Before retiring in 2026, Loretta Richard was a partner in Ropes & Gray’s employment, executive compensation, and employee benefits practice, where she led the practice. She concentrated on general federal income tax matters, executive compensation, and employee benefits, bringing special proficiency in tax and benefits controversy matters (including administrative controversy and litigation). She also specialized in tax-exempt financing and was nationally recognized bond tax counsel.
Loretta regularly represented public and private companies in connection with employee benefit and executive compensation matters, including work on mergers and acquisitions involving both U.S. domestic and international operations (including distressed companies). Loretta worked with in-house counsel, benefits professionals, finance professionals, benefits committees, investment committees, fiduciaries, and others on matters related to design, establishment, implementation, operation, and administration of executive compensation and employee benefit plans. She advised clients on executive compensation and employee benefits compliance matters, identifying and correcting errors in documentation and operation. She also advised clients on employment and equity and equity-related compensation matters related to employees located in the United States and abroad. In addition, she advised on the legal aspects of post-transaction arrangements, including spin-offs and integration, and transition services arrangements.
Loretta brought special expertise in employee stock ownership plan matters and advised on the establishment and termination of ESOPs, joint ventures, and the purchase and sale of ESOP-owned companies. She represented clients in benefits litigation matters involving claims relating to employee stock ownership plans, company common stock, benefit plan contract matters, ERISA pre-emption, class action, and benefit claim denials, among other things. She also represented clients in front of (and negotiated with) administrative agencies, such as the IRS, the DOL, and the PBGC. In addition, as part of her tax controversy practice, Loretta regularly represented partnerships, corporations, and individuals in connection with general tax litigation matters. She is a member of, and has appeared before U.S. District Courts, the U.S. Tax Court, and the Federal Court of Claims in connection with tax and benefits litigation matters.
During her tenure at Ropes & Gray, Loretta acted as bond tax counsel for many of the firm’s clients, including the Commonwealth of Massachusetts, the State of Rhode Island, the Massachusetts Port Authority, the Massachusetts Water Resources Authority, the New Hampshire Municipal Bond Bank, and the Rhode Island Clean Water Financing Agency. She also served as borrower’s tax counsel for Stanford University and New York University, among others.