New York – 919 Third Avenue
Private fund formation
“Upper Tier” management company structuring
Seed capital and joint venture arrangements
SEC regulatory and compliance
Crisis management counseling
David Efron is a New York partner who serves as Co-Head of Hedge Funds and sits on the firm-wide Management Committee.
With more than 30 years of experience, he advises private fund managers using a broad range of investment strategies, including many of the largest start-up hedge fund launches.
His practice covers fund formation, structuring, organization, compensation, operations, seed capital, joint ventures and restructurings across the private fund lifecycle.
He also counsels private fund managers on management company structuring, crisis management, SEC regulatory issues, and compliance-related matters.
Ranked in
Chambers Global
Ranked in
Chambers USA
Ranked in
Legal 500 US
- Chambers Global, Band 1
- Chambers USA, Band 1 in Hedge Funds, 2025-2026
- Legal 500 US
- Thomson Reuters, Stand-out Lawyer – independently rated lawyers, 2026
- Who’s Who Legal: The International Who’s Who of Private Funds Lawyers
- Lawyers’ Committee, United States Holocaust Memorial Museum
- McDermott Will & Schulte Management Committee, member
- Georgetown University Law Center, LLM, in Securities Regulation, with distinction
- Syracuse University College of Law, JD, cum laude, Syracuse Law Review, Executive Editor
- Vassar College, BA
- New York
Sean D. Locklear
New York – 919 Third Avenue
Advises on asset-backed lending and securitization, litigation finance and swaps and other derivative products.
Sean’s experience spans a broad spectrum of asset classes, including litigation advances, structured settlements, life settlements, insurance commissions, equipment leases, lottery receivables and other specialty finance products. He also represents investors in a variety of commercial litigation finance transactions, including law firm loans and plaintiff fundings on both a single case and portfolio basis.
In addition, Sean regularly advises clients on swaps, repos and other derivative products, as well as regulatory developments impacting the derivatives market.
- Represented multiple litigation funders in making investments in patent infringement lawsuits, antitrust litigation, shareholder appraisal rights litigation and complex commercial disputes, both domestically and internationally.
- Represented specialty finance holding company as borrower in a warehouse facility secured by structured settlements, personal annuities, litigation advances, bankruptcy claims, insurance commissions and medical receivables.
- Acted as issuer’s counsel in securitizations of insurance administration fee receivables and insurance commission receivables.
- Represented lenders in warehouse facility to an originator of loans to mass tort law firms.
- Represented purchaser in forward flow arrangement for the acquisition and financing of middle-market loans.
- Represented lenders in warehouse facility to a home equity fintech company.
- Best Lawyers: Ones to Watch in America, Financial Services Regulation Law, 2026-2027
- Boston College Law School, JD
- University of Delaware, BS
- New York
Susan C. Frunzi
New York – 919 Third Avenue
Co-Head of Private Client, New York. Concentrates on providing high-net-worth individuals with advice on estate planning, estate administration, charitable giving and organizations, family law and litigation.
In the estate planning area, Sue creates sophisticated plans, including for possible incapacity, and analyzes different inter vivos and testamentary gift-giving options in the context of various income, gift and estate tax laws.
She also oversees all aspects of the administration of small and large estates, including representing clients in Internal Revenue Service and state estate tax audits. She develops and implements charitable giving plans, negotiates contributions to charitable organizations and oversees the administration of tax-exempt organizations.
In the family law area, Sue negotiates and prepares cohabitation, prenuptial, postnuptial and separation agreements and counsels married couples on income, gift and estate tax planning issues.
She also represents clients in Tax Court proceedings, trust & estate disputes and other matters.
- Chambers High Net Worth, New York: Private Wealth Law, 2016-2026; Nationwide: Family Offices & Funds Structuring, 2024-2026; and, Nationwide: Private Wealth Law: Eastern Region, 2023-2026
- Legal 500 US Private Client, Leading Partner in New York: Private Wealth, 2026
- Best Lawyers in America, Trusts and Estates, 2026-2027
- Crain’s New York Business, Notable Women in Law, 2019
- New York Super Lawyers, Top Women Attorneys in the New York Metro Area, 2006-2022
- Fellow, American College of Trust and Estate Counsel
- Dune Road Foundation
- Elaine Dannheisser Foundation
- Harold & Mimi Steinberg Charitable Trust
- Trusts, Estates & Surrogate’s Courts Committee, New York City Bar Association, 2003-2007
- New-York Historical Society, Planned Giving Advisory Council
- David Rockefeller Fellow, New York City Partnership and Chamber of Commerce, 1998-1999
- Committee on Trust and Estate Gift Plans, The Rockefeller University
- Columbia Law School, JD, Harlan Fiske Stone Scholar, Columbia Law Review, Editor
- Tufts University, BA, Dean’s List, summa cum laude, Phi Beta Kappa
- New York
Tarik M. Shah
New York – 919 Third Avenue
Counsels private funds on compliance with the Investment Advisers Act of 1940, other state and federal requirements and interfacing with regulators.
