Sullivan & Cromwell Law Firm Profile

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Sullivan & Cromwell LLP

  • Designation: New York
  • Head Count: 804
  • Gross Revenues: $1,278,000,000
  • Revenue Per Lawyer: $1,590,000
  • Profits Per Partner: $3,675,000
  • Year Over Year Change: 1

Sullivan & Cromwell is based in New York City. It ranked 14th on The American Lawyer's 2011 Am Law 100 rankings of U.S. law firms based on gross revenue, with revenues of $1,079,000,000 in 2010. The firm ranked 18th on the 2011 Global 100 revenue rankings. With 749 attorneys, it ranks 44th on the National Law Journal's 2011 NLJ 250. The firm has been in the top fifteen of The American Lawyer's annual Am Law 100 rankings of U.S. firms by revenue since 1986. Sullivan & Cromwell's areas of expertise include mergers and acquisitions, banking regulation, real estate finance, and derivatives. Practice areas include corporate and financial law, litigation, intellectual property and technology, and tax law.

Firm Rankings

Survey Rank Year Over Year Change Description
Am Law 100 13 1 Gross revenue
Am Law 200 13 1 Gross revenue
NLJ 250 42 4 Lawyer head count
The A-List 27 -1 Overall excellence
Pro Bono Scorecard 54 -6 Pro-bono commitment
Diversity Scorecard 50 0 Minority head count
Midlevel Associates Survey 94 -25 Job satisfaction
Summer Associates Survey NR N/A Summer programs

In the News

Ruling to Dismiss 'Reached in Error,' RMBS Investor Fund Argues

Suevon Lee : Commercial Litigation Insider : January 28, 2014

Attorneys for an investment fund are asking a Manhattan state judge to reconsider his dismissal of a fraud suit against Goldman Sachs for its conduct in connection with the sale of $450 million in residential mortgage-backed securities.

Goldman Mulls Deal as Banks Suffer New Blow in FHFA Cases

Jan Wolfe : The Litigation Daily : January 28, 2014

With trial approaching for Goldman, RBS, HSBC and Nomura, a judge rejected the argument that Fannie Mae and Freddie Mac knew they were being misled about billions of dollars in residential mortgage-backed securities they purchased before the financial crisis.

Dollar Tree Pays Big Bucks for Bargain Retail Rival

MP McQueen : The Am Law Daily : January 28, 2014

Wachtell Lipton, Cleary Gottlieb, Sullivan & Cromwell and Williams Mullen advise on Dollar Tree Inc.'s $8.5 billion cash and stock purchase of Family Dollar Stores Inc. to create one of the largest discount retailers in North America.

Barclays Argues for Dismissal of Fraud Suit Over 'Dark Pool'

Suevon Lee : Commercial Litigation Insider : January 25, 2014

Barclays is challenging the authority of New York's top lawyer to sue the bank for fraud over allegedly deceptive statements it made to investors concerning high frequency trading in its 'dark pool,' or private stock exchange.

21st Century Fox Sells German, Italian Units for $9 Billion

Wenxiong Zhang : The Am Law Daily : January 25, 2014

A slew of Am Law and Magic Circle firms advised as 21st Century Fox agreed to offload its pay-television assets in Italy and Germany to British Sky Broadcasting Group in a deal that would provide cash to reignite media mogul Rupert Murdoch's takeover bid for Time Warner.

Barclays Moves to Dismiss AG's Suit Over 'Dark Pools'

Suevon Lee : New York Law Journal : January 25, 2014

Barclays is challenging the authority of New York's top lawyer to sue the bank for fraud over allegedly deceptive statements it made to investors concerning high frequency trading in its "dark pool," or private stock exchange.

Am Law Trio Advises on CIT's $3.4 Billion Buy of OneWest

MP McQueen : The Am Law Daily : January 22, 2014

Wachtell Lipton, Rosen & Katz; Cleary Gottlieb Steen & Hamilton and Sullivan & Cromwell took the lead on CIT Group's acquisition of OneWest Bank's parent, IMB Holdco LLC, moving the commercial lender into consumer banking.

The Careerist: Big Law Partner to Wed Star of Wonder Years

Vivia Chen : The Careerist : January 21, 2014

The latest in gossipy, curious and totally irrelevant news about people in law.

McDermott Will's Yar Chaikovsky

Scott Graham : The Recorder : January 21, 2014

The patent litigator talks about his recent win against Acacia and says the America Invents Act has brought about more change than expected.

Dealmaker of the Week: Davis Polk & Wardwell's William Chudd

Vinayak Balasubramanian : The Am Law Daily : January 18, 2014

Chudd led the deal team advising Irish drugmaker Shire Plc on its sale to AbbVie for $54.8 billion in cash and stock—marking the largest ever corporate inversion, in which a U.S.-based company lowers its taxes by moving overseas.

Lloyd's Can't Duck Claims Over MBIA Restructuring Fight

David Bario : The Litigation Daily : January 17, 2014

After toiling through four years of litigation related to MBIA Inc.'s 2009 restructuring, the bond insurer's lawyers at Kasowitz Benson won a ruling this week that puts Lloyd's of London and other underwriters on the hook for a hefty portion of MBIA's defense tab.

New Deals

MP McQueen : The American Lawyer : January 17, 2014

Reynolds American Inc., maker of Pall Mall and Camel cigarettes, has agreed to buy Lorillard Inc. for $27.4 billion, including debt. If completed, the merger would create a powerful rival to the largest tobacco company in the U.S.

Reynolds Agrees to Buy Lorillard for $27.4 Billion

MP McQueen : The Am Law Daily : January 15, 2014

Jones Day, Cravath Swaine & Moore, Simpson Thacher & Bartlett, Allen & Overy and Kirkland & Ellis all advised on the megadeal that would create a $50 billion tobacco company to rival Altria Group, the holding company of Philip Morris.

Fifth Circuit Revives BP Oil Spill ERISA Class Action

Jan Wolfe : The Litigation Daily : January 15, 2014

A U.S. Supreme Court decision from last month has breathed new life into claims that BP mismanaged employee stock ownership programs that plummeted in value after the 2010 Deepwater Horizon oil spill.

