Skadden Arps Slate Meagher & Flom

Click here to post your comments (anonymously) and help build an insider's profile of this leading US firm in London, using the categories listed below as a guideline, or email community@legalweek.com with any information you think should be added to this page.

Overview

America's largest law firm, Skadden Arps Slate Meagher & Flom came to prominence relatively late in the day. Thanks to its youth and cultural heritage, the firm would not be termed a White Shoe practice, a tag American firms tend to now dislike as it refers as much to establishment credentials as current legal prowess. The firm is, nevertheless, unquestionably a serious player in the US legal market, boasting top-tier practices across the key transactional disciplines. The firm has also acted on some of the most high-profile and controversial chapters in corporate American history of the last 25 years, though Skadden is generally more admired than liked, thanks to its reputation for arrogance.

Having put considerable resource into its London office for 10 years, Skadden has become a potent player in Europe's deal market. On a certain level of cross-border European transaction, arguably the firm's only US-based rival is Cleary Gottlieb Steen & Hamilton. Undoubtedly, Skadden is the one US practice that magic circle firms regard as a clear and present danger in their own backyard.

'Work hard, get paid lots' is the unsurprising mantra at the New York giant, as is reflected by early Wiki posts. The quality of work on offer in London is high - on a par with what you would get at the top City firms, at least in corporate. But you might have to do your own photocopying from time to time.

History

The firm's origins are well documented. The firm's first associate was Joseph Flom - regarded alongside Wachtell Lipton's Marty Lipton as the finest deal lawyer America has produced in a generation. The much-repeated legend is that the firm could not afford to pay Flom back when he joined in 1948, so gave him the pot of a pinochle game every Friday. Making partner in 1954, Flom was the driving force behind what would be come one of America's top M&A practices and also the template for the firm's hard-work culture. Those who want to know more about the firm's eventful early history should check out Lincoln Caplan's book Skadden: Power, Money and the Rise of a Legal Empire.

As a relative upstart in the New York legal market and not part of the old WASPish club of Manhattan firms, Skadden kept growing aggressively, really coming to prominence in the Wall Street takeover boom of the 1980s. It is one of a breed of firms that was especially active on hostile takeover bids and is now a regular fixture at the top of the M&A tables.

Recent years have seen the firm branch out beyond its New York heartlands to launch a series of offices across the US and a handful of foreign practices, of which London is the most significant. The firm's expansion also helped Skadden become America's first practice to pass the $1bn revenue barrier several years back. The sheer size of its domestic corporate practice feeds the firm plenty of work into European arms, though it has been reasonably successful over the last five years at moving into local law.

Culture

Viewed as a brusquely confident firm, Skadden once topped a poll of New York clients as the most arrogant law firm in America. Maturity has done little to soften its competitive edge or appetite for hard work. The London office, having been built up substantially through external recruitment, has a range of different personalities and styles, though the culture of the firm has been very much transposed to the UK. The old chestnut about US firms working their associates hard in return for those stellar salaries is one of the more enduring truisms in commercial law. Just ask this contributor at Skadden's London arm.

"The hours are shocking and although one gets paid more, in effect one is being paid the same as at a mid-tier firm," he argues. "The reason I say this is that it isn't like for like - you might be on £55k at a top City firm, but you're doing 1,700 hours or less for that. Here, you [might] work well in excess of 2,000 hours. Therefore I might earn £86k but I'm putting in [an extra] 500 hours for it. "

On the other hand, "the work is great" admits the contributor - although he adds that at time of writing he has been in the office non-stop for three days straight "with only a few hours kip in between". Time for more coffee by the sounds of it.

"I was at a top City firm before going to Skadden," recalls one ex-Skadden lawyer. "I wanted the [quality] work and the money - and got both. But, with the benefit of hindsight (as is always the case), Skadden was no different from what I'd had before, except much longer hours for a bit more cash. " Another former Skadden lawyer calls the London office a "dull and dry place that overcompensates with cash" - but that's law firms generally, right?

"You are expected to do most stuff yourself at Skadden," says another poster. "The odd bit of photocopying at senior associate level is not uncommon."

For an internal view of life at the firm, check out the (unofficial) Skadden Insider blog.

