Minnesota Icons 2024: Michael R. Stewart

Faegre Drinker Biddle & Reath LLP

Growing up on a family farm in Iowa, Michael Stewart never imagined he’d one day sit at a counsel table in the U.S. Supreme Court. That’s precisely what happened a mere nine years into Stewart’s career. Representing a financial institution in a Chapter 11 bankruptcy matter in 1988, his team won an 8-0 decision (with one abstention). The case is still held up as precedent in current litigation.

It’s a highlight in a career that has been full of them, all while working at a single law firm (albeit one that has undergone several iterations), Faegre Drinker Biddle & Reath LLP in Minneapolis. Stewart worked as a summer associate at the firm in 1979 and started full time in 1980 upon graduating from Harvard Law School. He represents lenders, investors, purchasers and contract counterparties in restructuring and insolvency matters, and in all aspects of structuring, documenting and collecting secured loans.

Stewart’s experience in commercial transactions, non-bankruptcy workouts and general representation of financial institutions and other secured creditors has provided him valuable insight in dealing with a variety of issues in the financial and corporate industries. He also serves on the steering committee for the financial services industry team and as co-leader of the agribusiness finance and bankruptcy segment of Faegre Drinker’s food and agribusiness industry team.

Stewart has represented corporate behemoths like U.S. Bank, Wells Fargo and Cargill, yet it’s the personal relationships he’s made with clients at those companies that have been most rewarding.

“I’ve also been extremely fortunate to have unbelievably talented and helpful colleagues,” he said. “I’ve been lucky that our firm attracts tremendous talent and tremendous people that I get to work with.”

Asked when he may call it a career and enjoy retirement, Stewart responds with the answer he gives his clients when they ask the same question: “No time soon.”

“It’s the old saying that if you love what you do, you’ll never work a day in your life. Eventually, we all have to be done. But for now, it’s no time soon.”