(Reuters) - As financial institutions face increased scrutiny, 10 consumer financial services attorneys have left U.S. law firm Stroock & Stroock & Lavan for Morgan, Lewis & Bockius in several cities, Morgan Lewis said Wednesday.
The litigation and regulatory team includes three partners: Arjun Rao in Los Angeles, Brian Frontino in Miami and Allen Denson in Washington, D.C.
Seven non-partner lawyers are based in those three locations, as well as Century City and New York, a firm spokesperson said.
Morgan Lewis is a Philadelphia-founded law firm with about 2,200 lawyers globally. Stroock, founded in New York, has about 230 lawyers.
The team helps financial services and fintech clients defend against banking class actions and manage state and federal regulatory matters, the firm said.
"The banking industry is at a crossroad—from disrupters and new entrants to heightened regulation, litigation, and other economic challenges," Morgan Lewis chair Jami McKeon said in a statement.
The partners were not immediately available to comment.
A Stroock spokesperson said its financial services litigation, regulation and enforcement group "remains a major force," and wished the departing lawyers well.
Law firms have recently been pulled in to advise on high-profile financial institutions matters, such as the collapses of Silicon Valley Bank and Signature Bank.
"In recent years, we've seen heightened attention on the financial industry from lawmakers and regulators, and seen courts weigh in on industry practices," Frontino said in an emailed statement.
Several other firms have also recently brought on lawyers that aid financial institutions in regulatory enforcement.
Davis Polk & Wardwell last month hired bank regulatory partner David Portilla from rival Wall Street law firm Cravath, Swaine & Moore, while Gibson, Dunn & Crutcher added two Paul Hastings lawyers who advise financial services and technology clients on regulatory matters and transactions.
Orrick Herrington & Sutcliffe in February combined with law firm Buckley in a bid to create a "financial services and fintech law powerhouse" and address demand by companies and financial institutions for regulatory and enforcement advice.
