Sullivan
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Biography

Natalie, a corporate partner, leads Sullivan's Fintech & Blockchain Group. She represents a diverse base of clients, including public and private companies, domestic and international, in a broad range of business and finance matters with a focus on cross-border mergers and acquisitions, securities law compliance, joint venture and financing transactions (including multi-jurisdictional trade and export finance transactions) and governance.

She represents companies across various industries, including finance, technology, media, energy, sports, healthcare, manufacturing and design. Additionally, Natalie has unique experience in advising dozens of blockchain and digital asset businesses of various sizes on complex regulatory challenges. She advises her clients in the formation and development of digital asset and cryptocurrency-based companies and technologies, on token, NFT and other digital asset sales, other generation and distribution events, and market infrastructure and exchange solutions on distributed ledger technology. She also counsels clients on domestic and cross-border cutting-edge distributed ledger and cryptocurrency, fintech and other consumer finance transactions.

Clients also benefit from Natalie's experience in litigating matters arising out of complex corporate and financial transactions and contractual disputes. Her IP experience includes preparing various intellectual property agreements (including purchases, assignments and licensing agreements), and she has counseled clients regarding selection and maintenance of trademarks, as well as copyright and domain name issues.

Natalie also currently serves as the Chair of Sullivan's Hiring Committee, and previously served as Director of Sullivan’s Summer Associate Program.

Prior to practicing law, Natalie was a financial consultant with Deloitte LLP in New York, advising national leadership on strategy initiatives, mergers and acquisitions.

