Sullivan
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Biography

Ilana's practice focuses on corporate and securities matters, representing private and public companies and investment banks in various financing transactions, including private placements, initial public offerings and follow-on public offerings, with a particular focus on cross-border capital markets transactions by foreign private issuers. In addition, Ilana advises clients on issues related to corporate governance and disclosure obligations, including compliance with Securities Exchange Act of 1934 requirements, stock exchange listing standards and Sarbanes-Oxley Act and Dodd-Frank Act compliance, corporate finance, and other general corporate and commercial matters. Ilana regularly advises Israeli and other international companies that seek to have their securities traded in the United States.

While in law school, where she ranked first in her class, Ilana received several honors for academic achievement and social contributions: Rector's Prize for Outstanding Students; Haifa University Memorial Award; Human Rights Memorial Award; and Dean's Honor List.

Education
  • Harvard University (LL.M.)
  • University of Haifa (LL.B., summa cum laude)
Bar & Court Admissions
  • New York
  • Israel
Languages
  • Hebrew
  • Russian
Viewpoints
All Viewpoints
Sullivan & Worcester Submits Comment to SEC on Foreign Private Issuer Definition
On September 8, 2025, Sullivan & Worcester submitted a comment letter to the U.S. Securities and Exchange Commission (SEC) in response to Release No. 33-11376; File No. S7-2025-01, which seeks public input on the definition of “foreign private issuer” (FPI) and potential reforms to the framework. The letter, authored by Partners Oded Har-Even, Howard Berkenblit and Eric Victorson, with contributions from Associate Ilana Neck Levin, draws on the firm’s extensive experience advising foreign private issuers, particularly Israeli companies, which comprise a significant portion of the U.S.-listed FPI market. Sullivan’s comments emphasize that the Business Contacts Test should remain the central determinant of FPI status. The letter explains that the shareholder test is often unreliable due to incomplete ownership data, volatility in investor residency and its limited alignment with policy objectives. In contrast, the Business Contacts Test, which focuses on where a company’s management, assets and operations are located, provides a consistent, substance-based standard that has served the markets well for decades. The firm noted that putting too much emphasis on shareholder residency or trading activity could wrongly classify genuine foreign companies as U.S. issuers, creating confusion for investors and making it harder for those companies to raise capital. Instead, Sullivan urged the SEC to keep the current framework in place, making only targeted adjustments where there are clear market concerns.
SEC Expands Confidential Submission Options for Issuers to Facilitate Capital Raising
On March 3, 2025, the U.S. Securities and Exchange Commission (SEC) announced expanded accommodations for issuers submitting draft registration statements for nonpublic review. These enhancements are intended to facilitate capital raising for public companies and those planning to go public by providing greater flexibility and confidentiality during the registration process. Filing confidentially allows issuers to address SEC comments and refine their registration statements without immediate public scrutiny. This process can help companies avoid potential market or competitive disadvantages that might arise if sensitive information were disclosed prematurely. By deferring public disclosure until later in the process, issuers can better control the timing and content of their filings, making it easier to access the U.S. capital markets. Key Highlights of the Enhanced Accommodations: Expanded Eligibility for Confidential Submissions: The SEC now permits all issuers, including public companies and those planning initial public offerings, to confidentially submit draft registration statements for any Securities Act registration. This expansion includes follow-on offerings and shelf offerings on Form S-3/F-3 as well as business combinations and exchange offers on Form S-4/F-4. Removal of Time Limits for Post-IPO Confidential Submissions: Issuers may now submit subsequent draft registration statements for confidential review without regard to how much time has passed since their initial Securities Act or Exchange Act registration. The SEC had previously accepted for confidential submission a registration statement that was submitted within the first 12 months of the effectiveness of a company’s initial registration statement. This change offers additional and ongoing flexibility for existing public companies considering follow-on capital raises. Omission of Underwriter Names: In a significant change, issuers may omit the names of underwriters from their initial draft registration statement submissions, deferring this disclosure to subsequent submissions and public filings. This change provides greater flexibility for issuers who may not have finalized their underwriting syndicates but wish to start the SEC review