IN-DEPTH RESEARCH REPORT
on Cleary Gottlieb Steen & Hamilton LLP
- - Financial Information
- - Compensation
- - Billing Rates
- - Lateral Partner Moves
- - Pro bono
- - Key Contacts
Cleary Gottlieb Steen & Hamilton
- Designation: International
- Head Count: 1,252
- Gross Revenues: $1,131,000,000
- Revenue Per Lawyer: $905,000
- Profits Per Partner: $2,685,000
- Year Over Year Change: no change
Perhaps it’s no surprise that Cleary’s Manhattan headquarters offers a stunning 360–degree view of the world around it. Almost from the time it was founded in 1946, Cleary has been looking outward. It was one of the first firms to expand into Europe, opening a Paris office in 1949, and has long tightly integrated its overseas operations with those within the United States. Today, more than one–third of Cleary’s roughly 1,200 lawyers are based in Europe, with dozens more in Latin America and Asia. Much of its billion–dollar–a–year revenue (a mark Cleary crossed for the first time on the 2011 Am Law 100 list) derives from its expertise in global matters, including international trade and regulatory work, capital markets, antitrust, and restructuring and bankruptcy.
Alone among the thousand–lawyer firms, Cleary maintains just two stateside offices, in New York and Washington, D.C. Each, however, is a formidable presence: New York is a center for the firm’s busy corporate and litigation practices; Washington is the hub for its antitrust and regulatory work. A perennial top finisher on the Am Law 100 list (ranking in the top 20 since 1986), Cleary has also been a highly profitable firm. It ranked third on that year’s Am Law Profitability Index, which looks at a firm’s ability to convert revenue into profits.
The success hasn’t come at too great a price, either. While long hours are the norm, Cleary is known as a relatively informal, collegial place (spurring that, perhaps, is a compensation system based solely on seniority). There is a lot of promotion from within—90 percent of Cleary’s partners started out as associates at the firm—and Cleary is one of the more diverse large firms around, ranking fourth on The American Lawyer’s 2011 Diversity Scorecard (28 percent of associates self–identify as a person of color and 8 percent as either lesbian or gay). Generally, the firm scores good marks from its junior lawyers, ranking eighteenth on The American Lawyer’s 2010 Midlevel Associates Survey (though this dropped to fifty–ninth in 2011).
While there have been some disappointments—after 18 years trying to boost an underperforming Japan office, the firm finally pulled the plug in 2006—Cleary’s formula has clearly been a winner.
—Updated as of 1/1/12
|Survey||Rank||Year Over Year Change||Description|
|Am Law 100||15||no change||Gross revenue|
|Am Law 200||15||no change||Gross revenue|
|NLJ 250||16||no change||Lawyer head count|
|The A-List||21||5||Overall excellence|
|Pro Bono Scorecard||50||9||Pro-bono commitment|
|Diversity Scorecard||13||9||Minority head count|
|Midlevel Associates Survey||59||41||Job satisfaction|
|Summer Associates Survey||92||9||Summer programs|
In the News
Jessica Seah : The Asian Lawyer : May 21, 2013
A consortium led by Blackstone Group is proposing to take China's largest IT outsourcing company private.
Jessica Seah : The Asian Lawyer : May 21, 2013
If successful, the $270 million listing will be the first in Hong Kong by a Korean company.
Tom Brennan : The Asian Lawyer : May 20, 2013
The Los Angeles firm has publicly stated its aim to have a Seoul office of as many as 150 lawyers and to practice Korean law as soon as it can. Can Sheppard Mullin really make itself a leader in an ultracompetitive market?
Tom Huddleston Jr. : The Am Law Daily : May 16, 2013
Citigroup is selling Brazilian unit Credicard to São Paulo–based Itaú Unibanco in a cash deal worth $1.38 billion. Brazil's Pinheiro Guimarães Advogados is serving as local counsel to Citi on the sale.
Jeff Mordock : Delaware Business Court Insider : May 15, 2013
Primedia Inc.'s shareholders can proceed with their derivative lawsuit alleging that the company's $525 million sale to TPG Capital LP improperly benefited the company's largest shareholder, Kohlberg Kravis Roberts & Co., the Delaware Chancery Court has ruled. In issuing the decision, the court held that the merger must be reviewed under the entire-fairness doctrine because of the possibility that KKR received a special benefit from the merger after Primedia's board opted not to seek profits the investment firm allegedly obtained as a result of insider trading in 2002.
Brendan Pierson : New York Law Journal : May 14, 2013
FirstBank Puerto Rico alleges the securities it had pledged to a Lehman Brothers unit as collateral in an interest rate swap agreement were then improperly transferred to Lehman and sold to Barclays Capital in Lehman's bankruptcy sale.
: New York Law Journal : May 13, 2013
In this Special Report from the New York Law Journal: "Dodd-Frank Brings Regulatory Change to Investment Advisers," "Challenging a SIFI Designation," "New and Proposed Research Rules Create Compliance Challenges for Banks" and "Controlling the Risks of Shadow Banking."
Brenda Sapino Jeffreys : Texas Lawyer : May 13, 2013
The top 10 deals in Texas in 2012.
Edward F. Greene and Elizabeth L. Broomfield : New York Law Journal : May 13, 2013
Edward F. Greene, senior counsel at Cleary Gottlieb Steen & Hamilton, and Elizabeth L. Broomfield, an associate at the firm, write that 2013 has proven to be a time of great transformation and controversy in the development of "shadow banking" supervision and regulation, as, in the past few months alone, the Financial Stability Board, United States, and European Union have taken significant steps that will result in increased oversight of this segment of the financial sector.
: New York Law Journal : May 10, 2013
The Cyrus R. Vance Center for International Justice celebrated its 10th anniversary on May 7 at the 44th Street headquarters of the New York City Bar.
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