side of asset-backed securities transactions, and on the lending side in asset-based transactions. George, Graham, and Mitchell have represented clients in many types of securities transactions and have provided counsel regarding SEC rules and regulations. Madsen has advised institutional clients issuing asset-backed securities. Riccardi has represented both investors and financial institutions in many types of debt financing transactions.
“A lot of our clients were already regulated institutions [prior to Dodd-Frank], but many of these regulations are changing at the same time,” said Chapman and Cutler’s chief executive partner, Tim Mohan.
Before all aspects of the Dodd-Frank regulatory package are finalised, “you will not see the markets become robust, regardless of what goes on in the economy,” he added.
New partner Mark Riccardi said that the move was not motivated by dissatisfaction with Orrick Herrington & Sutcliffe.
“Right now we’re in a unique situation – a period of unprecedented regulatory uncertainty. But that will not last forever. At the end of the day, we want to be at the firm where we are best situated to represent our clients. There are firms that are taking a more defensive posture, waiting to see how things turn out, and there are firms that are stepping out and taking the lead,” Riccardi added.