Noted for its ability to 'excel in efficient execution and clear communication', Sullivan & Worcester LLP supports clients in the establishment and registration of new funds such as exchange-traded funds. The firm is particularly sought out by independent directors of investment companies and investment advisors, including on compliance, tax and employment matters. The Washington DC-based practice is overseen by Nicole Crum, David Leahy and David Mahaffey. Crum supports funds board, investment companies and broker-dealers in compliance matters, while Leahy represents open-end, closed-end and exchange-traded funds in '40 Act matters. Mahaffey is noted for his knowledge of SEC regulation.
Legal 500 Editorial commentary
Testimonials
Collated independently by Legal 500 research team.
‘Sullivan & Worcester's practice is defined by its deep expertise in investment funds and its ability to deliver clear, commercially grounded advice across the full fund lifecycle—from formation and structuring to regulatory compliance and complex transactions.'
'The team is highly experienced, collaborative, and excel in efficient execution and clear communication.’
‘Nicole Crum is an outstanding fund counsel who consistently sets herself apart through her availability, proactive approach, and exceptional judgment. She is simply one of the best fund advisors I have worked with.’
‘The team is extremely good at MSTs. They also are very good at being counsel to independent directors. ’
‘Rachael Schwartz is doing an excellent job.’
‘The team has a deep bench of experienced 40 Act lawyers. They work collaboratively and share industry best practices and knowledge.’
'Nicole Crum is a great communicator and works well with others. She works hard and stays on top of industry developments. I find her advice practical and legally sound.'
'David Mahaffey has been around the industry for a long time, including a long stint at the SEC. He brings a good perspective to issues that arise.’
‘They have deep knowledge of the asset management industry.’
‘David Mahaffey and Nicole Crum are experts in their field and bring a practical approach to giving advice and problem-solving.’
Key clients
- Independent Trustees of the John Hancock Funds
- Manulife/John Hancock Funds
- Manulife/John Hancock Alternatives Funds
- Independent Directors of the Franklin Templeton Legg Mason Closed-End Funds and Franklin Templeton Legg Mason Equity Funds
- Independent Trustees of the Virtus Mutual Funds and Virtus Variable Insurance Trust
- Corebridge VALIC Retirement Funds and their Independent Directors
- Pear Tree Funds and their Independent Trustees
- Independent Trustees of the Matthews Asia Funds
- Advisors Series Trust and their Independent Trustees
- Professionally Managed Portfolios and their Independent Trustees
- Ultimus Managers Trust and its Independent Trustees
- Tidal Trust II and its Independent Trustees
- Tidal Trust III and its Independent Trustees
- Tidal Trust IV and its Independent Trustees
- Aristotle Funds Series Trust and its Independent Trustees
- Aberdeen Funds Complex
Work highlights
Acted as independent legal counsel to the Independent Trustees of the John Hancock Funds.
Acted as independent legal counsel to the Independent Directors of the Franklin Templeton Legg Mason Closed-End Funds and Franklin Templeton Equity Funds, advising on their duties and responsibilities under the federal securities law and state law.
Acted as independent trustee counsel to the Virtus Mutual Funds.
Lawyers
Leading partners
The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.
Practice head
Nicole Crum; David Leahy; David Mahaffey
Other key lawyers
Rachel Schwartz