Houlihan Lokey Appointed New Chief Legal Officer
The firm hired Prabha Sipi Bhandari to lead global legal and compliance operations.
Updated on Sept. 22, 2026 in People
Live Poll
Does a change in a corporation's chief legal officer affect your trust in that company?
Houlihan Lokey has appointed Prabha Sipi Bhandari as its new chief legal officer and corporate secretary to the board. She succeeds Christopher Crain, who transitioned into a corporate senior adviser position at the global investment bank.
Why it matters
The leadership change marks a significant shift in legal oversight at the firm after more than two decades of continuity. Bhandari assumes responsibility for all global compliance activities, moving from her previous role at Paychex.
Christopher Crain led the legal department as general counsel starting in 2004, serving in that capacity for 22 years before moving to his new advisory role.
The players
Houlihan Lokey
A global investment bank that provides M&A, capital markets, and financial restructuring advisory services.
Prabha Sipi Bhandari
The new chief legal officer at Houlihan Lokey with prior experience at Paychex, AIG, and Freddie Mac.
Christopher Crain
The former general counsel who transitioned to a corporate senior adviser role after leading the firm's legal team since 2004.
The details
As the new chief legal officer, Bhandari will oversee global compliance and legal activities while acting as corporate secretary to the board of directors. Her background includes prior tenures as chief legal officer and chief ethics officer at Paychex, alongside senior legal roles at AIG, Freddie Mac, Viacom, and Deutsche Bank. Her experience also includes a start in corporate law at Davis Polk & Wardwell and a judicial clerkship.
Timeline
Christopher Crain began his tenure as general counsel in 2004.
Houlihan Lokey announced the new hire on September 22, 2026.
Market Landscape
The transition marks a definitive change from the leadership era established by Christopher Crain in 2004. It aligns with broader trends in the financial services sector, where firms are increasingly prioritizing experienced compliance officers to navigate global regulatory environments.
Operators should note that new legal leadership often brings updated approaches to corporate compliance and internal reporting standards. Management teams should audit existing regulatory filing protocols to ensure they align with the incoming officer's oversight structure.
The takeaway
Leadership transitions in critical functions like legal and compliance provide a natural window for firms to reassess their own governance frameworks. Review your firm's current compliance reporting cadence to ensure it remains aligned with evolving industry standards for transparency.
Further reading
For more on shifts in the industry's leadership ranks, visit the People section.
Live Poll
Does a change in a corporation's chief legal officer affect your trust in that company?
