UK banking giant Barclays has lined up WilmerHale partner Stephanie Avakian as its next global general counsel, replacing Stephen Shapiro.
Avakian will join the bank in May and officially take up her new role in July when Shapiro departs at the end of June, according to a person familiar with the matter.
As group GC, she will be responsible for overseeing Barclays’ global legal function.
Avakian is currently chair of WilmerHale’s securities and financial services department. She will leave after just shy of five years at the firm, which she re-joined in 2021 from the US Securities and Exchange Commission (SEC) where she was director of the regulator’s enforcement division.
She previously spent more than 14 years as a partner at WilmerHale between 2000 and 2014. Prior to that she had another spell at the SEC as branch chief and counsel to the regulator’s commissioner.
Upon rejoining WilmerHale in 2021, the firm’s then co-managing parter Susan Murely said: “As a leader, she is unmatched. The same is true for her lawyering and tremendous management skills. Stephanie is first rate across the board.”
Shapiro, meanwhile, is set to depart Barclays after almost a decade, the bulk of the time as group GC. He initially joined as group company secretary from drinks business SABMiller, where he was deputy GC and group company secretary. He previously worked in private practice at Hogan Lovells.
Shapiro replaced Bob Hoyt in the group GC role back in August 2020, with then CEO Jes Staley saying: “In Stephen Shapiro we are fortunate to have such an eminently qualified, hugely experienced, and valued colleague in place to take over as general counsel for the group.”
In other recent banking moves, earlier this month America First Credit Union hired Jessica Graham as its first chief legal officer, joining from Global Credit Union. That followed California-based First Technology Federal Credit Union hiring Steven Wright as its first CLO from the Federal Reserve Bank of Boston, where he was GC and chief ethics officer.
Back in February, investment banking heavyweight Goldman Sachs’ CLO Kathy Ruemmler said she was stepping down from the role amid scrutiny over her ties with convicted sex offender Jeffrey Epstein.
And in January, the SEC hired former BlackRock lawyer Russell ‘Rusty’ McGranahan as GC, replacing acting GC Jeffrey Finnell in the role.
Email your news and story ideas to: [email protected]
