Election Implications and How We Can Help

The outcome of the 2024 federal elections is expected to have significant global implications across all business and industry sectors. Businesses around the world will need to prepare for potential shifts, adapting their strategies to align with new U.S. policies on trade, technology, environmental standards, international relations and more.

Ballard Spahr is poised to help clients strategically plan for the post-election landscape. Our firm will keep businesses informed of potential changes and issues to watch through tailored thought leadership in the coming months, and we stand ready to counsel on current and future issues across various areas. In addition to our subject matter authorities within practice groups and industry teams across the Firm, our Government Affairs and Public Policy team counsels clients on how to navigate the federal government and advocate to government officials in effective and impactful ways.

Ballard Spahr stands ready to assist you in understanding what lies ahead in a complex and changing public policy environment. 

AREAS TO WATCH AND HOW WE CAN HELP

Antitrust and Competition

Although little was said during the campaign about how the administration of President-elect Donald Trump will approach antitrust enforcement, we likely will see a shift away from some of the aggressive antitrust actions taken by the FTC and DOJ during the Biden administration. The potential changes in enforcement priorities will impact the way antitrust investigations and cases are handled and brought forward. While this could mean less intensity and frequency around antitrust litigation, we know from the prior Trump administration that antitrust enforcement likely will continue, albeit with an approach that differs from the Biden administration, focused on select areas.

We also expect enforcement of the antitrust laws at the state level to grow. No matter the path forward, Ballard Spahr’s Antitrust and Competition lawyers are ready to navigate potential changes that may have implications for our clients’ businesses. We regularly advise clients on antitrust issues and assist with transactions. We handle both civil and criminal antitrust cases, from multidistrict litigation and class actions to investigations by federal and state officials. From a competition standpoint, we have extensive experience and have obtained significant victories for companies threatened by anticompetitive conduct.

Key Contacts: Jason A. Leckerman, Stephen J. Kastenberg

Benefits

Many benefits-related Biden-era rules are on the table for change under the Trump administration. President Trump has indicated the desire to amend or repeal the Affordable Care Act, which would have significant impact on access to coverage, the scope of benefits available, and costs. It’s also expected that the president-elect’s future policies could impact Medicaid funding and access, as well as Medicare services. Recently enacted regulations related to gender-affirming care, mental health parity, and the privacy of reproductive health information are also likely to be reexamined by the Trump administration. Our Employee Benefits and Executive Compensation Group is monitoring these developments and is ready to assist employers with a wide range of compliance and administration issues.

Key Contacts: Brian M. Pinheiro, D. Finn Pressly

Consumer Financial Services and Bank Regulation

As was the case during the last Trump administration, deregulation—especially at the Consumer Financial Protection Bureau (CFPB)—is expected to be the dominant theme during the next four years. This will include both proposed and final regulations, like the one reducing credit card late fees to $8, the small business loan data collection rule, Buy Now, Pay Later, Earned Wage Access, medical debt credit reporting. These developments will begin to take place as soon as an acting director is appointed, but it will not happen overnight because any repeal or change of a final regulation will require following the same requirements of the Administrative Procedure Act, which were followed when the regulations were promulgated. Most of those final regulations are being challenged in lawsuits, which will further complicate things.

This deregulatory climate should support the development of new innovative products and services, such as those that are AI-enabled. We expect the volume of enforcement investigations and litigation at the CFPB to remain steady and perhaps even increase, as it did during the last Trump administration since those activities tend not to be as closely scrutinized by Congress. That could result in more “regulation by enforcement,” although that will be tempered by a sharp decrease in the CFPB pushing the envelope to expand its jurisdiction into areas of questionable validity. The focus will likely be on companies that are clearly violating the law and harming consumers.

The FTC and the federal banking agencies also will be in a deregulatory mode, although changes made by those agencies (except for the OCC) are likely to take place over a longer period of time because they are managed by bi-partisan commissions and not single individuals. We expect that the OCC will revive a “debanking” or “fair access” regulation, which it almost adopted toward the end of the last Trump administration. This would require large banks to do business with politically disfavored industries. For more detail, please click here to watch our post-election webinar held on November 12. Additional webinars on this topic will be presented in the near future, including a three-part series discussing transitions in CFPB leadership and the impact it will have on the CFPB’s regulatory agenda. Ballard Spahr has more than 70 attorneys across the country in its Consumer Financial Services Group, advising companies on a full range of legal needs.

Key Contacts: Dan JT McKenna, John D. Socknat, Alan S. Kaplinsky

Environment and Natural Resources

The Trump administration has vowed to repeal 10 regulations for every new regulation adopted. Ironically, the limits on agency discretion that the U.S. Supreme Court established during the last term may hamper those roll-back efforts, compounding the regulatory uncertainty companies are facing. And where federal regulation leaves off, many states step in and create a patchwork of laws across the country, such as in areas involving PFAS and climate issues. Counsel for regulated companies are confronting new questions about compliance strategies, competitive positioning, and participation in regulatory developments and litigation. Even in light of deregulation, some companies may have reasons to continue pursuing strategies they developed during the Biden administration, such as their voluntary ESG programs or aspects of these programs.

