Stephen T. Whelan has spent 53 years in equipment finance law, guiding clients through some of the industry’s most complex transactions. He is most proud of closing several difficult deals, including Chase Commercial Corp’s first public securitization, a tax-oriented transport equipment financing using securitized debt, the U.S. Treasury Department’s bailout financing for Chrysler in 2009 and an equipment lessor’s “future flow” sale of lease payments.
Whelan has continually adapted his practice to reflect the changing needs of the industry. Early on, he closed more than 1,000 leveraged lease financings as lender’s counsel. When those structures declined, he shifted his focus to securitization, energy finance and receivables sale transactions. He stays aligned with emerging opportunities by “reinventing” himself every five years or so.
Whelan has seen the role of senior lawyers evolve. In 1978, associates often performed the bulk of the work. Today, clients expect senior lawyers to draft or review documents and to lead discussions. He finds this shift enjoyable and necessary as transactions move at a faster pace.
The pathway to a professional reputation as a can-do lawyer, he says, is the philosophy of practical problem-solving. “Clients prefer problem-solving lawyers who are knowledgeable and can craft straightforward solutions that benefit all parties.“
Steve is active through ELFA committees and by writing for Monitor and ELF Magazine, spotlighting legal developments. He has authored four books on UCC 2A: Leases.