Education
  • Benjamin N. Cardozo School of Law (J.D.)
  • University of Michigan (B.A., with distinction)
Bar & Court Admissions
  • New York
  • U.S. District Court, Eastern District of New York
  • U.S. District Court, Southern District of New York
  • England and Wales (Registered foreign lawyer)
Professional Qualifications
  • Director of Diversity and Inclusion for the American Bar Association Legal Opinions Committee
  • New York State Bar Association
Awards & Honors
  • Thomson Reuters "Stand-Out Lawyer" (2026)
  • "Ones to Watch," Best Lawyers in America®, Corporate Law (2024, 2025)
  • Ones to Watch," Best Lawyers in America®, Mergers & Acquisition Law (2021, 2022)
  • Recommended by The Legal 500 U.S. (2022-2026)
  • "Rising Star," New York Super Lawyers (2019-2022)
  • Leadership Council on Legal Diversity Fellows Program (2019)
Community Engagement
  • Advisory Board Member for Coalition for the Homeless First Step Program
Languages
  • French
Viewpoints
All Viewpoints
Breaking: FinCEN Removes BOI Reporting Requirements for U.S. Companies and U.S. Persons
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced, on March 21, 2025, that it issued an interim final rule that removes the requirements for U.S. companies and U.S. persons to report beneficial ownership information (BOI) under the Corporate Transparency Act (CTA). The interim final rule narrows the existing BOI reporting requirements by revising the definition of “reporting company” (i.e., companies required to file BOI reports) to include only “foreign reporting companies” (i.e., companies formed outside of a US state or tribal territory but that are registered to do business in the United States). As a result, domestic reporting companies (i.e., companies formed in a US state or tribal territory) are now exempted from the BOI reporting requirements pursuant to the CTA. The rule also provides foreign reporting companies with exemptions from reporting any U.S. persons who are beneficial owners of the foreign reporting company. Foreign reporting companies that are registered to do business in the United States must file BOI reports with FinCEN within 30 days from the date of the rule’s publication in the Federal Register on March 26, 2025. If foreign reporting companies are registered to do business in the United States on or after the date of publication, they must submit BOI reports within 30 days after receiving notice of the effectiveness of their registration. Please see our prior CTA-related client alerts here and here for additional information about the filing requirements and the applicable exceptions, and do not hesitate to reach out to your contacts at Sullivan if you have any questions about CTA compliance or BOI report filing requirements.
Breaking: Corporate Transparency Act Back in Effect with New Filing Deadline on March 21, 2025
The enforcement of the Corporate Transparency Act (CTA) and related regulations, including the requirement that entities formed or registered in the United States file a Beneficial Ownership Information Report (BOIR), is back in effect. The new deadline to file an initial, updated, and/or corrected BOIR is March 21, 2025. However, reporting companies that were previously given a reporting deadline later than March 21, 2025 have until that later deadline to file their initial BOIR. The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a statement which extended the deadline following a February 18, 2025 decision by the U.S. District Court for the Eastern District of Texas to lift the nationwide preliminary injunction issued in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.). FinCEN also indicated that it will assess its options to further modify deadlines to reduce regulatory burden on businesses and indicated that it may provide an update before March 21st if there are any further modifications of this deadline. You may check the FinCEN website for any updates at https://www.fincen.gov/boi. The CTA imposes reporting obligations that require most entities (LLCs, corporations, etc.) formed or doing business in the United States to report their beneficial ownership information to the FinCEN. Please see our prior CTA-related client alerts here and here for additional information about the filing requirements and the applicable exceptions, and do not hesitate to reach out to your contacts at Sullivan if you have any questions about CTA compliance or BOIR filing requirements.
Top Tier Firm, Legal 500 United States 2026
Sullivan & Worcester Ranked in the Legal 500 United States 2026 Edition
Boston, MA – Sullivan & Worcester announced that its practice groups and attorneys have been ranked and recommended in the Legal 500 United States 2026. The firm’s Real Estate practice was newly ranked Tier 1 in the “Real estate – mid-market ($0-500m)” category and the firm maintained rankings across a variety of practice areas. Partners Nicole Crum and John Steiner were newly ranked as Leading Partners and Ryan Rosenblatt as a Next Generation Partner. Peers and more than 300,000 corporate counsel were surveyed and interviewed globally in the past 12 months to assess law firms’ overall visibility and reputation, culminating in detailed rankings and editorial. The Legal 500 is an independent guide, and firms and individuals are recommended purely on merit. Sullivan's lawyers received the following rankings: Leading Partners: The Legal 500’s Guide to Outstanding Lawyers Nationwide Benjamin Armour - M&A: Middle-Market (Sub-$500m); M&A: middle-market ($0-250m) Ameek Ashok Ponda - Real Estate Investment Trusts (REITs)  Nicole Crum - Mutual/registered/exchange-traded funds Lewis Segall - M&A: Middle-Market (Sub-$500m); M&A: middle-market ($0-250m) John Steiner - Real estate – mid-market ($0-500m) Douglas Stransky - International Tax Joel Telpner - Fintech Next Generation Partners: The Legal 500’s Guide to Up-and-Coming Lawyers Nationwide Ryan Rosenblatt - General commercial disputes – mid-market ($250-500m) Sarah Wellings - Real Estate Investment Trusts (REITs) Practice Areas Ranked and Attorneys Recognized Corporate Governance “Our lead partner, Nicole Crum, who leads the investment industry practice, is exceptional. She demonstrates strong industry knowledge yet is very personable and anticipates what we need to know or what we should consider doing to handle any matter. The team roll up their sleeves and provide recommendations as to how we as a board should handle any matter. Strong service commitment and work ethic!” “The team we have at Sullivan & Worcester has served our company for years and knows the management team, staff as well as our board members. They are extremely responsive and proactive and anticipate what we should be aware of, concerned about, excited about, and how to handle oversight, processes and protocols to ensure we are carrying out our fiduciary duties. The partners are experts in this industry.” Leading Partner: Nicole Crum Recommended Lawyers: Howard Berkenblit, David Leahy Dispute Resolution/General Commercial Disputes “Diverse skillset. Client centric. Transparency. Urgency provided on all matters.” “I have worked with Gerry Silver for over 15 years and have found his pragmatic approach to complex matters refreshing. He understands our business, culture and market, and will give me his opinion in a digestible manner.” Next Generation Partner: Ryan Rosenblatt Recommended Lawyers: Gerry Silver, Patrick Dinardo, Laura Steinberg, Michael Sullivan, Amy Zuccarello, Erika Todd, Christopher Shields, Anna Lea McNerney Employee Benefits, Executive Compensation and Retirement Plans: Design “The level of expertise is top shelf. David Guadagnoli seems to know all of ERISA and IRS rulings.” “David Guadagnoli and Amy Sheridan both