Overview
Seth Friedman’s practice focuses on the representation of US and international accounting firms and individual accountants in connection with federal and state litigation; arbitration; and regulatory investigations by the US Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), state licensing authorities, and the American Institute of Certified Public Accountants. He co-heads McDermott’s accounting defense practice.
In addition to litigation and regulatory investigations, Seth regularly advises major accounting firms and other entities on state licensing, ownership and independence-related questions, PCAOB registration requirements and inspection matters, internal investigations, and other risk-related issues. He handles matters for accounting and consulting firms that stem from engagements to perform attest functions (both public and private), tax advice and compliance functions, and consulting or advisory work.
Seth also advises accounting firms and private equity clients on regulatory issues that arise from complex corporate transactions. He advises clients on applicable accounting laws and regulations, including in connection with the development and implementation of alternative practice structures. Additionally, he interacts with the SEC and State Boards of Accountancy on auditor independence and other regulatory questions.
Prior to joining the Firm, Seth was co-leader of the accounting liability practice of one of the world’s largest firms. Prior to that, he served more than six years in the Offices of the General Counsel of two major US accounting firms, first as an assistant general counsel with KPMG US and subsequently as BDO USA’s deputy general counsel.
Results
- Successfully represented multiple major US public audit firms and individual professionals in connection with investigations by the Divisions of Enforcement of the SEC, PCAOB, and US Department of Justice regarding matters related to a range of federal laws, SEC and PCAOB rules and regulations, Generally Accepted Accounting Principles, Generally Accepted Auditing Standards, and PCAOB standards
- Served as lead trial counsel in hearings before administrative law and party-selected neutral arbitrators in complex accounting and auditing cases
- Successfully represented multiple major accounting firms in connection with federal securities litigation involving claims under Sections 10(b) and 11 of the Securities Exchange Act, and in state court litigation and arbitrations arising from audit, tax, and consulting/advisory engagements
- Successfully represented several foreign public audit firms and their professionals in connection with various litigation and regulatory matters, including investigations by the SEC and PCAOB Division of Enforcement
- Successfully represented numerous audit firms and accounting professionals in connection with investigations by state licensing authorities and the AICPA
- Regulatory counsel to a leading advisory and consulting firm that operates in an alternative practice structure in connection with the acquisition of one of the United States’s largest public accounting firms
- Regulatory counsel to outside investor in a completed accounting firm alternative practice structure transaction
- Regulatory counsel to a major US accounting firm relating to establishment of an Employee Stock Ownership Plan
- Currently serving as regulatory counsel to multiple private equity firms and accounting firms in connection with alternative practice structured investments
Recognitions
- Legal 500 US, Recommended Lawyer, 2022 and 2023-2024
Community
- New York State Bar Association, member
- American Bar Association, member
- Adjunct Professor at Fordham University School of Law, 2009-2011
Credentials
Education
Georgetown University Law Center, JD, 1999
Binghamton University, BA, magna cum laude, 1995
Admissions
New York
Courts / Agencies
Supreme Court of the United States
US District Court for the Eastern District of New York
US District Court for the Southern District of New York
US District Court for the Southern District of Florida