Tarik’s experience includes advising clients on establishing compliance policies and procedures, registering with the SEC and handling SEC examinations.
- Rutgers Law School, JD
- Tufts University, BA
- New York
- New Jersey
- English
Adriana Schwartz
New York – 919 Third Avenue
Advises in the securities law, regulatory and compliance and shareholder activism areas.
Adriana counsels clients on a broad range of issues, including in the regulatory areas of Sections 13 and 16, Rule 144, insider trading, Regulation SHO order marking and Regulation M/Rule 105.
She also represents clients in private investments in public and private companies, including private investments in public equity (PIPEs), registered direct offerings, convertible 144A offerings, special-purpose acquisition companies (SPACs) and Regulation S offerings.
- Chambers USA
- Thomson Reuters, Stand-out Lawyer – independently rated lawyers, 2026
- The Hedge Fund Journal – 50 Leading Women in Hedge Funds, 2024
- New York Super Lawyers – Rising Star, 2016
- The Deal – Top Women in Dealmaking, 2023
- The Legal 500 US
- American Bar Association
- New York City Bar Association
- New York City Bar Association’s Securities Regulation Committee
- Brooklyn Law School, JD, cum laude, Brooklyn Journal of International Law
- University of Rochester, BA, cum laude
- New York
Joseph Gambino
New York – 919 Third Avenue
Focuses on collateralized loan obligations (CLOs) and specialty finance transactions.
Joe’s practice centers on advising arrangers and collateral managers in the CLO space, with additional expertise in regulatory issues and structured lending facilities. He also brings deep knowledge in esoteric ABS and specialty finance transactions.
- Fordham University School of Law, JD
- Marist College, BA
Andrew M. Mazzarella
New York – 919 Third Avenue
Represents private funds (including hedge funds, private equity funds, hybrid funds and funds of funds) and investment advisers in connection with their structuring, formation and ongoing operational needs, and on regulatory and compliance matters.
- Fordham University School of Law, JD, Fordham Law Review
- College of the Holy Cross, BA
- New York
Theodore A. Keyes
New York – 919 Third Avenue
Advises on the specialty areas of environmental law and insurance law in connection with transactions and litigation.
For more than two decades, Ted has advised prominent corporations, private equity firms, investment advisers, policyholders, insurance companies and other entities. He advises clients on environmental, health and safety risks associated with domestic and international mergers and acquisitions, financings, real estate and other transactions.
Ted counsels clients on a wide range of issues and disputes involving environmental law and/or insurance law in state and federal court as well as in the context of alternative dispute resolution, including environmental insurance coverage cases, cost recovery actions, regulatory matters and parkland alienation disputes.
In addition to insurance coverage litigation, he advises clients concerning various specialty insurance policies, including representation and warranty, judgment protection, directors’ and officers’ liability, professional liability and specialty pollution insurance products.
- Representation of the federal government of Mexico in connection with claims related to the Deepwater Horizon Oil Spill. United Mexican States (Estados Unidos Mexicanos) v. BP Exploration and Production Inc., MDL No. 2179 (E.D. Louisiana)
- Regularly counsels investment funds in connection with the negotiation of management insurance policies, including working closely with insurance brokers to negotiate favorable policy terms and providing assistance in the event that insurance claims arise.
- Representation of publicly traded financial services company in negotiation of agreements with primary and excess insurers for advancement of defense costs incurred in connection with SEC and DOJ investigations.
- Negotiation of CERCLA consent order on behalf of a demolition and recycling company in connection with work performed at an abandoned petroleum refinery and an off-site asbestos abatement of nearby properties. In the Matter of the Tallaboa Industrial Park Site (Puerto Rico).
- Representation of demolition and recycling contractor in connection with First Circuit appellate action for pre-enforcement review of CAA order alleging NESHAP violations in connection with work performed at an abandoned petroleum refinery in Puerto Rico. Homeca Recycling Center v. EPA.