The American Lawyer Chooses 2014 Global Legal Award Winners

Michael D. Goldhaber : The Am Law Daily : January 10, 2014

The American Lawyer unveils the 36 winners of its second annual Global Legal Awards. Four grand prizewinners—in Global M&A, Global Finance, Global Disputes and Global Citizenship—will be announced at the awards dinner on Sept. 15 at Gotham Hall in New York City.

Undeterred, AbbVie Makes Another Play for Shire

Vinayak Balasubramanian : The Am Law Daily : January 08, 2014

After being rebuffed three times by Shire, AbbVie announced a sweetened bid of $51.5 billion for the Irish pharmaceutical company. Advising AbbVie are Herbert Smith Freehills and Sullivan & Cromwell; Shire turned to Slaughter & May and Davis Polk & Wardwell.

INADMISSIBLE: BNP Assailed Over Unlawful Transactions

: The National Law Journal : January 07, 2014

The French bank BNP Paribas S.A. has agreed to plead guilty and pay nearly $9 billion over transactions with countries subject to U.S. sanctions such as Cuba, Iran and Sudan, DOJ lawyers said. Plus more in this week's column.

Davis Polk's Big Bet in Hong Kong

Anthony Lin : The Asian Lawyer : January 07, 2014

The Wall Street firm has assembled a dream team, with an eye on China's rising corporate elite. Is the market ready?

Mergers Increase in 2014, Reaching a Seven-Year High

Jamille Sutton : The American Lawyer : January 03, 2014

The volume of deals in the first half of 2014 hit $1.77 trillion, Reuters reported.

Skadden Crowned Winner in M&A Rankings

Wenxiong Zhang : The Am Law Daily : January 03, 2014

Skadden, Arps, Slate, Meagher & Flom sat atop three separate rankings of legal advisers for M&A deals based on total transaction value in the first half of the year.

Ceglia, Prosecutors Spar Over Facebook Files

Jan Wolfe : New York Law Journal : January 03, 2014

With a potential fraud conviction in his future, Paul Ceglia is digging into the past to fight criminal charges that he fabricated a contract and other evidence in his failed suit claiming to own 50 percent of Facebook Inc.

BNP Deal Shines Spotlight on Law Firms' Sanctions Advice

Susan Beck : The Litigation Daily : January 03, 2014

The Justice Department's $8.9 billion settlement with BNP Paribas gave prosecutors a chance to argue that they're not afraid to get tough on big banks. But it also highlighted the roles of two large law firms that counseled BNP on transactions at the heart of the government's case, suggesting that the French Bank relied on questionable advice to justify violating U.S. sanctions regimes.

BNP Paribas Pleads Guilty in Largest U.S. Sanctions Case

Mark Hamblett : New York Law Journal : January 01, 2014

BNP Paribas will pay a huge price to settle charges it funneled more than $8.8 billion through the U.S. financial system on behalf of Sudan, Iran and Cuba while those countries are subject to U.S. economic sanctions.

Going for the Gold

: Corporate Counsel : January 01, 2014

A luxury jeweler burnishes one its lawyers and finds a GC; and other Moves.

Can't Buy Them Love

Katelyn Polantz : Corporate Counsel : January 01, 2014

Washington firms were far behind the richest firms in profits per partner.

Hogan Lovells, White & Case Brush Up on Mexican Paint Merger

Brian Baxter : The Am Law Daily : January 01, 2014

Six weeks after Consorcio Comex launched an arbitration proceeding against Sherwin-Williams over the latter's failed $2.34 billion purchase of the company, the Mexican paints maker announced a $2.3 billion deal to sell itself to PPG Industries.

Ceglia, Prosecutors Spar Over Facebook Files

Jan Wolfe : The Litigation Daily : January 01, 2014

With a potential fraud conviction in his future, Paul Ceglia is digging into the past to fight criminal charges that he fabricated a contract and other evidence in his failed suit claiming to own a 50 percent of Facebook Inc.

Sullivan & Cromwell Guides BNP in $9 Billion Criminal Deal

Jan Wolfe : The Litigation Daily : January 30, 2014

Sullivan & Cromwell helped steer BNP Paribas SA to a historic guilty plea and settlement on Monday, bolstering the firm's reputation as go-to counsel for banks locked in hostile negotiations with regulators.

In BNP Case, Prosecutors Warn Companies About Cooperation

Todd Ruger : Legal Times : January 30, 2014

Government officials want to use the case against the French bank BNP Paribas—which has agreed to plead guilty and pay nearly $9 billion for transactions with countries that are subject to U.S. sanctions—as an example to companies about what path not to take.

Big Deals

: The American Lawyer : January 30, 2014

AT&T/DirecTV; Alibaba IPO; Valeant / Allergan

Marking 50 Years of Civil Rights Laws

: New York Law Journal : January 27, 2014

The Lawyers' Committee for Civil Rights Under Law sponsored a panel discussion Wednesday on the 50th anniversary of the Civil Rights Act of 1964.

Wachtell Partner Departs to Start Exec Comp Boutique

Brian Baxter : The Am Law Daily : January 27, 2014

Jeremy Goldstein has bid adieu to the Black Rock, the New York headquarters of Wachtell, Lipton, Rosen & Katz, where he was a partner for the past six years. In launching his own boutique, the 40-year-old Goldstein leaves behind a firm that had the highest profits per partner in the country last year.

Skadden Scoops Up M&A Deals

Wenxiong Zhang : The Am Law Daily : January 26, 2014

The firm took the lead on two back-to-back transactions, advising Validus on its $690 million purchase of Western World Insurance, and Endo International on its $575 million buy of DAVA Pharmaceuticals. Sullivan & Cromwell and Morrison Cohen counseled Western World, while Dechert represented DAVA.

50th Anniversary of Civil Rights Act Recognized

Tania Karas : New York Law Journal : January 24, 2014

To commemorate the 50th anniversary of the federal Civil Rights Act, the Lawyers' Committee for Civil Rights Under Law is hosting a panel discussion Wednesday and black-tie gala Thursday in New York.

