Former SEC Acting Director Melissa Hodgman Joins Freshfields as Partner

Melissa Hodgman, a seasoned attorney with over 17 years of experience at the US Securities and Exchange Commission (SEC), has transitioned to private practice by joining the international law firm Freshfields Bruckhaus Deringer. Hodgman will serve as a partner in the firm’s Washington, D.C., office, Freshfields announced on Monday.

Hodgman’s tenure at the SEC included a brief stint as acting director of the enforcement division in 2021, during a pivotal period marked by leadership changes. Her extensive career at the agency was highlighted by significant enforcement actions, such as her involvement in securing a landmark $100 million penalty against Ernst & Young. The Big Four accounting firm faced charges of exam cheating among its auditors and for misleading SEC investigators, according to Reuters.

The move to Freshfields is part of a broader trend of government officials transitioning to private sector roles ahead of political shifts. Hodgman’s departure comes as Republican President-elect Donald Trump is set to take office next month, though she emphasized that her decision was unrelated to the election results. Hodgman told Reuters she began exploring private-sector opportunities a year ago.

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Hodgman’s leadership at the SEC occurred during a period of notable turnover within the enforcement division. She temporarily helmed the division before and after Alex Oh’s brief tenure as director. Oh resigned within days of her appointment due to potential conflicts of interest stemming from her prior role at Paul, Weiss, Rifkind, Wharton & Garrison. The division later appointed Gurbir Grewal, former New Jersey Attorney General, as its director in June 2021. Grewal also recently left the SEC and has joined Milbank as a partner.

The SEC itself is poised for significant leadership changes, with Chair Gary Gensler expected to step down in January as the new administration takes charge.

Hodgman’s addition to Freshfields bolsters the firm’s securities enforcement and regulatory practice, leveraging her deep expertise in corporate oversight and financial enforcement.

Source: Reuters