- Representation of insurance carrier in connection with coverage dispute concerning Clean Air Act enforcement action. Cinergy Corp. v. St. Paul Surplus Lines Ins. Co., 915 N.E.2d 524 (Ind. Ct. App. 2009); Cinergy Corp. v. St. Paul Surplus Lines Ins. Co., 873 N.E.2d 105 (Ind. Ct. App. 2007); Cinergy Corp. Associated Elec. & Gas Ins. Servs., Ltd., 865 N.E.2d 571 (Ind. 2007).
- Representation of insurance carrier in environmental coverage litigation. Handy & Harman v. American International Group Inc. et al., Index No. 115666/07 (New York County).
- Challenge to New York City project adjacent to parkland under public trust doctrine. New York State Assemblyman Adam Clayton Powell, IV, et al. v. City of New York, et al., Index No. 108220/2006 (New York County).
- Defense of insurance carrier in lawsuit concerning environmental claims. Allegheny Energy, Inc., et al. v. Certain Underwriters at Lloyd’s, London, Case No. 21-C-03-16733 (Cir. Court, Washington County, Md.).
- Representation of insurance carrier in connection with disputed claim under pollution insurance policy. AIU Insurance Company, et al. v. Louis Dreyfus Natural Gas Corp.,No. 02CV3277 (S.D.N.Y.).
- Representation of insurance carrier in connection with settlement and arbitration of underlying complex case concerning contamination from chemical plant in Houston. Port of Houston v. GB Biosciences Corporation et al., Cause No. 2001-07795, (Harris County Texas).
- Representation of parkland group in lawsuit to prevent alienation of parkland without legislative approval. Friends of Van Cortlandt Park v. City of New York, 95 N.Y.2d 623 (N.Y. 2001).
- Defense of insurance carrier in connection with lawsuit seeking coverage for environmental cleanup due to gasoline spill in Alaska. Wyoming Alaska Company, Inc., et al. v. Commerce and Industry Insurance Company, Civ. No. 2:00-CV-0499 (D.Ct. Utah).
- Defense of insured in connection with declaratory judgment action to rescind directors and officers’ liability insurance policy. Genesis Insurance Company v. Physician Computer Network, Inc., Civ. No. 99-CV-103 (D.N.J.).
- Representation of mortgagee seeking to intervene in lawsuit to prevent entry of Consent Decree governing CERLA remediation of mortgaged property. United States v. Pitney Bowes, Inc., et al.,25 F.3d 66 (2d Cir. 1993).
- Defense of lender in private cost recovery lawsuit under CERCLA. EDO Corporation, et al. v. Elinco Associates Limited Partnership, et al., Civ. No. 393-CV-00504 (D. Conn.).
- Prosecution of fourth-party contribution action concerning responsibility for remediation of oxide box waste from former MGP. RMT, Inc. v. Giddings & Lewis, et al., 95 CV 00173 (Wis. Cir. Court, Fond du Lac County).
- Defense of insurance carrier in multi-site declaratory judgment action concerning former MGPs in New Jersey. Jersey Central Power & Light Company v. American Casualty, et al., C-299-94 (N.J. Super. Ct. Middlesex County).
- Defense of insurance carrier in multi-site declaratory judgment action concerning former MGPs in New Jersey. New Jersey Natural Gas Company v. St. Paul Fire & Marine Ins. Co., et al., OCN-L-859-95 (N.J. Super. Ct., Ocean County).
- Defense of insurance carrier in coverage lawsuit concerning hydrogen sulfide release. Edwards Oil Service, Inc. v. National Union, et al., No. 93-305190-CK (Mich. Cir. Court, Wayne County).
- Thomson Reuters, Stand-out Lawyer – independently rated lawyers, 2026
- Burton Award for Distinguished Legal Writing, 2014
- American Bar Association – Environmental Section
- New York State Bar Association – Environmental Section
- Fordham University School of Law, JD
- George Washington University, BA
- New York
Kelly (Bucky) Knight
New York – 919 Third Avenue
Focuses on in- and out-of-court corporate restructurings, advising hedge funds, distressed investors and acquirers, secured and unsecured ad hoc groups, private fund lenders and equity sponsors in distressed situations across a wide array of industries.