have superior knowledge in their respective areas. I value the ability to raise issues whether simple or complex. The firm takes the same diligent approach across all spectrums of complexity.” Recommended Lawyers: David Guadagnoli, Amy Sheridan Environment: Transactional Fintech “Sullivan & Worcester is one of the finest firms with which I have worked.” “The lawyers are excellent, and the firm consistently provides the highest quality of customer service.” Leading Partner: Joel Telpner Recommended Lawyers: Natalie Lederman, Benjamin Armour, Scott Kaufman, Harvey Bines, Christopher Curtis Land Use/Zoning Recommended Lawyers: Gregory Sampson, Ashley Brooks, Victor Baltera, Karen Kepler, Ashley Tan M&A: Corporate and Commercial: Venture Capital and Emerging Companies Recommended Lawyers: Scott Kaufman, Lewis Segall, Benjamin Armour, Michael Student M&A: Middle-Market ($0-250m) “The partner Lewis Segall has been working with our company for 15 years and we have a good working relationship with him. He knows our history and very attentive to our needs.” “Lewis Segall is very attentive to our needs. We very much value him.” Leading Partners: Benjamin Armour, Lewis Segall Recommended Lawyers: Natalie Lederman Mutual/Registered/Exchange-Traded Funds “Sullivan & Worcester's practice is defined by its deep expertise in investment funds and its ability to deliver clear, commercially grounded advice across the full fund lifecycle—from formation and structuring to regulatory compliance and complex transactions.” “The team is highly experienced, collaborative, and excel in efficient execution and clear communication.” Leading Partner: Nicole Crum Recommended Lawyers: David Leahy, David Mahaffey, Rachael Schwartz Real Estate Leading Partner: John Steiner Recommended Lawyers: Ashley Brooks, Karen Kepler, Gregory Sampson, Sharon Leifer, Louis Monti, Spencer Stone, Ashley Tan Real Estate Investment Trusts (REITs) “We have built multiple complex and sophisticated REIT platforms over the years and worked with many top-tier REIT specialists, but Sullivan’s REIT practice is by far the best, with Sarah Wellings.” Leading Partner: Ameek Ashok Ponda Next Generation Partner: Sarah Wellings Recommended Lawyers: Angela Gomes, Louis Monti, Shu Wei, Cameron Cosby International Tax “The international collaboration with S&W is exceptional.” “What really stands out is their willingness to engage, openness to different ideas and opinions, clearly expressed expectations, and clients' objectives.” Leading Partner: Douglas Stransky Recommended Lawyers: Lewis Greenwald, Eric Rietveld Tax > US Taxes: Contentious Recommended Lawyers: Richard Jones, David Nagle, Daniel Ryan, Caroline Kupiec Tax > US Taxes: Non-Contentious “Sarah Wellings is, quite simply, the best lawyer we have ever worked with. Her expertise extends far beyond tax and REIT matters, encompassing governance, financing, and complex commercial issues. Decades of experience and technical mastery make her an indispensable partner. Sarah is our central point of contact who makes everything seamless. Her in-house counsel background gives her a unique client perspective: she anticipates needs, solves problems before they arise, and delivers concise, well-structured updates that simplify even the most intricate issues. She coordinates effortlessly with all parties involved. Her judgment is exceptional. Sarah strikes the perfect balance between comprehensive academic rigor and practical, business-oriented advice. She combines technical REIT/tax excellence with commercial instincts, ensuring every recommendation is both legally sound and strategically smart. Her ability to translate complex law into clear, actionable guidance is unmatched. Sarah is incredibly responsive without ever sacrificing quality. She treats our matters as her own, demonstrating a rare ownership mindset and collaborative spirit. Her integrity is uncompromising, giving us absolute confidence in her counsel. In short, Sarah Wellings defines legal excellence: reliable, commercially minded, and client-focused. Working with her feels like being in the safest possible hands; she consistently exceeds expectations and orchestrates complex transactions with clarity and precision.” Recommended Lawyers: Ameek Ashok Ponda, Richard Jones, Douglas Stransky, Sarah Wellings About Sullivan 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.
Sullivan Advises BAFT and ITFA on Updated CRR Legal Opinions Covering the Suite of Master Participation Agreements (MPAs)
(London and New York) – Sullivan has advised BAFT (the Bankers Association for Finance & Trade) and ITFA (the International Trade and Forfaiting Association) in relation to updated Capital Requirements Regulation (CRR) legal opinions covering the suite of English and New York law Master Participation Agreements (MPAs). These generic opinions can be utilised by BAFT and ITFA members’ in-house counsel to create ‘enforceability opinions’. They can also be used as part of the analysis of the effectiveness of MPAs as credit risk mitigants under CRR. However, a number of factual matters must be satisfied under CRR to obtain full effectiveness and these will depend on each user’s own circumstances. A further guidance note has also been published to accompany the opinions. Updates are now available through BAFT and ITFA’s websites for members, as follows: Guidance note relating to the opinions EU CRR opinion on English law MPA 2018 UK CRR opinion on English law MPA 2018 EU CRR opinion on NY law MPA 2019 UK CRR opinion on NY law MPA 2019 NY law enforceability opinion on NY law MPA 2019 EU CRR opinion on Surety MPA UK CRR opinion on Surety MPA It is worth noting that separate opinions have now been created for EU vs UK CRR, reflecting post-Brexit changes. Also, the updated opinion for the 2008 English law MPA is not yet available, as changes to the regulations are making it more challenging to issue a clean opinion. This will be released as soon as possible, together with guidance on the updated scope. As the underlying 2008 document has long been superseded, no longer further opinions will be issued after this final one has been published. Geoffrey Wynne, head of Sullivan’s Trade & Export Finance Group, commented: “Sullivan is pleased to have advised both BAFT and ITFA in relation to the publication of these important updated opinions. They form a key part of the analysis of the effectiveness of MPAs as credit risk mitigants under CRR. As such they remain invaluable to the trade finance market as a whole. It is worth re-stating that a number of factual matters must be satisfied under CRR to obtain full effectiveness and these will depend on each user’s own circumstances.” The Sullivan team advising BAFT and ITFA included partners Geoffrey Wynne and Marian Boyle in London and partner Natalie Lederman in New York. In 2023 Sullivan advised BAFT and ITFA on the CRR opinions on the MPAs for both the 2008 and 2019 English law versions, as well as the New York 2019 version as updated for the LIBOR transition. In March 2025, Sullivan assisted BAFT and its working group on the 2025 BAFT Master Trade Loan Agreement (2025 BAFT MTLA), designed as an industry-standard document, used for lending between financial institutions to finance or refinance specified trade transactions. In April 2025, Sullivan worked with an ITFA working group to develop a Short Term SWIFT Financial Institution (FI) Trade Loan Template - a new template intended to help streamline trade finance transactions between banks. About Sullivan Sullivan & Worcester (Sullivan) is a global 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 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. For further information, please visit the firm’s website and LinkedIn.

