Mayer Brown, the well-respected Chicago-based law firm, is aiming to establish itself as a primary advocate for banks and other financial institutions that are battling new regulations in Washington. With clients such as JP Morgan, Wells Fargo, and Citibank, Mayer Brown is part of a broader contingent expressing concerns that traditional lenders are required to abide by different regulations than their fintech and private credit counterparts, which face less regulatory scrutiny.
According to Bloomberg Law, Mayer Brown is currently involved in a lobbying effort against a proposal that could force large lenders to maintain higher levels of capital. The law firm’s lawyers are advising various industry trade groups, including the Structured Finance Association and the CRE Finance Council, who have submitted comments opposing the rule.
Mayer Brown is also bolstering its regulatory bench with fresh talent. Jennifer Zepralka, a former Securities and Exchange Commission official, who has significant experience dealing with SEC rulemaking, has recently joined the firm. Complementing Zepralka’s addition, is the firm’s earlier hiring of former House Speaker Kevin McCarthy’s chief counsel, Kimberly Hamm, in a strategic move to address and navigate potential policy conflicts.
While the competition among corporate law firms for similar work in Washington is intense, Mayer Brown is confident in its approach, pointing out its substantial existing client base and global reach. The firm envisages its regulatory advocacy as a key area for attracting new clients.
In challenging proposed regulations, Mayer Brown has been working cohesively with diverse groups like the London Stock Exchange Group and the National Association of Manufacturers to counter the “Basel III Endgame” rules. This proposal, which has originated from federal regulators, aims to increase capital requirements for the largest banks by nearly 20%. Supporters of the move argue that it would bolster the banking system following the failure of some regional banks last year. However, lenders, and Mayer Brown as their legal representative, argue that the change is superfluous and would ultimately harm consumers.
Moving forward, Mayer Brown is positioning itself as a “champion for the industry” aiming to ensure “common-sense rules for bank regulation.” This strategic advocacy is seen by the firm as an attractive advantage for their clients.
In 2023, Mayer Brown concluded the year with more than 1,800 lawyers and a revenue exceeding $1.9 billion. These moves in Washington come as the firm reportedly grapples with difficulties in the greater China region, having recently let go of an undisclosed number of attorneys in its Hong Kong offices due to a slowdown in the deals market.
In conclusion, Mayer Brown’s assertive strategy in Washington appears not to be linked to any setbacks in other regions and they remain focused on championing financial clients facing regulatory challenges.