Orrick, Cleary Clinch Roles as Alstom's Board Approves GE Bid

Brian Baxter : The Am Law Daily : January 24, 2014

After a two-month takeover quest, veteran French M&A lawyer Jean-Pierre Martel, a partner in the Paris office of Orrick, Herrington & Sutcliffe, advised the board of engineering giant Alstom as it recommended the acceptance of General Electric's $17 billion bid for its energy business. The deal, which has yielded roles for nearly a dozen firms on both sides of the Atlantic, is the largest in GE's history.

Banks Cite Superfund Ruling in New Bid to Beat FHFA Claims

Jan Wolfe : The Litigation Daily : January 23, 2014

Three hold-out banks that have refused to settle with the FHFA—Nomura, HSBC and Goldman Sachs—rehashed old arguments to defeat claims that they misled Fannie Mae and Freddie Mac about the riskiness of billions of dollars in securities backed by home loans.

Personal Notes on Lawyers

: New York Law Journal : January 20, 2014

Day Pitney, White & Case, Paul Weiss and Pearl Cohen Zedek Latzer Baratz have each added a partner, while the Fund for Modern Courts has added new members to its board of directors.

Due Diligence Issue Prompts Dismissal of $450M RMBS Action

Suevon Lee : Commercial Litigation Insider : January 19, 2014

Investors who bought residential mortgage-backed securities comprised of shoddy mortgage loans from Goldman Sachs cannot adequately plead fraud against the bank because they failed to request and review the loan files themselves, Manhattan Supreme Court Justice Charles Ramos has held.

Asia Deal Digest: June 19, 2014

Anna Zhang : The Asian Lawyer : January 19, 2014

* Clifford Chance and Herbert Smith Freehills on Shell's $5.7 billion divestment from Woodside * Allen & Gledhill advising Alibaba on a proposed investment in Singapore's postal service* Jones Day guides a touchscreen chipmaker on a $598 million acquisition of a Japanese competitor

New Deals

: New York Law Journal : January 19, 2014

In the latest, and perhaps largest, example of a U.S. company ditching its borders, medical device maker Medtronic Inc. announced Sunday it would purchase Dublin-based Covidien in a $42.9 billion deal that would move the combined company to Ireland. Also, Priceline Group said Friday it has agreed to buy online restaurant-reservation service OpenTable.com for $2.6 billion in cash.

'Get Gritty' Is the New Career Advice for Women Lawyers

Maria Zilberman : The Recorder : January 17, 2014

The Grit Project, launched by the ABA's Commission on Women in the Profession, preaches the importance of grit and growth mindset.

$2.5 Billion Deal for Permian Basin Energy Assets

Brenda Sapino Jeffreys : Texas Lawyer : January 16, 2014

Porter Hedges is one of three firms representing an affiliate of American Energy Partners LP in its pending $2.5 billion purchase of Permian Basin energy assets in Texas from affiliates of Enduring Resources.

Consideration of Banking Applications and Notices

Michael T. Escue : New York Law Journal : January 16, 2014

In his Banking column, Michael T. Escue writes that the Board of Governors of the Federal Reserve System recently issued guidance that discusses various issues that may prevent the Federal Reserve from acting favorably on applications and notices submitted by banking organizations, along with describing the Federal Reserve's approach to processing applications and notices that present such issues.

Merck Pays $3.85B for Idenix

Jennifer Genova (compiled from ThomsonReuters Financial and other sources) : New Jersey Law Journal : January 13, 2014

Big buys this week for Merck, NRG and Celsion.

S&C, Latham Advise as Priceline Gobbles Up OpenTable

MP McQueen : The Am Law Daily : January 13, 2014

Sullivan & Cromwell and Latham & Watkins advise as the online travel booking company agrees to acquire the online restaurant-reservation service.

S&C, Latham Advise as Priceline Gobbles Up OpenTable

MP McQueen : The Am Law Daily : January 13, 2014

Sullivan & Cromwell and Latham & Watkins advise as the online travel booking company agrees to acquire the online restaurant-reservation service.

The Churn: Holland & Knight Heads to Alaska, Plus More Lateral Moves

Brian Baxter : The Am Law Daily : January 13, 2014

Holland & Knight, a firm with Florida roots, is heading to Anchorage after recruiting a team of lawyers from Patton Boggs, plus more moves from across The Am Law 200.

Katzmann Seeks More Public Engagement With Judiciary

Mark Hamblett : New York Law Journal : January 13, 2014

In the wake of the 2013 congressional budget sequester that pushed the judiciary to the brink, the top judge of the Second Circuit said he would like the federal courts to take it upon themselves to inform voters how the system works.

$2.5 Billion Permian Basin Deal

Brenda Sapino Jeffreys : Texas Lawyer : January 12, 2014

Porter Hedges is one of three firms representing an affiliate of American Energy Partners LP in its pending $2.5 billion purchase of Permian Basin energy assets in Texas from affiliates of Enduring Resources.

Goldman, Bain Settle Antitrust Suit for $121 Million

Ross Todd : The Litigation Daily : January 12, 2014

Ropes & Gray, Sullivan & Cromwell, Jones Day and Kirkland & Ellis reached the agreement Wednesday on behalf of the two companies, which were accused of conspiring with other private equity players to deflate the price of corporate takeovers.

New Deals

Vinayak Balasubramanian : New York Law Journal : January 12, 2014

Moving to expand its product offerings aimed at treating hepatitis C, pharmaceutical giant Merck & Co. announced Monday that it has agreed to buy Cambridge, Ma.-based Idenix Pharmaceuticals, Inc., for $3.85 billion.

Studios Seek DQ of Greenberg Glusker in Tolkien Dispute

Ross Todd : The Litigation Daily : January 11, 2014

Warner Bros. and The Saul Zaentz Company claim that Greenberg Glusker accessed confidential attorney-client information by soliciting two former in-house lawyers who negotiated the original 1969 film rights agreements to the "The Lord of the Rings" and "The Hobbit."

Hughes Hubbard, S&C Advise on Merck's Idenix Buy

Vinayak Balasubramanian : The Am Law Daily : January 09, 2014

Moving to expand its product offerings aimed at treating hepatitis C, pharmaceutical giant Merck & Co. announced Monday that it has agreed to buy Cambridge, Ma.-based Idenix Pharmaceuticals Inc. for $3.85 billion.

