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Financial Services Law Firm – What to Look for When Retaining

by on Financial Services. Published September 22nd, 2022

The best financial services law firm provides a broad, sophisticated, and deep legal practice that recognizes the complex and multilayered interplay among financial regulations, business objectives, reputational concerns, and credit risk. Maintaining premium regulatory compliance, investigations, and enforcement defense practices requires focused legal support. Examples include:

What Matters are Handled by Financial Services Attorneys?

  • Defense of claims in state and federal court arising from lender liability and deposit disputes, among others
  • Prosecuting commercial and consumer debt matters
  • Protecting troubled assets and pursuing claims in bankruptcy courts
  • Responding to subpoenas, levys, and garnishments
  • Representing bank executives and other personnel before regulatory hearings
  • Responding to requests for information and discovery demands
  • Monitoring and participating in legislative investigations and hearings on proposed relevant legislation
  • Interfacing and building relationships with financial regulators
  • Defending regulatory enforcement actions
  • Monitoring foreseeable regulatory and legislative trends and engaging in proactive planning
  • Representing the financial services industry through trade organizations
  • And more

Qualities to Look for in a Financial Services Attorney

Trusted and experienced financial services attorneys will understand the levels of intensity and risk presented by these distinct legal situations and will know how to respond effectively. At the same time, financial services lawyers with broad experience will recognize potential interplay among the matters. For example, a request for information or discovery can portend a more formal regulatory investigation or might be used by political or consumer advocates to push for undesirable legislation or regulatory changes. Effective financial services attorneys must expertly respond to subpoenas, discovery requests, and regulatory requests for information in a way that satisfies legal and ethical requirements while also meeting the institution’s objectives for risk mitigation.

Banks and Financial Institution Risk Mitigation

A top-tier national financial services law firm will also understand the potential sources of litigation and enforcement risks for banks and financial institutions. Each potential risk must be mitigated and defended with methods and techniques tailored to the source. Common sources of litigation, regulatory, and reputational risk are financial regulators, private third parties, and other financial institutions. An excellent financial services law firm will staff litigation and enforcement defense teams experienced enough to handle each type of litigation but also nimble enough to handle the unique requirements of each.

Understanding Regulatory Frameworks

In a similar vein, a nationally rated financial services law firm will understand the different legal needs of different types of firms in the financial sector. While overlap exists, distinct legal skill sets and knowledge bases are needed because different regulators have authority over different types of financial institutions. A financial services law firm will have broad and deep experience if it has expertise in handling the regulatory frameworks of the OCC, FDIC, the Federal Reserve Board, the CFPB, OCCC, SEC, FINRA, OTS, and more. A truly exceptional financial services law firm will also have legal skills with respect to state-level regulatory regimes and can provide transactional services with respect to distressed debt and bankruptcy.

Financial Services Law Firm Rankings

You can also check 3rd party sources for reviews and rankings of financial services law firms online.  The US’s leading legal directory is Chambers and Partners. Their rankings are based on unrivaled and in-depth market analysis and independent research. All of which is conducted by their dedicated team of researchers. 

You will find genuinely exceptional financial services attorneys at Johnston Clem Gifford PLLC. We have offices in Texas and the Gulf Coast and provide financial services across the country. 

Contact Johnston Clem Gifford – Financial Services Law Firm

For more information, contact us online or by calling (214) 974-8000. Our lawyers advise clients on regulatory compliance and other supervisory and governmental matters.