Natalie S. Lederman

Natalie, a corporate partner, leads Sullivan's Fintech & Blockchain Group. She represents a diverse base of clients, including public and private companies, domestic and international, in a broad range of business and finance matters with a focus on cross-border mergers and acquisitions, securities law compliance, joint venture and financing transactions (including multi-jurisdictional trade and export finance transactions) and governance.

She represents companies across various industries, including finance, technology, media, energy, sports, healthcare, manufacturing and design. Additionally, Natalie has unique experience in advising dozens of blockchain and digital asset businesses of various sizes on complex regulatory challenges. She advises her clients in the formation and development of digital asset and cryptocurrency-based companies and technologies, on token, NFT and other digital asset sales, other generation and distribution events, and market infrastructure and exchange solutions on distributed ledger technology. She also counsels clients on domestic and cross-border cutting-edge distributed ledger and cryptocurrency, fintech and other consumer finance transactions.

Clients also benefit from Natalie's experience in litigating matters arising out of complex corporate and financial transactions and contractual disputes. Her IP experience includes preparing various intellectual property agreements (including purchases, assignments and licensing agreements), and she has counseled clients regarding selection and maintenance of trademarks, as well as copyright and domain name issues.

Natalie also currently serves as the Chair of Sullivan's Hiring Committee, and previously served as Director of Sullivan’s Summer Associate Program.

Prior to practicing law, Natalie was a financial consultant with Deloitte LLP in New York, advising national leadership on strategy initiatives, mergers and acquisitions.

