Cadwalader, Wickersham & Taft LLP advises banks and government-sponsored enterprises alike, with major clients on the buy- and sell-side of the market, and particular expertise in capital relief trades. Its expertise is broad, with lawyers experienced in collateralized fund obligations and emerging market notes as well as currency, commodity and fixed income products. The team can draw on the firm’s other department for support concerning tax, secured transaction and financial restructuring issues whenever such matters arise. Ivan Loncar is a co-chair of the financial services group, advising on funded and unfunded derivative products of all types. Capital markets veteran Lary Stromfeld‘s practice involves advising on financial products, complex market structures and regulatory matters. Brian Foster is noted member of the team, advising financial institutions and investments funds on a broad range of derivatives including OTC trades, structured notes and fund-linked derivatives. Another key lawyer is Jed Miller, who specializes in novel and innovative structured financing, such as capital relief trades and significant risk transfer transactions. All lawyers mentioned are based in New York.

Cleary Gottlieb Steen & Hamilton assists a broad spectrum of clients, from corporate issuers and financial institutions to clearing house and exchanges, be they domestic or international. The firm provides regulatory and legislative analysis relating to derivatives as well as advice on structuring, documentary and tax-related matters. It is also well equipped to advise clients in the development of novel derivatives templates and market protocols. These include digital assets, voluntary carbon credits and sustainability-linked derivatives. Michael Dayan, ‘one of the top lawyers in his field’, is greatly experienced in OTC derivatives matters as well as regulatory and insolvency issues affecting derivative products. He heads the practice alongside Deborah North, who is experienced in traditional and esoteric derivative products, including digital assets, crypto and carbon credit derivatives. The ‘outstanding’ Clayton Simmons specializes in structuring, documentation, and regulatory work concerning OTC derivatives and securities-backed credit facilities as well as other structured products. Brandon Hammer is also noted for his work with major clients on regulatory and structuring work. All mentioned lawyers practice in New York.

Fried, Frank, Harris, Shriver & Jacobson LLP offers a team experienced on both the buy- and sell-side of transactions, with standout expertise advising on transactional and regulatory issues for structured products. Its array of clients is sizable, including hedge funds, private equity funds, regulatory practices and global investment banks. The firm is also able to utilize a strong tax practice with expertise in the structured finance sector. ‘A walking encyclopedia’ on regulatory matters, David Mitchell is experienced in assisting with product development, structuring and enforcement matters. Ray Shirazi’s clientele includes banks, hedge funds and asset managers seeking advice on transactional and regulatory issues. William Breslin is knowledgeable on the rules surrounding clearinghouses and exchanges, to clients spanning the derivatives spectrum. Nihal Patel is a noted member of the practice for his transactional work in highly regulated sectors, with experience in drafting documentation. All lawyers mentioned are based in New York.

The ‘wonderful’ team at Latham & Watkins LLP assists clients on matters ranging from OTC derivatives to margin loan transactions and equity-linked structured products. It is also well-positioned to assist clients in investigation and litigation matters concerning CFTC regulations. Its industry expertise includes the burgeoning fintech and digital assets space. Yvette Valdez, head of the regulatory practice, is well-versed in regulatory matters concerning derivatives, including those relating to crypto-assets as well as bespoke and complex financial and market infrastructure solutions. ‘Incredible’ Rafal Gawlowski has extensive experience in equity-linked capital markets, structured repurchase, hedging and derivative financing transactions as well as compliance issues surrounding equity derivatives. With ‘strong expertise in the corporate equity derivatives space’, Witold Balaban advises top investment banks and financial institutions across an array of equity-linked products. Doug Yatter expertly covers investigation and enforcement matters, including complex litigation, for banks, hedge funds, fintech companies and cryptocurrency platforms. Courtenay Myers Lima is noted for novel structured products structuring and distribution for professional and retail investors. Each lawyer highlighted practices in New York.