process. Extended Confidential Submission for Exchange Act Registrations: Previously, issuers could not submit draft registration statements for Exchange Act registrations confidentially (Forms 10, 20-F, or 40-F). The new accommodations now allow issuers to submit these registration statements under both Section 12(b) and Section 12(g) of the Exchange Act for nonpublic review. These forms are typically used for registering a class of securities when no immediate offering is planned, allowing issuers to manage disclosure obligations more strategically and prepare for future public offerings without immediate public scrutiny. Public Filing Timing Requirements For IPO and initial Exchange Act registrations, the SEC will continue to review submissions on a confidential basis so long as the issuer publicly files its registration statement and draft confidential submissions at least 15 days before any roadshow or the requested effective date. For subsequent offerings under the Securities Act, confidential draft registration statements must be made publicly available on EDGAR at least two business days prior to the requested effective time and date. For Exchange Act registrations, the public filing requirement remains 30 days for Section 12(b) registrations and 60 days for Section 12(g) registrations. Implications for Public Companies and Capital Raising: By broadening the opportunities for confidential reviews, these new accommodations ease companies’ access to the U.S. public markets to raise capital more efficiently. The expanded accommodations are expected to be well received by issuers, underwriters and other market participants. Issuers should carefully evaluate these new options in planning their capital raising strategies. ***** For further information or to discuss how these changes may impact your financing plans to access the U.S. capital markets, please contact the Sullivan & Worcester LLP attorneys with whom you regularly work or any of the lawyers listed above.
Sullivan & Worcester Announces Six Partner Elevations in Boston and New York
Boston, MA – International law firm Sullivan & Worcester has elevated six attorneys to partner in its Boston and New York offices, effective January 1, 2026. The promotions follow a period of sustained growth across key practices and markets and reflect the firm’s continued investment in developing talent from within. The firm has elevated these attorneys, all of whom were promoted from the associate ranks, in recognition of their exceptional leadership, client service and business development achievements. The newly promoted partners include Boston-based attorneys Ryan M. Rosenblatt (litigation) and Ryan C. Tompkins (private clients/trusts & estates), as well as New York attorneys Ilana Neck Levin (capital markets), Anna Lea McNerney (litigation), Brendan O’Brien (capital markets) and Christopher K. Shields (litigation). “Each of these attorneys has demonstrated outstanding leadership and a consistent ability to deliver results for clients,” said Managing Partner David Nagle. “They have successfully handled complex, high-stakes matters while growing their practices in ways that strengthen the firm as a whole. We are proud to welcome them to the partnership and confident they will continue to make meaningful contributions through top-level service and creative, practical solutions.” The partner promotions come at a time of sustained momentum for the firm following the implementation of a targeted strategic plan in 2024. That momentum has been driven by strong demand across key practice areas, including REITs, Capital Markets, Corporate, Investment Management and Tax. “Our capital markets teams in New York, Boston and Tel Aviv have achieved remarkable success this year by delivering thoughtful, responsive counsel on some of the market’s most complex and innovative transactions,” said David Danovitch, Managing Partner of the New York Office and head of the firm’s U.S. Capital Markets and Regulatory and Compliance Practices. “The growth we’ve seen in our New York office, in particular, reflects both the strength of our people, the firm’s strategic plan to grow in New York and the trust our clients place in us. We’re energized by what we’ve accomplished and excited about the opportunities ahead as we continue to build our practice and deepen our footprint in New York and beyond.” Supporting this momentum, Sullivan added 22 attorneys in 2025, many of whom joined from larger law firms or organizations, attracted by the firm’s collaborative culture, strong growth trajectory and expanding platform. The firm also continued its strategic expansion in life sciences and intellectual property, building on the addition of Thomas Meyers and Zachary Hyde and formally launching a Life Sciences and Patent Practice Group at the end of 2024. This growth further strengthened the firm’s ability to serve innovative and emerging companies in Boston and across the globe. The firm’s London office also enhanced its market-leading Trade Finance practice with the acquisition of Robert Parson from Squire, Patton, Boggs and Matthew Cox from Holman Fenwick Willan. The Washington, DC office also added new partners: Stephanie Monaco joined the firm's prestigious Investment