Fintech
Skadden Recruits SoFi GC, Co-President of Shearman Fintech, to Lead Financial Institutions Regulatory Group
Skadden has hired SoFi’s general counsel and former co-leader of Shearman & Sterling’s fintech initiative to co-lead the financial institutions regulatory group.
Adam Cohen has joined the top 5 US firms in Washington DC after nearly two years as SoFi’s lead lawyer, while Mark Chorazak, who led Shearman’s US banking regulatory practice, is based in New York.
Chorazak’s move follows Shearman’s mega-merger with British firm Allen & Overy will go live early this monthwho created a firm with nearly 4,000 lawyers and revenues of approximately $3.5 billion.
“We are thrilled that Adam and Mark have joined us,” said Jeremy London, executive partner at Skadden. “They share a vision for the regulatory practice of our financial institutions that reflects their substantial experience and knowledge of the financial services industry. Their leadership will ensure our financial institution clients are well positioned to respond to the evolving regulatory landscape and global economy.”
Cohen provided regulatory advice on mergers and acquisitions and other corporate transactions as a partner at Simpson Thacher & Bartlett before joining SoFi in 2022, where he helped manage its transition from a fintech company to a federally regulated banking organization. He previously held positions in the federal government, including at the Federal Reserve Board, where he was a principal author of regulations governing private equity investments in banking organizations and investments by banks in nonbank companies.
Meanwhile, Chorazak advises on transactional, regulatory and governance matters and regularly counsels clients before the Federal Reserve Board, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, as well as state banking regulators. He joined Shearman in 2020 from the partnership of Cadwalader Wickersham & Taft, having previously practiced as a consultant at Simpson Thacher & Bartlett.
At Skadden the two are expected to advise U.S. and international banks, non-bank financial institutions and fintech companies on banking regulatory matters, legislative developments, corporate governance, enforcement and compliance matters and banking-as-a-service arrangements. They will also advise clients on mergers and acquisitions, strategic investments, equity and debt offerings and other transactions.
Their arrival brings Skadden’s financial institutions regulatory practice to nine partners according to the firm’s website, all of whom work in New York and Washington DC except London-based Ryan Junck. Sebastian Barling, who advises on financial regulation in the UK and EU, will also join the Linklaters team in London, with Skadden saying the incoming trio will strengthen its ability to advise clients from a transatlantic.
“Adam and Mark will significantly enhance our capabilities in an increasingly complex regulatory space for financial institutions,” said Jessica Hough, global head of Skadden’s regulatory practice. “Guiding financial institutions to successful outcomes often depends on the ability to navigate the financial regulatory regime with a sophisticated understanding of how international, federal and state regulations have historically been applied and where changes are expected.”
Other U.S. companies have recently sought to strengthen their regulatory capabilities as tighter federal oversight looms. Last November Paul Weiss has hired banking regulatory lawyer Jarryd Anderson from O’Melveny & Myers in New York and Washington DC to co-chair its financial services group.
And earlier this year K&L Gates he nudged the co-presidents of the North American financial regulatory and enforcement practice of Baker McKenzie, Jennifer Klass and Amy Greer, in New York.