Leading Executive Compensation and Benefits Partners Crescent Moran Chasteen and Rachel Faye Smith Join Morrison Foerster’s Boston Office to Co-Chair Firm’s Executive Compensation and Benefits Group

(January 8, 2025) – Morrison Foerster, a leading global law firm, is pleased to announce the arrivals of Crescent Moran Chasteen and Rachel Faye Smith, as partners in the firm’s Executive Compensation and Benefits (ECB) Group, in the Transactions Department, based in the Boston office. Chasteen and Smith join Morrison Foerster as co-chairs of the ECB Group, bringing over four decades of broad executive compensation and benefits experience and a full-service ECB practice. The pair joins Morrison Foerster from another leading global firm, where they were partners in its ERISA and Executive Compensation Group.

Smith, a seasoned employee benefits and executive compensation advisor with over 20 years of legal experience, has provided counsel to a wide range of clients across business sectors, including both public and private companies, venture capital and private equity firms, limited liability companies and partnerships, and nonprofit, government, and religious organizations in the areas of employee benefits and executive compensation. She specializes in ERISA and employee benefits, both in the context of mergers and acquisitions and in the complex regulatory requirements for benefit plan operations. Smith regularly represents her clients before the IRS and the Department of Labor.

Chasteen has spent over two decades navigating the intricate landscape of executive compensation and employee benefits matters as a trusted advisor to top-tier companies and executives in both the public and private company sectors and across industries and business sectors. Her practice focuses on guiding public and private companies, executives, and boards through the complexities of executive compensation and employee benefits issues that arise during M&A, initial public offerings, and SPAC transactions. Chasteen also specializes in ongoing advisory work relating to equity-based compensation programs, employment, retention, severance, change in control, and deferred compensation arrangements, including associated tax (e.g., Section 409A), accounting, and securities law implications. She also advises on governance, securities laws, and disclosure related to public company compensation matters.

“Rachel and Crescent bring decades of combined experience, adding invaluable depth to our excellent ECB Group, which will greatly benefit our expanding client base and their executive compensation, ERISA, and benefits needs,” said Brandon Parris, co-chair of Morrison Foerster’s Transactions Department.

“Rachel’s deep ERISA, qualified retirement plans, and health and welfare plans experience, coupled with Crescent’s significant expertise advising on public and private mergers and public company and capital markets executive compensation advisory matters, makes them strong strategic additions to the Executive Compensation and Benefits team,” said David Ephraim, co-chair of Morrison Foerster’s Transactions Department and managing partner of its Boston office. “We couldn’t be happier to welcome them to the Boston office and to the firm.”

Earlier in her career, Smith served as the chair of the Tax and Employee Benefits Group at a full-service regional law firm. She has significant experience working with private equity-backed medical and dental practices, and other types of professional corporations, with a particular focus on the controlled and affiliated service group rules, MEWAs, and the single-employer requirements of employee benefits law. Smith also regularly advises on ESOPs and ESOP-related transactions.

Chasteen has guided companies at all stages, from emerging tech, biotech, and life science startups to established public corporations, on navigating executive compensation and benefits challenges. Her experience spans the venture capital, private equity, and REIT sectors, with a particular focus on innovative technology, life sciences, and healthcare companies of all sizes. Chasteen has served as a trusted adviser for management teams, boards, compensation committees, and venture capitalists on optimizing compensation and benefits structures throughout the corporate lifecycle.

“I am excited to collaborate with Crescent and my new colleagues on MoFo’ s renowned global platform. We embrace this opportunity to expand MoFo’s wealth of sophisticated legal services and integrate with its first-rate client base. Employee benefits and executive compensation are key specialties for a full-service, client-centric law firm,” said Smith.

“Likewise, I am thrilled to join Rachel in leading the firm’s exceptional Executive Compensation and Benefits Group as the firm experiences significant growth across its M&A, capital markets, and public companies practices,” said Chasteen. “This expansion allows MoFo to address increased client demand for skillful guidance on executive compensation and employee benefits matters. We are committed to expanding our services in Boston, and across the firm, and look forward to collaborating with our colleagues to address our clients’ most critical executive compensation and benefits challenges.”