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Skadden, Arps, Slate, Meagher & Flom

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Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Headquarters New York, N.Y.
No. of Offices 23
No. of Attorneys 2,000+[1]
No. of Employees 4,500 (estimate)
Major Practice Areas Corporate, litigation, finance, international, regulatory/legislative, industry-related practices, employment issues and advice to individuals[2]
Revenue $2.2 billion USD (2008)[3]
Date Founded April 1, 1948
Founder Marshall Skadden, John Slate, and Les Arps
Company Type Limited liability partnership
Website www.skadden.com

Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (a.k.a. "Skadden, Arps", "Skadden", or "SASM&F"), founded in 1948, is a prominent law firm based in New York City. With over 2,000 attorneys, it is one of the largest and highest-grossing law firms in the world.[4] Forbes magazine calls Skadden "Wall Street's most powerful law firm".[5] In most jurisdictions, the firm is organized as a limited liability partnership (LLP). The firm's best-known and infamous alumni include former New York State Governor Eliot Spitzer.[6]

Contents

[edit] Size

Skadden's world headquarters in the Condé Nast Building, Times Square, New York

[edit] Ranking among law firms by revenue

With US$2.2 billion in annual revenue, Skadden is the largest law firm in the U.S. in terms of revenue.[3][4] The firm has held this position for ten years running and in 1999 became the first law firm to exceed US$1 billion in annual revenue. Its revenue also makes Skadden the third largest law firm in the world, behind two U.K. firms.[4]

[edit] Ranking among law firms by number of attorneys

Skadden has over 2,000[1] attorneys in 23 offices. The total number of employees is nearly 4,500. In terms of the number of attorneys, Skadden is the largest law firm in the state of New York,[7] the fifth largest in the United States,[8] and the eighth largest in the world. Skadden ranks 213th on Forbes's list of the largest U.S.-based private companies (2008).[9]

In 2007, the National Law Journal ranked Skadden 5th in its list of the 250 largest law firms in the United States.

Despite its size, Skadden has been distinguished by its refusal to expand by mergers with other law firms or large acquisitions of practice groups. The firm has never acquired a practice group larger than six attorneys, in sharp contrast with rivals such as Baker & McKenzie, which has repeatedly absorbed local practices, or DLA Piper and Clifford Chance, which are the products of large mergers (often across national and continental borders). Consequently, charges of varying quality between offices of comparable-sized firms have been countered by Skadden's assertion that it has controlled the selection and training of its attorneys to match its domestic reputation.

[edit] Ranking among all private U.S. companies by revenue

Skadden's ranking on Forbes's list of America's Largest Private Companies consistently increased between 1995 and 2003 but fell from 2004 through 2006, with a one-place increase in 2007, and rising twelve places in 2008.

[edit] Reputation

 This section needs additional citations for verification.
Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (May 2009)

In addition to its headquarters in New York — the largest single law office in the U.S. — Skadden's domestic practice is particularly renowned in its Los Angeles, Chicago, Boston[22] and Washington, D.C., offices. Internationally, the firm also has particularly high-profile overseas practices in London, Frankfurt, Munich, Tokyo, and Hong Kong.

Famed for pioneering mergers and acquisitions (and hostile takeovers) in the American corporate environment, Skadden has played a significant role in U.S. and international business despite being far younger than many competing white shoe firms. Arguably the most recognizable law firm outside the legal industry, the firm is considered one of the most prestigious in the world, consistently ranking in the top five of Vault's annual list of the top law firms in the U.S. and boasting highly competitive foreign practices. The Skadden Fellowship, funded by the firm, is considered the most prestigious public-interest grant in the U.S. and is greatly sought-after by graduates of top law schools.

