Skadden's Still Thinking Big
Although Skadden Arps Slate Meagher & Flom has taken other cost-cutting measures, the mega-firm hasn’t laid off any associates.
And, as the firm’s new executive partner plans to take over the megafirm’s helm next month, Eric Friedman, like his soon-to-be predecessor Robert Sheehan, is still thinking big, reports the Lawyer.
“There’s definitely still a place for the global law firm,” says Sheehan, who has been the firm’s executive partner for 15 years. “There are firms that are adapting to suit the new era, and everyone has to do that to a certain extent. But we feel a global network’s a benefit. We’ve worked hard to create a successful international platform.”
A thriving bankruptcy and restructuring practice that the firm has been developing for more than a decade is one reason why it is doing relatively well right now, the legal publication recounts. Skadden also has been hiring laterally in certain practice areas, including white-collar criminal litigation.
However, the firm has also made cuts that would have been noteworthy in ordinary economic times. Among them: The firm has laid off some staff, expanded its one-year sabbatical program and encouraged incoming first-year associates to defer their start dates until 2010 (in exchange for a lump-sum payment of one third of their first-year salary).
Related earlier coverage:
ABAJournal.com: “Despite Downturn, Skadden Soars: Top M&A Firm is Global, Countercyclical”
ABAJournal.com: “Latest Layoffs: Skadden Staff Attorneys & 65 Akin Gump Staff, Among Others”
American Lawyer: “Skadden Offers ‘Sidebar’ Deferrals to Incoming Associates”
Legal Week: “Skadden in City arbitration lateral hire”
Wall Street Journal Law Blog (2008): “Skadden Names Eric Friedman, 43, as New Executive Partner”
