Skadden, Arps, Slate, Meagher & Flom
From Wikipedia, the free encyclopedia
| Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates | |
 |
|
| Headquarters | New York, N.Y. |
|---|---|
| # of Offices | 22 |
| # of Attorneys | 1,915 |
| # of Employees | about 4,500 |
| Major Practice Areas | General practice |
| Revenue |  $1.61 billion USD (2005) [1] |
| 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 one of the largest and wealthiest law firms in the world. Its headquarters are in New York City. In most jurisdictions, the firm is organized as a limited liability partnership (LLP). The firm's better-known alumni include New York State Governor Eliot Spitzer.[2]
Contents |
[edit] Size
Skadden has approximately 1,915 attorneys[3] in 22 offices. The total number of employees is nearly 4,500. With US$1.61 billion in annual revenue, Skadden is the largest law firm in the U.S. in terms of revenue.[1] The firm has held this position for nine 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.[1] In terms of the number of attorneys, Skadden is the largest law firm in the state of New York,[4] the fifth largest in the United States,[3] and the eighth largest in the world. Skadden ranks 216th on Forbes's list of the largest U.S.-based private companies.[5]
Despite its size, Skadden has been distinguished by its refusal to expand by mergers or large acquisitions. 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.
Skadden's ranking on Forbes's list of America's Largest Private Companies consistently increased between 1995 and 2003 but fell in 2004 and 2005.
- 2005 — 216th[5]
- 2004 — 205th[6]
- 2003 — 194th[7]
- 2002 — 200th[8]
- 2001 — 224th[9]
- 2000 — 230th[10]
- 1999 — 245th[11]
- 1998 — 269th[12]
- 1997 — 297th[13]
- 1996 — 310th[14]
- 1995 — 335th[14]
[edit] Reputation & Prestige
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, and Washington, D.C., offices. Internationally, the firm also has particularly high-profile overseas practices in London, Frankfurt, Munich, Tokyo, and Hong Kong. It is ranked the 4th most prestigious American law firm by Vault behind Wachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; and Sullivan & Cromwell.[15] Starting salaries for new associates in the New York office is set at $160,000.
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, 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.[16]
[edit] Key people
[edit] Partners
As of November 2006, there are 424 partners at Skadden.[17] Unlike some firms which have introduced two-tier partnerships with equity and non-equity partners, Skadden maintains a one-tier partnership.[18] Among the more notable partners are:
- Joseph H. Flom became the firm's first associate in 1948 and is the only living "name partner." He is recognized as a pioneer in the field of mergers and acquisitions.[19]
- Robert C. Sheehan has held the position of Executive Partner, equivalent to a chief executive officer (CEO) in a corporation, since 1994.[20] The firm has had only one other executive partner, Peter Mullen.
- Roger S. Aaron is the senior partner in charge of all of the firm's corporate practice areas.[21]
- William P. Frank is the firm's national litigation legal practice leader.[22]
- 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".[23] 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"[24] and by the National Law Journal as one of the 100 most influential lawyers in America.[23]
- Bruce Buck, a partner based in London who oversees all European offices, is chairman of the Chelsea Football Club.[25]
- 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.[26]
[edit] Of Counsel
"Of counsel" are retired partners who maintain professional ties with the firm. As of November 2006, the firm has 23 of counsel,[17] including:
- Peter P. Mullen served as the firm's Executive Partner from 1981 to 1994.[27]
[edit] Non-attorneys
- Earle Yaffa is the Managing Director (the highest-ranking non-partner), a position he has held since 1980.[28]
- Carol A. Sawdye is a Senior Director.
- Laurel E. Henschel is a Senior Director and Chief Administrative Officer.
- Noah J. Puntus is the Finance Director.
- Harris Z. Tilevitz is Chief Technology Officer.
- Peter E. Lesser is Director of Global Technology.
- Jodie R. Garfinkel is the Associate Development Director.
- Sally J. Feldman is the Director of Marketing and Business Development.
[edit] History
- 1948 — The firm was founded in New York by Marshall Skadden, John Slate and Les Arps.
- 1954 — Flom became a partner.
- 1959 — Bill Meagher 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 22 offices. The number in parentheses indicates the year the office opened.[18]
[edit] North America
[edit] United States of America
- New York, New York (1948)
- Boston, Massachusetts (1973)
- Chicago, Illinois (1984)
- Houston, Texas (1993)
- Los Angeles, California (1983)
- Palo Alto, California (1998)
- San Francisco, California (1987)
- Washington, D.C. (1975)
- Wilmington, Delaware (1979)
- White Plains, New York (non-legal staff only; no attorneys)
[edit] Canada
[edit] Europe
- Brussels, Belgium (1990)
- Frankfurt, Germany (1990)
- London, England (1988)—officially, Skadden, Arps, Slate, Meagher & Flom (UK) LLP
- Moscow, Russia (1992)
- Munich, Germany (2004)[29]
- Paris, France (1990)
- Vienna, Austria (2001)—officially, Skadden, Arps, Slate, Meagher & Flom (Europe) LLP
[edit] Asia/Pacific
- Beijing, China (1991)
- Hong Kong, China (1989)—general partnership, not LLP
- Singapore (1996)—general partnership, not LLP
- Sydney, Australia (1989)—general partnership, not LLP
- Tokyo, Japan (1987)—Skadden Arps Gaikokuho Jimu Bengoshi Jimusho; Skadden Arps Law Office; Skadden Arps Foreign Law Office (Registered Associated Offices)
[edit] Closed offices
Former firm offices no longer in operation include
- Newark, New Jersey, United States—closed June 2004
- Reston, Virginia, United States—2002–October 2003
[edit] Practice areas
The firm specializes in the following areas of law:
[edit] Notable deals and cases
- The firm participated in the RJR Nabisco buyout, orchestrated by Kohlberg Kravis Roberts & Co. the largest such deal in history, adjusted for inflation. Partner Peter Atkins led the Skadden team, which advised the RJR board of directors as to the financial soundness of the respective bids. Skadden's fee at the time was reported to be $25 million.