Among Skadden's main practice areas are mergers and acquisitions (M&A), litigation, securities law, taxation, and bankruptcy representation. The firm has counted a majority of the Fortune 500's top 50 companies as clients. Skadden has been selected for each of the past six years as the best corporate law firm in the U.S. according to a survey of 1,390 directors and 279 general counsel of publicly traded companies by Corporate Board Member magazine and FTI Consulting.[23]

Although called a sweatshop by some,[24] Skadden is also known for its generous attorney compensation. Like other top national firms, it pays its first-year associates $160,000. This does not include the annual discretionary bonus.[25]

[edit] Layoffs, Deferrals, and Skadden "Sidebar"

Skadden has engaged in several rounds of layoffs, affecting staff attorneys and support staff.[26][27] There is no evidence that Skadden has laid off any associate attorneys. But in March 2009, it instituted a "Sidebar" program. Under this program, associates may leave the firm for up to a year to pursue public interest or other opportunities and receive a reduced salary from the firm during this time. Incoming associates of the Class of 2009 may also participate in the program and defer their start dates until 2010.[28] The program is currently voluntary. It has been praised as an innovative and creative response to the Great Recession by some while others express skepticism and question whether the firm is going to welcome these associates back.[29][30] The Summer Class of 2009 will not be starting as full-time attorneys in 2010. It has been deferred until 2011. Decisions as to exact start dates and stipends have not yet been made.[31]

[edit] Key people

[edit] Partners

As of May 2008, there are 470 partners at Skadden.[32] Unlike some firms which have introduced two-tier partnerships with equity and non-equity partners, Skadden maintains a one-tier partnership, in which all partners are equity partners and share ownership of the firm.[33] Among the more notable partners are:

  • Joseph H. Flom became the firm's first associate in 1948. Of the firm's five "name" partners, Flom is the only one still living. He is recognized as a pioneer in the field of mergers and acquisitions.[34]
  • Robert C. Sheehan held the position of Executive Partner, equivalent to a corporate chief executive officer (CEO), from 1994 to 2009.[35] He stepped down when his third term ended in April 2009.[36]
  • Eric J. Friedman, a mergers and acquisitions partner in New York, succeeded Bob Sheehan as the firm's Executive Partner in April 2009.[36] The firm has had only three executive partner in the 28 years of the position's existence (Sheehan, Friedman, and Peter Mullen).
  • Roger S. Aaron is the senior partner in charge of all of the firm's corporate practice areas.[37]
  • William P. Frank is the firm's national litigation legal practice leader.[38]
  • Robert S. Bennett has been called "One of the top white-collar criminal and corporate defense attorneys in the country" in a National Law Journal article titled "The 100 most influential lawyers in America".[39] Bennett's clients have included Bill Clinton in the Paula Jones case and New York Times reporter Judith Miller in the CIA leak investigation.
  • Sheila Birnbaum is considered one of the nation's leading experts on toxic tort law. She has been named by Fortune magazine as one of the "50 Most Powerful Women in Business"[40] and by the National Law Journal as one of the 100 most influential lawyers in America.[39][41]
  • Bruce Buck, a partner based in London who oversees all European offices, is chairman of the Chelsea Football Club.[42]
  • Preeta D. Bansal, former New York State Solicitor General and current member of the United States Commission on International Religious Freedom, heads the firm's appellate litigation and complex legal issues practice.[43]
  • Clifford (Mike) M. Naeve heads the firm's Energy Practice Group.[44]
  • Paul Mitchard, a partner in the London office, is one of the few solicitors to be named Queen's Counsel, an honor typically granted to barristers.[45]

[edit] Of Counsel

"Of counsel" are retired partners who maintain professional ties with the firm. As of May 2008, the firm has 36 of counsel,[32] including:

  • Peter P. Mullen served as the firm's Executive Partner from 1981 to 1994.[46]

[edit] Directors

Directors are non-attorneys who head the firm's support departments.

  • Earle Yaffa is the Managing Director (the highest-ranking non-partner), a position he has held since 1980.[47]
  • Carol A. Sawdye is a Senior Director.
  • Laurel E. Henschel is a Senior Director and Chief Administrative Officer.
  • Noah J. Puntus is the Chief Financial Officer.
  • Harris Z. Tilevitz is Chief Technology Officer.
  • Peter E. Lesser is Director of Global Technology.
  • Jodie R. Garfinkel is the Director of Professional Personnel and Attorney Development
  • Sally J. Feldman is the Director of Marketing and Business Development.
  • Stephan J. Bell is the Director of Client Accounting.
  • Neil McNally is the Director of Business/Practice Analysis and Support.

