Regarded as a ‘market-leading practice in investment management law’, Dechert acts for all key stakeholders in the funds space, from fund managers to broker-dealers and insurers. The firm is highly versed in regulatory and compliance support in the formation and operation of open- and closed-end funds, exchange-traded funds and insurance products. It is also experienced in advising on ESG risks and issues surrounding tax and ERISA matters. Located in Boston and Washington DC respectively, Christopher Christian, who is noted as ‘best in the business’ when it comes to offshore funds, and Douglas Dick, who represents investment advisors and independent trustees in litigation and regulatory enforcement, manage the practice. Located in New York, Allison Fumai focuses on exchange-traded fund product lines. Christopher Harvey operates out of the Boston office, supporting clients in their transactions and regulatory matters before the SEC. Also in DC, Megan Johnson represents investment advisors and service providers. The ‘stand-out’ John O’Hanlon brings insights into the SEC to his investment manager and fund clients.

Utilizing a ‘very deep bench with extremely talented, knowledgeable and experienced attorneys’, Stradley Ronon Stevens & Young, LLP represents asset managers and fund boards in the exchange-traded funds market. The firm is adept at supporting industry trade groups in initiatives before the SEC to shape new investment fund rules. It regularly acts for clients in enforcement actions, fund launches and merger deals. Matthew DiClemente, who is located in Philadelphia, focuses on product development, regulation and compliance matters for open- and closed-end funds. DiClemente leads the team alongside Washington DC-based Sara Crovitz and David Grim, who are both well-versed in SEC regulations. In the Philadelphia office, Bruce Leto acts for investment advisors, independent directors and broker-dealers across the spectrum of funds matters. Located in DC, Alison Fuller specializes in securities law matters, particularly around open-end funds and ETFs. Stuart Coleman is an expert in SEC and private litigation.

Growing its team throughout 2025, Willkie Farr & Gallagher LLP provides a comprehensive to clients in their registered open-end mutual fund, exchange-traded fund and closed fund matters. Noted for its ‘deep 1940 Act expertise’, the firm is adept at advising on regulatory concerns for asset and fund managers, including on SEC matters. Clients come to it for advice on regulated and hybrid products. Lior Ohayon leads the practice with Margery Neale, who advises on fund governance and regulatory compliance for investment companies and sponsors. Elliot Gluck is an expert advisor to registered investment companies, while the ‘supremely client-focused’ Benjamin Haskin assists with exchange-traded funds and tokenized products. Jay Spinola focuses on advising funds with credit facilities, debt offerings and preferred stock. Michael DeNiro specializes in fund disclosure obligations, regulatory compliance and restructurings. Joining the firm from the SEC in April 2025, Jennifer Porter brings ‘valuable’ knowledge to team. Located in Washington DC, Benjamin Allensworth supports clients with ’40 Act matters, such as co-investment exemptive relief. The team is located in New York unless stated otherwise.

Advising asset managers, insurance companies and funds, Kirkland & Ellis LLP regularly supports sponsor-side clients looking to establish registered funds and Business Development Companies. The firm focuses on a wide range of asset classes, including real estate and infrastructure assets, and has strengthened its exchange-traded fund offering over the past year with the 7-partner expansion of its fund team. Acting on SEC examinations and wider regulatory matters, members of the team are well-versed in regulatory and compliance matters. The team is overseen from New York by Nicole Runyan, who is experienced in Business Development Companies and registered funds. In Washington DC, Christopher Palmer advises on all aspects of registered unregistered life and annuity products for insurance companies. Also in DC, Paul Delligatti focuses on supporting fund managers in the development and structuring of registered funds, while Andrew Zutz acts on mutual funds, exchange-traded funds and money market funds.

Regarded for its ‘market insights and a sense of what peers are doing that is incomparable in the industry’, Simpson Thacher & Bartlett LLP is highly versed in the registered fund space. The firm regularly advises on new retail products for sponsors, including leading private equity sponsors. It also advises firms on ’40 Act matters, including exemptive applications. The practice is led by the ‘creative’ Rajib Chanda, who is located in Washington DC and is a registered funds expert, supporting clients in their fund structuring. The ‘extremely diligent’ Bissie Bonner, who is located in New York and acts for closed-end funds and exchange-traded funds, arrived with DC-based Anne Choe, who is a specialist in ’40 Act and SEC matters, from Willkie Farr & Gallagher LLP in February 2025. In DC, Neesa Patel Sood supports clients with regulatory, compliance and tractional matters. In the Boston office, David Blass is an expert in regulatory matters for asset management firms and broker-dealers. Steven Grigoriou represents registered funds and business development companies out of the DC office.