Shale Mania a Boon to Half-Dozen Firms

Brian Baxter : The Am Law Daily : January 09, 2014

Two companies linked to billionaire Aubrey McClendon—one of the foremost backers of the so-called U.S. shale gas revolution—made big moves in the energy space Monday. A handful of big firms have landed roles on both matters.

Texas' Top Deals of 2013

Brenda Sapino Jeffreys : Texas Lawyer : January 06, 2014

The following deals, involving at least one Texas-based company, were announced in 2013.

Asia Deal Digest: June 5, 2014

Tom Brennan : The Asian Lawyer : January 05, 2014

* Japan's Dai-ichi Life turns to Baker & McKenzie and Willkie Farr for its first foray into the U.S. market* Minter Ellison is guiding Asia's richest man on his $2.2 billion bid for Australian natural gas distributor Envestra* Clifford Chance advises 7-Eleven Malaysia on a $225 million IPO

Texas' Top Deals of 2013

Brenda Sapino Jeffreys : Texas Lawyer : January 03, 2014

The following deals, involving at least one Texas-based company, were announced in 2013.

Valeant Makes Skin Care Licensing Deal Amid Allergan Offer

Vinayak Balasubramanian : The Am Law Daily : January 28, 2014

Six Am Law 100 firms are advising as Valeant sells the licensing rights to several skin care products to Nestle for $1.4 billion as it ups its unsolicited bid for Botox maker Allergan.

Am Law Trio Help Koch Slake Petro Thirst

Brian Baxter : The Am Law Daily : January 28, 2014

Jones Day is advising an affiliate of Koch Industries on its $2.1 billion purchase of PetroLogistics, which is being represented by Vinson & Elkins and Weil.

Latham, Shearman Assist in Amgen's $4.5 Billion Financing

Chelsea Allison : The Recorder : January 22, 2014

New Deals

Brian Baxter : The Am Law Daily : January 22, 2014

At least a dozen firms are advising on telecommunications giant AT&T's proposed $48.5 billion acquisition of DirecTV. Also, Darden Restaurants has agreed to sell Red Lobster to private equity firm Golden Gate Capital for $2.1 billion in cash.

Law Firm, ACLU Sues Insurer for Sandy Damage Claims

Christine Simmons : New York Law Journal : January 21, 2014

A condominium association whose members include Sullivan & Cromwell and the ACLU is suing four insurance companies for $25.9 million in damages from Superstorm Sandy.

Judge Nixes Most of Investor Class Action over BP Spill

Jan Wolfe : The Litigation Daily : January 21, 2014

Sullivan & Cromwell continued to chip away at BP's potential liability to investors this week, scuttling the larger of two proposed classes in securities litigation related to the Gulf Coast oil spill.

Recent NY Decisions Discuss Forum-Related Doctrine

Suevon Lee : Commercial Litigation Insider : January 21, 2014

The recent dismissal of a $30 million lawsuit between foreign entities for the reason that New York is an inconvenient forum is the latest sign that New York courts are solidifying their stance towards a doctrine that's playing an increasingly important role in litigation arising from global financial transactions, practitioners say.

Clifford Chance and Cleary Lead on Abbott Labs Pharma Deal

MP McQueen : The Am Law Daily : January 20, 2014

Abbott turned to Clifford Chance on its buy of a controlling stake in Chilean drugmaker CFR Pharmaceuticals, with Cleary advising CFR.

Proper Forum Is in Korea, Not New York, Judge Rules

Brendan Pierson : New York Law Journal : January 19, 2014

Justice Charles Ramos has dismissed a $30 million lawsuit filed by a Korean company against UBS AG over a credit derivative transaction that was mostly arranged in Korea and Hong Kong, ruling that New York was not a convenient forum.

Dozen Firms Tune In for AT&T's $48.5 Billion DirecTV Buy

Brian Baxter : The Am Law Daily : January 19, 2014

In a deal likely to face major regulatory scrutiny, a telecommunications giant aims to absorb the nation's largest satellite television operator.

GCs, Board Members Rank Their Favorite Firms

Sherry Karabin : Corporate Counsel : January 16, 2014

A trade magazine and consultancy have come out with their rankings, which don't deviate from the usual crop of top law firms.

Which German Cities Are Best—or Worst—for Law Firms?

Chris Johnson : The American Lawyer : January 15, 2014

The answer depends on your firm's strategy, strongest practice areas and client base.

Davis Polk, Cleary Seek to Take Citizens Bank Public

Brian Baxter : The Am Law Daily : January 13, 2014

The Royal Bank of Scotland has filed papers seeking to spin off its U.S. arm Citizens Financial Group—owner of Citizens Bank—in an initial public offering that could raise $4.6 billion.

Am Law Duo Put to Bed $1.3 Billion Hotel Venture

Brian Baxter : The Am Law Daily : January 13, 2014

Wachtell and Schulte Roth are advising on the sale of a portfolio of hotel properties by Chatham Lodging Trust and Cerberus Capital Management to a new joint venture led by Chatham and NorthStar Realty Finance Corp.

IN BRIEF: Rap Videos Admissible

: The National Law Journal : January 12, 2014

Rap videos made by Ronald Herron, the alleged leader of the Brooklyn, N.Y., "Murderous Mad Dogs" set of the Bloods, are admissible at his murder and ­racketeering trial, but so are the views of a defense expert who will testify that "gangsta" rap is not ­necessarily a statement of truth, a federal judge has ruled. Plus more from NLJ.com and other ALM publications.

Wachtell, Simpson Handle $1.65 Billion Payments Deal

Brian Baxter : The Am Law Daily : January 12, 2014

Vantiv has turned to Wachtell, Lipton, Rosen & Katz for counsel on its acquisition of Mercury Payment Systems from private equity firm Silver Lake Partners.

Bayer Pays $14B for Merck Brands

Jennifer Genova (compiled from ThomsonReuters Financial and other sources) : New Jersey Law Journal : January 09, 2014

Mergers and acquisitions from around the state, including Merck's $14 billion sale of its consumer care line, including the Dr. Scholl's and Claritin brands, to Bayer AG.

