Twitter Logo Youtube Circle Icon LinkedIn Icon

The Legal 500 Hall of Fame highlights individuals who have received constant praise by their clients for continued excellence. The Hall of Fame highlights, to clients, the law firm partners who are at the pinnacle of the profession. Starting with the United States, the criteria for entry is to have been recognised by The Legal 500 as one of the elite leading lawyers for six consecutive years. Fewer than 500 partners across the entire United States have made it into the inaugural list. These partners are highlighted below and throughout the editorial.

Name Firm Chapter Section Work Area Firm ID Lawyer ID Office URL Lawyer URL

United States > Investment fund formation and management > Overview > Law firm and leading lawyer rankings


Regulatory overhang continues to play a significant role in the investment management industry. Although 2015 was not a notable year in terms of significant new laws coming into force, regulators made use of public pronouncements, investigations and enforcement action as a means of policing the industry, in order to further their objective of minimising systemic risks and maximising investor protections. The issue of ensuring compliance with regulatory requirements presents both registered and private fund managers with a juggling act, as they also seek to attract new investors, establish new funds, execute investment strategies and create returns.

Traditionally regarded by regulators as ‘the bright children in the classroom’, particularly compared to their historically unregistered private funds counterparts, registered fund managers have always been subject to the provisions laid down in the Investment Advisers Act 1940 and the Investment Company Act 1940. In recent years, however, there has been a marked convergence between registered and private funds; alternative asset managers have seen the benefits of ‘retailising’ products and have used registered fund wrappers to cater for their alternative fund strategies managers, while those historically active in registered funds have utilised more alternative strategies. However, while liquid alternatives funds are still being launched, the market for them has matured thanks in part to a protracted low interest rate environment as well as a regulatory regime that is more complicated for new entrants to the registered funds market. From a regulatory standpoint, registered fund managers are being challenged on a number of fronts. In May 2015, the SEC proposed new rules to modernise reporting and disclosure obligations, while more recently the regulator has carried out sweeps of fund companies looking at ‘distributions in guise’. Other issues grabbing the market’s attention have been the SEC’s proposed regulation on the use of derivatives in registered funds, and proposals on liquidity risk management and swing pricing. In terms of product development, the popularity of the exchange-traded fund (ETF) continues apace, offering lower costs and better tax management than mutual funds. Research shows that investors pulled $207.3bn from actively managed mutual funds and put $413.8bn into passively-managed funds and ETFs in 2015.

Although there were no major revolutionary developments in the private equity sphere in the US in 2015, asset managers were nevertheless subjected to particularly intense regulatory scrutiny; a slew of high-profile SEC enforcement cases brought home the importance of dealing with issues such as the allocation and disclosure of fees and expenses, and conflicts of interest, among others. Managers contemplating marketing in Europe are still getting to grips with AIFMD, although the Directive is becoming better understood. Overall fund-raising activity was robust in 2015; aggregate fund raising looked set to match or surpass the $590bn raised in 2014. Fewer funds closed in 2015 compared to 2014, however. Although the global fundraising environment is healthy overall, fund managers are still finding it challenging to deploy unspent capital; the level of dry powder available to private equity managers increased from $695bn in 2014 to $752bn in 2015. The market continues to be divided between the ‘haves’ - those very large global institutions that generally experience few difficulties in attracting investor capital for their mega-funds - and the ‘have nots’ made up of smaller, less well-established managers without a track record and which find the capital-raising environment more challenging. Blackstone Capital Partners VII, which raised $18bn, represented the largest private equity fund closed in 2015.

Although the private equity arena has been a focus of regulatory scrutiny, many of the core areas that regulators have been looking at are equally applicable to the hedge funds space. Indeed, it is widely anticipated that the focus of regulators will swing back towards hedge funds in 2016; the SEC recently announced an upcoming review, with issues such as conflicts of interest, valuation and performance expected to come to the fore, among others. The overall picture for the hedge funds sector is mixed; although 2015 represented a tough year in terms of performance (the sector recorded the lowest annual performance since 2011), total assets under management increased to $3.2 trillion from $3.02 trillion at the end of 2014, with 829 hedge funds launched in the year and 695 fund closings. Despite this, there is a stark contrast between start-up players on one end of the spectrum, and the very largest global managers at the other end; the former struggle to compete in terms of raising capital and on performance. In addition, US-based managers of private funds with over $150m in assets under management are required to register as investment advisers with the SEC in accordance with the Dodd-Frank Act; the associated ongoing regulatory and compliance costs can be prohibitive to some new entrants.