Mayer Brown provides the full range of services in the derivatives and structured products space to its multifarious clients. The firm advises on regulatory, transactional, investigatory and enforcement matters that may arise. It also assists clients on all tax aspects related to derivatives. On the structured products side, the firm advises on retail and bespoke institutional products whether they are SEC-registered or exempt. It is well-versed in innovative structures, including ESG-proprietary indices as well as green and charitable structured notes. Additionally, the firm’s clientele covers the gamut of derivatives players, including banks, broker-dealers, investment platforms and trade associations. Anna Pinedo heads the firm’s practice with a personal focus on equity, credit and foreign exchange derivatives products and has experience in structuring and regulatory matters. Marla Matusic is a noted member of the team, made partner in January 2024, who advises on novel and complex financial products for leading players in the derivatives space., focusing particularly on bespoke products for institutional investors and proprietary indices. Bradley Berman, Chicago-based Matthew Kluchenek and counsel Pamela Sackmann are all key practitioners. Lawyers are in New York unless otherwise stated.

A&O Shearman supports a wide spread of domestic and international clients in derivatives and structured products matters, such as swap dealers, hedge funds, corporations and market infrastructure providers. Donna Parisi leads the team, guiding clients through the OTC derivatives transactions in a broad spectrum of asset classes, with a particular specialty in fintech matters. Azam Aziz focuses his practice on advising financial institutions on the structuring and documentation of complex OTC derivatives. Geoffrey Goldman specializes in credit and equity OTC derivatives as well as being knowledgeable in structured product transactions, including cash-flow and synthetic CDO transactions. All lawyers mentioned are in New York. Kerri Durso has left the firm.

Clifford Chance handles the full range of matters in the structured products space, with a particular focus on structured real estate transactions. Its transactional expertise includes advising on synthetic credit risk transfer transactions, repo-linked note issuance programs and insured, royalty-backed, fintech transactions. In addition, the firm is experienced in assisting clients with the establishment of ABCP programs. The global head of practice, Gareth Old, advises on complex structured products, capital relief transactions and derivatives with particular skill regarding regulatory issues. Lee Askenazi supports a broad range of clients, including sponsors, issuers investors, sellers and purchasers, in residential and commercial real estate financing transaction at the domestic and international level. In May 2023, Becky O’Brien was promoted to partner. All lawyers mentioned work in New York.

Katten offers expertise in all matters arising in the derivatives and structured products space, including regulatory, enforcement and transactional. The firm acts as both advisory and defense counsel, with Chicago-based Christian Kemnitz heading the financial markets litigation and enforcement team. It is also well-versed in the regulatory frameworks of the CFTC and SEC. With a client base spanning the sector, the firm is noted for its work with investment banks, hedge funds and trading firms. Also based in Chicago, Lance Zinman, the overall practice head, focuses on futures and derivatives regulation matters. In Washington DC, Daniel Davis is experienced on both the buy- and sell-side of the market, with standout capabilities in fraud-related allegations and compliance matters in the derivatives space. New York-based Carl Kennedy is noted for his work on regulatory matters concerning derivatives, including OTC and listed derivatives.

Morgan, Lewis & Bockius LLP supports clients on both sides of transactions and advises on regulatory and enforcement concerns. The firm’s clients come from across the energy, agriculture, and financial services sectors. Its regulatory expertise includes a comprehensive understanding of investigations relating to Dodd-Frank, CFTC and SEC regulations. It is also accustomed to a broad range of derivatives products, from the traditional to the exotic. Practicing out of New York, Thomas D’Ambrosio is widely experienced in transactional matters concerning derivatives and structured products, including commodity, equity, debt, interest rate and crypto derivatives. Chicago-based Michael Philipp covers transactional and regulatory matters relating to derivatives with knowledge in situations raising compliance and enforcement issues. Katherine Dobson Buckley is a noted practice member in Boston representing hedge and mutual funds, investment advisors and endowments on trading, legal and regulatory issues. New York-based Penelope Christophorou joined the firm from Cleary Gottlieb Steen & Hamilton in October 2023.

