Insights

Washington – August 20, 2026: The Best Lawyers in America® has recognized 57 of the firm's attorneys in its 2027 edition, a testament to the firm's deep bench of legal talent across practices and offices nationwide. In addition, 29 attorneys have been named to the Best Lawyers: Ones to Watch® list, recognizing outstanding attorneys earlier in their careers. 

Washington, D.C. – July 22, 2026 – Crowell & Moring LLP today shared results from its firmwide integration of Legora as a collaborative AI platform. Crowell has realized significant gains in opportunities to deliver for clients across practices and jurisdictions.  

Washington – June 4, 2026: Crowell & Moring earned 92 individual rankings for 81 attorneys, as well as 48 national and statewide practice area rankings, in the Chambers USA 2026 guide. The Chambers guide ranks the country’s top law firms and lawyers through in-depth research, client interviews, and feedback from attorneys at peer firms. 

On February 18, President Trump issued an Executive Order titled “Ensuring Accountability for All Agencies” that directs independent agencies (as well as Cabinet Departments and their sub-agencies) to route all “proposed and final significant regulatory” and budgetary actions through the White House and the Office of Management and Budget. If implemented to its full extent, this action will significantly strengthen the authority of the White House by weakening the political autonomy of these independent agencies. As an assertion of the President’s inherent powers under Article II of the U.S. Constitution, it also stands to weaken congressional influence over these independent agencies, both through the appropriations and confirmation processes.

On September 30, 2024, the SEC announced the settlement of an enforcement action against Marathon Asset Management, L.P. (Marathon) for failing to implement proper policies and procedures to prevent the misuse of material nonpublic information (MNPI).  The issue stemmed from Marathon’s participation in ad hoc creditors’ committees, where the firm inadvertently received MNPI through its consultants and advisers.  This enforcement action highlights the SEC’s intense focus on the participation by investors in ad hoc creditors’ committees and the importance of implementing robust MNPI controls when doing so.

In the ever-evolving landscape of English law credit agreements in the European leveraged loan market, the dynamics of lending have undergone significant transformations in the last few years. One issue that has gained prominence is the increase in limits on the ability of lenders to transfer their loans and the associated restrictions imposed on potential new lenders. European syndicated loan agreements have historically included a standardised and expected set of transfer restrictions applicable to prospective lenders, reflective of the market guidance and templates issued by the Loan Market Association (“LMA”). Certainty of terms and the capability of an existing lender to sell out of a loan position have been the hallmark (and expectation) of the LMA loan market. However, trends in the drafting of credit agreements have contained a concerning increase in limitations on loan liquidity. As a result, many lenders are finding it difficult to sell their distressed loans. This article explores these trends, as well as their implications on the secondary loan trading market.

Rick Hyman, a bankruptcy partner at Crowell & Moring, reports that activity in the first half of this year was elevated compared to the second half of 2025, "although the type of activity continues to change." Hyman, who often represents traditional, regulated banks, notes that discussions have increasingly centered on protective measures in response to threatened liability management exercises. "The days when the administrative agent led the workout negotiations are dwindling," he says. "Ad hoc groups of term lenders continue to organize prior to signs of true distress, leading to earlier engagements and strategizing, but less active negotiation."

ABF Journal speaks with New York partner Rick Hyman about 2021 being slower than anticipated for many restructuring professionals due to support from the federal government, unending liquidity from private lenders, and a further decline in interest rates. Hyman explains the ways in which the general economic recovery in 2022 may ironically correspond with an uptick in restructuring work.