Word: skadden
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...were nourished by the Reagan-era frenzy of corporate mergers that generated tens of millions in fees. A survey by the monthly American Lawyer showed 20 firms this year with gross revenues of $100 million- plus. Two years ago, just five were in that elite. The leader, 840-lawyer Skadden, Arps, had gross revenues of around $228 million. With offices in eight cities, its weekly partnership lunches require an audio hookup to link conference rooms...
...changed environment for making firms more responsive to client needs. And while the "white shoe" partnerships of the past may have been more above the fray, they also discriminated against women and non-Wasps. "It was the good old days for some people but not for others," says Skadden, Arps Managing Director Earle Yaffa. "Now there's an emphasis on talent." So much emphasis that the competition for top law students has driven starting pay to above $70,000 a year in some places. But to earn their keep, new associates are expected to rack up at least...
Finally, in February, Goldenson and Murphy met in the offices of ABC's lawyer Joseph Flom, a partner in the New York City law firm Skadden, Arps, Slate, Meagher & Flom, famous as takeover specialists. From that point onward, the deal moved rapidly. The two sides spent only ten days in face-to-face talks, although they confronted some sticky points. Says Goldenson: "It fell apart from time to time as we went along...
...lawyers--Joseph Flom of New York's Skadden, Arps, Slate, Meagher & Flom and Martin Lipton of New York's Wachtell, Lipton, Rosen & Katz--are jousting in a Delaware court over the legality of the "poison pill" corporate take-over defense...
...will Gulfs 300,000 shareholders fare badly. They hold 165 million shares that since last summer have jumped in value from $40 to $80 a share, for a total gain of more than $6 billion. Says Donald Drapkin, a merger specialist with Skadden, Arps, Slate, Meagher & Flom, a leading New York City law firm: "Pickens created real value for Gulf shareholders in a stock that was stagnant before he arrived on the scene...