- Scott Simpson leads the European M&A division from London and has represented Gucci Group and Arcelor during their attempts to repel high-profile hostile takeovers.
- Jay Kasner and Preeta D. Bansal represented Merrill Lynch before the Supreme Court in Merrill Lynch v. Dabit.
- Tokyo partner Nobuhisa Ishizuka represented the U.S. side of the merger between Squaresoft and Enix, the largest in the Japanese electronic gaming industry.
- Gregory Miao and Jon Christianson of the Hong Kong office led the IPO of the China Construction Bank, the largest of 2005.
- The firm currently represents XM Satellite Radio Holdings, Inc., in its approximately $13 billion tax-free merger-of-equals with Sirius Satellite Radio, Inc.
[edit] Recognition and rankings
- Chambers and Partners selected Skadden as the Global Corporate law Firm of the Year for 2006.[30]
- In 2006, Corporate Board Member Magazine named Skadden the top corporate law firm in America, according as selected by 1,390 directors of publicly traded companies. Skadden has held the top slot for six years.[16]
- Vault, Inc. ranked Skadden fourth on its "Top 100 Most Prestigious Firms – 2007", a survey which asked law firm associates to rank the prestige of various firms. The Vault survey also ranked eight of Skadden's individual practice areas among the nation's ten best: Antitrust (tie, 8th); Bankruptcy (2nd); Corporate (3rd); Litigation (5th); Mergers & Acquisitions (2nd); Real Estate (4th); Securities (3rd); Tax (2nd). [15]
- For 2007, Skadden was ranked #9 on the Avery Index list of the Best Prestigious Law Firms to Work For. [31]
- 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 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.
[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".[32] 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.[32]
[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:
- Eliot Spitzer, Governor of the State of New York,[2] and his wife, Silda Wall Spitzer[33]
- Leo Strine, Vice Chancellor, Delaware Court of Chancery
- Mark Weldon, Chief Executive Officer, NZX - the New Zealand Stock Exchange
- Laura Ingraham, conservative talk radio host
- Chad S. Johnson, former President of the Stonewall Democrats
- Faryar Shirzad, Director of International Public Policy and Vice President at Goldman Sachs
- Keith Gottfried, General Counsel for the U.S. Department of Housing and Urban Development
[edit] Trivia
- "Meagher" is pronounced "mar", not "mee-gur".
- The salary for a first-year associate (i.e., fresh out of law school) is reported to be $160,000, not including the annual discretionary bonus.[34].
- Prominent lawyers at the firm endorsed and financially supported John Kerry in his campaign to become president of the United States in 2004.[35][36]
[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
- Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates Web Site
- Skadden Fellowship Foundation
- American Lawyer Media rankings
- LawPeriscope Profile
- Hoover's Profile
- Vault Profile
- Yahoo! Finance Profile
[edit] References
- ^ a b c "The Am Law Global 100" from The American Lawyer October 2006 (free registration required)
- ^ a b Eliot Spitzer biography from official New York State government web site
- ^ a b 2006 The National Law Journal 250 from law.com (free registration required)
- ^ "NYLJ 100 Largest Private Law Offices in New York State" from New York Law Journal Magazine December 2005 (PDF; free registration required)
- ^ a b "America's Largest Private Companies" from Forbes.com
- ^ Forbes Largest Private Companies 2004
- ^ Forbes Largest Private Companies 2003
- ^ Forbes Largest Private Companies 2002
- ^ Forbes Largest Private Companies 2001
- ^ Forbes Largest Private Companies 2000
- ^ Forbes Largest Private Companies 1999
- ^ Forbes Largest Private Companies 1998
- ^ Forbes Largest Private Companies 1997
- ^ a b Forbes Largest Private Companies 1996
- ^ a b "Top 100 Law Firms- 2007" from Vault Inc.
- ^ a b "America's Best Corporate Law Firms" from Corporate Board Member Magazine July/August 2006
- ^ a b Skadden > Attorneys
- ^ a b "How Skadden Does It", Andrew Longstreth, The American Lawyer, May 2006
- ^ Skadden > Jospeh H. Flom
- ^ Skadden > Robert C. Sheehan
- ^ Skadden > Roger S. Aaron
- ^ Skadden > William P. Frank
- ^ a b "The 100 most influential lawyers in America", National Law Journal, June 19, 2006
- ^ Ranking The 50 Most Powerful Women: Fortune's First Annual Look at the Women Who Most Influence Corporate America Fortune October 12, 1998
- ^ The Official Chelsea FC Website — Club Information
- ^ Skadden > Preeta D. Bansal
- ^ Skadden > Peter P. Mullen
- ^ Skadden > Earle Yaffa
- ^ "Skadden launches in Munich with heavyweight Bakers team" from Legal Week November 11, 2004
- ^ The World's Leading Lawyers from www.chambersandpartners.com
- ^ "AveryIndex: The Best Prestigious Firms to Work For"
- ^ a b Skadden Fellowship Foundation: About the Foundation
- ^ Silda Wall Spitzer biography from official New York State government web site
- ^ "Skadden Bumps Up Associate Pay to $160,000" from Legal Week January 25, 2007
- ^ "The New Fat Cats" from Business Week Online April 12, 2004
- ^ "Business leaders for Kerry" from St. Petersburg Times August 5, 2004