Key departments

In the US, the firm is viewed as a top-tier player across most of the key transactional disciplines, including M&A, competition and securities. The firm also has a solid banking practice and a number of substantial commercial teams. In London, however, the firm's practice is more narrowly focused around corporate, particularly cross-border mandates. Are there other strings to the US giant's collective bow? One contributor labels the firm's London office a "one-trick pony" while another questions the breadth of the firm's City practice.

"All firms know that to cut ice in London they have to multi-task," he warns. "I thought I'd love M&A when I started out all those years ago, but when you get used to [doing] the same thing over and over again, you want to branch out with your practice and you can't do that at Skadden."

A litigation partner at a top 10 City firm adds: "I've come across the firm a number of times and their litigation department is nothing to write home about. I'm certainly not worrying that clients will be jumping ship from my firm and running to Skadden. From what I've come across it seems to be the case that there are less lawyers on a case and they are no better than litigators at other firms I've come across."

He also queries whether the dominance of the firm's M&A team is healthy: "Sure, the M&A department is reported to be strong [and] if that works for the firm then great, but I'm not as impressed as I could be."

Similarly, one contributor complains that a diet of M&A left him struggling to find in-house opportunities as his skills base was too narrow.

A magic circle lawyer adds: "Sure, Skadden is massive in the US, but it's nothing special in the UK. Its London office doesn't come close to offering the all-round US firm experience for European clients as the likes of Shearman, Weil Gotshal and White & Case."

Despite its tight focus in London, the firm has expanded somewhat on the contentious side, including arbitration. Skadden also hit the headlines this year with a plan to set up a team focused on defending clients in Europe from class action litigation.

Leading partners

Michael Hatchard and (US-qualified) Scott Simpson are the big corporate cheeses in London, although former Ashurst and Shearman & Sterling man Adrian Knight is also well known in that part of the firm. Though not really a firm renowned for private equity, Skadden has won much of Doughty Hanson's UK work since recruiting Allan Murray-Jones from Lovells several years back. Unlike some US firms in London, Skadden has some senior UK tax capability, including partner Tim Sanders. Mark Darley is the best-known finance name in London.

National/international coverage

The firm has a wide array of offices across the US. Aside from London, foreign offices include respected branches in Paris and Moscow and lower-profile but growing practices in Frankfurt and Munich. Asian offices include Beijing, Hong Kong, Tokyo and Singapore. However, as a firm that runs lean foreign outposts, opportunities for overseas postings may be limited.

Key clients

Loads in New York. In London, it's more of a mixed bag and the firm is relatively underweight for a major US firm on the finance side. Doughty Hanson has been one of the more regular UK clients. They've also done major stuff for Skandia and investment house Three Delta. Other bid names include always-eager infra buyer Macquarie and also advising Nasdaq on its bid for the London Stock Exchange.

Career prospects

In April 2008 Skadden promoted 25 associates to partner, including five across its European network. Three of those promotions came in London, with associates given the nod in corporate, banking and litigation/arbitration.

Salaries

One Skadden associate contributor is on a very healthy £86,000 a year - arguably a decent price for "selling your life to the firm". Rates are around the top end of the City scale but you are certainly expected to put in the hard graft in return for your money.

(Could we get a few more details on salaries and bonus? - Wiki Ed.)

Recruitment

(Can we get some feedback on Skadden's interview and recruitment process? - Wiki Ed.)

Work-life balance

This is not a lifestyle firm. Even by the standards of US firms, Skadden has a reputation for putting a lot of store in the hours.

"Any lawyer thinking of joining [Skadden] must ask themselves how important their life is to them," says a one poster formerly of Skadden's City arm. "If they want to exist by practising law, then Skadden is wonderful. If they want a life, practising law to support that, then there are plenty of other law firms across the City that offer the work and the cash, but for less of your soul."

"If you go to Skadden you'll get caught up in the moment and you'll enjoy it for a short while," concurs one contributor, "but you'll get fed up of [feeling] overloaded, tired and just a bit pissed off."

Diversity

Click here to post your comments on the firm, or alternatively email community@legalweek.com with any information you think should be added to this page.