Management group from Mayer Brown, and Cameron Cosby joined the firm’s premier REITs practice from Fried Frank. “At Sullivan, we’re committed to providing lateral partners from larger firms with more than just a new platform – we offer genuine support, individualized attention, and the resources they need to grow their practices with confidence,” said Nagle. “We’ve built a culture where attorneys feel valued and truly cared for, and we’re proud to be a place where people can thrive both professionally and personally.” The firm continues to build on its expanded platform and to invest in practices that have strengthened Sullivan’s reputation among clients ranging from emerging businesses to established Fortune 500 companies. In addition to the firm’s London office abroad, its Tel Aviv presence has furthered enhanced the firm’s work in the life sciences and biotech sector, with Sullivan representing a significant share of Israeli companies listed on Nasdaq. The firm has also strategically focused on expanding its presence in Ireland, Finland and across Asia. “While many large firms are merging to create massive conglomerates, we have remained focused on what truly differentiates us and the value we deliver to our clients,” said Danovitch. “We’ve invested strategically in technology to enhance efficiency and, just as importantly, in our people. Our clients value knowing that the lawyers they hire are the ones deeply engaged in their matters and fully committed to achieving the best possible results. That focus has been central to our success.” Additional information about each newly promoted partner and their practice areas is provided below. Ilana Neck Levin advises private and public companies and investment banks on private placements, initial public offerings and follow-on public offerings, with a focus on cross-border capital markets transactions by foreign private issuers. She assists clients with corporate governance and disclosure obligations related to stock exchange listing standards and various federal laws. She also represents Israeli companies and other international companies with securities trading in the United States. Anna Lea McNerney represents companies in a wide range of commercial litigation and arbitration matters, with a focus on complex commercial disputes and issues related to banking, securities and employment and contract law. She has spent her career also dedicated to pro bono legal service and frequently represents pro se parties in commercial disputes and employment law matters. Brendan O’Brien manages an active corporate and securities law practice, with an emphasis on advising clients on securities regulation, public and private offerings, stock exchange listing compliance and general corporate matters. His experience includes representing financial institutions, institutional investors and issuers in a variety of capital raising transactions including IPOs, Registered Direct offerings, At-the-Market offering programs, PIPEs, uplistings and private placements in both domestic and cross-border transactions. He also advises issuers with corporate governance and federal securities laws disclosure obligations. Ryan M. Rosenblatt represents companies and high-net-worth individuals in a wide array of litigation matters, including complex, commercial, land use, employment and business and interpersonal torts in both state and federal courts. He also represents clients in bankruptcy proceedings, arbitration, mediation and administrative proceedings before state agencies. He has also been a huge champion of pro bono legal services to Boston area residents, and co-chairs the firm’s pro bono partnerships with the Victim Rights Law Center and the Volunteer Lawyers Project. Christopher K. Shields represents clients in the financial services and technology industries in a wide range of litigation matters, including complex commercial disputes and securities, banking, intellectual property and shareholder matters in both federal and state courts. He also advises clients in arbitrations, as well as regulatory compliance matters, investigations and enforcement actions. Ryan C. Tompkins advises high-net-worth individuals, family offices and closely-held business owners with regard to sophisticated estate planning matters. He represents trustees and personal representatives in the administration of trusts, probate estates and estate settlements, and prepares gift and estate tax returns and fiduciary income tax returns. About Sullivan & Worcester LLP Sullivan & Worcester (Sullivan) is a premier international law firm with lawyers in Boston, London, New York, Tel Aviv and Washington, D.C. Sullivan’s clients, including Fortune 500 companies, leading financial services firms and asset managers, boards of directors, real estate companies, and emerging businesses, rely on Sullivan’s ability to navigate complex legal and operational landscapes, the impeccable judgment of its lawyers, and its commitment to best-in-class client service.
Multilingual Video Conference Platform KUDO Closes $21m in an Oversubscribed Series A Funding
Scott Kaufman and Ilana Levin led the team representing KUDO in its $21 million Series A Preferred Stock financing. Read the full press release here.