Viewpoints
All Viewpoints
Breaking: FinCEN Removes BOI Reporting Requirements for U.S. Companies and U.S. Persons
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced, on March 21, 2025, that it issued an interim final rule that removes the requirements for U.S. companies and U.S. persons to report beneficial ownership information (BOI) under the Corporate Transparency Act (CTA). The interim final rule narrows the existing BOI reporting requirements by revising the definition of “reporting company” (i.e., companies required to file BOI reports) to include only “foreign reporting companies” (i.e., companies formed outside of a US state or tribal territory but that are registered to do business in the United States). As a result, domestic reporting companies (i.e., companies formed in a US state or tribal territory) are now exempted from the BOI reporting requirements pursuant to the CTA. The rule also provides foreign reporting companies with exemptions from reporting any U.S. persons who are beneficial owners of the foreign reporting company. Foreign reporting companies that are registered to do business in the United States must file BOI reports with FinCEN within 30 days from the date of the rule’s publication in the Federal Register on March 26, 2025. If foreign reporting companies are registered to do business in the United States on or after the date of publication, they must submit BOI reports within 30 days after receiving notice of the effectiveness of their registration. Please see our prior CTA-related client alerts here and here for additional information about the filing requirements and the applicable exceptions, and do not hesitate to reach out to your contacts at Sullivan if you have any questions about CTA compliance or BOI report filing requirements.
Breaking: Corporate Transparency Act Back in Effect with New Filing Deadline on March 21, 2025
The enforcement of the Corporate Transparency Act (CTA) and related regulations, including the requirement that entities formed or registered in the United States file a Beneficial Ownership Information Report (BOIR), is back in effect. The new deadline to file an initial, updated, and/or corrected BOIR is March 21, 2025. However, reporting companies that were previously given a reporting deadline later than March 21, 2025 have until that later deadline to file their initial BOIR. The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a statement which extended the deadline following a February 18, 2025 decision by the U.S. District Court for the Eastern District of Texas to lift the nationwide preliminary injunction issued in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.). FinCEN also indicated that it will assess its options to further modify deadlines to reduce regulatory burden on businesses and indicated that it may provide an update before March 21st if there are any further modifications of this deadline. You may check the FinCEN website for any updates at https://www.fincen.gov/boi. The CTA imposes reporting obligations that require most entities (LLCs, corporations, etc.) formed or doing business in the United States to report their beneficial ownership information to the FinCEN. Please see our prior CTA-related client alerts here and here for additional information about the filing requirements and the applicable exceptions, and do not hesitate to reach out to your contacts at Sullivan if you have any questions about CTA compliance or BOIR filing requirements.
Top Tier Firm, Legal 500 United States 2026
Sullivan & Worcester Ranked in the Legal 500 United States 2026 Edition
Boston, MA – Sullivan & Worcester announced that its practice groups and attorneys have been ranked and recommended in the Legal 500 United States 2026. The firm’s Real Estate practice was newly ranked Tier 1 in the “Real estate – mid-market ($0-500m)” category and the firm maintained rankings across a variety of practice areas. Partners Nicole Crum and John Steiner were newly ranked as Leading Partners and Ryan Rosenblatt as a Next Generation Partner. Peers and more than 300,000 corporate counsel were surveyed and interviewed globally in the past 12 months to assess law firms’ overall visibility and reputation, culminating in detailed rankings and editorial. The Legal 500 is an independent guide, and firms and individuals are recommended purely on merit. Sullivan's lawyers received the following rankings: Leading Partners: The Legal 500’s Guide to Outstanding Lawyers Nationwide Benjamin Armour - M&A: Middle-Market (Sub-$500m); M&A: middle-market ($0-250m) Ameek Ashok Ponda - Real Estate Investment Trusts (REITs)  Nicole Crum - Mutual/registered/exchange-traded funds Lewis Segall - M&A: Middle-Market (Sub-$500m); M&A: middle-market ($0-250m) John Steiner - Real estate – mid-market ($0-500m) Douglas Stransky - International Tax Joel Telpner - Fintech Next Generation Partners: The Legal 500’s Guide to Up-and-Coming Lawyers Nationwide Ryan Rosenblatt - General commercial disputes – mid-market ($250-500m) Sarah Wellings - Real Estate Investment Trusts (REITs) Practice Areas Ranked and Attorneys Recognized Corporate Governance “Our lead partner, Nicole Crum, who leads the investment industry practice, is exceptional. She demonstrates strong industry knowledge yet is very personable and anticipates what we need to know or what we should consider doing to handle any matter. The team roll up their sleeves and provide recommendations as to how we as a board should handle any matter. Strong service commitment and work ethic!” “The team we have at Sullivan & Worcester has served our company for years and knows the management team, staff as well as our board members. They are extremely responsive and proactive and anticipate what we should be aware of, concerned about, excited about, and how to handle oversight, processes and protocols to ensure we are carrying out our fiduciary duties. The partners are experts in this industry.” Leading Partner: Nicole Crum Recommended Lawyers: Howard Berkenblit, David Leahy Dispute Resolution/General Commercial Disputes “Diverse skillset. Client centric. Transparency. Urgency provided on all matters.” “I have worked with Gerry Silver for over 15 years and have found his pragmatic approach to complex matters refreshing. He understands our business, culture and market, and will give me his opinion in a digestible manner.” Next Generation Partner: Ryan Rosenblatt Recommended Lawyers: Gerry Silver, Patrick Dinardo, Laura Steinberg, Michael Sullivan, Amy Zuccarello, Erika Todd, Christopher Shields, Anna Lea McNerney Employee Benefits, Executive Compensation and Retirement Plans: Design “The level of expertise is top shelf. David Guadagnoli seems to know all of ERISA and IRS rulings.” “David Guadagnoli and Amy Sheridan both have superior knowledge in their respective areas. I value the ability to raise issues whether simple or complex. The firm takes the same diligent approach across all spectrums of complexity.” Recommended Lawyers: David Guadagnoli, Amy Sheridan Environment: Transactional Fintech “Sullivan & Worcester is one of the finest firms with which I have worked.” “The lawyers are excellent, and the firm consistently provides the highest quality of customer service.” Leading Partner: Joel