White & Case LLP offers broad expertise in derivatives and structured products, its transactional practice assisting parties of all types, including national and multinational investment banks, regional banks and major corporations, across the spectrum of asset classes. The firm is also accustomed to regulatory work, including work relating to Title VII of the Dodd-Frank Act. The ‘dedicated’ Ian Cuillerier is experienced in matters relating to all manner of derivatives including credit default swaps, total return swaps and forward delivery agreements. Edward So is noted for his work on OTC and regulated markets work relating to ESF and digital asset derivatives as well as equity, foreign exchange and futures derivatives. All lawyers mentioned are in New York. Rhys Bortignon left the firm in April 2024.

Advising on a wide range of asset classes, Eversheds Sutherland’s practice is broad, with a strong regulatory coverage. It includes both traditional and esoteric derivative products, such as credit, synthetic, equity, energy and freight derivatives. The firm also has ample experience assisting clients in the development of template documentation for cleared swaps. Meltem Kodaman advises clients on regulatory issues concerning the Dodd-Frank Act and assists in the negotiation of government trading documentation and bespoke financial agreements. David McIndoe maintains a compound practice involving both regulatory and transactional matters in the energy, agricultural and environmental commodities field. Raymond Ramirez is well-practiced in compliance matters regarding CEA and CFTC regulations, assisting in structured transactions and documentation negotiations. All lawyers mentioned practice in Washington DC.

With practitioners placed across the US, Haynes and Boone, L.L.P. is able to advise on the key types of derivatives asset classes, including interest rate-, currency-, credit-, commodity- and energy-related transactions. The firm’s dedicated margin regulatory practice contains lawyers well-versed in margin loan transactions for hedge funds, investment companies, private equity and private individuals. Practice co-head LeAnn Chen is one such partner working out of Chicago, experienced in margin regulatory requirements surrounding uncleared derivatives. The practice is further led by Houston-based Neal Kaminsky, Charlotte-based Todd Cubbage and Chicago-based Monika Sanford (Singh). Matthew Frankle enhances the firm’s equity financing transactions expertise, whilst Brian Sung brings insight into key regulatory regimes under the Dodd-Frank Act, SEC and CFTC. Phil Lookadoo is also noted for his compliance knowledge, and Giorgio Bovenzi advises on credit risk management. Kim Mai focuses her practice in Houston on the energy-related transactions. If not specified, mentioned lawyers practice in New York.

Morrison Foerster offers cross-border support to clients across an array of asset classes, including fixed income, equity, commodities and credit. The firm is also equipped to handle matters in emerging classes including carbon credits. David Kaufman chairs the practice from New York, concentrating on structured transactions and regulatory matters related to the CFTC and Dodd-Frank Act. In Washington DC, Chrys Carey aids banks, investment companies, hedge funds and corporate end users in their regulatory and compliance issues. Vlad Maly left the firm in July 2023 with Valerie Dahiya joining in Washington DC from Perkins Coie LLP in October 2023, while New York’s Rhys Bortignon joined as a partner from White & Case LLP  in April 2024, bolstering the firm’s expertise across a wide variety of products and derivatives transactions.

Orrick, Herrington & Sutcliffe LLP expertly guides clients through capital relief and fixed income matters, as well as structured products more broadly. It is also well-placed to support clients in tender options bonds programs. Robert Moyle is practice co-leader and is noted for his work supporting major investment banks in, among other things, bond-related structurings and issuances. Nikiforos Mathews, an expert in derivatives matters, employs his ‘excellent knowledge’ in relation to ISDA master agreements for virtual currencies and virtual power. Conversely, Al Sawyers is highly proficient in the structured products domain, advising on esoteric transactions, complex note issuances and bank capital relief. Orion Mountainspring joined the firm in November 2023, bringing his talents in the solar and fintech spaces to the practice. All lawyers mentioned are based in New York.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is capable in all manner of derivatives asset classes, including credit, equity, fixed income, commodities and currency exchange. The firm is at home dealing with OTC derivatives structurings and documentation negotiation and implementation, such as for ISDA master agreements. The global head of practice, Manuel Frey, is extensively experienced in equity and credit derivatives, synthetic financings, regulatory matters, and derivatives in a bankruptcy context. Matthew Goldstein is a noted member for his work assisting private funds clients. Brian Grieve brings his aptitude in tax matters to the derivatives space. Anastasia Peterson, who was made a partner in January 2023, is well-versed in OTC derivatives negotiation and structuring as well as compliance and regulatory issues under the Dodd-Frank Act. Kerri Durso joined from A&O Shearman in August 2024. All lawyers mentioned are based in New York.

