Law360 has named McGuireWoods a “Banking Practice Group of the Year” for 2020, the second time in three years the legal news service has recognized the firm for excellence in representing financial services institutions in litigation, transactional and regulatory matters.
One of the world’s pre-eminent banking and finance law firms, McGuireWoods distinguished itself in 2020 with innovative approaches to helping clients navigate the challenges of the COVID-19 pandemic. The firm remained a dominant force in debt finance transactions, ranking No. 1 worldwide for advising lenders in syndicated loan deals.
“We are proud of the results we achieved for our clients in a year of unprecedented challenges,” said government investigations and financial services litigator Susan Rodriguez, who co-leads the firm’s financial institutions industry team along with partner Donald Ensing. “This honor is a testament to the depth and breadth of our practices and our lawyers’ commitment to helping clients achieve their business goals.”
McGuireWoods represents leading financial services institutions, including the top 10 U.S. banks ranked by assets, fintech companies and broker-dealers. Nearly 350 lawyers across the firm represent financial services institutions in litigation, transactional and regulatory matters. U.S. News-Best Lawyers recently named McGuireWoods “Law Firm of the Year” for banking and finance litigation in the 2021 edition of “Best Law Firms.”
“Our lawyers in the U.S. and London excel at working together across practices and offices to deliver innovative solutions for our clients, and they shined their brightest in 2020,” Ensing said. “It is gratifying when independent authorities like Law360 recognize our team’s exceptional efforts.”
The firm’s securities and capital markets lawyers advised Bank of America in its issuance of a $1 billion corporate social bond to support the fight against the COVID-19 pandemic — the first such offering by a U.S. commercial bank. The proceeds from the offering will be allocated to healthcare industry lending from Bank of America’s Global Commercial Bank, specifically not-for-profit hospitals, skilled nursing facilities, manufacturers of healthcare equipment and supplies.
McGuireWoods led the COVID-19-related fight in other areas, as well. The firm won the dismissal of a class action against Truist Bank that claimed agents for Payroll Protection Program (PPP) loan recipients were entitled to a portion of the processing fees. The court ruled that the federal law creating the PPP did not provide for the payment of processing fees without an agreement between the parties.
In addition to helping clients meet the challenges of the pandemic, McGuireWoods remained a dominant player in the debt finance markets. Through 2019 and the first half of 2020, McGuireWoods closed more syndicated lending deals on behalf of lenders than any other firm in the world, according to authoritative league tables published by Refinitiv.
This is the sixth time Law360 has recognized McGuireWoods as a Practice Group of the Year. The firm has been honored twice for banking and government investigations and white collar litigation achievements, and once each for its automotive and sports practices.