IN-DEPTH RESEARCH REPORT
on Sullivan & Cromwell LLP
- - Financial Information
- - Compensation
- - Billing Rates
- - Lateral Partner Moves
- - Pro bono
- - Key Contacts
Sullivan & Cromwell
- Designation: New York
- Head Count: 776
- Gross Revenues: $1,184,000,000
- Revenue Per Lawyer: $1,525,000
- Profits Per Partner: $3,450,000
- Year Over Year Change: 2
Few firms date back to the Panama CanalSullivan & Cromwell (William Nelson Cromwell was the Canals chief lobbyist) helped build it. While not the largest of the New York legal giants, Sullivans history, clients, andmost noteworthy of allprofitability have made it the archetypal bluechip firm.
A perennial top15 presence on The Am Law 100, Sullivan has routinely ranked in the top three in profits per partner, average partner compensation, and revenue per lawyer.
Sullivan was one of the first U.S. firms to look abroad, opening in Paris in 1927. Today it has 12 offices around the world, and its client roster divides almost down the middle between U.S. and non-U.S. entities. The firms global reach and experience has made it a major force in crossborder M&A work, and Sullivan lawyers have been among The American Lawyers Dealmakers of the Year for four consecutive years (2008 through 2011). For all the bench strength, Rodge Cohen remains the firms most prominent partner, a banking expert who has been at the center of the financial industrys affairs, public and private, for three decades.
The firm has also given rise to a litigation practice known for both its footprint and its track record, earning an honorable mention in The American Lawyers 2008, 2010, and 2012 Litigation Department of the Year contests.
Sullivan handled significant trial work for financial institutions entangled in the global banking crisis, and more recently, defended BP p.l.c. in securities and ERISA litigation arising from the Deepwater Horizon oil spill. Other Sullivan & Cromwell strengths include real estate finance and derivatives. It can be a tough place for young lawyers. In The American Lawyers 2011 Midlevel Associates Survey, Sullivan ranked just ninetyfourth out of 126 firms. But the firm is legendary for growing organically, not by merger, and for associates who get the nod, partnership isnt just a wellearned reward, but the closest thing the legal industry has to a golden ticket.
Updated as of 1/1/12
|Survey||Rank||Year Over Year Change||Description|
|Am Law 100||14||2||Gross revenue|
|Am Law 200||14||2||Gross revenue|
|NLJ 250||44||no change||Lawyer head count|
|The A-List||26||3||Overall excellence|
|Pro Bono Scorecard||53||9||Pro-bono commitment|
|Diversity Scorecard||50||6||Minority head count|
|Midlevel Associates Survey||94||25||Job satisfaction|
|Summer Associates Survey||NR||N/A||Summer programs|
In the News
Brian Baxter : The Am Law Daily : April 19, 2013
Latham & Watkins, Simpson Thacher, Davis Polk, and Fenwick & West are leading a pack of firms reaping the benefits from a recent round of initial public offerings that includes share sales for such companies as Fairway, SeaWorld, Taminco, and Taylor Morrison.
Tom Huddleston Jr. : The Am Law Daily : April 16, 2013
Satellite broadcaster DISH Network is relying on an in-house legal team for the $25.5 billion takeover bid it submitted to Sprint Nextel's board Monday. The offer further muddles a complicated deal picture for Sprint, which in October agreed to sell a 70 percent stake in the company to Japanese Internet and telecommunications group SoftBank for $20.1 billion.
Chris Johnson : The Am Law Daily : April 15, 2013
American Lawyer chief European correspondent Chris Johnson meets regularly with senior legal sector figures at their favorite breakfast joints to chew over the industry's tastiest talking points. This week, Slaughter and May senior partner Chris Saul discusses the long-term viability of the firm's "best friends" alliance network.
Jessica Seah : The Asian Lawyer : April 15, 2013
Singapore has attracted droves of international firms, but several of the most elite names in the business remain conspicuously absent from the island nation's growth story.
Monica Bay : Law Technology News : April 15, 2013
The first thing many lawyers envision when someone starts talking about a "virtual firm" is bathrobes. Walking from your bedroom to your home office, encased in terrycloth, has become an iconic stereotype of lawyers who work from home. So much so that Garry Berger, co-founder and managing director at Berger Legal, sent holiday gifts of plush bathrobes, monogrammed with the firm name, to all 17 lawyers (15 of whom are women).
Brendan Pierson : New York Law Journal : April 12, 2013
Manhattan Supreme Court Justice Charles Ramos said that Assured's recovery is limited to EMC's obligation to repurchase the underlying mortgage loans, which EMC allegedly downplayed the risks of, under the insurance agreement.
Diane Jeantet : The Am Law Daily : April 9, 2013
King & Spalding brings aboard a former assistant chief of the Justice Department's antitrust division in New York; Gibson Dunn hires a longtime veteran of the SEC; and Schiff Hardin grabs four attorneys from Miller Canfield. The Churn is constant. Please send all announcements to email@example.com.
Tom Huddleston Jr. : The Am Law Daily : April 8, 2013
Landing advisory roles on two of the biggest deals of the year's first three months—the $28 billion sale of Heinz and Comcast's $16.7 billion purchase of the remainder of NBCUniversal—helped push Davis Polk & Wardwell to the top of two rankings released Monday of legal advisers based on the total value of their corporate clients' M&A transactions for the quarter. The firm also claimed the top spot on Thomson Reuters's rankings last week.
Monica Bay : Law Technology News : April 5, 2013
Suzie Scanlon, senior counsel for virtual firm Berger Legal, embraces virtual lawyering with unbridled enthusiasm. Clients are attracted to the firm because of its "lower fees, alternative fee arrangements, and flexibility," she says -- and the economics can be pretty stunning; Berger Legal's rates are usually half of what Big Law firms charge for the same services.
Tania Karas : New York Law Journal : April 4, 2013
Nasdaq OMX Group Inc. has reached an agreement to buy electronic trading platform eSpeed from parent company BGC Partners Inc. for $750 million in cash plus issuance of stock. Also, American Greetings Corporation has agreed to be taken private by a group of its executives, who are members of the family that founded it, in a deal worth $878 million.
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