New Deals

Brian Baxter and The Associated Press : The Am Law Daily : January 08, 2014

In the latest large M&A deal in the pharmaceutical sector, at least eight firms are advising on the $14.2 billion sale of Merck & Co.'s consumer care business to German drug giant Bayer AG.

Asia Deal Digest: May 8, 2014

Tom Brennan : The Asian Lawyer : January 08, 2014

* Simpson Thacher taking China's Alibaba public in the U.S.* Morrison & Foerster helping Chinese train maker test Hong Kong IPO waters* King & Wood Mallesons and Minter Ellison on $1.6 billion Newcastle port lease

Alibaba Files for U.S. IPO

Anna Zhang : The Asian Lawyer : January 07, 2014

The prospectus filed by the Chinese e-commerce giant Wednesday morning gives the full list of counsel who will be participating in its highly anticipated U.S. initial public offering.

Circuit Says Cross-Listing Doesn't Upset 'Morrison' Bar

Mark Hamblett : New York Law Journal : January 07, 2014

The ban on extraterritorial application of U.S. securities laws applies even to claims based on foreign shares that are cross-listed on an American exchange, the Second Circuit said Tuesday.

Simpson Thacher's Palo Alto Office Gets Alibaba IPO

Chelsea Allison : The Recorder : January 06, 2014

Sullivan & Cromwell represents underwriters.

Second Circuit Strikes Down Mammoth UBS Class Action

Jan Wolfe : The Litigation Daily : January 06, 2014

A long-running securities class action against UBS AG finally bit the dust on Tuesday, courtesy of an appeals court decision that further limits the extraterritorial reach of U.S. securities laws.

Four Firms Lead on Bayer's Big Merck Carve-Out

Brian Baxter : The Am Law Daily : January 06, 2014

In the latest large pharmaceutical industry deal, Covington, Fried Frank, Morgan Lewis and Sullivan & Cromwell are advising on a $14.2 billion transaction between Merck and German drug giant Bayer.

Proskauer Acts for PE Firm on $216 Million IPO

Brian Baxter : The Am Law Daily : January 05, 2014

Ares Management has become the latest private equity firm to tap the public markets, although its legal fees pale in comparison to IPOs of years past.

D.C. Law Firms Lag Behind the 'Super Rich' from New York

Katelyn Polantz : The National Law Journal : January 05, 2014

The top Washington law firms remained clustered far behind the nation's richest firms last year, according to The American Lawyer.

Kasowitz Gets Green Light to Challenge Goldman's ABACUS Win

Jan Wolfe : The Litigation Daily : January 02, 2014

A year after dismissing the case, an intermediate appeals court in New York has agreed to let ACA Financial Guaranty Corp take its long-running fraud case against Goldman Sachs & Co. to the state's highest court.

Brothers on Both Sides of GE's Big Alstom Bid

Brian Baxter : The Am Law Daily : January 02, 2014

Hogan Lovells, which will promote Stephen Immelt to CEO on July 1, is one of a half-dozen firms advising on a $17 billion offer for French conglomerate Alstom's energy unit by General Electric, itself led by Jeffrey Immelt.

May 2014 Deals & Suits

: Corporate Counsel : January 01, 2014

The Careerist: Ex-Sullivan & Cromwell Lawyer to Wed Sex Symbol

Vivia Chen : The Careerist : January 01, 2014

News and gossip about lawyers in love.

Kirkland, Skadden Tapped for Exelon/Pepco Deal

Jenna Greene : Legal Times : January 30, 2014

Exelon Corp. turned to Kirkland & Ellis for its $6.8 billion purchase of and Pepco Holdings Inc., and the two companies have tapped Skadden, Arps, Slate, Meagher & Flom to secure potentially tricky regulatory approval. Sullivan & Cromwell and Covington & Burling served as legal counsel to Pepco.

Am Law 100 Firms Lead on Pepco Sale

Tom Huddleston Jr. : The Am Law Daily : January 30, 2014

Kirkland is advising utility operator Exelon on its $6.8 billion purchase of Pepco, which has turned to S&C and Covington.

Four Firms Advise on Two Big Breakups

Brian Baxter : The Am Law Daily : January 30, 2014

Wachtell, Cravath, Bryan Cave and Hogan Lovells handle corporate splits at Energizer and Alliant Techsystems.

Am Law 100 Analysis: The Super Rich Get Richer

Aric Press : The American Lawyer : January 28, 2014

It was a middling year for most big firms, but the top 20 pulled away from the pack.

S&C Knocks Out , This Time for Good

David Bario : The Litigation Daily : January 28, 2014

Nearly 15 years ago, Sullivan & Cromwell's David Tulchin signed on to defend Microsoft against an avalanche of claims that it stifled competition to promote an illegal monopoly for Windows. Now the last of the cases has finally reached a dead end at the Supreme Court.

Circuit Reinstates Investors' Claim Against Barclays

Mark Hamblett : New York Law Journal : January 28, 2014

Plaintiffs alleging the belated revelation that Barclays bank overstated its creditworthiness in submitting information on borrowing costs to LIBOR had their claim reinstated Friday.

A Timeline of the SEC's Goldman Sachs Probe

Susan Beck : The American Lawyer : January 28, 2014

Transcripts from an internal investigation reveal the SEC's internal debates over the Abacus case, day by day.

Libor Case Against Barclays Gets a Second Life

David Bario : The Litigation Daily : January 25, 2014

In a setback for Barclays and defense lawyers at Sullivan & Cromwell, Boies Schiller and Dechert, the Second Circuit on Friday revived part of a securities class action targeting the bank over its role in alleged Libor manipulation.

Half-Dozen Firms Dig Into Big Canadian Mining Deal

Brian Baxter : The Am Law Daily : January 23, 2014

Amid talk about a pharma M&A boom, the global mining industry is on the verge of its own round of consolidation.

How This Wall Street Watchdog is Making Big Banks Pay

Julie Triedman : The American Lawyer : January 23, 2014

Manhattan U.S. Attorney Preet Bharara deploys civil laws in new ways to secure record settlements from the nation's biggest banks over the subprime mortgage debacle.

Amid IPO Wave, Firms Ride Rising Fee Tide

Brian Baxter : The Am Law Daily : January 22, 2014

The Am Law Daily looks at Am Law 100 firms reaping fees for new listings, which have soared in recent years.

