January 13, 2020
Cadwalader has received a 2019 Law360 Practice Group of the Year award in the Banking category. The firm’s seminal work with the Federal Reserve’s Alternative Reference Rates Committee (ARRC) on LIBOR transition and the work of its LIBOR Preparedness Team, together with its community banking M&A representations and general bank regulatory advisory work, were cited as key factors by the Law360 selection committee.
Cadwalader advised the ARRC on the drafting of recommended contractual fallback language for U.S. dollar LIBOR-denominated bilateral business loans, syndicated business loans, securitizations and floating rate notes. The firm also prepared, with the Loan Syndication and Trading Association (LSTA), a concept credit agreement that uses a compounded in arrears secured overnight funding rate (SOFR) instead of LIBOR as a base benchmark.
“Our focus on preparing financial institutions for the all-important transition from LIBOR plays to our strengths,” said partner Lary Stromfeld, who leads Cadwalader’s LIBOR Preparedness Team. “This Law360 recognition underscores how we are uniquely positioned to advise clients on how best to manage and structure their LIBOR transition plans.”
Law360 commended the firm’s representation of Community Bank System, Inc. in its acquisitions of Steuben Trust Corporation and Kinderhook Bank Corp, both of which were led by a team of corporate and bank regulatory lawyers, as well as Cadwalader’s general bank and financial services regulatory work and marketplace lending advisory capabilities.
“We provide unmatched market knowledge and exceptional service to our banking clients,” said Scott Cammarn, co-chair of Cadwalader’s Financial Services Group. “This work is in our DNA, and it’s heartening to see our expertise recognized as best in class.”