International comparative guides

Giving the in-house community greater insight to the law and regulations in different jurisdictions.

Select Practice Area

Client Intelligence Report

The Legal 500 United States - Events

GC Magazine

GC Powerlist -
United States

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to

Legal Developments worldwide

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Bulgaria: Opening the gas market for foreign traders!

    Most recently, the Bulgarian Energy Regulator has taken significant steps towards the full liberalisation of the natural gas market: In December 2016, the Bulgarian Energy Regulator adopted legislative amendments to the Rules for Trading of Natural Gas ( Правила за търговия с природен газ , " Trading Rules ") and the Rules for Access to the Gas Transmission and/or Gas Distribution Networks and the Natural Gas Storage Facilities ( Правила за предоставяне на достъп до газопреносните и/или газоразпределителните мрежи и за достъп до съоръженията за съхранение на природен газ , " Access Rules "). Moreover, it adopted new Rules for Balancing of the Natural Gas Market ( Правила за балансиране на пазара за природен газ , " Balancing Rules "). read more...
  • When Arbitration Meets Insolvency in Montenegro - Can They Coexist?

    Even at first blush, it is apparent that arbitration and insolvency make strange bedfellows.
  • Hungary: Registration Fees for Company Establishment Abolished

    In an aim to simplify state administration and support economic growth, the Hungarian Parliament adopted a new law abolishing the registration fee and the publication cost for incorporating limited liability companies (" LLC ") ( korlátolt felelősségű társaság ), limited partnerships ( betéti társaság ), general partnerships ( közkereseti társaság ), and sole entrepreneurships ( egyéni cég ). The new law becomes effective on 16 March 2017. read more...
  • SyCipLaw TMT Bulletin: Philippine Central Bank Issues New FinTech Rules

    The Bangko Sentral ng Pilipinas (BSP) (the Philippine Central Bank) has issued two new circulars that will be of interest to companies engaged in remittance services, e-money, digital currency, and other fintech businesses. Both circulars amend portions of the BSP Manual of Regulations for Non-Bank Financial Institutions.
  • IFLR: “Philippines: Foreign equity ownership decision”

    The March issue of the International Financial Law Review ( IFLR ) includes an international briefing article by SyCipLaw partner  Jose Florante M. Pamfilo  entitled “Philippines: Foreign equity ownership decision”. The article discusses the Philippine Supreme Court decision on the case of Roy v. Herbosa (GR no. 207246) to invalidate the Securities and Exchange Commission (SEC) Memorandum Circular no. 8-2013 (MC 8-2013) on the guidelines on compliance with the Filipino-foreign ownership requirements prescribed in the Philippine Constitution and/or existing laws by corporations engaged in nationalized and partly nationalized activities.
  • New regulation on unit-linked life insurance in Hungary

    Policyholders of unit-linked life insurance products pay an agreed sum for the unit-linked insurance to the insurance company, as a regular premium, or in one lump sum. These payments cover the life insurance component as well as the investment, administrative costs, contracting fee and the commissions. The "total cost charged" ("TCC") is an indicator – calculated in line with the rules of Hungarian insurance regulations – showing all costs charged on life insurance policies having a savings element, reflected as a percentage value. The regulation of the TCC in Hungary has been amended effective 1 January 2017. read more...
  • Hungary: Increase of Minimum Sale Price May Affect Retail NPL Transactions?

    On 7 March 2017, the Hungarian parliament adopted a law that increases the minimum sale price of a residential property in the enforcement procedure from the current 70% of its market value to 100% (market value to be understood as the price set by the appraisal of the bailiff), provided that (i) the claim to be enforced stems from a consumer contract; (ii) the real property is the debtor's only real property; and (iii) the debtor resided in that real property for at least six months prior to the initiation of the enforcement procedure.   read more...
  • European Court of Justice rules for the first time on discrimination based on belief

    The Court of Justice confirms a policy of neutrality can justify discrimination based on belief.

    Korean appeals court orders Google to disclose to Korean users what personal information Google passed to U.S. government.

    Case C-28/26 - Examines the right of a holding company to deduct input VAT on services acquired in the interest of its subsidiaries where those services are offered to its subsidiaries with no consideration.

Press Releases worldwide

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to