Lary Stromfeld 

Partner – New York
T.+1 212 504 6291
200 Liberty Street
New York, NY 10281 V-CARD

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 multiple global surveys, and the Financial Times recently named him one of the “Top 10 Legal Innovators for North America” for his work on numerous landmark assignments.

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 over 200,000 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. Lary’s clients comment that he "can foresee where legal needs will arise and is very good at presenting them to you." 
  • 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 24 major law firms and law departments and has raised funds for over 2 million meals in its first four years.

  • Represented the swap dealers in structuring, negotiating and documenting a novel series of derivative transactions aggregating over $107 billion to hedge the interest rate, prepayment and credit risks of financing the privatization of Chrysler LLC.
  • Developed the program documentation for the first all-electronic credit derivatives trading platform.
  • Developed a new structure to provide secondary market funding of a $275 million bridge loan to the City of Detroit as part of its exit from chapter 9 bankruptcy.
  • Developed a widely used program for regional dealers to pass-through the credit and market risk of municipal swaps to larger, higher-rated banks.
  • Represented a lender in the $375 million syndicated bridge loan to Louisiana Citizens Property Insurance Corporation as it struggled to pay post-Hurricane Katrina claims.
  • Represented several financial institutions in a $1 billion bridge loan and subsequent permanent financing to the State of California during its energy crisis.
  • Advised several global financial institutions on the development of internal compliance policies and procedures relating to their derivatives businesses to comply with regulations under the Dodd-Frank Act.
  • Participated in the special counsel investigation of the global derivatives marketing and trading activities of Bankers Trust Company.
  • Headed the ISDA committee that developed the documentation for Credit Default Swaps on U.S. state and local governments.
  • Represented the sponsor and dealer group that developed MCDX, the index for Credit Default Swaps on U.S. state and local governments.
  • Served as counsel to the Municipal Financial Products Committee of SIFMA, in which capacity he advised it on guiding principles for dealers in the municipal swaps market and other projects.
  • Represented the Association of Financial Guaranty Insurers (the monoline trade association), SIFMA, and ISDA in other amicus briefs for various cases raising issues of concern to their respective markets.
Bankruptcies and Disputes
  • Advised a swap dealer in connection with the appointment of an emergency manager and bankruptcy filing of the City of Detroit.
  • Represented a dealer/creditor in the historic equity infusion for the Long-Term Capital Management hedge fund family.
  • Represented a dealer/creditor group in connection with a hedge fund failure following the Russian debt crisis.
  • Advised various financial institutions in the bankruptcy of Orange County, California.
  • Advised Detroit Public Schools in connection with the initial preparation for a chapter 9 filing and pre-petition financing.
  • Restructured several municipal interest rate swaps in connection with the settlement of a claim that the transactions were invalid.
  • Represented a state financing agency in the mediation and settlement of its claims against and by the Lehman Brothers estate.


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Lary Stromfeld 


  • New York


  • University of Pennsylvania Law School
    J.D., 1981
  • Brandeis University
    B.A., 1977



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