In a strategic move that underscores its focus on bolstering financial services expertise, McDermott Will & Emery has brought on a former Consumer Financial Protection Bureau (CFPB) attorney to its Washington, D.C., office. The addition is expected to enhance the firm’s capabilities in navigating complex regulatory landscapes, a critical need for their clientele involved in financial services.
Steven Lynch, who served as the Assistant Director of the Office of Enforcement at the CFPB, brings with him extensive experience in consumer finance regulations and enforcement. McDermott’s recruitment aligns with broader industry trends where law firms are increasingly seeking professionals with governmental and regulatory backgrounds to meet the demands of corporate clients facing heightened regulatory scrutiny.
Lynch’s expertise is anticipated to significantly contribute to McDermott’s financial services division, particularly in advising on compliance and enforcement actions. During his tenure at the CFPB, Lynch played a key role in formulating enforcement strategy and handling investigations, skills that are in high demand among financial institutions looking to navigate the post-Dodd-Frank regulatory environment.
According to Bloomberg Law, McDermott has been actively expanding its bench of regulatory experts. This move is indicative of a broader strategy to offer robust counsel in financial services, an area where legal complexities are expected to increase amid evolving federal regulations.
As firms anticipate stricter oversight and potential legal challenges, having a seasoned professional like Lynch is a strategic asset. His insights into the workings of a pivotal regulatory agency such as the CFPB can provide McDermott’s clients with a competitive edge, particularly as they navigate compliance and avoid potential enforcement actions.
This acquisition is reflective of an ongoing trend across major law firms. There is a noticeable emphasis on recruiting talent with prior government experience, particularly from institutions like the CFPB, the U.S. Securities and Exchange Commission, and other regulatory bodies. This trend continues as legal services adapt to the rapidly evolving regulatory framework and the increased demand for skilled legal guidance in financial services.