[edit] History

  • 1948 — The firm was founded in New York by Marshall Skadden, John Slate and Les Arps.
  • 1954 — Joseph Flom became a partner.
  • 1959 — Bill Meagher (pronounced "mar", not "mee-gur") joined the firm. Elizabeth Head, the firm's first female attorney, was hired.
  • 1961 — The firm's name became Skadden, Arps, Slate, Meagher & Flom.
  • 1973 — The firm opened its Boston office, the firm's second.
  • 1981 — Peggy Kerr became the first female partner.
  • 1985 — Skadden became one of the U.S.'s three largest law firms.
  • 1987 — The firm opened its first international office in Tokyo.
  • 1988 — The firm founded the Skadden Fellowship Foundation.
  • 2000 — New York City headquarters moved to Four Times Square, also called the Condé Nast Building.

[edit] Locations

Skadden has 24 offices. The number in parentheses indicates the year the office opened.[33]

[edit] North America

[edit] United States of America

[edit] Canada

[edit] South America

[edit] Europe

[edit] Asia

  • Beijing, China (1991)
  • Hong Kong, China (1989) — general partnership, not LLP
  • Singapore (1996) — general partnership, not LLP
  • Shanghai, China (2008)[50]
  • Tokyo, Japan (1987) — Skadden Arps Gaikokuho Jimu Bengoshi Jimusho; Skadden Arps Law Office; Skadden Arps Foreign Law Office (Registered Associated Offices)

[edit] Australia

[edit] Closed offices

Former firm offices no longer in operation include

[edit] Practice areas

The firm specializes in the following areas of law:[51]

[edit] Notable deals and cases

[edit] Recognition and rankings

  • Chambers and Partners selected Skadden as the Global Corporate law Firm of the Year for 2006.[54]
  • In 2006, Corporate Board Member Magazine named Skadden the top corporate law firm in America, as selected by 1,390 directors of publicly traded companies. Skadden has held the top slot for six years.[23]
  • Vault, Inc. ranked Skadden fourth on its "Top 100 Most Prestigious Firms – 2008", a survey which asked law firm associates to rank the prestige of various firms. The Vault survey also ranked nine of Skadden's individual practice areas among the nation's ten best: Antitrust (tie, 4th); Bankruptcy (3rd); Corporate (3rd); International Law (8th); Litigation (5th); Mergers & Acquisitions (2nd); Real Estate (3rd); Securities (3rd); Tax (2nd).[55]
  • For 2007, Skadden was ranked #9 on the Avery Index list of the Best Prestigious Law Firms to Work For.[56]
  • In the 2006 edition of Chambers USA, 147 Skadden attorneys are highlighted as leading lawyers - more attorneys than at any other firm.
  • According to Thomson Financial's third-quarter 2006 M&A Legal league tables, Skadden ranked first by value for worldwide announced deals.
  • Skadden was named "Global Law Firm of the Year" and "USA Corporate/M&A Law Firm of the Year" at the Chambers and Partners annual dinner on May 19 in London.
  • Skadden ranked first by volume and deal count in representing issuers of U.S. High Yield Offerings, with 10 deals worth US$5 billion, according to Bloomberg's Q3 2006 Legal Adviser League Tables published in October 2006.
  • The firm was nominated as the best U.S. trainer (amongst U.S. Law firms based in London, England) for trainee solicitors by LawCareers.net.
  • At the 2008 ALB China Law Awards[57], Skadden Arps was crowned:
    • Deal of the Year - Real Estate & Construction Deal of the Year
    • Deal of the Year - Debt Market Deal of the Year
    • Deal of the Year - Equity Market Deal of the Year
  • In 2008 Skadden was awarded Deal of the Year - Equity Market Deal of the Year at the 2008 ALB Hong Kong Law Awards[58].

[edit] Skadden Fellowship Foundation

Through the Skadden Fellowship Foundation, the firm sponsors law school graduates who wish to practice public interest law. The foundation was established in 1988 at the time of the firm's 40th anniversary. The Los Angeles Times has called the program "a legal Peace Corps."[59] Fellows work with a sponsoring organization in the field of providing legal services to the poor, the elderly, the homeless, the disabled, and the disenfranchised. Skadden pays fellows a salary of $46,000 (as of 2006), plus all fringe benefits the sponsoring organization offers its employees. As of 2006, the firm has awarded 473 fellowships.[59]

[edit] Notable alumni

In addition to numerous professors and partners, both at Skadden and other firms, some of the more notable former Skadden attorneys include:

[edit] Controversies, scandals, and entanglements

[edit] Skadden Insider

The Skadden Insider was a fairly innocuous blog, with few posts and little revelation. The blog is purportedly operated by two associates of the firm, as yet anonymous. The Skadden Insider was little known until the operators decided to conduct a poll to crown the hottest female associate, with the hottest male associates, female partners, male partners, and summer associates to be selected in subsequent months. The blog's contest became very public after a memo to all of Skadden's U.S. attorneys from firm of counsel and employment advisor Hank Baer was leaked to the media.[62][63][64][65] In the memo, Baer chastised the "insiders" for not upholding the firm's values and professionalism.

