Corporate Board Member magazine and global business advisory
firm FTI Consulting, Inc. (NYSE: FCN) today announced the results
of the 11th annual America’s Best Corporate Law Firms study, a
comprehensive ranking by U.S. corporate directors and general
counsel of the top 25 national corporate law firms.
According to the 2011 study, New York’s Skadden, Arps, Slate,
Meagher & Flom receives top ranking among corporate directors,
a position it has held since the first survey in 2001. New
York-based Cravath, Swaine & Moore and Wachtell, Lipton, Rosen
& Katz were next in line, respectively, followed by fourth
placed Sullivan & Cromwell, also in New York. The fifth and
sixth place rankings are held by Jones Day, of Washington, D.C.,
and Weil, Gotshal & Manges, of New York, respectively. Each of
these top six firms appeared in one of the top six places among
last year’s rankings as well.
Looking further down the list, many of the 2011 firms remain
steadfast among the top firms in recent years. New York-based Paul,
Weiss, Rifkind, Wharton & Garrison enjoys an elevated status,
rising to eighth place from 11th. Additionally, several new firms
made appearances: Simpson Thacher & Bartlett, Fried, Frank,
Harris, Shriver & Jacobson and Cleary Gottlieb Steen &
Hamilton, of New York; Atlanta-based King & Spalding; and the
Houston firm Baker Botts.
“FTI Consulting once again is proud to conduct this important
study with Corporate Board Member magazine, which allows us to
applaud the impressive efforts of some of the most accomplished law
firms across the country,” said Neal Hochberg, senior managing
director and segment leader – Forensic and Litigation Consulting,
at FTI Consulting. “The results reveal that corporate directors and
general counsel alike value the consistency among these firms, as
many of the firms have maintained similar positions in the past few
years. We congratulate all the firms that made the list, including
Skadden, Arps, Slate, Meagher & Flom that again topped the
list.”
In a separate survey of corporate general counsel, Skadden,
Arps, Slate, Meagher & Flom once again leads the top 25
rankings, followed by Wachtell, Lipton, Rosen & Katz and
Cravath Swaine & Moore in second and third places,
respectively, mirroring last year’s findings. In addition, the New
York firm of Sidley Austin leaped to the number eight position from
16th place last year. The 2011 list also features several firms not
listed last year, including DLA Piper; Morrison & Foerster;
O’Melveny & Myers; King & Spaulding; Akin Gump Strauss
Hauer & Feld; and Morgan Lewis & Bockius.
“Each of the law firms on this year’s list rightly deserves
recognition both for the reputation they have established and for
the outstanding service they deliver. Law firms especially value
our rankings because they come not from their peers—other
lawyers—but from the corporate officers, directors and in-house
attorneys who hire law firms. Special congratulations go to
Skadden, Arps, Slate, Meagher & Flom, which ranked first in
surveys of both company directors and general counsel,” said TK
Kerstetter, president of Corporate Board Member. “Taken together,
the director and the general counsel rankings provide savvy
intelligence for boards looking for legal firepower when the going
gets rough—especially in challenging economic times.”
The following are the top 25 national corporate law firms for
2011, according to the directors surveyed by Corporate Board
Member/FTI Consulting (with their 2010 ranking in parentheses):
1. Skadden, Arps, Slate, Meagher & Flom, New York (1)2.
Cravath, Swaine & Moore, New York (2)3. Wachtell, Lipton, Rosen
& Katz, New York (3)4. Sullivan & Cromwell, New York (5)5.
Jones Day, Washington, D.C. (4)6. Weil, Gotshal & Manges, New
York (6)7. Baker & McKenzie, Chicago (8)8. Paul, Weiss,
Rifkind, Wharton & Garrison, New York (11)9. Kirkland &
Ellis, Chicago (9)10. Davis Polk & Wardwell, New York (10)11.
Gibson, Dunn & Crutcher, Los Angeles (12)12. Fulbright &
Jaworski, Houston (13)13. Shearman & Sterling, New York (14)14.
Wilson Sonsini Goodrich & Rosati, Palo Alto (17)15. Latham
& Watkins, Los Angeles (7)16. Simpson Thacher & Bartlett,
New York (-)17. Akin Gump Strauss Hauer & Feld, Washington,
D.C. (16)18. Sidley Austin, New York (15)19. Fried, Frank, Harris,
Shriver & Jacobson, New York (-)20. Covington & Burling,
Washington, D.C. (19)21. Vinson & Elkins, Houston (18)22.