Telpner Recommended Lawyers: Natalie Lederman, Benjamin Armour, Scott Kaufman, Harvey Bines, Christopher Curtis Land Use/Zoning Recommended Lawyers: Gregory Sampson, Ashley Brooks, Victor Baltera, Karen Kepler, Ashley Tan M&A: Corporate and Commercial: Venture Capital and Emerging Companies Recommended Lawyers: Scott Kaufman, Lewis Segall, Benjamin Armour, Michael Student M&A: Middle-Market ($0-250m) “The partner Lewis Segall has been working with our company for 15 years and we have a good working relationship with him. He knows our history and very attentive to our needs.” “Lewis Segall is very attentive to our needs. We very much value him.” Leading Partners: Benjamin Armour, Lewis Segall Recommended Lawyers: Natalie Lederman Mutual/Registered/Exchange-Traded Funds “Sullivan & Worcester's practice is defined by its deep expertise in investment funds and its ability to deliver clear, commercially grounded advice across the full fund lifecycle—from formation and structuring to regulatory compliance and complex transactions.” “The team is highly experienced, collaborative, and excel in efficient execution and clear communication.” Leading Partner: Nicole Crum Recommended Lawyers: David Leahy, David Mahaffey, Rachael Schwartz Real Estate Leading Partner: John Steiner Recommended Lawyers: Ashley Brooks, Karen Kepler, Gregory Sampson, Sharon Leifer, Louis Monti, Spencer Stone, Ashley Tan Real Estate Investment Trusts (REITs) “We have built multiple complex and sophisticated REIT platforms over the years and worked with many top-tier REIT specialists, but Sullivan’s REIT practice is by far the best, with Sarah Wellings.” Leading Partner: Ameek Ashok Ponda Next Generation Partner: Sarah Wellings Recommended Lawyers: Angela Gomes, Louis Monti, Shu Wei, Cameron Cosby International Tax “The international collaboration with S&W is exceptional.” “What really stands out is their willingness to engage, openness to different ideas and opinions, clearly expressed expectations, and clients' objectives.” Leading Partner: Douglas Stransky Recommended Lawyers: Lewis Greenwald, Eric Rietveld Tax > US Taxes: Contentious Recommended Lawyers: Richard Jones, David Nagle, Daniel Ryan, Caroline Kupiec Tax > US Taxes: Non-Contentious “Sarah Wellings is, quite simply, the best lawyer we have ever worked with. Her expertise extends far beyond tax and REIT matters, encompassing governance, financing, and complex commercial issues. Decades of experience and technical mastery make her an indispensable partner. Sarah is our central point of contact who makes everything seamless. Her in-house counsel background gives her a unique client perspective: she anticipates needs, solves problems before they arise, and delivers concise, well-structured updates that simplify even the most intricate issues. She coordinates effortlessly with all parties involved. Her judgment is exceptional. Sarah strikes the perfect balance between comprehensive academic rigor and practical, business-oriented advice. She combines technical REIT/tax excellence with commercial instincts, ensuring every recommendation is both legally sound and strategically smart. Her ability to translate complex law into clear, actionable guidance is unmatched. Sarah is incredibly responsive without ever sacrificing quality. She treats our matters as her own, demonstrating a rare ownership mindset and collaborative spirit. Her integrity is uncompromising, giving us absolute confidence in her counsel. In short, Sarah Wellings defines legal excellence: reliable, commercially minded, and client-focused. Working with her feels like being in the safest possible hands; she consistently exceeds expectations and orchestrates complex transactions with clarity and precision.” Recommended Lawyers: Ameek Ashok Ponda, Richard Jones, Douglas Stransky, Sarah Wellings About Sullivan 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.
Sullivan Advises BAFT and ITFA on Updated CRR Legal Opinions Covering the Suite of Master Participation Agreements (MPAs)
(London and New York) – Sullivan has advised BAFT (the Bankers Association for Finance & Trade) and ITFA (the International Trade and Forfaiting Association) in relation to updated Capital Requirements Regulation (CRR) legal opinions covering the suite of English and New York law Master Participation Agreements (MPAs). These generic opinions can be utilised by BAFT and ITFA members’ in-house counsel to create ‘enforceability opinions’. They can also be used as part of the analysis of the effectiveness of MPAs as credit risk mitigants under CRR. However, a number of factual matters must be satisfied under CRR to obtain full effectiveness and these will depend on each user’s own circumstances. A further guidance note has also been published to accompany the opinions. Updates are now available through BAFT and ITFA’s websites for members, as follows: Guidance note relating to the opinions EU CRR opinion on English law MPA 2018 UK CRR opinion on English law MPA 2018 EU CRR opinion on NY law MPA 2019 UK CRR opinion on NY law MPA 2019 NY law enforceability opinion on NY law MPA 2019 EU CRR opinion on Surety MPA UK CRR opinion on Surety MPA It is worth noting that separate opinions have now been created for EU vs UK CRR, reflecting post-Brexit changes. Also, the updated opinion for the 2008 English law MPA is not yet available, as changes to the regulations are making it more challenging to issue a clean opinion. This will be released as soon as possible, together with guidance on the updated scope. As the underlying 2008 document has long been superseded, no longer further opinions will be issued after this final one has been published. Geoffrey Wynne, head of Sullivan’s Trade & Export Finance Group, commented: “Sullivan is pleased to have advised both BAFT and ITFA in relation to the publication of these important updated opinions. They form a key part of the analysis of the effectiveness of MPAs as credit risk mitigants under CRR. As such they remain invaluable to the trade finance market as a whole. It is worth re-stating that a number of factual matters must be satisfied under CRR to obtain full effectiveness and these will depend on each user’s own circumstances.” The Sullivan team advising BAFT and ITFA included partners Geoffrey Wynne and Marian Boyle in London and partner Natalie Lederman in New York. In 2023 Sullivan advised BAFT and ITFA on the CRR opinions on the MPAs for both the 2008 and 2019 English law versions, as well as the New York 2019 version as updated for the LIBOR transition. In March 2025, Sullivan assisted BAFT and its working group on the 2025 BAFT Master Trade Loan Agreement (2025 BAFT MTLA), designed as an industry-standard document, used for lending between financial institutions to finance or refinance specified trade transactions. In April 2025, Sullivan worked with an ITFA working group to develop a Short Term SWIFT Financial Institution (FI) Trade Loan Template - a new template intended to help streamline trade finance transactions between banks. About Sullivan Sullivan & Worcester (Sullivan) is a global 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 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. For further information, please visit the firm’s website and LinkedIn.