[edit] Mark L. Bronson

Mark L. Bronson, a real estate partner in Skadden's Tokyo office, died on November 21, 2007, at Brisbane airport in Australia. Bronson suffered a seizure while being detained by customs officials on suspicion of cocaine possession. He had been stopped after drug-sniffing dogs raised suspicion. He reportedly also coughed up plastic in his vomit, suggesting he may have ingested a bag of cocaine to avoid being caught.[66][67]

[edit] Political contributions

Skadden partners and employees tend to support and contribute more to Democratic political candidates than to Republicans.[68]

Prominent lawyers at the firm endorsed and financially supported John Kerry in his campaign to become president of the United States in 2004.[69][70]

In the run-up to Super Tuesday, 2008, Skadden hosted a phone bank in support of Barack Obama.[71][72]

[edit] See also

[edit] Further reading

  • Caplan, Lincoln (1993). Skadden: Power, Money, and the Rise of a Legal Empire. New York: Farrar Straus Giroux. ISBN 0-374-26566-6. 
  • "How Skadden Does It", Andrew Longstreth, The American Lawyer, May 2006.

[edit] External links

[edit] References

  1. ^ a b "Random Internal Email of the Day: Skadden Puts the Big in Big Law" from abovethelaw.com
  2. ^ Practices - Skadden, Arps
  3. ^ a b "The Am Law 100 -- A Work in Progress". The American Lawyer. Incisive Media US Properties, LLC. http://www.law.com/jsp/tal/PubArticleTAL.jsp?id=1202427137779. Retrieved on 2009-02-13. 
  4. ^ a b c "The Am Law Global 100" from The American Lawyer May 2007 (free registration required)
  5. ^ Fisher, Daniel (January 23, 2009). "Wall Street's Most Powerful Law Firm". Forbes.com. http://www.forbes.com/business/2009/01/23/skadden-merger-takeover-business-cx_df_0123skadden.html. Retrieved on January 23, 2009. 
  6. ^ a b Eliot Spitzer biography from official New York State government web site
  7. ^ "NYLJ 100 Largest Private Law Offices in New York State" from New York Law Journal Magazine December 2005 (PDF; free registration required)
  8. ^ 2006 The National Law Journal 250 from law.com (free registration required)
  9. ^ a b "America's Largest Private Companies: #213 Skadden, Arps - Forbes.com". November 3, 2008. http://www.forbes.com/lists/2008/21/privates08_Skadden-Arps_B9G3.html. Retrieved on January 23, 2009. 
  10. ^ Forbes Largest Private Companies 2007
  11. ^ Forbes Largest Private Companies 2006
  12. ^ Forbes Largest Private Companies 2005
  13. ^ Forbes Largest Private Companies 2004
  14. ^ Forbes Largest Private Companies 2003
  15. ^ Forbes Largest Private Companies 2002
  16. ^ Forbes Largest Private Companies 2001
  17. ^ Forbes Largest Private Companies 2000
  18. ^ Forbes Largest Private Companies 1999
  19. ^ Forbes Largest Private Companies 1998
  20. ^ Forbes Largest Private Companies 1997
  21. ^ a b Forbes Largest Private Companies 1996
  22. ^ Vault Prestige rankings - Boston
  23. ^ a b "America's Best Corporate Law Firms" from Corporate Board Member Magazine July/August 2006
  24. ^ Skadden Arps Slate Meagher & Flom & Affiliates: Vault Career and Industry Guides
  25. ^ "Skadden Bumps Up Associate Pay to $160,000" from Legal Times January 25, 2007
  26. ^ http://www.abajournal.com/news/latest_layoffs_skadden_staff_attorneys_65_akin_gump_staff_among_others/
  27. ^ http://abajournal.com/news/skadden_cuts_staff_attorneys_and_at_least_25_other_staff/