Ilana Neck Levin

Ilana's practice focuses on corporate and securities matters, representing private and public companies and investment banks in various financing transactions, including private placements, initial public offerings and follow-on public offerings, with a particular focus on cross-border capital markets transactions by foreign private issuers. In addition, Ilana advises clients on issues related to corporate governance and disclosure obligations, including compliance with Securities Exchange Act of 1934 requirements, stock exchange listing standards and Sarbanes-Oxley Act and Dodd-Frank Act compliance, corporate finance, and other general corporate and commercial matters. Ilana regularly advises Israeli and other international companies that seek to have their securities traded in the United States.

While in law school, where she ranked first in her class, Ilana received several honors for academic achievement and social contributions: Rector's Prize for Outstanding Students; Haifa University Memorial Award; Human Rights Memorial Award; and Dean's Honor List.

Viewpoints
All Viewpoints
Sullivan & Worcester Submits Comment to SEC on Foreign Private Issuer Definition
On September 8, 2025, Sullivan & Worcester submitted a comment letter to the U.S. Securities and Exchange Commission (SEC) in response to Release No. 33-11376; File No. S7-2025-01, which seeks public input on the definition of “foreign private issuer” (FPI) and potential reforms to the framework. The letter, authored by Partners Oded Har-Even, Howard Berkenblit and Eric Victorson, with contributions from Associate Ilana Neck Levin, draws on the firm’s extensive experience advising foreign private issuers, particularly Israeli companies, which comprise a significant portion of the U.S.-listed FPI market. Sullivan’s comments emphasize that the Business Contacts Test should remain the central determinant of FPI status. The letter explains that the shareholder test is often unreliable due to incomplete ownership data, volatility in investor residency and its limited alignment with policy objectives. In contrast, the Business Contacts Test, which focuses on where a company’s management, assets and operations are located, provides a consistent, substance-based standard that has served the markets well for decades. The firm noted that putting too much emphasis on shareholder residency or trading activity could wrongly classify genuine foreign companies as U.S. issuers, creating confusion for investors and making it harder for those companies to raise capital. Instead, Sullivan urged the SEC to keep the current framework in place, making only targeted adjustments where there are clear market concerns.
SEC Expands Confidential Submission Options for Issuers to Facilitate Capital Raising
On March 3, 2025, the U.S. Securities and Exchange Commission (SEC) announced expanded accommodations for issuers submitting draft registration statements for nonpublic review. These enhancements are intended to facilitate capital raising for public companies and those planning to go public by providing greater flexibility and confidentiality during the registration process. Filing confidentially allows issuers to address SEC comments and refine their registration statements without immediate public scrutiny. This process can help companies avoid potential market or competitive disadvantages that might arise if sensitive information were disclosed prematurely. By deferring public disclosure until later in the process, issuers can better control the timing and content of their filings, making it easier to access the U.S. capital markets. Key Highlights of the Enhanced Accommodations: Expanded Eligibility for Confidential Submissions: The SEC now permits all issuers, including public companies and those planning initial public offerings, to confidentially submit draft registration statements for any Securities Act registration. This expansion includes follow-on offerings and shelf offerings on Form S-3/F-3 as well as business combinations and exchange offers on Form S-4/F-4. Removal of Time Limits for Post-IPO Confidential Submissions: Issuers may now submit subsequent draft registration statements for confidential review without regard to how much time has passed since their initial Securities Act or Exchange Act registration. The SEC had previously accepted for confidential submission a registration statement that was submitted within the first 12 months of the effectiveness of a company’s initial registration statement. This change offers additional and ongoing flexibility for existing public companies considering follow-on capital raises. Omission of Underwriter Names: In a significant change, issuers may omit the names of underwriters from their initial draft registration statement submissions, deferring this disclosure to subsequent submissions and public filings. This change provides greater flexibility for issuers who may not have finalized their underwriting syndicates but wish to start the SEC review process. Extended Confidential Submission for Exchange Act Registrations: Previously, issuers could not submit draft registration statements for Exchange Act registrations confidentially (Forms 10, 20-F, or 40-F). The new accommodations now allow issuers to submit these registration statements under both Section 12(b) and Section 12(g) of the Exchange Act for nonpublic review. These forms are typically used for registering a class of securities when no immediate offering is planned, allowing issuers to manage disclosure obligations more strategically and prepare