M&A Lawyers Line Up for Major Pharma Deals

Tom Huddleston Jr. : The Am Law Daily : January 22, 2014

Valeant launched a $45.7 billion hostile takeover bid for Botox-maker Allergan, while Novartis announced a series of transactions with GlaxoSmithKline and Eli Lilly.

In-House Counsel Profile: Oliver Herzfeld of The Beanstalk Group LLC

Richard Acello : The National Law Journal : January 14, 2014

Herzfeld arrives at the office around 9 a.m. and leaves by 7:30 p.m. unless business keeps him later. "Every day is interesting and different," he said.

Davis Polk, Cahill, S&C Handle Year's Biggest IPO to Date

Brian Baxter : The Am Law Daily : January 10, 2014

Three years after first filing to go public in a bid to repay a $17.2 billion federal government bailout, Ally Financial, the former finance arm of auto giant General Motors, raised nearly $2.4 billion in an IPO Thursday that sees principal investor the U.S. Treasury Department slash its stake in the company. Davis Polk & Wardwell, Cahill Gordon & Reindel and Sullivan & Cromwell are advising on the offering, the latest to hit surging U.S. capital markets in recent weeks.

4 Proven Strategies for Law Department Transformation

Paul Mandell : Corporate Counsel : January 10, 2014

General counsel often focus on day-to-day legal work at the expense of major initiatives that yield higher efficiency or productivity.

Judge Reinstates Claims Against Goldman Sachs

Lisa Hoffman : The National Law Journal : January 09, 2014

After throwing out a putative class action against Goldman Sachs twice before, a federal judge has switched gears on the mortgage securities suit brought by Detroit police and fire retirees and allowed it to proceed.

With Growth in Mind, Dentons, Others Eye Africa

Brian Baxter : The Am Law Daily : January 09, 2014

Global 100 legal giant Dentons is the latest international firm to bet on Africa's growing economic power, announcing Wednesday its opening of new offices in Cape Town and Johannesburg by joining forces with South African alliance firm KapdiTwala and revealing plans to launch another outpost in Francophone Africa later this year.

Akin Gump, Bradley Arant Advise on Alabama Gas Sale

Brian Baxter : The Am Law Daily : January 07, 2014

The Am Law 200 firms are advising on a $1.6 billion deal that finds utility holding company The Laclede Group acquiring Alabama Gas Corp., the state's largest natural gas utility, from Energen Corp.

Detroit Police, Fire Retirement Class Action to Proceed

Lisa Hoffman : The National Law Journal : January 03, 2014

After throwing out a putative class action against Goldman Sachs twice before, a federal judge has switched gears on the mortgage securities suit brought by Detroit police and fire retirees and allowed it to proceed.

IPO With Paul Weiss Link Delayed Amid 'Flash Boys' Furor

: The Am Law Daily : January 03, 2014

With the storm kicked up by Michael Lewis' new book about high-frequency trading continuing to swirl, Virtu Financial—a high-speed trading outfit headed by former Paul, Weiss, Rifkind, Wharton & Garrison corporate partner Douglas Cifu—has pushed back its planned initial public offering. Paul Weiss is just one of several Am Law 100 firms with ties to the controversial industry.

April 2014 Deals & Suits

: Corporate Counsel : January 01, 2014

Big Suits

Jan Wolfe, Ross Todd, and Rebekah Mintzer : The American Lawyer : January 31, 2014

Motorola v. AU Optronics; In re Bank of American RMBS litigation; Vichi v. Konicklijke Philips; and more

JPMorgan, Dimon Can't Shake London Whale Class Action

Jan Wolfe : The Litigation Daily : January 31, 2014

Did Jamie Dimon engage in securities fraud when he downplayed the London Whale trading scandal as a "tempest in a teapot"? Thanks to a ruling issued on Monday, we could eventually see a ruling on that question—or a settlement to make it go away.

Dealmakers of the Year: Standout Lawyers in Tough Times

Ross Todd : The American Lawyer : January 31, 2014

The lawyers behind the most innovative corporate work, plus the details of the transactions they negotiated.

Authors Home in On Three Reasons to Pierce Corporate Veil

Hilary Johnson : The American Lawyer : January 28, 2014

While there are theoretically a multitude of reasons for piercing the corporate veil, a Yale Law School professor and one of his former students argue that, in practice, there are only three justifications for doing do.

MBS Class Action Continues to Haunt Goldman

Jan Wolfe : The Litigation Daily : January 28, 2014

Having twice dismissed the case without prejudice, a federal judge is now allowing discovery in a class action against Goldman Sachs, which is accused of duping investors in a $780 million mortgage-backed security. Sullivan & Cromwell is advising Goldman.

Big Firms Hitch Ride on River of U.S., Global IPOs

Brian Baxter : The Am Law Daily : January 27, 2014

Wilson Sonsini, Latham & Watkins, Fenwick & West and Cooley are among the Am Law 100 firms reaping the benefits of a surge in activity on the initial public offering front so far this year. And with the IPO pipeline packed, more large firms are poised to help corporate clients tap the capital markets.

Gay-Friendly Policies Can Help Law Firms, Advocates Say

Tania Karas : New York Law Journal : January 24, 2014

A work environment that welcomes lesbian, gay, bisexual and transgender lawyers is not only fundamentally fair, it can boost the bottom line. That was the message of Out in Law, a daylong event at New York University School of Law this month.

The Am Law 100, the Early Numbers: Elite New York Firms Pull Away

Julie Triedman : The Am Law Daily : January 20, 2014

A year after making only slight financial gains, a group of New York–based firms made up of some of The Am Law 100's most profitable members put even more distance between itself and the rest of the pack in 2013, according to The American Lawyer's reporting.

GI Partners Hires New GC and Compliance Head

Marlisse Silver Sweeney : Corporate Counsel : January 19, 2014

The private equity firm is keeping compliance under the legal department umbrella.

Legal Aid Forms Committee to Find New Chief Attorney

Joel Stashenko : New York Law Journal : January 18, 2014

Two union officials and three attorneys-in-charge of the New York City Legal Aid Society are among those named to a search committee to find a successor to outgoing Attorney-in-Chief Steven Banks.

