Lary Stromfeld is a partner of the firm and a member of its Management Committee. He has represented leading financial institutions and other participants in the global capital markets for more than 35 years. He has a reputation for giving practical advice in transactions, disputes and advisory matters involving a wide variety of financial products and complex financings. His versatile practice and strong technical skills have earned him top rankings in numerous global surveys.
Lary has been involved in 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. Cadwalader was awarded "Law Firm of the Year" in 2016 and 2018 by Risk magazine and in 2012 and 2013 by Derivatives Week/Derivatives Intelligence for the various stages of this representation.
- 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 First Circuit Court of Appeals.
- 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. Cadwalader was awarded "Law Firm of the Year" in 2012 by the International Financial Law Review for this representation.
- Serving as one of the primary architects of the protocol structure and ISDA Amend platform used by tens of thousands of derivatives market participants worldwide to comply with Dodd-Frank regulations. The design won the Back Office Technology Service of the Year Award from Risk magazine.
- 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. The restructuring was awarded the 2009 Alternative Transaction Deal of the Year by The Bond Buyer.
- 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.
In 2016 and 2018, Risk magazine recognized Cadwalader as “Law Firm of the Year” on the basis of several projects that were led or co-led by Lary, including:
- representing ISDA in the development of documentation to comply with margin requirements under Dodd-Frank,
- developing an industry-wide solution to the Volcker Rule for municipal tender option programs, and
- developing a program to allow contract receivables owed to numerous vendors by the State of Illinois to be repackaged into more liquid investments, which were then financed in separate transactions on a capital-efficient basis.
Lary's recognitions include:
- Chambers Global – The World's Leading Lawyers: Band 1 in global rankings of derivatives specialists. An "expert of the highest caliber" with a "derivatives practice that is truly versatile, spanning advisory and transactional matters."
- Chambers USA – America's Leading Lawyers: Band 1 in U.S. national rankings of derivatives specialists. "One of the best from a strategy perspective," "extremely logical and very good at cutting through the surface material to get to the heart of any matter," has "a true gift... which allows him to stay calm and unrattled," and he "never says 'no,' but rather suggests how to get around limitations and exploit opportunities". He is "recommended for his advice on the full range of structured products and derivatives matters."
- The Best Lawyers in America: a leading lawyer in Derivatives and Futures, Securitization and Structured Finance. "Strong technical skills" and "extremely practical in his advice."
- Euromoney Guide to the World's Leading Securitization Lawyers: "Capital Markets/Derivatives specialist.”
- Super Lawyers (New York): listed in the inaugural and each subsequent edition.
- IFLR 1000: “A leading lawyer.”
- US Legal 500: A “Leading Lawyer” in Structured Finance and in Municipal Bankruptcy. "Deep municipal finance experience"; "In the Detroit bankruptcy...the settlement of the swaps was an unprecedented structure in bankruptcy and municipal finance"; co-head of a derivatives team that is “incredibly thoughtful and knowledgeable; if there is a solution, they will find it.”
Lary is also the Executive Vice Chair for Food Bank For New York City and the founder of “Justice Served,” a campaign within the New York City legal community that includes 17 major law firms and law departments and has raised funds for over 1.5 million meals in its first three years.