Bucky has substantial experience in every phase of restructuring, workouts and distressed investing, including credit bid sales under section 363, debt-for-equity swaps, Chapter 11 plans, out-of-court restructurings, including exchange offers, debt repurchases and foreclosures as well as navigating inter-creditor issues involving the relative rights of majority and minority lenders.
He advises clients on insolvency-related issues associated with securitizations and other structured financings, including collateralized loan obligations. Bucky also works with litigation funders on investments in distressed plaintiff-side litigation.
Before joining Schulte, Bucky was an associate at a large international law firm where his practice was similarly focused on financial restructuring and insolvency.
- Counsel to bidders for the assets of GWG Holdings
- Counsel to debtholders in TriMark
- Counsel to distressed investors analyzing the workout and bankruptcy of opioid manufacturers
- Counsel to the equity sponsor of an entertainment data company
- Counsel to Senior Lenders in AAC Holdings, Inc.
- Cerberus Business Finance LLC, in its capacity as Administrative and Collateral Agent, for a syndicate of lenders under a $350-million credit facility, in connection with the restructuring of American Achievement Corporation
- Certain bondholders of the Puerto Rico Employee Retirement System in negotiating an RSA and plan term sheet in connection with the instrumentality’s PROMESA debt adjustment plan
- Counsel to the DRA Parties in Puerto Rico’s Title III and related cases (advising and litigating with respect to more than $20 billion in claims against multiple Puerto Rico entities)
- Bondholders in the restructuring of Puerto Rico, including as co-counsel to the COFINA Senior Bondholders’ Coalition
- Associated Materials, its affiliates and its board of managers, as outside corporate counsel
- Bluestar Alliance as buyer of the Justice brand assets of Ascena Retail Group in Chapter 11 cases
- Sixth Street Specialty Lending Inc. as first lien and cash collateral lender in connection with Energy Alloys Holdings Chapter 11 cases
- Certain funds managed by Oak Hill Advisors LP as holders of senior secured bonds in connection with the out-of-court recapitalization of Associated Materials and its affiliates
- Ad hoc group of over 550 hospitals in connection with the Purdue Pharma Chapter 11 cases
- Several utility bond holders in Chapter 11 cases of PG&E Corporation and Pacific Gas and Electric Company
- TPG Specialty Lending Inc. as first lien term lender in connection with the Barney’s Chapter 11 cases
- TPG Specialty Lending, Inc., in its capacity as ABL Agent, in Chapter 11 case of iHeartMedia, Inc., et al.
- Ad hoc group of private credit lenders holding more than $300 million of first lien term debt of Westmoreland Resource Partners LP, a coal mining company and subsidiary of Westmoreland Coal Company, in connection with WMLP’s Chapter 11 cases that featured a credit bid purchase with a strategic operating partner, significant litigation to address material legacy labor liabilities, and other environmental, surety, reclamation and regulatory issues
- Ultra V Holdings LLC (which includes Sound Point Capital Management as one of its members) as prepetition secured noteholder, debtor in possession financing lender and purchaser of substantially all of the assets of Relativity Media LLC and its affiliates in connection with their latest Chapter 11 cases
- Debtors in the Chapter 7 cases of Cambridge Analytica and its affiliate
- Syndicate of major international bank lenders in the Chapter 11 cases of Seadrill Limited and its affiliates
- Ad hoc group of noteholders and new money lenders of the Abengoa group of companies
- Senior Secured noteholders in connection with the debt-for-equity exchange and recapitalization of Associated Materials
- Wilmington Trust as second lien agent in connection with the True Religion Chapter 11 cases
- Several portfolio companies of private equity funds in connection with out-of-court exchange offers, debt repurchases and other capital restructurings
- Best Lawyers: Ones to Watch in America, Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law, 2024-2026
- Harvard Law School, JD
- Yale University, BA
- New York
- US District Court, Southern District of New York
- US District Court, Eastern District of New York
George H. Rowe
New York – 919 Third Avenue
Advises on complex commercial litigation, securities litigation and government enforcement matters, including enforcement proceedings before the US Securities and Exchange Commission and the Commodity Futures Trading Commission.
George represents major corporations, financial institutions, broker-dealers, hedge funds, private equity firms, and other asset managers, and their senior executives.
He also regularly advises clients on matters relating to litigation finance.
- Fordham University School of Law, JD, magna cum laude, Fordham Law Review, Order of the Coif
- University of Washington, BA
- New York
- US District Court, Eastern District of New York
- US District Court, Southern District of New York