Nelson Mullins Riley & Scarborough is teaming up with SB Law PLLC, the year-old firm founded by former Reed Smith partner Regina Speed-Bost, to provide energy and regulatory advice for clients and advance its diversity objectives.
SB Law and Speed-Bost will serve as of counsel to Nelson Mullins’ energy team and corporate management group in the federal, state and local energy regulatory space.
“It is another way for a large firm to show support to a woman-owned, minority-owned business,” Speed-Bost said.
“It’s really a large firm putting some real money where its mouth is with respect to diversity, equity, and inclusion,” she added.
Speed-Bost founded SB Law in July 2020 after more than two decades in Big Law, including stints at Reed Smith and Schiff Hardin. Prior to moving into private practice, she spent nearly eight years as an attorney at the Federal Energy Regulatory Commission and served as legal adviser for natural gas and oil pipeline matters to former FERC commissioner William Massey.
Speed-Bost said she began speaking with Nelson Mullins as she was launching SB Law, which focuses on energy administrative and regulatory matters before state and federal entities. Though the two firms have collaborated since SB Law’s inception, Nelson Mullins formalized the arrangement, which she calls “a novel approach.”
Though in a traditional of counsel relationship the individual attorney is a part of the firm, Speed-Bost is a stand-alone entity and is paid by Nelson Mullins as a vendor. She is 100% owner of SB Law, and Nelson Mullins doesn’t have any ownership interest in the firm.
“I still market and serve clients on a standalone basis as SB Law, but now I can join forces with Nelson Mullins as they go forward and look towards their clients,” Speed-Bost said. “We can market that together more directly.”
Speed-Bost said that the collaboration gives her a greater reach to clients that she wouldn’t necessarily have had access to, and it gives her firm the benefit of support from Nelson Mullins associates as well.
Speed-Bost works with clients in the energy and natural resources sector including natural gas companies, local distribution companies, and electric utilities on a variety of matters related to energy administrative and regulatory law.
The firm is excited to be able to offer Speed-Bost’s depth of regulatory experience to its energy clients and jointly develop new opportunities as these markets evolve, Larry Ostema, who co-heads Nelson Mullins’ energy industry group said in an email to Bloomberg Law.
By partnering with Speed-Bost the firm will also be able to learn and benefit from her years of leadership in diversity and inclusion, he said.
“We could not be more pleased to start this partnership,” Ostema said.