Our environment and natural resources attorneys provide regulatory, transactional, and litigation support to clients in every corner of the market. We are pragmatic problem-solvers who understand the science and the business considerations, as well as the law. We help our clients develop business strategies not only to address regulatory challenges, but also to take advantage of opportunities and respond to customer demands. We help our clients participate in the development of new regulations to protect or enhance the value of their products. 

Key Contact: Harry Weiss

Environmental, Social, and Governance (ESG)

Even in light of deregulation promised by the Trump administration, some companies may have reasons to continue pursuing strategies that they developed during the Biden administration, such as their voluntary ESG programs or aspects of these programs. Further, companies with a presence in the European Union are aware that the EU’s ESG requirements are not going away. In keeping with existing trends, watch for some companies to continue ESG programs under different names (such as corporate responsibility), modify certain programs (particularly human capital- and diversity-related), or change the way these programs are internally and externally communicated.

Our multidisciplinary ESG team applies the experience of lawyers from across the firm to address the unique ESG issues of our clients. This cross-disciplinary approach allows us to help our clients navigate a fast-changing ESG landscape.

Key Contacts: April Hamlin and Lorene L. Boudreau

Finance

The election outcome is expected to have significant implications for debt and equity capital flows and investments across a range of markets—and for the overall economy. However, much remains to be seen in terms of how changes in fiscal, tax, and trade policies, along with changes to regulations and the enforcement approach by a range of regulatory bodies—in particular in terms of bank, capital markets, and M&A regulations and oversight—will mix with existing inflation and deficit concerns to impact U.S. Federal Reserve actions and the interest rate and investment landscape in both the short and long term. 

While challenges are expected to continue in certain segments of commercial real estate finance and the general housing market, expectations are that the deal activity turn-around underway in a range of debt and equity markets will continue and will likely gain momentum in 2025. Distressed transactions and opportunistic lending and investing in certain markets will continue to be robust in 2025, as well. With nearly 120 lawyers nationwide practicing across a range of public and private markets and a range of industries, our finance attorneys have the necessary deal and market experience, including distressed deal experience, and insight to help clients navigate a range of situations, challenges, and opportunities and to develop and implement successful deal, restructuring, and litigation strategies on a deal-by-deal and/or programmatic basis. We have a well-established history of efficiently and effectively closing deals and delivering value to our clients as we work to achieve their business goals, and we welcome the opportunity to discuss how our team can help develop and implement the right strategy for your deal and overall business goals.

Key Contacts: Thomas A. Hauser, Dominic J. De Simone, Emilie R. Ninan

Immigration

Immigration policies are expected to be an area of focus during the second Trump administration, with wide-ranging effects on all U.S. employers, immigrants, the broader U.S. population, and labor markets. The president-elect plans to expand and reinforce the U.S.-Mexico border wall, is proposing an expanded list of countries for travel bans, and likely will impose stricter requirements for international students and legal employees of U.S. companies.

Employers also may see increased workplace compliance efforts, such as I-9 audits and site visits for visa inspection. For more, please see the recent alert we published on this topic. Our lawyers have been at the forefront of immigration law for decades and are nationally recognized for their work in this area. We guide regional, national, and international corporations and individuals through the full spectrum of immigration issues, and we partner with employers in all industries to develop immigration programs that help them build and retain the most talented and diverse workforces possible.

Key Contact: Dustin J. O’Quinn*

* Dustin O’Quinn is Chair of the Immigration Group at Lane Powell, which will combine with Ballard Spahr on January 1, 2025.

Intellectual Property

The incoming Trump administration is likely to adopt a pro-innovation stance, emphasizing robust property rights for patentees and incentivizing American innovation. Given President Trump’s commitment to deregulation, we expect fewer constraints on emerging technologies, particularly in areas like artificial intelligence, biotechnology, and digital platforms. This could encourage faster development cycles and fewer barriers to innovation but also may prompt shifts in compliance and enforcement landscapes for IP-driven industries.

The administration is likely to support bipartisan IP reform efforts in Congress, including the Promoting and Respecting Economically Vital American Innovation Leadership Act (PREVAIL) and the Patent Eligibility Restoration Act (PERA), both of which stand to significantly influence patent rights and litigation strategies. If passed, these bills would greatly enhance patentees’ rights. PREVAIL, for instance, aims to reinforce patent protections for industries vital to U.S. competitiveness by setting higher standards against patent invalidation. This would reduce the risk of invalidity challenges, making patents more defensible and valuable assets.

PERA is focused on resolving uncertainties surrounding patent eligibility and would expand the types of inventions eligible for patent protection, particularly benefitting patentees in software, biotech, and AI. By providing clearer standards on eligibility, PERA would reduce costly litigation, offering patentees greater certainty when securing and enforcing patents across a broader range of innovations.

