© 2015 The Texas Lawbook.
By Mark Curriden
(May 28) – David Woodcock, the regional director of the U.S. Securities and Exchange Commission’s Fort Worth office, plans to join Jones Day as a partner in its securities litigation practice at the end of June, the law firm announced Thursday.
He announced his resignation last month, pointing out that he has four children, including one who starts college this fall and two other teenagers in high school. His $240,000 annual compensation from the SEC, according to legal insiders, will nearly quintuple at Jones Day, a global law firm with 164 lawyers in Texas.
“David had a great run at the SEC,” said Wes Loegering, a partner in Jones Day’s securities litigation practice in Dallas. “He is highly thought of and he was very highly sought after. There were a lot of firms who wanted David and we are thrilled that he will join Jones Day.”
Three other prominent law firms – Morgan, Lewis & Bockius, Sidley Austin, and Vinson & Elkins – also pursued Woodcock.
Loegering said Woodcock brings “deep insight into the process that clients face” if they are the target of an SEC inspection or investigation. He said Woodcock “understands what is relevant in a case.”
Woodcock’s selection of Jones Day presents at least one major conflict that he and the law firm will need to address, according to legal experts. Jones Day represents retailer Wal-Mart, which is being investigated by the SEC’s Fort Worth Regional Office for allegedly violating the Federal Corrupt Practices Act by reportedly offering bribes to Mexican officials.
Loegering, who is a key lawyer representing Jones Day in the company’s internal investigation, said that Jones Day has “an ethical screening process” that will identify all client matters that Woodcock and his team at the SEC handled. Jones Day will then erect a firewall that prevents Woodcock from being involved in any of those matters.
In addition, Woodcock will be prohibited from handling any matters before the SEC for two years. But Woodcock will be able to be involved in representing companies involved in private securities litigation, which is a specialty of the Dallas office of Jones Day.
“In addition to his SEC experience, David adds a seasoned litigator to the strong lineup in our Dallas and Houston offices,” added Hilda Galvan, partner-in-charge of Jones Day’s Dallas Office. “We are pleased to bring this increased depth of talent to serve our clients involved in litigation in Texas and around the country.”
Securities lawyers credit Woodcock with stabilizing the Fort Worth regional office, which faced significant public criticism that its enforcement staff focused too much on easy-to-win cases and ignored larger, more complex matters, including the $7 billion Ponzi scheme operated by Houston investment banker Allen Stanford.
During Woodcock’s three-and-a-half years at the SEC, the Fort Worth office has tackled some of the largest, most complex and highest profile enforcement matters currently under investigation by the federal government.
In a recent interview, Woodcock said he is most proud of helping create and lead the SEC’s nationwide Financial Reporting and Audit Task Force.
“We built something in the task force that simply didn’t exist before,” he said. “It is creative, proactive and it is working.”
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