Dechert LLP, whose depth of industry and SEC experience is commended by clients, stands out for its variety of registered funds expertise, and its ability to assist clients with asset management, broker-dealer, corporate transactions, and litigation. The group counsels a diverse client base, advising fund boards of directors and audit committees, as well as a range of registered funds, among others. Cynthia Beyea is skilled in advising funds on complex reorganization and acquisition transactions, blockchain technology and crypto exchange-traded products. Practice head Christopher Harvey in Boston is heavily involved in the group’s matters for key clients, including reorganization transactions, proxy statements, and requests for exemptive and no-action relief from the SEC. Stephanie A. Capistron, in the same city, advises US registered investment companies and their investment advisers and ETFs in the same location. Elsewhere Christopher D. Christian in Boston and Douglas Dick in Washington DC are heavily involved in the group’s work on offshore funds. Allison M Fumai in New York often advises exchange traded funds on regulatory issues such as exemptive relief. Megan Johnson in Washington DC counts some of the group’s most prominent investment companies as key clients.

Leveraging strong mutual funds expertise and a client base of many prominent mutual fund managers in the US, Stradley Ronon Stevens & Young, LLP also acts for some of the most prominent investment companies in the US and large global asset managers. The group’s deep and growing bench includes many former members of Investment Management Division of the Securities and Exchange Commission, offering clients access to deep knowledge of regulation such as investment adviser regulation. These include Alan Goldberg in Chicago, a former SEC enforcement lawyer and is strong in this area in the context of the formation of a variety of registered investment companies. Matthew DiClemente in Philadelphia, Sara Crovitz in Washington DC and David Grim in Washington DC. DiClemente is able to advise a diverse client base spanning the legal and regulatory aspects of the launch of open-ended and closed-ended funds. Philadelphia-based Bruce Leto is especially reputed as counsel to independent directors, while closed-end funds expert Eric Purple in Washington DC has been instrumental in drawing significant new clients to the group, including GPs to private wealth investors.

Ropes & Gray LLP has a diverse workload which often includes matters which involve exchange traded funds, particularly those investing in alternative asset classes. The group also works on mutual fund structuring and the structure of other registered funds, as well as regulatory compliance, advising a high volume of registered funds. The group operates at the forefront of alternative fund formation and alternative investment products, including the formation of private equity and private credit funds and innovative exchange-traded fund products. Leading the team is the experienced trio of Michael Doherty, James Thomas, and Jeremy Smith who are based in New York, and consult leading asset and investment management firms, as well as leading multi-asset investment companies such as Blackstone, and its registered investment companies. Thomas, along with Thomas Hiller in Boston frequently assists exchange traded funds, registered investment companies and other private investment vehicles. Doherty is well-established within the regulatory space, providing regulatory and operational advice to some of the group’s leading funds clients. Bryan Chegwidden,  who splits his time between Boston and New York, is key for handling the organisation of a range of alternative investment products, such as hedge funds, private equity funds and funds of funds.

Willkie Farr & Gallagher LLP is noted for its ‘deep expertise is investment management, CTA/CPO and commodities regulation, as well as crypto products and regulatory landscape.‘ The firm advises a client base ranging from smaller asset managers to some of the largest fund managers in the world, and global fund and asset management firms. As well as significant regulatory structuring for exchange traded funds, the group also stands out for regularly advising on fund governance and registered open-end mutual funds. The latter is an area of expertise for Margery Neale who heads up the team together with Lior Ohayon in New York, and advises client running the gamut of private equity, from open-end mutual funds, exchange traded funds, closed-ended funds and business development companies. Elliot Gluck in Washington DC contributes extensive knowledge in closed-end fund capital markets offerings. Benjamin Haskin in New York is a versatile investment funds lawyer with expertise in ESG products and strategies, a strength of the wider group. Anne Choe and Neesa Patel Sood moved to Simpson Thacher & Bartlett LLP in February 2025.

Kirkland & Ellis LLP is ‘committed to building a top tier 1940 Act practice‘, advising a range of registered funds including registered interval funds and mutual funds, as well as REITS and real estate private equity. Paul Delligatti, Jason Monfort, and Christopher Palmer in Washington DC are key names as the group continues to build its fund structuring and distribution expertise, as well as bolstering the group’s work for some of largest BDCs, an area of particular strength for the group. Practice head Nicole Runyan in New York, leading many of the group’s transactions in the alternatives space, acting for small, middle and large cap investment companies. Andrew Zutz, also located in Washington DC, who ‘has a deep understanding of the asset management industry.’ and is often engaged in the group’s regulatory, compliance and governance issues.

