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Marc R. Lieberman


As Chair of the Firm’s Institutional Investments Group, Marc’s practice focuses on the representation of institutional investors in connection with their alternative investments.

Marc has served as outside general, investment and fiduciary counsel for many large statewide public pension plans throughout the United States.  He has also represented numerous public pension plans, sovereign wealth funds, insurers and banks in connection with their alternative investments.  Several administrators of state-wide pension systems have recognized him as one of “the most knowledgeable and experienced public pension lawyer in this State.”

A Board Certified Specialist in Real Estate Law, Marc regularly documents real estate investments of his clients. Currently, those investments include office buildings, health spas, master planned communities, hotels, golf courses, shopping centers, convenience store/gas stations, restaurants, historic renovations, raw land and condominium towers throughout the United States, amounting to more than $1.5 billion. He has also documented scores of land banking transactions and, to date, he and his Group have negotiated over $5 billion in private equity and hedge deals, documenting between $100 million and $300 million of these transactions monthly.

Marc currently serves as a member of the Arizona Supreme Court Committee on Character and Fitness. He is a former member of the Arizona Judicial Review Performance Commission, past Chair of the Appellate Section of the State Bar of Arizona, a former Judge Pro Tem on the Arizona Court of Appeals, and past Chair of the Editorial Board of Arizona Attorney Magazine. He is a frequent lecturer on investment related issues, and has written numerous articles on investment topics.

In addition to the various public plans, Marc has represented numerous private pension plans in ERISA litigation, and obtained the first published decision in the Ninth Circuit that awarded a plan its fees against a benefit claimant, something unheard of in benefit cases. He recently obtained the largest defense verdict in the United States for the year ending January 31, 2017, defeating a $200 million claim and obtaining a $4.9 million defense award.

Speaking Engagements
  • “GOTCHA!!! The SEC’s New Initiative to Scrutinize Private Fund Managers – What Investors and Managers Need to Know,” Public Funds Summit East, July 2015
  • “Funds, Fees and Affiliates (Oh, My!)—SEC OCIE’s Examination of the Private Fund World (What They Found and what it Means for Public Plans),” National Association of Public Pension Attorneys (NAPPA) Legal Education Conference, Austin, Texas, June 2015
  • “Alternative Mutual Funds: Compliance and risk Management in 2015 Explored!,” The Knowledge Group Webinar, March 2015
  • “Legal Issues for Pension Plans,” Public Funds Summit, January 2015
Relevant Cases

Marc has successfully prosecuted and defended scores of appeals for various state agencies, municipalities and corporations in Arizona, two of which were televised.


  • The Best Lawyers in America©
  • Arizona's Top Lawyers
  • Super Lawyers® (cover story, 2009 Southwest Super Lawyers Magazine)
  • Arizona's Finest Lawyers
  • Best Of The Bar, Ranking Arizona Magazine
  • Martindale-Hubbell®, "AV Preeminent" Rating    
  • Best in the USA, Alternative Investments, Corporate America Finance Magazine (Cover Story, February 2016 Edition)
  • Top 5 Securities and Finance Lawyers, Phoenix Business Magazine (2016-2018)
  • 1997 Arizona Attorney General’s Civil Rights Award
  • 1997 Central Arizona Hate Crimes Advisory Board Award
  • 1996 ADL Herb Brooks Leaders of Distinction Community Leadership Award
  • National Winner, 1979 Moeller Prize