After having been at Pillsbury on and off for more than 30 years, the 65-year-old Halloran will relocate to Washington, D.C., and start with the SEC on Oct. 16.
Known for his contribution in the drafting and adoption of the Private Securities Litigation Reform Act of 1995 — on which he worked with Cox — Halloran has been both a rainmaker and a trusted adviser at Pillsbury.
“He’s truly a legendary lawyer,” Chairwoman Mary Cranston said.
Partners turned to him not only for advice in securities law, Cranston said, but also in internal management and policy matters, such as the development of Pillsbury University, a firmwide, computer-aided attorney development program.
“He was a pioneer for the utilization of the securities laws in venture financing and private equity financing. In addition, he was a completely well-rounded corporate securities lawyer, always seen both inside and outside the firm as a true scholar,” she said.
Halloran was the lead securities lawyer for most of Pillsbury’s largest clients, Cranston added, including Bank of America — where he was general counsel from 1990 through 1998 — Chevron and AT&T.
Cranston declined to disclose the value of Halloran’s book of business, but said he is one of the firm’s “more successful rainmakers.”
Halloran said he is taking a “substantial pay cut” in his government post.
“The SEC is widely known as one of the best government agencies,” he said. “They’re smart and they work hard.”
A legal staff of about five lawyers will report to him, helping to address a gamut of matters, from Sarbanes-Oxley and hedge fund regulations to shareholder access. He also will work closely with Cox to assist the chairman in management of the commission.