In southern Florida’s increasingly competitive legal market, Baker & McKenzie has ramped up its banking and finance practice with a lateral hire from a competitor.
Kimberly Prior (pictured), who previously practiced law at Shutts & Bowen, joins Baker & McKenzie as a partner in Miami. Prior has a broad practice encompassing transactional and regulatory work for banks. She assists clients with numerous matters including mergers, asset and stock purchases, third party agreements, regulatory filings, internal investigations, and settlements with regulators.
In a discussion with IFLR1000, Prior alluded to Miami's heavy focus on private wealth management, and described it as a place where financial institutions seek out counsel on a broad range of services.
“We represent everyone, from the smaller community banks locally here in Miami that service U.S. and foreign clients, all the way up to some of the largest institutions, which would be SIFIs, with respect to their clients all over the world. A significant part of my job involves educating clients, because other countries traditionally haven’t regulated their bank industry like we do here in the U.S.,” Prior commented.
At this juncture, the banking market is evolving as European countries begin to be subject to more stringent regulations, akin to U.S. banking statutes. But Prior still sees a marked contrast between Latin American and North American laws regarding financial institutions.
“In Latin America, they regulate their financial institutions quite differently. At times we are somewhat like a translator, just because it’s one way in a given country and it’s completely different here, and we need to bring people up to speed on what they’re doing here in the U.S.,” Prior said.
While some may see the Dodd-Frank Act’s requirements concerning resolution plans and living wills as affecting primarily larger financial institutions, the smaller ones are seeking out expert counsel in these areas as well.
“I do a fair amount of work with living wills and the new Dodd-Frank requirements. Not as much as a New York lawyer does, because Miami banks usually will fall under that threshold,” Prior noted.
Looking ahead, Prior sees increased investment in the local market from Asia and Europe.
“I think that the trend is that we’re going to see more financial institutions coming to Miami to service their clients, and I think we’re also going to see different, new types of vehicles. All these companies are trying to break into the banking market or the e-payment market, and I think Miami might be a good place for those companies as well,” Prior continued.
Prior holds a J.D. from Stetson University.