Firm Seeks Leave to Swing Against Goldman Sachs, Again

Suevon Lee : Commercial Litigation Insider : January 14, 2014

After barely meeting the court's imposed deadline, a New York firm has asked to amend, a third time, a shareholder derivative complaint challenging one of Goldman Sachs' stock option valuation methods that allegedly resulted in $110 million of excess compensation to its executives between 2005 and 2008.

Opinion: CBA Defense Of Family Law System Is 'Misguided'

: The Connecticut Law Tribune : January 13, 2014

Editor's note: The author of this letter is a graduate of the University of Pennsylvania Law School, a former clerk for a federal judge and a former tax lawyer at Sullivan & Cromwell in New York City. Last fall, he was involved in legal proceedings in which he and his lawyer challenged the fees and conduct of a GAL involved in his divorce case.

Limits on Physical Commodities Activities

Michael T. Escue : New York Law Journal : January 13, 2014

In his Banking column, Sullivan & Cromwell partner Michael T. Escue discusses an advance notice of proposed rulemaking in which the Federal Reserve, citing recent environmental events such as the Deepwater Horizon oil spill, raised questions regarding increased limits and restrictions on the physical commodities activities of financial holding companies.

Boies Points to McDermott File Room in Patent Theft Suit

Julia Love : The Recorder : January 13, 2014

Palo Alto-based Theranos, represented by David Boies, accuses a father and son of patenting an idea swiped from the firm's files.

Boies Points to McDermott File Room in Patent Theft Suit

Julia Love : The Recorder : January 13, 2014

Palo Alto-based Theranos, represented by David Boies, accuses a father and son of patenting an idea swiped from the firm's files.

Pro Se Patentees to Fight David Boies in San Jose Trial

Julia Love : The Recorder : January 12, 2014

Father-and-son inventors accused of stealing their idea from law firm files say their money ran out after three years of scorched-earth litigation so they must represent themselves.

Pro Se Patentees to Fight David Boies in San Jose Trial

Julia Love : The Recorder : January 12, 2014

Father-and-son inventors accused of stealing their idea from law firm files say their money ran out after three years of scorched earth litigation so they must represent themselves.

German Bank's Suit Against Goldman Sachs Moves Forward

Suevon Lee : Commercial Litigation Insider : January 12, 2014

A Manhattan state judge rejected defense counsel's attempts Tuesday to take a second crack at persuading the court why a German bank's fraud claims arising from its purchase of $179 million worth of certificates in mortgage-backed securities prior to the U.S. housing crisis is time-barred under German law.

Insurance Firms Seek Escape From U.S. Bank Capital Rules

: Bloomberg : January 11, 2014

Insurance companies will urge U.S. lawmakers to stop the Federal Reserve from imposing bank-like capital standards on their industry.

Banco Popular

Brendan Pierson : New York Law Journal : January 10, 2014

Banco Popular North America's in-house legal department knows how to do more with less. With only three attorneys, two paralegals and one administrative assistant, the department maintains close relationships with about a dozen outside law firms while keeping legal matters in-house as much as possible to control costs.

Mineral Company Taps Cravath for Big M&A Buy

Brian Baxter : The Am Law Daily : January 10, 2014

Cravath, Swaine & Moore is advising Minerals Technologies on its $1.74 billion acquisition of Amcol International, which is being advised by Kirkland & Ellis. The offer by Minerals Technologies topped a rival bid made last month by French specialty materials maker Imerys and its lawyers from Skadden and Fried Frank.

The Asian Lawyer All-Star Awards

Anthony Lin : The Asian Lawyer : January 10, 2014

On March 5, at a gala dinner held at the Conrad Hotel in Hong Kong, The Asian Lawyer presented its inaugural All-Star Awards. We sought to do something different, recognizing excellence in advising key industries rather than simply honoring the biggest, highest-profile deals of the year (though we took those into account too). We also said we would be publishing the reasons for the decisions that we made. And so here we do exactly that, category by category.

Recent Rulings Reflect Effect of Designating Sole RMBS Judge

Suevon Lee : Commercial Litigation Insider : January 06, 2014

A recent decision by a Manhattan Supreme Court judge to allow claims by mortgage-backed securities certificate holders to move forward should signal to New York litigants that an organized effort to establish a uniform body of law in this area is well underway.

Asia Deal Digest: March 6, 2014

Anna Zhang : The Asian Lawyer : January 06, 2014

* Sullivan & Cromwell and Mori Hamada team for Japan Display's $3.8 billion Tokyo IPO* Clifford Chance advises Chinese state food giant COFCO on its acquisition of a Dutch grain trader* Skadden on planned $500 million IPO for Chinese microblogging service Sina Weibo

Clifford Chance Steering Volkswagen's Scania Bid

Tom Huddleston Jr. : The Am Law Daily : January 05, 2014

An independent committee of board members from Swedish truck company Scania is mulling Volkswagen's $9.2 billion offer for the remaining 37.3 percent stake in the company that Volkswagen doesn't already own. Clifford Chance and Swedish firm Roschier are advising Volkswagen on the offer, which was announced last month.

ETP Wins $319 Million Pipeline Verdict as S&C Client Dodges Fallout

Jan Wolfe : The Litigation Daily : January 05, 2014

Energy Transfer Partners won at least $319 million this week in its lawsuit alleging that Enterprise Products Partners improperly backed out of a pipeline development deal. But ETP failed to persuade jurors that a codefendant, Enbridge Inc., interfered with the partnership.

Ballard Spahr Helps to Generate $1.86 Billion Sale of PGW

Gina Passarella : The Legal Intelligencer : January 05, 2014

When 33 potential bidders expressed interest in August in vying for Philadelphia Gas Works as part of the city's anticipated sale of the largest municipally-owned gas utility in the country, Ballard Spahr's Gregory L. Seltzer knew his client was in good shape.

S&C, Mori Hamada on Japan Display's $3.8 Billion IPO

Tom Brennan : The Asian Lawyer : January 04, 2014

The state-backed company, which counts Apple Inc. among its customers, was created when the display divisions of Sony Corp., Toshiba Corp. and Hitachi Ltd. merged in 2011.