for future public offerings without immediate public scrutiny. Public Filing Timing Requirements For IPO and initial Exchange Act registrations, the SEC will continue to review submissions on a confidential basis so long as the issuer publicly files its registration statement and draft confidential submissions at least 15 days before any roadshow or the requested effective date. For subsequent offerings under the Securities Act, confidential draft registration statements must be made publicly available on EDGAR at least two business days prior to the requested effective time and date. For Exchange Act registrations, the public filing requirement remains 30 days for Section 12(b) registrations and 60 days for Section 12(g) registrations. Implications for Public Companies and Capital Raising: By broadening the opportunities for confidential reviews, these new accommodations ease companies’ access to the U.S. public markets to raise capital more efficiently. The expanded accommodations are expected to be well received by issuers, underwriters and other market participants. Issuers should carefully evaluate these new options in planning their capital raising strategies. ***** For further information or to discuss how these changes may impact your financing plans to access the U.S. capital markets, please contact the Sullivan & Worcester LLP attorneys with whom you regularly work or any of the lawyers listed above.
Sullivan & Worcester Announces Six Partner Elevations in Boston and New York
Boston, MA – International law firm Sullivan & Worcester has elevated six attorneys to partner in its Boston and New York offices, effective January 1, 2026. The promotions follow a period of sustained growth across key practices and markets and reflect the firm’s continued investment in developing talent from within. The firm has elevated these attorneys, all of whom were promoted from the associate ranks, in recognition of their exceptional leadership, client service and business development achievements. The newly promoted partners include Boston-based attorneys Ryan M. Rosenblatt (litigation) and Ryan C. Tompkins (private clients/trusts & estates), as well as New York attorneys Ilana Neck Levin (capital markets), Anna Lea McNerney (litigation), Brendan O’Brien (capital markets) and Christopher K. Shields (litigation). “Each of these attorneys has demonstrated outstanding leadership and a consistent ability to deliver results for clients,” said Managing Partner David Nagle. “They have successfully handled complex, high-stakes matters while growing their practices in ways that strengthen the firm as a whole. We are proud to welcome them to the partnership and confident they will continue to make meaningful contributions through top-level service and creative, practical solutions.” The partner promotions come at a time of sustained momentum for the firm following the implementation of a targeted strategic plan in 2024. That momentum has been driven by strong demand across key practice areas, including REITs, Capital Markets, Corporate, Investment Management and Tax. “Our capital markets teams in New York, Boston and Tel Aviv have achieved remarkable success this year by delivering thoughtful, responsive counsel on some of the market’s most complex and innovative transactions,” said David Danovitch, Managing Partner of the New York Office and head of the firm’s U.S. Capital Markets and Regulatory and Compliance Practices. “The growth we’ve seen in our New York office, in particular, reflects both the strength of our people, the firm’s strategic plan to grow in New York and the trust our clients place in us. We’re energized by what we’ve accomplished and excited about the opportunities ahead as we continue to build our practice and deepen our footprint in New York and beyond.” Supporting this momentum, Sullivan added 22 attorneys in 2025, many of whom joined from larger law firms or organizations, attracted by the firm’s collaborative culture, strong growth trajectory and expanding platform. The firm also continued its strategic expansion in life sciences and intellectual property, building on the addition of Thomas Meyers and Zachary Hyde and formally launching a Life Sciences and Patent Practice Group at the end of 2024. This growth further strengthened the firm’s ability to serve innovative and emerging companies in Boston and across the globe. The firm’s London office also enhanced its market-leading Trade Finance practice with the acquisition of Robert Parson from Squire, Patton, Boggs and Matthew Cox from Holman Fenwick Willan. The Washington, DC office also added new partners: Stephanie Monaco joined the firm's prestigious Investment Management group from Mayer Brown, and Cameron Cosby joined the firm’s premier REITs practice from Fried Frank. “At Sullivan, we’re committed to providing lateral partners from larger firms with more than just a new platform – we offer genuine support, individualized attention, and the resources they need to grow their practices with confidence,” said Nagle. “We’ve built a culture where attorneys feel valued and truly cared for, and we’re proud to be a place where people can thrive both professionally and personally.” The firm continues to build on its expanded platform and to invest in practices that have strengthened Sullivan’s reputation among clients ranging from emerging businesses to established Fortune 500 companies. In addition to the firm’s London office abroad, its Tel Aviv presence has furthered enhanced the firm’s work in the life sciences and biotech sector, with Sullivan representing a