Stradley Ronon

We’re excited to announce our new brand and website! Explore our refreshed look here: https://www.stradley.com/. Grounded in nearly 100 years of trusted legal service—and built for what’s next—our new brand and updated website reflect who we’ve always been: practical yet sophisticated, forward-thinking, and relentlessly client-focused. From structuring some of today’s most innovative digital assets to leading high-stakes courtroom conflicts and operationalizing innovative acquisition strategies, we’ve always balanced tradition with transformation. Our new look and digital experience are a continuation of that legacy—designed to make our insights more accessible, our people more visible, and our values more clear. We invite you to see how Stradley Ronon continues to bring clarity and creativity to every matter, no matter how contentious or complex. #LawFirm #Rebrand #NewWebsite

Future-ready lawyers will best serve clients by integrating generative artificial intelligence (Gen AI) into their legal practice. But gaining fluency — knowing how Gen AI works, how to guide it, and when to push back — requires more than curiosity. It requires a roadmap.   That’s why Stradley Ronon is thrilled that we recently hosted our first Gen AI hackathon in Philadelphia as part of the firm’s inaugural Stradley Labs Legal Gen AI Drivers certification program, led by Sarah Hirebet (Andrews), the firm’s director of knowledge management. Developed in partnership with AI and legal database provider vLex, the program is designed to deliver an industry-leading Gen AI training certification for our lawyers and legal professionals on the ethical, practical and strategic use of generative AI tools in legal practice.   During the hackathon, participants collaborated to develop and pitch Gen AI-driven solutions to real-world legal challenges, focusing on workflow efficacy, client communication and optimizing client service. Thank you to co-faculty Anusia Gillespie and Kelsy Cocozzo, congratulations to our winning team, Paul Cuccurullo, Avery Marz, Linsay Sobers, Esq. (J.D., LL.M.), M.B.A. and Geena Marzouca (not pictured), and thank you to all who participated.   Read more about the event and program in The Legal Intelligencer: https://direc.to/n8xF

Partner Jesse Kanach, co-chair of Stradley Ronon’s private investment funds practice, was recently featured in a Q&A with Fund Board Views exploring the expanding access to private markets for retail investors — and what it means for fund independent directors and boards. From the evolution of fund structures like interval funds and BDCs, to the complexities of liquidity, tax compliance, valuation, and co-investment frameworks, Jesse shares key considerations about what boards need to know as new products emerge. “Each investment team will approach the investment process differently for different asset classes. A key thing for a board is to be comfortable that the disclosed investment process is consistent with what actually happens,” Jesse told the publication. Read the full Q&A here (subscription required): https://bit.ly/40h6bVo

Future-ready lawyers will best serve clients by integrating generative artificial intelligence (Gen AI) into their legal practice. But gaining fluency — knowing how Gen AI works, how to guide it, and when to push back — requires more than curiosity. It requires a roadmap.   That’s why Stradley Ronon is thrilled that we recently hosted our first Gen AI hackathon in Philadelphia as part of the firm’s inaugural Stradley Labs Legal Gen AI Drivers certification program, led by Sarah Hirebet (Andrews), the firm’s director of knowledge management. Developed in partnership with AI and legal database provider vLex, the program is designed to deliver an industry-leading Gen AI training certification for our lawyers and legal professionals on the ethical, practical and strategic use of generative AI tools in legal practice.   During the hackathon, participants collaborated to develop and pitch Gen AI-driven solutions to real-world legal challenges, focusing on workflow efficacy, client communication and optimizing client service. Thank you to co-faculty Anusia Gillespie and Kelsy Cocozzo, congratulations to our winning team, Paul Cuccurullo, Avery Marz, Linsay Sobers, Esq. (J.D., LL.M.), M.B.A. and Geena Marzouca (not pictured), and thank you to all who participated.   Read more about the event and program in The Legal Intelligencer: https://direc.to/n8xF

Join us for an exclusive webinar with members of the Stradley Ronon team behind the landmark dismissal of the SEC’s first-ever Liquidity Rule enforcement action. The panel will break down: • How the U.S. Supreme Court’s Loper Bright decision impacted the case. • The broader implications for the fund industry and regulatory enforcement moving forward. Presenters: • Jan Folena, partner and co-chair of the securities and regulatory enforcement practice • Sara Crovitz, partner and co-chair of the investment management practice • David Grim, partner and co-chair of the investment management practice Contact us for more information.

