Veteran Skadden chief Sheehan to step down

The 43-year-old New York M&A partner Eric Friedman will take over when Sheehan stands down at the end of his third five-year term.

Friedman will form part of Skadden's key management triumvirate together with managing director Earl Yaffa and chairman Joe Flom. It is the first time since Sheehan was appointed in 1994 that Skadden has seen a change to its senior management.

Friedman, who will take the helm of America's largest law firm in revenue terms, is expected to work closely with Sheehan over the course of the next year as he learns the management ropes.

It is understood that Friedman was one of five partners considered for the position. He was proposed to Skadden's policy committee, the firm's principal management body, by a succession committee in a process that started at the beginning of the year. His appointment was unanimously approved by the policy committee and then rubber-stamped by the New York-based firm's partnership, although it was not put to a formal vote.

Sheehan said: "Eric is the perfect choice to lead the firm, promote our core values and maintain out culture of exceptional client service." It is not clear whether M&A specialist Sheehan, will return to practice when he stands down.

Friedman joined the firm in 1989 after receiving his JD from the University of Pennsylvania. Since then his practice has largely focused on M&A in the financial institutions and technology sector. Among his deals roster are a string of mandates for Citigroup including the $11bn (£5.6bn) sale of its life insurance and annuities business to MetLife. He has also advised Nasdaq on a series of deals including the $3.7bn (£1.88bn) acquisition of Nordic exchange OMX.

"I am both thrilled and humbled to follow Bob Sheehan, who has set an extremely high bar," Friedman commented on his appointment. "I appreciate the confidence and support of my colleagues tremendously and look forward to working together to maintain and enhance Skadden's global reputation and preeminence," he added.

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