On Monday, Arnold & Porter Kaye Scholer, a US-based law firm, announced that it had hired James Bergin as a partner in its financial services practice. Bergin, who spent about 18 years at the New York Federal Reserve, will be based in the firm’s New York office and advise clients of banking and other financial services on regulatory issues.
In his previous role at the New York Fed, Bergin was the acting co-general and deputy general counsel, advising on monetary policy and helping the regulator respond to market disruptions. He said he anticipated helping clients navigate both the short and long-term fallout from the recent turmoil touched off by the collapse of Silicon Valley Bank earlier this month.
According to Bergin, the current crisis will likely lead to additional regulatory mandates for banks in the United States, increasing compliance and governance challenges for financial institutions. However, he emphasized that he was not aware of specific measures being considered.
Silicon Valley Bank and Signature Bank were both taken over by regulators earlier this month following runs on customer deposits, sending shares in other US regional banks plunging. The contagion spread overseas, impacting industry giants like Credit Suisse Group AG.
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Arnold & Porter, which focuses on regulatory, litigation, and transactional work, said Bergin’s experience would help banking clients confronting an evolving regulatory regime. Bergin said he was drawn by the firm’s regulatory expertise across various practice areas.
Before joining the New York Fed, Bergin was a transactional associate at the law firm White & Case.
Bergin’s experience at the New York Fed and White & Case will be an asset to the law firm’s financial services practice. Bergin’s expertise in advising on monetary policy and responding to market disruptions will help the law firm’s banking clients in a crisis.
Given the current banking crisis, Arnold & Porter’s focus on regulatory, litigation, and transactional work is highly relevant. The law firm’s regulatory expertise across a range of practice areas will enable it to provide clients with the necessary legal guidance to navigate the evolving regulatory regime.
Overall, Arnold & Porter Kaye Scholer’s hiring of James Bergin reflects the law firm’s commitment to providing exceptional service to clients during the ongoing banking crisis. Bergin’s experience and expertise will help the law firm’s financial services practice navigate the complex regulatory landscape, providing banking clients with the legal guidance to navigate an uncertain environment.