With over four decades of experience in global capital markets and key roles in some of the most consequential matters in its history, Cadwalader partner Lary Stromfeld has earned a reputation as the go-to lawyer for complex market structures, financial products, legal disputes and regulatory advice.
Stromfeld’s vision and ingenuity extend beyond the practice of law and into making a major impact on the lives of everyday New Yorkers, including the one in five citizens who face hunger and food insecurity. He is the founder of “Justice Served,” an annual campaign with the Food Bank For New York City that has provided over 7 million meals to the community since 2015 and has marshaled thousands of volunteer hours from over 40 major law firms and corporate legal departments.
Lawdragon Honors
Stromfeld has been at the forefront of many major developments in financial markets over the past 20 years, including representing the Federal Reserve’s ARRC in navigating the cash markets through LIBOR transition, in which role he was the lead author of legislation enacted by the State of New York to address contracts relying on LIBOR and which served as the model for a similar Federal law. He previously helped ISDA steer the derivatives markets through global regulatory reform in the wake of the 2008-09 financial crisis, in which role he helped lead the development of the Dodd-Frank protocol, revamp standard credit support documentation and launch ISDA’s first on-line protocol (ISDA Amend).
Stromfeld’s vast experience includes many matters of historic significance to the financial markets, including:
- Advising the Alternative Reference Rates Committee sponsored by the Federal Reserve on the transition of cash products away from LIBOR in the $200 trillion global market.
- Representing the International Swaps and Derivatives Association in the development of multiple industry-wide protocols and amendments to its standard documentation to comply with regulations under the Dodd-Frank Act.
- Advising a monoline insurer in connection with the potential restructuring of several billion dollars of debt issued by the Commonwealth of Puerto Rico and its public agencies, including motions in the Supreme Court of the United States.
- Serving as primary outside counsel to a leading financial institution in connection with the failure of Lehman Brothers and of numerous hedge funds resulting from the 2008 credit crisis.
- Serving as one of the primary architects of the protocol structure and ISDA Amend platform used by over 200,000 derivatives market participants worldwide to comply with Dodd-Frank regulations.
- Advising a swap dealer in connection with the potential termination and restructuring of “in-the-money” swaps with the City of Detroit, which added a pledge of casino revenues.
- Serving as counsel to ISDA on an amicus brief filed in the Second Circuit Court of Appeals, which cited the brief in reversing the SDNY’s interpretation of ISDA’s credit derivatives documentation.