significant share of Israeli companies listed on Nasdaq. The firm has also strategically focused on expanding its presence in Ireland, Finland and across Asia. “While many large firms are merging to create massive conglomerates, we have remained focused on what truly differentiates us and the value we deliver to our clients,” said Danovitch. “We’ve invested strategically in technology to enhance efficiency and, just as importantly, in our people. Our clients value knowing that the lawyers they hire are the ones deeply engaged in their matters and fully committed to achieving the best possible results. That focus has been central to our success.” Additional information about each newly promoted partner and their practice areas is provided below. Ilana Neck Levin advises private and public companies and investment banks on private placements, initial public offerings and follow-on public offerings, with a focus on cross-border capital markets transactions by foreign private issuers. She assists clients with corporate governance and disclosure obligations related to stock exchange listing standards and various federal laws. She also represents Israeli companies and other international companies with securities trading in the United States. Anna Lea McNerney represents companies in a wide range of commercial litigation and arbitration matters, with a focus on complex commercial disputes and issues related to banking, securities and employment and contract law. She has spent her career also dedicated to pro bono legal service and frequently represents pro se parties in commercial disputes and employment law matters. Brendan O’Brien manages an active corporate and securities law practice, with an emphasis on advising clients on securities regulation, public and private offerings, stock exchange listing compliance and general corporate matters. His experience includes representing financial institutions, institutional investors and issuers in a variety of capital raising transactions including IPOs, Registered Direct offerings, At-the-Market offering programs, PIPEs, uplistings and private placements in both domestic and cross-border transactions. He also advises issuers with corporate governance and federal securities laws disclosure obligations. Ryan M. Rosenblatt represents companies and high-net-worth individuals in a wide array of litigation matters, including complex, commercial, land use, employment and business and interpersonal torts in both state and federal courts. He also represents clients in bankruptcy proceedings, arbitration, mediation and administrative proceedings before state agencies. He has also been a huge champion of pro bono legal services to Boston area residents, and co-chairs the firm’s pro bono partnerships with the Victim Rights Law Center and the Volunteer Lawyers Project. Christopher K. Shields represents clients in the financial services and technology industries in a wide range of litigation matters, including complex commercial disputes and securities, banking, intellectual property and shareholder matters in both federal and state courts. He also advises clients in arbitrations, as well as regulatory compliance matters, investigations and enforcement actions. Ryan C. Tompkins advises high-net-worth individuals, family offices and closely-held business owners with regard to sophisticated estate planning matters. He represents trustees and personal representatives in the administration of trusts, probate estates and estate settlements, and prepares gift and estate tax returns and fiduciary income tax returns. About Sullivan & Worcester LLP Sullivan & Worcester (Sullivan) is a premier international law firm with lawyers in Boston, London, New York, Tel Aviv and Washington, D.C. Sullivan’s clients, including Fortune 500 companies, leading financial services firms and asset managers, boards of directors, real estate companies, and emerging businesses, rely on Sullivan’s ability to navigate complex legal and operational landscapes, the impeccable judgment of its lawyers, and its commitment to best-in-class client service.
Multilingual Video Conference Platform KUDO Closes $21m in an Oversubscribed Series A Funding
Scott Kaufman and Ilana Levin led the team representing KUDO in its $21 million Series A Preferred Stock financing. Read the full press release here.

Ilana Neck Levin

Neural Input Technology Company, Wearable Devices Ltd. IPO

Sullivan represented Wearable Devices Ltd., a growth company developing a non-invasive neural input interface technology in the form of a wrist wearable band for controlling digital devices using subtle finger movements for B2B and B2C customers, in its $16 million initial public offering. Wearable Devices is based in Israel and aims to create a world in which the user’s hand becomes a universal input device for touchlessly interacting with technology, and that their technology is setting the standard input interface for the Metaverse.

Howard E. Berkenblit, Oded Har-Even, Tamilla Nurizada and Ilana Neck Levin

Thermal Energy Storage Company Shares to Commence Trading on Nasdaq

Sullivan advised Brenmiller Energy Ltd., a designer, builder and operator of thermal energy storage systems, in its $15 million private placement of ordinary shares and uplisting of ordinary shares to Nasdaq. The Company develops storage-based generation systems that combines thermal storage, inherent heat exchanging, and inherent steam generation in one unit.

Oded Har-Even, Reut Alfiah, Eric Victorson, Gal Cohen, Ilana Neck Levin and Emily A. Goldschmidt

Solar Panel On Field Against Sky