Simpson Thacher & Bartlett LLP has strong regulatory knowledge and experience of registering and taxing alternative funds like BREITs and private equity strategies funds. The group is strong on the transactional side, particularly increasingly when it comes to acting for business development companies in mergers and fund launches. Practice head Rajib Chanda counts prestigious private retail funds and asset managers among his client base. Other key clients are business development companies, an increasing area of focus for the group who Steven Grigoriou regularly assists. Well-known names such as BofA Merrill Lynch form part of the group’s significant client list. Kenneth Burdon in Boston further bolsters the group’s retail investment management expertise. Anne Choe and Neesa Patel Sood joined from Willkie Farr & Gallagher LLP in February 2025.

Davis Polk & Wardwell LLP is trusted by a range of asset managers and investment managers, particularly on the formation of a range of exchange traded funds and publicly traded funds including those which invest in the cryptocurrency and digital asset space. Leor Landa, Gregory Rowland and Christopher Healey in Washington DC are the trio running a group which continues to expand, having hired several partners from Debevoise & Plimpton LLP in 2024, including Healey who adds to the group’s ability to advise BDCs on the formation of novel structures of registered funds. More widely, the group has been regularly involved in innovative developments in the space, where they have advised on funds which involved securities regulations requiring SEC approvals, for example. Victoria Glass, based in New York, is a key name to note.

Eversheds Sutherland advises a client base formed of major life insurers such as AIG, belying a strength in registered insurance products. More generally, the group is involved in the structuring and operation of interval funds, exchange traded funds and mutual funds. Uniquely, its client base extends to business development companies, who the group is able to provide regulatory advice to clients on the company Act of 1940. Washington DC-based trio Stephen Roth, head of the firm’s financial services group, Steven Boehm, head of the firm’s capital markets and investments group and Cynthia Krus head up the team. Krus counts global private equity firms as key clients, and often works on major public offerings for funds. Eric Simanek is strong in creating novel fund structures, while Dwaune Dupree, also in DC, is key for regulatory elements of fund structuring.

Practitioners within K&L Gates‘s ‘practical and results-oriented’ group offer clients deep registered funds knowledge which runs the gamut of registered funds, namely exchange traded funds, open-end funds and closed-end funds, being called upon by some of the world’s largest asset managers such as BNY Mellon Investment Management. The team especially stands out for assistance with fund governance and board dynamics, due to its experience of advising leading board members of investment companies, particularly in relation to new state and congressional initiatives and regulatory changes. Indeed Robert Zutz and Ndenisarya Meekins in Washington DC are both noted for their ‘encyclopedic 1940 Act knowledge.’ Meekins leads the team alongside firm chairman Michael Caccese in Boston, Clair Pagnano in Boston and Mark Amorosi in Washington DC, who is key for restructuring matters. Pagnano is key for closed-end fund advice, and is particularly well reputed in exemptive applications as well as no-action letter requests. Elsewhere, Mark Goshko in Boston is experienced in the formation and operation of closed-end funds.

Lauded for its ability to ‘facilitate smooth funds registration and provide timely counsel to avoid on-going compliance pitfalls’, Seward & Kissel LLP hosts team members who have held senior positions at regulatory agencies and strong relationships with the SEC. This expertise covers regulatory advice relating to SEC rules and developments as well as reorganizations and fund acquisitions, as well as being strong in fund structuring. One preeminent practitioner in the regulatory space is Robert Kurucza in Washington DC, who excels in in federal banking and securities laws and leads the group alongside. Patricia Poglinco in New York and Paul Miller in Washington DC. Lauren Clise in Washington DC is a key name.

Fielding a group of ‘seasoned lawyers’ Vedder Price has a broad offering advisory service covers compliance and regulatory matters and fund transactions as well as advising investment companies on their operations complexes. Although the group is turned to by a diverse client base, the group notably acts for independent directors, a strength of the practice, and the group also counts fund complexes including ETFs or registered or mutual funds as key clients. Marguerite Bateman in Washington DC heads up the team alongside John Marten in Chicago. Cathy Gonzales O’Kelly, also in Chicago, in is a go-to practitioner in relation to mergers and reorganizations of closed-end funds.

Building upon its long history of representing independent boards of directors, Sullivan & Worcester LLP is heavily involved in day-to-day operational and shareholder matters and board advice. Clients include groups of retail and variable insurance open-end funds and closed-end funds. Nicole Crum in Washington DC leads the team, who in 2024 has handled a significant amount of artificial Intelligence and cybersecurity mandates for the group, an increasing area of work.

Thompson Hine LLP‘s broad scope of work encompasses exchange traded funds, which are becoming key clients for the group, and is often engaged in the development, building and launches of ETFs. Columbus-based practice head JoAnn Strasser, who is also vice-chair of the firm’s corporate transactions and securities practice group, is a transactional expert, is well placed to deal with fund mergers and reorganizations. Bibb Strench in Washington DC and is key for the creation of novel products and has strong knowledge of the structure of an ETF, while Cassandra Borchers in Cincinnati is proficient in handling matters with aspects of state securities law such as cryptocurrency.