Otterbourg named Richard L. Stehl, head of its Corporate and Specialty Finance practice groups, chairman of the firm and its executive committee. David W. Morse, head of the General Banking and Finance Practice, will be the firm’s vice chairman and president.

Daniel Wallen is stepping down as chairman after leading the firm for more than two decades. Wallen will remain a member of the firm after he leaves his position as chairman.

Morse represents banks, hedge funds, commercial finance companies and other institutional lenders in the structuring and documentation of financing transactions, both domestic and cross-border facilities, including loan workouts and restructurings. Morse is the author of “What’s In Your Intercreditor Agreement?” in the Sept/Oct 2016 issue of ABF Journal.

Stehl represents corporate clients in a range of general commercial transactions, as well as institutional lenders, banks, finance companies, hedge funds, factors and insurance companies in negotiating and documenting domestic and international secured lending arrangements, including cash flow, middle market, leveraged, unitranche, and first and second lien loan transactions. He also frequently represents secured lenders in bankruptcies, workouts, reorganizations, and portfolio and business unit acquisitions and dispositions.

The leadership changes are the next steps in a multi-year transition plan initiated and led by Wallen. Steps in the plan that have already been completed include a firm rebranding, a major renovation of Otterbourg’s New York offices and technology systems and the appointment last year of Melanie L. Cyganowski, former U.S. Chief Bankruptcy Judge for the Eastern District of New York, as the head of the firm’s bankruptcy department, including its insolvency litigation services, ADR and fiduciary appointments practice areas.