Acting for sponsors, advisors, underwriters and distributors, Davis Polk is well-versed in advising funds on new developments in the sector, including '40 Act matters around temporary COVID-19 relief and physically settled futures. The firm supports clients across a wide range of regulatory matters and SEC investigations and enforcement actions. Leor Landa is one of the New York-based practice heads alongside Gregory Rowland, who brings expertise in regulatory and compliance matters around digital currency. Fellow practice head Christopher Healey, who is located in Washington DC, is knowledgeable of '40 Act matters and Business Development Companies. Joining the New York office from an in-house position in September 2025, Oran Ebel focuses on the structuring, formation and operation of funds, as well as on the development of products across mezzanine, insurance and hybrid capital strategies. Also in New York, Leon Salkin supports open- and closed-end registered investment companies.

With particular strength advising life insurers, Eversheds Sutherland assists with the structuring and operation of business development companies, interval funds, exchange-traded funds and registered separate accounts. Members of the team provide both transactional and regulatory support to clients, including supporting clients in SEC rule-making proposals. All based in Washington DC, Stephen Roth, Steven Boehm and Cynthia Krus lead the team. Roth acts for sponsors on SEC-registered insurance products as well as '40 Act registered separate accounts. Boehm is an expert on matter relating to business development companies. Krus support clients with M&A transactions, going-private transactions and reorganizations. Also in the DC office, Owen Pinkerton advises real estate investment trusts and publicly registered commodities pools, while Payam Siadatpour represents public closed-end funds along their entire life-cycle.

Well-regarded for its ‘particular expertise with interval and tender offer funds’, K&L Gates acts for global sponsors and managers of funds on a broad array of matters, from fund formation to fund conversion. The ‘simply terrific’ lawyers in the practice are also experienced in regulatory matters, including SEC registration. Located in Boston, Michael Caccese, who provides regulatory advice to SEC-registered investment advisors and CFTC-registered commodity-trading advisory, and Clair Pagnano, who acts on fund development and launch for open- and closed-end investment companies,  are two heads of the practice. The Washington DC-based practice heads are Ndenisarya Meekins, a compliance and transactional advisor, and Mark Amorosi, a specialist in investment management and securities law. Mark Goshko sits within the Boston practice and assists mutual fund complexes with product creation and SEC exemptive orders.

Utilizing 'outstanding' industry and firm knowledge, Vedder provides regulatory and compliance support to investment companies and advisors, including advising on CFTC regulations. The firm is also experienced assisting clients with transactional matters and structured product design and distribution. Marguerite Bateman, who is the Washington DC-based practice head, represents mutual and exchange-traded fund clients in '40 Act matters. Leading the team from Chicago, John Marten advises closed-end funds on product design, compliance and derivatives investment matters. Also in the Chicago office, Joseph Mannon is well-versed in both passive and active exchange-traded funds, supporting them in a range of structured product matters. Chicago-based Cathy Gonzales O’Kelly acts for investment companies, broker-dealers and insurers in product regulation.

Seward & Kissel LLP regularly supports clients in a wide range of funds work, including the formation, launch, registration and conversion of funds. The firm has particular experience advising exchange-traded funds. The three practice heads are Patricia Poglinco, in New York, and Paul Miller and Robert Kurucza, in Washington DC. Miller represent investment advisors and mutual funds, while Kurucza advises financial institutions and mutual fund complexes on regulatory matters. Located in the New York office, Lauren Clise is experienced assisting clients in fund formation. Also in New York, Linda Kim is an expert on ’40 Act matters.

'Plugged into developments in the industry', Sidley Austin LLP is particularly well-versed in registered funds matters, acting for closed-end and exchange traded funds, as well as business development companies. The team supports clients along the entire lifecycle of a fund, from formation and distribution to operation and compliance. The practice is led from Boston by Elizabeth Shea Fries and includes the New York-based Nathan Greene, who advises clients on SEC registration, exemptions and investigations. Also in New York, Jay Baris represents clients in transactions, reorganizations and exemptive applications. Carla Teodoro supplements the New York practice's '40 Act offering.

Noted for its ability to 'excel in efficient execution and clear communication', Sullivan & Worcester LLP supports clients in the establishment and registration of new funds such as exchange-traded funds. The firm is particularly sought out by independent directors of investment companies and investment advisors, including on compliance, tax and employment matters. The Washington DC-based practice is overseen by Nicole Crum, David Leahy and David Mahaffey. Crum supports funds board, investment companies and broker-dealers in compliance matters, while Leahy represents open-end, closed-end and exchange-traded funds in '40 Act matters. Mahaffey is noted for his knowledge of SEC regulation.

Thompson Hine LLP provides comprehensive support to registered-fund clients, including sponsors, advisors and service providers, in transactional and regulatory matters. The firm advises on product fund formation, product development and compliance cases. Based in Columbus, Ohio, JoAnn Strasser leads the team and represents clients in product developments, fund mergers and SEC examinations. Also in Columbus, Michael Wible focuses on regulatory issues for investment companies and advisers through investment vehicle registration and organization. In Washington DC, Bibb Strench specializes in fund structures, exchange-traded funds and blockchain-related matters. Cassandra Borchers exited the practice in April 2025.