Cleary Gottlieb Steen & Hamilton, New York (-)23. O’Melveny
& Myers, Los Angeles (20)24. King & Spalding, Atlanta
(-)25. Baker Botts, Houston (-)Source: Corporate Board Member/FTI
Consulting
The following are the top 25 national corporate law firms for
2011, ranked according to general counsel surveyed by Corporate
Board Member/FTI Consulting (with their 2010 ranking in
parentheses):
1. Skadden, Arps, Slate, Meagher & Flom, New York (1)2.
Wachtell, Lipton, Rosen & Katz, New York (2)3. Cravath, Swaine
& Moore, New York (3)4. Latham & Watkins, Los Angeles (6)5.
Gibson, Dunn & Crutcher, Los Angeles (8)6. Davis Polk &
Wardwell, New York (4)7. Weil, Gotshal & Manges, New York
(10)8. Sidley Austin, New York (16)9. Kirkland & Ellis, Chicago
(9)10. Sullivan & Cromwell, New York (5)11. Simpson Thacher
& Bartlett, New York (12)12. Jones Day, Washington, D.C. (7)13.
Baker & McKenzie, Chicago (11)14. Cleary Gottlieb Steen &
Hamilton, New York (14)15. Covington & Burling, Washington,
D.C. (20)16. DLA Piper, Atlanta (-)17. Hogan Lovells, Washington,
D.C. (13)18. Morrison & Foerster, San Francisco (-)19. Shearman
& Sterling, New York (-)20. O’Melveny & Myers, Los Angeles
(-)21. King & Spalding, Atlanta (-)22. Wilson Sonsini Goodrich
& Rosati, Palo Alto (19)23. Akin Gump Strauss Hauer & Feld,
Washington, D.C. (-)24. Morgan Lewis & Bockius, Philadelphia
(-)25. Fulbright & Jaworski, Houston (15)Source: Corporate
Board Member/FTI Consulting
The survey was mailed in January 2011 and also asked directors
and general counsel of U.S. publicly traded companies to weigh in
on current governance matters. Across the board, directors and
general counsel were adamant about their dislike for the
whistleblower provision in the Dodd-Frank Act, which rewards
employees who go directly to the U.S. Securities and Exchange
Commission with allegations of fraud or company malfeasance. A
broader analysis of these results will be featured in a special
supplement sponsored by FTI Consulting that will be included with
the third-quarter 2011 issue of Corporate Board Member.
In addition to naming the top 25 corporate law firms nationally,
the Corporate Board Member/FTI Consulting study identifies the top
law firm in 25 major U.S. metropolitan areas, according to the
directors and general counsel polled. A complete listing of the top
national corporate law firms according to corporate directors and
general counsel and the metropolitan rankings appears in the
second-quarter 2011 issue of the magazine and is available at
www.boardmember.com/currentissue.aspx.
On May 10, Corporate Board Member and FTI Consulting will host
the fourth annual Legal Recognition Dinner at the Grand Hyatt in
New York City, honoring five distinguished general counsel and the
top 25 national corporate law firms as identified by board members
and general counsel in the 2011 survey.
About Corporate Board Member
Corporate Board Member, an NYSE Euronext company, is the leading
information resource for senior officers and directors of publicly
traded corporations, large private companies and Global 1000 firms.
The quarterly publication, Corporate Board Member magazine,
provides readers with decision-making tools to deal with the
strategic and corporate governance challenges confronting their
boards. Corporate Board Member further extends its governance
leadership through an online resource center, conferences,
roundtables and timely research. The magazine maintains the most
comprehensive, up-to-date database of directors and officers
serving on boards of publicly traded companies listed with NYSE
Euronext and The NASDAQ OMX Group Inc. stock exchanges.
www.boardmember.com
About FTI Consulting
FTI Consulting, Inc. is a $1.4 billion publicly traded global
business advisory firm dedicated to helping organizations protect
and enhance enterprise value in an increasingly complex legal,
regulatory and economic environment. With more than 3,700 employees
located in 26 countries, FTI Consulting professionals work closely
with clients to anticipate, illuminate and overcome complex
business challenges in areas such as investigations, litigation,
mergers and acquisitions, regulatory issues, reputation management
and restructuring. More information can be found at
www.fticonsulting.com.
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