Partner pay watch: Crowell's Paul Rosen, picked for U.S. Treasury post

REUTERS/Yuriko Nakao
  • Biden picked Rosen for asst secretary for investment security
  • Rosen co-leads national security practice at Crowell
  • Nominee's clients included Amazon, Barclays and Microsoft

(Reuters) - Paul Rosen, co-leader of the national security practice at Crowell & Moring, earned more than $1 million in partner compensation, according to a financial disclosure released on Monday as part of his nomination to a top U.S. Treasury Department post.

Rosen, nominated on March 8 to serve as assistant secretary of the Treasury for investment security, joined Washington, D.C.-based Crowell in 2017 from the U.S. Department of Homeland Security. Rosen had served as chief of staff to Obama-era DHS head Jeh Johnson, now a partner at Paul, Weiss, Rifkind, Wharton & Garrison.

Financial disclosures are mandatory public ethics filings for many U.S. agency nominees and top officials, and they can offer a snapshot of compensation at law firms, companies and law schools. They record income received from the prior calendar year up to the filing. Rosen reported receiving $1,018,070 from Crowell.

Rosen's disclosure showed he provided legal services to Crowell clients including Inc, Barclays PLC, Microsoft Corp, Raytheon Technologies Corp, Cardinal Health Inc and HP Inc. He said he could not disclose the names of four individuals who are subject to non-public grand jury investigations.

Newly arriving attorneys at federal agencies are generally barred from touching matters involving former clients for at least a year.

Rosen did not immediately return a message on Monday seeking comment. His nomination is pending at the U.S. Senate banking committee.

Revenue per lawyer at Crowell, with more than 500 attorneys, reached $1.1 million in 2020, according to a report last year from The American Lawyer. The report said profits per partner at Crowell were $1.6 million. The basic pay for an assistant secretary at Treasury is about $176,000.

Rosen, also a former federal prosecutor, would oversee Treasury's role on the Committee on Foreign Investment in the United States (CFIUS), the interagency body that reviews certain U.S. business transactions that involve foreign investment.

In 2019, former Alston & Bird international trade partner Thomas Feddo became the first official to hold the post, created as part of an overhaul of the CFIUS process. Feddo is now a senior advisor at the financial strategy company Capstone DC.

Rosen said on an ethics agreement that accompanied his financial disclosure that he would resign on confirmation from the board of governors of California's Association of Business Trial Lawyers and from his post on the board of directors of the U.S. Anti-Doping Agency.

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