As AI is increasingly utilized in the hiring process, the potential for unintentional bias to affect hiring increases as well. Stradley Ronon partner Melanie Ronen, chair of the employment practice, spoke with Fortune to discuss how state and local laws are addressing AI employment bias and the need for greater transparency regarding the use of this new technology. https://bit.ly/4eOuFLz

“I’ve always believed in cultivating the human side of legal practice,” said Mena Larmour, partner and management committee member at Stradley Ronon. Mena has spent her entire career growing alongside the firm she now helps steer. In a Law.com Q&A, Mena shares what it means to lead with intention, while remaining focused on client service, teamwork and firm growth. She shares insights on: 💡 The importance of saying “yes” early in your career. 💡 The biggest surprise about joining the management committee. 💡 Why embracing adaptability, prioritizing team success and cultivating meaningful relationships is essential. Read the full interview: https://bit.ly/3GETpt9

Stradley Ronon Secures SEC Dismissal in First-Ever Liquidity Rule Enforcement Action The U.S. Securities and Exchange Commission (SEC) voluntarily dismissed charges with prejudice against two mutual fund independent trustees in the agency’s first enforcement action brought pursuant to the Liquidity Rule (Rule 22e-4) promulgated under the Investment Company Act of 1940 (the Act). The case was filed in the U.S. District Court for the Northern District of New York against registered investment adviser Pinnacle Advisors, two of its officers and two independent trustees of a mutual fund that Pinnacle advised. The SEC alleged that the independent trustees aided and abetted the mutual fund’s purported misclassification of illiquid securities in violation of the Liquidity Rule. “Today’s dismissal is a sweeping win for the asset management and fund board industry, and we are incredibly proud to have achieved this outcome on behalf of our clients who had the strength and courage to stand up to the SEC and see the process through to a successful outcome,” said Jan Folena, partner and co-chair of Stradley Ronon’s securities and regulatory enforcement practice, who led the team representing the defense of the independent trustees. Stradley Ronon argued that the SEC had no legal basis for its aiding and abetting charges as the independent trustees did not write, review, or even see the liquidity classifications that formed the basis for those and complied with all of their obligations pursuant to the Liquidity Rule. Stradley Ronon further argued that the agency lacked the necessary congressional authority pursuant to the Act to promulgate the Liquidity Rule. The challenge to the agency’s authority led the Court to order additional briefing to address the impact of the U.S. Supreme Court’s decision in Loper Bright Enterprises v. Raimondo on the rule challenge. Stradley Ronon re-filed its motion to dismiss all charges on April 28 arguing that the plain text of the statute did not grant rulemaking authority related to fund liquidity and resubmitted its arguments challenging the SEC’s failure to state a claim for aiding and abetting liability against the independent trustees. Following the briefing, the SEC agreed to dismiss all charges against the independent trustees with prejudice.   “We are pleased that the court took the merits of our arguments seriously and that the SEC responded by dismissing the complaint,” said the NYSA Fund independent trustees. “We always believed in the strength of our case and are grateful for Jan Folena and Stradley Ronon’s guidance, knowledge, and litigation capabilities that made this outcome possible.” Read the firm’s latest brief (https://bit.ly/3Udkt5P) and stipulation to dismiss (https://bit.ly/3TByTwv). In addition to Jan, the Stradley Ronon team included litigation partners Eric Porter and Samantha Kats as well as investment management partners Sara Crovitz, David Grim, and Eric Purple. https://bit.ly/4lNXFFK

ETFs have taken in $2 trillion in the past two years, bringing total assets under management to $11 trillion. With no signs of slowing down, ETFs will likely continue to boom. Stradley Ronon partner Brian P. Murphy spoke with Barron's in a feature story about how the current administration may impact the SEC’s attitude toward ETF innovation and how the asset class may change. https://bit.ly/44DZs9v

📣 Calling all independent fund directors and chief compliance officers! The MFDF is set to bring together members of the fund industry to review timely and relevant issues in an open-forum discussion. Stradley Ronon partner David Roeber will be on hand to answer questions and address topics of interest alongside Sara Vargo and Dianne M. Descoteaux. Learn more and sign up for the in-person event taking place at the firm’s Philadelphia office: https://bit.ly/44C5pn5