Dechert Expands Financial Services Team with Carl Kennedy's Expertise in Derivatives and CFTC Regulation

Dechert Strengthens Its Financial Services Practice

In a significant development, Dechert LLP has recently announced the appointment of Carl Kennedy as a partner and head of its commodities and derivatives division within the financial services segment. This strategic hiring aims to enhance the firm's expertise in sell-side derivatives as well as Commodity Futures Trading Commission (CFTC) regulations, serving clients more effectively in a rapidly changing market landscape.

Kennedy's presence at Dechert, which is based in New York, is a pivotal addition meant to not only bolster the firm's capabilities in derivatives but also tap into the burgeoning field of fintech and prediction markets. David Forti, co-chair of Dechert, expressed that Kennedy's onboarding aligns with their strategy to proactively equip clients for impending regulatory changes rather than just adapting to them post-factum.

Douglas Dick, co-chair of the financial services group at Dechert, emphasized the value Kennedy brings through his extensive connections within the CFTC and the broader financial industry. His insights will guide clients in navigating the evolving landscape surrounding prediction markets, as companies begin to explore this new frontier actively.

Kennedy specializes in representing a wide array of clients involved in sell-side actions and market infrastructure. This includes swap dealers, futures commission merchants, designated contract markets, swap data repositories, and swap execution facilities. He has shifted his focus increasingly toward advising platforms in the growing field of prediction markets, illustrating his adaptability to industry movements. Notably, Kennedy recently provided testimony to the U.S. House of Representatives concerning the rapid expansion of sports-related prediction markets and the federal regulatory frameworks that govern them.

Before joining Dechert, Kennedy held a partnership at another reputable global law firm. His rich history includes serving as Senior Counsel and Policy Advisor at the CFTC, where he was instrumental in drafting critical regulations that shaped today's financial landscape post-Dodd-Frank Act. His previous roles included being the Assistant General Counsel and Executive Director at JPMorgan, and working at a prominent global hedge fund trade association, focusing on the reforms in over-the-counter derivatives.

Kennedy's professional journey is particularly meaningful as he is a native Philadelphian. He reflects fondly on his connection to Dechert, stating that it was serendipitous for him to join such a forward-thinking firm after celebrating his law school graduation at their former office. He expressed enthusiasm about leading the firm’s focus on CFTC-related practices and helping clients adapt to the fast-evolving regulatory environment that is increasingly encompassing digital assets, tokenization, and prediction markets.

Kennedy is a recognized leader in his field, having received accolades from Chambers Global and Chambers USA for his contributions to the realm of derivatives regulation. His significance within the legal community has been acknowledged by The Legal 500 United States, where he was named a Recommended Attorney, and he was also honored as a Distinguished Leader by the New York Law Journal.

This year alone, Dechert has welcomed over 50 lateral partners, demonstrating their commitment to strengthening core competencies across various fields, including litigation, investment management, finance, restructuring, capital markets, and corporate mergers and acquisitions. The firm possesses one of the largest financial services and investment management teams in the industry, equipped with nearly 200 attorneys. Dechert was among the first law firms to establish a presence in all major European fund domiciles and is consistently regarded as a leading firm for investment funds by respected industry publications.

About Dechert

Dechert LLP has been a key player in the legal landscape for more than 150 years, providing counsel on crucial issues ranging from high-stakes litigation to innovative transaction structures and complex regulatory challenges. With a global reach and focused expertise across various sectors—including financial services, private capital, real estate, life sciences, and technology—Dechert fosters partnerships with clients, empowering them to achieve outstanding outcomes.