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December 6, 2010 2:52 PM

Dinallo Heads to Debevoise, Rules Out Future Runs for Government Office

Posted by Ed Shanahan

By Nate Raymond, New York Law Journal

Former New York State insurance superintendent Eric R. Dinallo, fresh from a run for New York attorney general, has joined Debevoise & Plimpton as a partner, the firm announced today.

Mr. Dinallo, 47, will practice from Debevoise's New York office in the financial institutions group and represent clients in matters ranging from litigation to investigations to mergers and acquisitions. Mr. Dinallo, who in September's Democratic primary came in fifth of five candidates, said he planned to remain at Debevoise for the long term and ruled out future runs for government office. "I think we cured that bug," he said.

Mr. Dinallo was superintendent from 2007 to 2009. In the position, he worked alongside the U.S. Department of the Treasury, the Federal Reserve Bank of New York and others in restructuring American International Group Inc., a major client of Debevoise. Mr. Dinallo said state ethics rules bar him from appearing before the New York insurance department for about six more months, and he will also on a case-by-case basis recuse himself from matters that he personally and substantially worked on as superintendent.

Mr. Dinallo last month was appointed to Attorney General-elect Eric Schneiderman's transition committee. During Eliot Spitzer's days as attorney general, Mr. Dinallo served as chief of the investment protection bureau, where he oversaw the research analyst and IPO spinning cases. Mr. Dinallo is also a former general counsel of insurance broker Willis Group Holdings and head of regulatory affairs of Morgan Stanley.

Debevoise was the only firm Mr. Dinallo considered joining, he said, citing its lockstep partner compensation system as a draw. "It creates the condition where everyone is pulling on the same side for the client," he said. Debevoise declined to disclose Mr. Dinallo's expected compensation. The firm in 2009 had profits per partner of $1.87 million. As superintendent, Mr. Dinallo earned $127,000 annually, a department spokesman said.

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