Richard Badolato.
Richard Badolato, a New Jersey Banking and Insurance commissioner and longtime Connell Foley lawyer, is set to join spinoff firm Walsh Pizzi O’Reilly Falanga of Newark in January, the firm announced on Thursday.
Badolato, who will leave his current position when Gov. Chris Christie’s term ends next month, will lead Walsh Pizzi’s newly created insurance practice, which will provide insurance and health care regulatory and enforcement advice, and handle insurance coverage disputes and counseling, as well as related defense work, according to the firm.
Badolato, the firm said, also will collaborate with the firm’s financial services and risk management practice.
“After my tenure in public service as commissioner, I am ready to return to private practice,” Badolato said in a statement.
Walsh Pizzi was created last year when 18 lawyers from Connell Foley’s Newark office left to create the new firm, which is headed by Liza Walsh.
Walsh said in a statement: “We are all honored to have Rich join us. Having known Rich for many years, we are confident that he will serve as a tremendous asset to our insurance and banking sector clients and to all of our lawyers and staff.”
Badolato served as president of the New Jersey State Bar Association from 2002 to 2003, and was a partner at Connell Foley for decades. He tried some 300 cases, and handled dispute resolution matters.
It was Badolato who hired Walsh to Connell Foley, after Walsh had completed a federal court clerkship, according to the release, in which Badolato said he “asked to join her new firm” because he was “delighted at the prospect of working with Liza and her other colleagues for whom I have tremendous respect, but more importantly truly like.”
Badolato has been DOBI commissioner since 2016. Describing the scope of the agency’s role, he said in a bar association interview last year: “We have about 500 employees between our offices in Trenton, Whippany and Cherry Hill. … There are 300,291 banking, insurance and real estate individuals and other licensed entities in the state that the department regulates.”
He is a graduate of Rutgers Law School-Newark and Fairfield University.
“My legal career … taught me a lot about management skills, both through being part of the administration of a law firm and running the state bar association,” Badolato also said in the 2016 interview. “One of the most important things you do when you are state bar president is go through the chairs of committees and sections. I got to know so many people, so many lawyers, and that gave me a lot of credibility. That has helped.”