  28. ^ http://amlawdaily.typepad.com/amlawdaily/2009/03/skadden-sidebar-memo.html
  29. ^ http://be.legallyminded.com/blog_post_view.aspx?blogpostid=0bf94fd8f9754cd2a07c40771e6d59b9
  30. ^ http://abovethelaw.com/2009/03/skadden_deferral_option.php?show=comments#comments
  31. ^ http://www.jdjournal.com/2009/05/19/skadden-warns-summers-you-will-be-deferred-to-2011/
  32. ^ a b Skadden > Attorneys
  33. ^ a b "How Skadden Does It", Andrew Longstreth, The American Lawyer, May 2006
  34. ^ Skadden > Joseph H. Flom
  35. ^ Skadden > Robert C. Sheehan
  36. ^ a b Eric J. Friedman to Become Firm's Executive Partner in 2009
  37. ^ Skadden > Roger S. Aaron
  38. ^ Skadden > William P. Frank
  39. ^ a b "The 100 most influential lawyers in America", National Law Journal, June 19, 2006
  40. ^ Ranking The 50 Most Powerful Women: Fortune's First Annual Look at the Women Who Most Influence Corporate America Fortune October 12, 1998
  41. ^ Skadden > Sheila L. Birnbaum
  42. ^ The Official Chelsea FC Website — Club Information
  43. ^ Skadden > Preeta D. Bansal
  44. ^ Skadden > Clifford M. Mike Naeve
  45. ^ "Skadden Partner Attains Queen's Counsel Rank: Paul Mitchard joins a small handful of attorneys at American firms to earn the top British honor", Richard Lloyd, The American Lawyer, January 25, 2008
  46. ^ Skadden > Peter P. Mullen
  47. ^ Skadden > Earle Yaffa
  48. ^ "Skadden set to launch in Brazil", Matt Byrne, TheLawyer.com, March 18, 2008
  49. ^ "Expansive Skadden set for Sao Paulo launch", Sofia Lind, legalweek.com, March 18, 2008
  50. ^ "Skadden builds in Asia with Shanghai debut", by Sofia Lind, Legal Week, February 14, 2008
  51. ^ Practices - Skadden, Arps
  52. ^ "Pondering Microsoft’s Options", Steven M. Davidoff, The New York Times, March 5, 2008
  53. ^ "Wall Street burns the midnight oil to save stricken Bear Stearns", James Quinn, Telegraph.co.uk, March 19, 2008
  54. ^ The World's Leading Lawyers from www.chambersandpartners.com
  55. ^ Law Firm Rankings: The Vault Top 100 Law Firms
  56. ^ "AveryIndex: The Best Prestigious Firms to Work For"
  57. ^ www.legalbusinessonline.com.au
  58. ^ www.legalbusinessonline.com.au
  59. ^ a b Skadden Fellowship Foundation: About the Foundation
  60. ^ Silda Wall Spitzer biography from official New York State government web site
  61. ^ http://en.wikipedia.org/wiki/Faryar_Shirzad
  62. ^ Skadden Insider: Hot or Not?, Dan Slater, The Wall Street Journal (Law Blog), February 12, 2008
  63. ^ "Hot or Not: Law Firm Edition", Karen Donovan, Condé Nast's Portfolio.com, February 13, 2008
  64. ^ "Skadden red-faced after 'hottest lawyer' row", Brian Baxter, Legal Week, February 12, 2008
  65. ^ "Hot Or Not?", Tara Weiss, Forbes, February 13, 2008
  66. ^ "Skadden Partner Dies After Drug Search", Attila Berry, Legal Times, December 4, 2007
  67. ^ "Skadden Partner Dies After Airport Drug Search", Debra Cassens Weiss, ABA Journal, December 4, 2007
  68. ^ "Fundrace 2008 Campaign Donations, Huffington Post
  69. ^ "The New Fat Cats" from Business Week Online April 12, 2004
  70. ^ "Business leaders for Kerry" from St. Petersburg Times August 5, 2004
  71. ^ Barack Obama :  : Change We Can Believe In | Event | Times Square Phone Bank
  72. ^ Barack Obama :  : Change We Can Believe In | Event | Times Square Phone Bank - LAST PUSH
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