Skadden, Arps, Slate, Meagher & Flom LLP guides clients through all aspects of derivative and structured products transactions. Its lawyers are highly knowledgeable in CFTC, SEC, FERC and DOJ regulations and investigations. Yossi Vebman heads the derivatives side of the practice. He works with corporations, funds, investment banks, and other market participants across different derivatives products, including interest rate and currency transactions. James Stringfellow leads the structured products space, with deep insight into cash flow and synthetic transactions, as well as structured financings for sports league. David Meister specializes in enforcement and investigation matters, with particular expertise in matters relating to CFTC investigations.

Willkie Farr & Gallagher LLP is greatly experienced in listed and OTC derivatives, supporting its clients in transactional, regulatory and enforcement matters. Its clientele includes entities from across the sector, such as dealers, financial institutions, trading houses and commercial end-users of derivatives. Based in New York, John Thomas, who specializes in commodity derivative matters, heads the practice alongside Neal Kumar, who works in Washington DC and is expert in regulatory matters concerning the CFTC and NFA as well as regulations surrounding digital assets. Margo Bailey left the firm in June 2024.

Gibson, Dunn & Crutcher LLP provides a broad range of assistance to its clients, advising them on issues relating to traditional and novel derivatives products, including equity, interest, currency and commodity derivatives. Jeffrey Steiner leads the practice from Washington DC, advising clients on all matters concerning OTC and listed derivatives, whether the concern regulatory, transactional or enforcement issues. From New York, Darius Mehraban supports end-users and dealers in equity derivatives and structured products matters, including commodity, currency, interest and synthetic debt products. Of counsel Adam Lapidus, who practices in New York, is well-versed in the structuring, documenting and negotiating of OTC derivatives.

McDermott Will & Emery LLP boasts a strong municipal derivatives practice, advising leading multinational banks in this space. In addition, the firm is well-versed in more traditional derivatives transactions, including OTC and exchange-traded derivatives. Its structured products practice is as developed, with experience in transactional, tax and regulatory matters affecting the space. Jonathan Ching, joining from Linklaters LLP in May 2023, brings expertise in complex structured transactions across a swathe of industries, especially the natural resources as well as the cryptocurrencies fields. He leads the practice alongside David Taub, advising banks and private investors on his area of expertise: primary and secondary market municipal product transactions. Andrew Kummer also joined the firm from Linklaters LLP in May 2023. All lawyers mentioned are based in New York.

Ropes & Gray LLP’s client base is broad, including mutual funds, banks, insurance companies, sovereign wealth fuds and corporations. Its team includes practitioners experienced in swaps, options, forwards, structured notes and market-access transactions. Leigh Fraser leads the firm out of Boston with great experience in advising buy-side clients on regulatory matters under the Dodd-Frank Act and in negotiation of ISDA master agreements. Chicago-based Jeremy Liabo supports major asset managers in the commodities space and is well-versed in CFTC and NFA regulations. Molly Moore is a noted counsel working for the team out of Washington DC, experienced in matters regarding cleared and uncleared derivatives.

Simpson Thacher & Bartlett LLP advises investment banks, funds and corporations through a wide range of OTC derivatives transactions, including currency, commodity and equity derivatives. The firm is experienced in hedging mandates, such as interest rate and deal-contingent hedges. It is also well-positioned to support clients in equity-linked margin loans and back leverage transactions. Practicing out of New York, Jonathan Lindabury advises on derivatives issues in a range of transaction types, including leveraged acquisitions, equity hedging, margin loans and structured transactions, as well as OTC derivatives transactions.