Natalie S. Lederman

Natalie S. Lederman

Natalie S. Lederman

Natalie, a corporate partner, leads Sullivan's Fintech & Blockchain Group. She represents a diverse base of clients, including public and private companies, domestic and international, in a broad range of business and finance matters with a focus on cross-border mergers and acquisitions, securities law compliance, joint venture and financing transactions (including multi-jurisdictional trade and export finance transactions) and governance.

She represents companies across various industries, including finance, technology, media, energy, sports, healthcare, manufacturing and design. Additionally, Natalie has unique experience in advising dozens of blockchain and digital asset businesses of various sizes on complex regulatory challenges. She advises her clients in the formation and development of digital asset and cryptocurrency-based companies and technologies, on token, NFT and other digital asset sales, other generation and distribution events, and market infrastructure and exchange solutions on distributed ledger technology. She also counsels clients on domestic and cross-border cutting-edge distributed ledger and cryptocurrency, fintech and other consumer finance transactions.

Clients also benefit from Natalie's experience in litigating matters arising out of complex corporate and financial transactions and contractual disputes. Her IP experience includes preparing various intellectual property agreements (including purchases, assignments and licensing agreements), and she has counseled clients regarding selection and maintenance of trademarks, as well as copyright and domain name issues.

Natalie also currently serves as the Chair of Sullivan's Hiring Committee, and previously served as Director of Sullivan’s Summer Associate Program.

Prior to practicing law, Natalie was a financial consultant with Deloitte LLP in New York, advising national leadership on strategy initiatives, mergers and acquisitions.