Survey: Skadden Strongest U.S. Law Firm Brand Again

Sara Randazzo : The Am Law Daily : January 03, 2014

In its third annual look at which U.S. law firms have the strongest brand recognition among corporate clients, research company Acritas has again placed Skadden, Arps, Slate, Meagher & Flom at the top of the list, followed by Jones Day, Kirkland & Ellis, Baker & McKenzie and Hogan Lovells.

4 Tips for General Counsel That Could Save Your Job

Paul Mandell : Corporate Counsel : January 27, 2014

Today's general counsel need to be proactive to keep themselves off the chopping block as they navigate an increasingly fraught global marketplace.

Shareholders Tout Discovery Win in Fannie/Freddie Takeover Challenge

Julie Triedman : The Litigation Daily : January 27, 2014

Lawyers for the plaintiffs say the ruling may bring them closer to brokering a deal for preferred shareholders who lost billions in expected profits when the terms of the government's Fannie and Freddie takeover suddenly changed in mid-2012.

Big Suits

Susan Beck, Rebekah Mintzer, Ross Todd, Jan Wolfe and Sheri Qualters : The American Lawyer : January 27, 2014

U.S. v. JPMorgan Chase; In re Payment Card Interchange Fee Antitrust Litigation; Swatch v. Tiffany; In re: Southeastern Milk Antitrust Litigation

Magic Circle Firms on Harbin Bank IPO

Anna Zhang : The Asian Lawyer : January 26, 2014

The lender is the latest Chinese commercial bank to seek a Hong Kong listing to increase capital adequacy ratios in response to tighter regulatory requirements.

Chancery Dismisses With Prejudice Claims Against Electronics Giants

Jeff Mordock : Delaware Business Court Insider : January 26, 2014

The Delaware Court of Chancery has dismissed with prejudice a fraud and misrepresentation lawsuit filed by Italian businessman Carlo Vichi, who provided financing to fund a joint venture between the world's two largest electronics companies, Philips and LG Electronics. In the 183-page opinion, the court concluded that the plaintiff failed to prove his claims under either Delaware or Italian law.

Asia Deal Digest: February 20, 2014

Anna Zhang : The Asian Lawyer : January 20, 2014

* Weil and MoFo on Chinese consortium's $2.5 billion logistics investment* Clifford Chance advising China's Dongfeng Motor Group on a proposed $1.1 billion investment in French automaker Peugeot* Herbert Smith Freehills and Baker & McKenzie on $1.37 billion Aussie utility deal

S&C Knocks Out $500 Million Fraud Suit Against Philips

Jan Wolfe : The Litigation Daily : January 19, 2014

A 91-year-old Italian mogul's $500 million fraud case against Philips spanned seven years and implicated the laws of at least four nations. Now, thanks to Sullivan & Cromwell and a Delaware judge, the case may finally be kaput.

The Am Law 100, the Early Numbers: Goodwin Procter Enjoys Record Year

Ross Todd : The Am Law Daily : January 18, 2014

Gross revenues for Goodwin Procter were up 5 percent in 2013, according to The American Lawyer's reporting. Revenue per lawyer was up 6.5 percent while profits per equity partner grew 7 percent, topping the firm's past financial performance. Average compensation for all partners rose by nearly 8 percent, also a new high at Goodwin.

British Firms Not Conceding on U.S. Law Work in Asia

Anna Zhang : The Asian Lawyer : January 17, 2014

Slaughter and May's recent recruitment in Hong Kong of its first-ever lateral and first-ever U.S. law partner underscores the importance of U.S. law in Asia capital markets in particular. Though top British firms have notably failed to flourish in New York, they are determined to not let U.S. law become their Achilles heel in Hong Kong, where they face stiff competition from actual American firms.

Cleary Sues Insurer Over Loss of Business After Sandy

Christine Simmons : New York Law Journal : January 11, 2014

Cleary Gottlieb, whose main office downtown was closed for about three and a half days after Superstorm Sandy and then continued to be affected by the loss of utilities, claims it lost more than $3 million in business income.

Wall Street Watchdog Sues DOJ over $13B JPMorgan Pact

Jan Wolfe : The Litigation Daily : January 10, 2014

Better Markets Inc., a nonprofit led by a former partner at Skadden, Arps, Slate, Meagher & Flom, filed an unusual lawsuit Monday challenging the legality of the U.S. Department of Justice's $13 billion mortgage settlement with J.P. Morgan Chase & Co.

Cleary Sues Insurer Over Loss of Business After Sandy

Christine Simmons : New York Law Journal : January 10, 2014

Cleary Gottlieb, whose main office downtown was closed for about three and a half days after Superstorm Sandy and then continued to be affected by the loss of utilities, claims it lost more than $3 million in business income.

Wall Street Firm Bolsters High Court Practice

Tony Mauro : Supreme Court Brief : January 05, 2014

Jeffrey Wall is the latest lawyer to decamp the U.S. solicitor general's office to lead or co-lead a major law firm's appellate practice. But Wall traveled a slightly different path when he left last fall, signing on as special counsel at Sullivan & Cromwell, a Wall Street titan, rather than heading to a Washington or Chicago firm with deep experience at the high court.

Three Paul Hastings Lawyers Move to Proskauer Rose

Tania Karas : New York Law Journal : January 04, 2014

Zachary Fasman, Allan Bloom and Erika Collins have joined Proskauer Rose as partners in its labor and employment law practice.

Bio: Mark Peters

: New York Law Journal : January 04, 2014

New York Sees Growth in Partner Promotions

Christine Simmons : New York Law Journal : January 03, 2014

A survey of New York's largest firms shows a slight uptick in the number of lawyers promoted to partner last year. The number of new partners firmwide at remained almost even from the number in 2012.

PwC Must Face Trial Over SemGroup Collapse

Ross Todd : The Litigation Daily : January 03, 2014

Siding with lawyers at Quinn Emanuel, a judge in Tulsa ruled that PricewaterhouseCoopers can't escape billion-dollar claims that it paved the way for the collapse of energy transport giant SemGroup.

Deals & Suits

: Corporate Counsel : January 01, 2014

Sullivan, Fenwick Tapped for Zynga-NaturalMotion Deal

Chelsea Allison : The Recorder : January 31, 2014