Full-Service Law Firm solving complex challenges through bold thinking, precise execution, and shared purpose.

Full Service Law Firm | Michael Best & Friedrich LLP

Specializing in the Intersection of Business &amp; Government

Meet our team of trusted advisors, strategic thinkers, and community builders dedicated to client success.

Learn about our full-service legal and business solutions, designed to address complex challenges for leading organizations across industries.

Access thought leadership, news, and resources to stay informed about the latest trends, legal developments, and industry innovations.

Discover how partnership, bold thinking, and precise execution drive results for clients nationwide.

Explore how our national reach and local expertise support clients across the United States and beyond.

Grow at a firm designed to bring out your best.

core/heading

Built for Highly Regulated, Fast‑Moving Financial Services Businesses

For broker-dealers, investment&nbsp;advisers,&nbsp;and their affiliates, fast-moving markets and stringent regulations are&nbsp;a fact of life. Robust, comprehensive compliance strategies are essential to&nbsp;support growth&nbsp;and&nbsp;protect&nbsp;long-term value.&nbsp;&nbsp;

contentpilot/introduction

Michael Best advises clients across the full lifecycle of their businesses, serving as a strategic partner on regulatory compliance, transactions,&nbsp;risk mitigation,&nbsp;investigations, and day-to-day operations. We focus on helping clients analyze, design, implement, and defend compliance programs while&nbsp;remaining&nbsp;attuned to the broader business realities shaping their decisions.&nbsp;

core/paragraph

As a full-service strategic partner, Michael Best’s Broker-Dealer&nbsp;&amp;&nbsp;Investment Advisers team is uniquely positioned,&nbsp;representing&nbsp;our clients&nbsp;on&nbsp;all aspects of their business. We work in interdisciplinary teams with lawyers across the firm, drawing on the strengths of our Corporate, Litigation, Privacy &amp; Cybersecurity, Labor &amp; Employment Relations, Regulatory&nbsp;&amp; Compliance, Capital Markets, and Venture Best groups. Together, we deliver the&nbsp;actionable advice and&nbsp;assistance&nbsp;you need to meet today’s challenges, from the everyday to the exceptional.&nbsp;

Our clients include clearings firms, independent broker-dealers (as well as those affiliated with financial institutions), investment advisers, hedge funds, family offices, venture capital funds, private equity funds, angel network funds, accelerators, and evergreen funds, among others.&nbsp;

Our Approach: An Integrated Approach to Regulation, Risk &amp; Opportunity

Broker-dealers&nbsp;and investment advisers&nbsp;operate&nbsp;at the intersection of regulation, risk, and opportunity. Our approach is grounded in deep regulatory experience,&nbsp;practical business judgment, and a commitment to serving as an extension of our clients’ teams.&nbsp;

We work proactively with clients to&nbsp;anticipate&nbsp;regulatory developments, design compliance frameworks that scale with their businesses, and respond decisively when issues arise.&nbsp;Whether advising on formation and registration, supporting examinations and investigations, navigating complex transactions,&nbsp;or&nbsp;assisting&nbsp;with no-action relief requests or proposed rulemaking comments,&nbsp;we tailor our guidance to each client’s structure, strategy, and risk tolerance.&nbsp;

By integrating regulatory, transactional, and litigation perspectives, we help clients balance compliance obligations with commercial&nbsp;objectives&nbsp;and position them for sustainable growth in an increasingly scrutinized environment.&nbsp;

Broker-Dealers

We advise broker‑dealer clients across the full scope of regulatory, transactional, and enforcement matters, including:  

Formation, transfer, registration, licensing, and membership applications  

core/list-item

Compliance with federal, state, and self‑regulatory organization requirements  

Capital‑raising and strategic transactions  

Securities registration and due diligence procedures  

Anti‑fraud, anti‑manipulation, and anti–money laundering (AML) compliance  

Internal and government investigations, examinations, litigation, and enforcement actions before the SEC, FINRA, CFTC, and state regulators

core/list

contentpilot/accordion

Investment Advisers

We represent a broad range of advisory firms and dually registered investment adviser/broker‑dealers, including those affiliated with financial institutions, advising on:  

Licensing and registration at the federal and state level  

Compliance with investment adviser, securities, and applicable banking regulations  

Preparation and maintenance of disclosure documents  

Review of marketing and advertising materials  

Compliance audits and internal investigations  

Development and implementation of compliance and remediation programs  

Regulatory inquiries, examinations, and enforcement actions  

Regulatory Compliance &amp; Fund Formation

We provide integrated regulatory and transactional counsel to established and emerging funds and their sponsors, including:&nbsp;&nbsp;

Fund and sponsor formation, structuring, and continuation  

Exemptions from registration under the Investment Company Act of 1940  

Registration of investment advisers and broker‑dealers  

Ongoing compliance for registered investment advisers and exempt reporting advisers  

SEC and FINRA examinations and regulatory inquiries  

Portfolio company acquisition and management  

Sponsor‑level exit and investment transactions  

Our experience spans a wide range of fund structures, including venture capital, private equity, special‑purpose vehicles, pledge funds, and bespoke investment strategies.&nbsp;&nbsp;

Through our entrepreneurial affiliate Venture Best, we support funds, sponsors, and investors&nbsp;operating&nbsp;by&nbsp;providing&nbsp;market insight and&nbsp;facilitating&nbsp;connections between funding sources and high‑growth companies.&nbsp;

core/button

core/buttons

Trading, Finance &amp; Investment Products Agreements

Working alongside our Derivatives practice, we help dealers and investors manage legal, business, and regulatory risk in connection with:  

Equity swaps and master confirmations  

Digital stock market board displaying various colorful numbers and bokeh lights.

Broker-Dealers & Investment Advisers

Key Contact

Trending Conversations for Broker-Dealers & Investment Advisers

Three Michael Best Attorneys Selected as 2026 Utah Legal Elite 100

Key Contact

Trending Conversations for Broker-Dealers & Investment Advisers

Three Michael Best Attorneys Selected as 2026 Utah Legal Elite 100

Slide Menu

Slide Search