Viewpoints
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Breaking: FinCEN Removes BOI Reporting Requirements for U.S. Companies and U.S. Persons
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced, on March 21, 2025, that it issued an interim final rule that removes the requirements for U.S. companies and U.S. persons to report beneficial ownership information (BOI) under the Corporate Transparency Act (CTA). The interim final rule narrows the existing BOI reporting requirements by revising the definition of “reporting company” (i.e., companies required to file BOI reports) to include only “foreign reporting companies” (i.e., companies formed outside of a US state or tribal territory but that are registered to do business in the United States). As a result, domestic reporting companies (i.e., companies formed in a US state or tribal territory) are now exempted from the BOI reporting requirements pursuant to the CTA. The rule also provides foreign reporting companies with exemptions from reporting any U.S. persons who are beneficial owners of the foreign reporting company. Foreign reporting companies that are registered to do business in the United States must file BOI reports with FinCEN within 30 days from the date of the rule’s publication in the Federal Register on March 26, 2025. If foreign reporting companies are registered to do business in the United States on or after the date of publication, they must submit BOI reports within 30 days after receiving notice of the effectiveness of their registration. Please see our prior CTA-related client alerts here and here for additional information about the filing requirements and the applicable exceptions, and do not hesitate to reach out to your contacts at Sullivan if you have any questions about CTA compliance or BOI report filing requirements.
Breaking: Corporate Transparency Act Back in Effect with New Filing Deadline on March 21, 2025
The enforcement of the Corporate Transparency Act (CTA) and related regulations, including the requirement that entities formed or registered in the United States file a Beneficial Ownership Information Report (BOIR), is back in effect. The new deadline to file an initial, updated, and/or corrected BOIR is March 21, 2025. However, reporting companies that were previously given a reporting deadline later than March 21, 2025 have until that later deadline to file their initial BOIR. The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a statement which extended the deadline following a February 18, 2025 decision by the U.S. District Court for the Eastern District of Texas to lift the nationwide preliminary injunction issued in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.). FinCEN also indicated that it will assess its options to further modify deadlines to reduce regulatory burden on businesses and indicated that it may provide an update before March 21st if there are any further modifications of this deadline. You may check the FinCEN website for any updates at https://www.fincen.gov/boi. The CTA imposes reporting obligations that require most entities (LLCs, corporations, etc.) formed or doing business in the United States to report their beneficial ownership information to the FinCEN. Please see our prior CTA-related client alerts here and here for additional information about the filing requirements and the applicable exceptions, and do not hesitate to reach out to your contacts at Sullivan if you have any questions about CTA compliance or BOIR filing requirements.
Top Tier Firm, Legal 500 United States 2026
Sullivan & Worcester Ranked in the Legal 500 United States 2026 Edition
Boston, MA – Sullivan & Worcester announced that its practice groups and attorneys have been ranked and recommended in the Legal 500 United States 2026. The firm’s Real Estate practice was newly ranked Tier 1 in the “Real estate – mid-market ($0-500m)” category and the firm maintained rankings across a variety of practice areas. Partners Nicole Crum and John Steiner were newly ranked as Leading Partners and Ryan Rosenblatt as a Next Generation Partner. Peers and more than 300,000 corporate counsel were surveyed and interviewed globally in the past 12 months to assess law firms’ overall visibility and reputation, culminating in detailed rankings and editorial. The Legal 500 is an independent guide, and firms and individuals are recommended purely on merit. Sullivan's lawyers received the following rankings: Leading Partners: The Legal 500’s Guide to Outstanding Lawyers Nationwide Benjamin Armour - M&A: Middle-Market (Sub-$500m); M&A: middle-market ($0-250m) Ameek Ashok Ponda - Real Estate Investment Trusts (REITs)  Nicole Crum - Mutual/registered/exchange-traded funds Lewis Segall - M&A: Middle-Market (Sub-$500m); M&A: middle-market ($0-250m) John Steiner - Real estate – mid-market ($0-500m) Douglas Stransky - International Tax Joel Telpner - Fintech Next Generation Partners: The Legal 500’s Guide to Up-and-Coming Lawyers Nationwide Ryan Rosenblatt - General commercial disputes – mid-market ($250-500m) Sarah Wellings - Real Estate Investment Trusts (REITs) Practice Areas Ranked and Attorneys Recognized Corporate Governance “Our lead partner, Nicole Crum, who leads the investment industry practice, is exceptional. She demonstrates strong industry knowledge yet is very personable and anticipates what we need to know or what we should consider doing to handle any matter. The team roll up their sleeves and provide recommendations as to how we as a board should handle any matter. Strong service commitment and work ethic!” “The team we have at Sullivan & Worcester has served our company for years and knows the management team, staff as well as our board members. They are extremely responsive and proactive and anticipate what we should be aware of, concerned about, excited about, and how to handle oversight, processes and protocols to ensure we are carrying out our fiduciary duties. The partners are experts in this industry.” Leading Partner: Nicole Crum Recommended Lawyers: Howard Berkenblit, David Leahy Dispute Resolution/General Commercial Disputes “Diverse skillset. Client centric. Transparency. Urgency provided on all matters.” “I have worked with Gerry Silver for over 15 years and have found his pragmatic approach to complex matters refreshing. He understands our business, culture and market, and will give me his opinion in a digestible manner.” Next Generation Partner: Ryan Rosenblatt Recommended Lawyers: Gerry Silver, Patrick Dinardo, Laura Steinberg, Michael Sullivan, Amy Zuccarello, Erika Todd, Christopher Shields, Anna Lea McNerney Employee Benefits, Executive Compensation and Retirement Plans: Design “The level of expertise is top shelf. David Guadagnoli seems to know all of ERISA and IRS rulings.” “David Guadagnoli and Amy Sheridan both have superior knowledge in their respective areas. I value the ability to raise issues whether simple or complex. The firm takes the same diligent approach across all spectrums of complexity.” Recommended Lawyers: David Guadagnoli, Amy Sheridan Environment: Transactional Fintech “Sullivan & Worcester is one of the finest firms with which I have worked.” “The lawyers are excellent, and the firm consistently provides the highest quality of customer service.” Leading Partner: Joel Telpner Recommended Lawyers: Natalie Lederman, Benjamin Armour, Scott Kaufman, Harvey Bines, Christopher Curtis Land Use/Zoning Recommended Lawyers: Gregory Sampson, Ashley Brooks, Victor Baltera, Karen Kepler, Ashley Tan M&A: Corporate and Commercial: Venture Capital and Emerging Companies Recommended Lawyers: Scott Kaufman, Lewis Segall, Benjamin Armour, Michael Student M&A: Middle-Market ($0-250m) “The partner Lewis Segall has been working with our company for 15 years and we have a good working relationship with him. He knows our history and very attentive to our needs.” “Lewis Segall is very attentive to our needs. We very much value him.” Leading Partners: Benjamin Armour, Lewis Segall Recommended Lawyers: Natalie Lederman Mutual/Registered/Exchange-Traded Funds “Sullivan & Worcester's practice is defined by its deep expertise in investment funds and its ability to deliver clear, commercially grounded advice across the full fund lifecycle—from formation and structuring to regulatory compliance and complex transactions.” “The team is highly experienced, collaborative, and excel in efficient execution and clear communication.” Leading Partner: Nicole Crum Recommended Lawyers: David Leahy, David Mahaffey, Rachael Schwartz Real Estate Leading Partner: John Steiner Recommended Lawyers: Ashley Brooks, Karen Kepler, Gregory Sampson, Sharon Leifer, Louis Monti, Spencer Stone, Ashley Tan Real Estate Investment Trusts (REITs) “We have built multiple complex and sophisticated REIT platforms over the years and worked with many top-tier REIT specialists, but Sullivan’s REIT practice is by far the best, with Sarah Wellings.” Leading Partner: Ameek Ashok Ponda Next Generation Partner: Sarah Wellings Recommended Lawyers: Angela Gomes, Louis Monti, Shu Wei, Cameron Cosby International Tax “The international collaboration with S&W is exceptional.” “What really stands out is their willingness to engage, openness to different ideas and opinions, clearly expressed expectations, and clients' objectives.” Leading Partner: Douglas Stransky Recommended Lawyers: Lewis Greenwald, Eric Rietveld Tax > US Taxes: Contentious Recommended Lawyers: Richard Jones, David Nagle, Daniel Ryan, Caroline Kupiec Tax > US Taxes: Non-Contentious “Sarah Wellings is, quite simply, the best lawyer we have ever worked with. Her expertise extends far beyond tax and REIT matters, encompassing governance, financing, and complex commercial issues. Decades of experience and technical mastery make her an indispensable partner. Sarah is our central point of contact who makes everything seamless. Her in-house counsel background gives her a unique client perspective: she anticipates needs, solves problems before they arise, and delivers concise, well-structured updates that simplify even the most intricate issues. She coordinates effortlessly with all parties involved. Her judgment is exceptional. Sarah strikes the perfect balance between comprehensive academic rigor and practical, business-oriented advice. She combines technical REIT/tax excellence with commercial instincts, ensuring every recommendation is both legally sound and strategically smart. Her ability to translate complex law into clear, actionable guidance is unmatched. Sarah is incredibly responsive without ever sacrificing quality. She treats our matters as her own, demonstrating a rare ownership mindset and collaborative spirit. Her integrity is uncompromising, giving us absolute confidence in her counsel. In short, Sarah Wellings defines legal excellence: reliable, commercially minded, and client-focused. Working with her feels like being in the safest possible hands; she consistently exceeds expectations and orchestrates complex transactions with clarity and precision.” Recommended Lawyers: Ameek Ashok Ponda, Richard Jones, Douglas Stransky, Sarah Wellings About Sullivan 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.
Sullivan Advises BAFT and ITFA on Updated CRR Legal Opinions Covering the Suite of Master Participation Agreements (MPAs)
(London and New York) – Sullivan has advised BAFT (the Bankers Association for Finance & Trade) and ITFA (the International Trade and Forfaiting Association) in relation to updated Capital Requirements Regulation (CRR) legal opinions covering the suite of English and New York law Master Participation Agreements (MPAs). These generic opinions can be utilised by BAFT and ITFA members’ in-house counsel to create ‘enforceability opinions’. They can also be used as part of the analysis of the effectiveness of MPAs as credit risk mitigants under CRR. However, a number of factual matters must be satisfied under CRR to obtain full effectiveness and these will depend on each user’s own circumstances. A further guidance note has also been published to accompany the opinions. Updates are now available through BAFT and ITFA’s websites for members, as follows: Guidance note relating to the opinions EU CRR opinion on English law MPA 2018 UK CRR opinion on English law MPA 2018 EU CRR opinion on NY law MPA 2019 UK CRR opinion on NY law MPA 2019 NY law enforceability opinion on NY law MPA 2019 EU CRR opinion on Surety MPA UK CRR opinion on Surety MPA It is worth noting that separate opinions have now been created for EU vs UK CRR, reflecting post-Brexit changes. Also, the updated opinion for the 2008 English law MPA is not yet available, as changes to the regulations are making it more challenging to issue a clean opinion. This will be released as soon as possible, together with guidance on the updated scope. As the underlying 2008 document has long been superseded, no longer further opinions will be issued after this final one has been published. Geoffrey Wynne, head of Sullivan’s Trade & Export Finance Group, commented: “Sullivan is pleased to have advised both BAFT and ITFA in relation to the publication of these important updated opinions. They form a key part of the analysis of the effectiveness of MPAs as credit risk mitigants under CRR. As such they remain invaluable to the trade finance market as a whole. It is worth re-stating that a number of factual matters must be satisfied under CRR to obtain full effectiveness and these will depend on each user’s own circumstances.” The Sullivan team advising BAFT and ITFA included partners Geoffrey Wynne and Marian Boyle in London and partner Natalie Lederman in New York. In 2023 Sullivan advised BAFT and ITFA on the CRR opinions on the MPAs for both the 2008 and 2019 English law versions, as well as the New York 2019 version as updated for the LIBOR transition. In March 2025, Sullivan assisted BAFT and its working group on the 2025 BAFT Master Trade Loan Agreement (2025 BAFT MTLA), designed as an industry-standard document, used for lending between financial institutions to finance or refinance specified trade transactions. In April 2025, Sullivan worked with an ITFA working group to develop a Short Term SWIFT Financial Institution (FI) Trade Loan Template - a new template intended to help streamline trade finance transactions between banks. About Sullivan Sullivan & Worcester (Sullivan) is a global 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 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. For further information, please visit the firm’s website and LinkedIn.