Internationally, we anticipate that President Trump will pursue a more assertive stance on IP rights in global trade, especially in relations with China. Measures to reduce IP theft and ensure fair competition in technology transfers may create new opportunities for protecting U.S. patents abroad but also could intensify scrutiny on cross-border IP transactions. Our clients with interests in foreign markets may see heightened enforcement activities and additional compliance demands.

Ballard Spahr’s IP team—comprising more than 60 attorneys and professionals, including 20 registered patent practitioners—brings decades of experience across the full IP lifecycle. We assist clients in creating, protecting, licensing, and monetizing IP assets. Whether defending IP rights in court or advising on transactional strategy, we are ready to navigate the fast-evolving legal and regulatory environment this administration’s policies may shape.

Key Contacts: Lynn E. Rzonca, Scott D. Marty, Ph.D., Charley F. Brown

Mergers and Acquisitions

We may see a shift in the environment for acquisitions and divestitures as a result of the outcome of the election due to the Trump administration’s focus on deregulation and change to tax policies, which might create a more favorable M&A environment leading to a surge in activity in certain sectors. Our M&A attorneys represent buyers and sellers of all sizes, ranging from small, privately held companies to multinational public companies and private equity funds, in transactions that span the lower-middle and middle markets to multibillion dollar mergers. The scale of our practice and depth of our deal experience enable us to provide cost-effective, focused solutions that meet the unique requirements of every client and transaction, no matter the deal type, company size, or industry.

Key Contacts: Brian D. Doerner, Barbara Lano Rummel

Real Estate

Trump administration policies are expected to have a significant impact on the real estate market. These policies are expected to create a more business-friendly environment for real estate investments and developments overall, but the impact on housing affordability and supply will depend on how the policies are implemented. We are tracking everything from potential deregulation in the housing sector and the potential for lower interest rates to federal land for housing and the implications of immigration policies on labor supply in the construction sector.

The team also is closely tracking the impact tax legislation may have on real estate development and the value of various tax credit financing tools. Ballard Spahr is a recognized leader in real estate—serving clients in every segment of the industry. With across-the-board strength, regional market knowledge, and a strong national platform, we can assist from zoning and land use through acquisition, development, and lease-up, and beyond. We assist clients in acquiring, developing, financing, and disposing of their real estate. With a client-first philosophy and an unsurpassed level of skill and sophistication, we provide effective solutions to seemingly intractable challenges.

Key Contact: Amy M. McClain

State Attorneys General

President Trump’s victory in the 2024 presidential election has significant implications for litigation and enforcement actions by state attorneys general, given that oversight at the federal level is expected to decline. The second Trump administration is not expected to ramp up corporate criminal enforcement except for sanctions and export controls, leaving the void to be filled by state attorneys general. In addition, civil and criminal enforcement of state environmental laws is expected to increase given the president-elect’s significant anticipated cuts at the EPA. And, given the anticipated increase of political oversight of the FBI, there may be an increase by state authorities in certain types of investigations traditionally conducted by the FBI. Our team is monitoring likely areas of contention, including immigration, environmental regulations, and health care. Ballard Spahr’s State Attorneys General Team brings together lawyers from across legal disciplines to help clients mitigate risk, conduct internal investigations, navigate policy changes, and respond to civil or criminal actions.

Key Contact: R. Stephen Stigall

White Collar Defense and Internal Investigations

While it is likely that the DOJ under the next Trump administration will prioritize immigration and combatting the importation of illegal drugs and violent crime, there may be areas in the white collar space that also could be focal points. Enforcement of procurement fraud and False Claims Act matters (particularly in health care) could be priorities. There also could be a focus on the Foreign Corrupt Practices Act as it relates to companies based overseas but with operations in the United States. Export control also could see an uptick in enforcement. 

In addition, as was the case during the previous Trump administration, state attorneys general may increase enforcement activity. Having robust compliance policies and trainings should be a focus for in-house legal and compliance departments. In addition to advising on compliance matters, our attorneys conduct internal investigations and represent clients facing actual or threatened enforcement. We also represent clients in civil fraud litigation and administrative proceedings. Our attorneys include former Assistant U.S. Attorneys from eight different jurisdictions, the former supervisory trial counsel at the SEC’s Philadelphia Regional Office, a former criminal health care fraud coordinator for the District of Delaware, a former trial attorney for the DOJ’s Tax Division, and the former first deputy attorney general of Pennsylvania.

Key Contact: Henry E. Hockeimer, Jr.

Deep Experience Across Industries

We expect the outcome of the election to have a significant impact across industry sectors. From AI regulation to the deal-making environment for technology and life sciences companies to health care policy changes, drug pricing, Title IX regulations, and changes at the Department of Education and Department of Labor, companies will have nuanced issues to navigate depending on their nature of their business.

Our multidisciplinary industry teams bring together experienced attorneys from all five of the firm’s major areas of practice: business and transactions, finance, intellectual property, litigation, and real estate. We counsel clients on the full range of their unique needs by aligning our services with our clients’ businesses in different sectors.

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