Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates - The Inside View

In the upper echelons of BigLaw, there are a handful of elite firms whose reputation always precedes them. And in one junior associate’s opinion, “Skadden is known for being cool.” While plenty of other firms enjoy “a reputation for being very academic, that isn't quite my tempo,” one junior here shared. It’s also fair to say that the firm has something of a steely reputation: “Skadden's history of fighting their way to the top and leading hostile takeovers really ingrained this ‘go-getter’ culture, which I find attractive.”

“Some of the biggest deals of the year.”

And that’s also what makes it the firm of choice for many corporate clients around the world. In one of the most talked about deals of 2022, Skadden advised one Mr Musk in his $44 billion acquisition of Twitter. In another mega tech deal, the firm is advising Activision Blizzard on its $75 billion acquisition by Microsoft.

We could go on, but you get the picture – this is a firm that “consistently brings in some of the biggest deals of the year.” And for its efforts, it’s earned top rankings for its corporate/M&A and tax work from Chambers Global. Chambers USA also awards the firm with top national props for its core practices in antitrust, corporate crime and investigations, and projects, as well as energy, securities and more niche areas like sports law, political law, product liability and SPACs. The firm also has a staggering number of regional rankings (go to Chambers.com for the details).

The firm’s eight US outposts are located in New York, Boston, Chicago, Houston, LA, Palo Alto, DC, and Wilmington, but it’s the Big Apple that houses the bulk of junior associates.

Strategy & Future

Looking at the firm’s recent history, managing partner Eric Friedman details: “Clients have been reaching out to us for more distress advice, such as restructuring and liability management matters.” Looking at the wider picture, he continues: “The past few years – with the backdrop of a challenging economic and geopolitical environment – have been among the most demanding we and other firms have experienced. Our scope of practices and global footprint uniquely position us to deal with such challenges as they arise.”

In addition to the Musk/Twitter deal, Friedman points to another recent highlight for the firm: “We’re representing Activision Blizzard in its $70 billion acquisition by Microsoft, the largest tech deal in history and the largest-ever transaction in the gaming industry. We are coordinating global antitrust clearance in 15 jurisdictions and will represent the company at trial, which is slated for later this summer, to contest the FTC’s challenge of the deal.” To read the full interview with Friedman, click on the 'Get Hired' tab above.

Firm strategy is communicated to staff in a yearly ‘townhall’ meeting (called the Annual State of the Firm presentation), from which associates observed: “it’s great to see us pivot into new industries, such as crypto and NFTs.”

The Work

Skadden’s summer associates have the chance to rotate through multiple different practice groups to “suss out what you want to do.” While they’re getting a taster of what the work at Skadden is like, summers will meet with partners every week to discuss where they like to practice. “I did a fake IPO and some substantive work,” said one, while another recalled that, “as a summer, I was involved in drafting and sitting in on depositions. I just clicked with the group and thought, ‘I don’t care what I’m doing as long as I’m doing it with these people!’”

Once associates start at the firm, work assignment can happen both organically and through a workflow coordinator. While some admitted to getting most work directly from partners, “there is a somewhat large impetus to not go asking for work. Everyone tries to go through the staffing partner so they can keep an eye on everyone’s capacity. Largely they’re there to keep an eye on people so no one is getting slammed or not getting enough to learn and develop.”

“I ended my first year with three IPOs under my belt!”

The M&A work specializes in both contested and negotiated situations, from asset sales and purchases to joint ventures, leveraged buyouts, and strategic mergers. In the New York office, associates with an interest in the firm's corporate work take part in an 16-month program, rotating through two transactional practices before they join one permanently. In all the firm's other offices, corporate associates typically join a general corporate transaction group, which covers both M&A and capital markets. “I was able to take on a pretty large amount of responsibility early on, to the point where I was essentially running transactions, conducting substantive work drafting, talking through issues with clients, and being on calls with the clients and opposing counsel,” one interviewee shared. “I would just say that the learning experience – how much you are able to learn, how fast, and how much you’re exposed to – is second to none. It requires you to learn fast and think on your feet, but you will evolve as a lawyer very quickly.” A colleague agreed: “The sky is the limit in terms of taking responsibility on deals once you show capability and desire.”

M&A clients: Activision Blizzard, Elon Musk, Intel. Advised Apollo in its $11 billion merger with Athene Holding.

In capital markets, “you can specialize, but everyone is doing a little bit of everything – you’re never doing the same thing every day.” The group specializes in both debt and equity work, advising clients on private and public financings for corporate entities, as well as general corporate governance. At the time of our interviews, associates said “debt is really high right now, but equity is lower than before.” Work is split between company-side and bank-side. You can be sure to do a lot of “unique structuring work, especially when the market isn’t so hot – companies need creative financing to stay afloat!” As a first year, “you’ll be running checklists and due diligence and getting involved in the less specialized parts of a deal.” But it didn’t take long for our interviewees to be handed real responsibility: “I ended my first year with three IPOs under my belt!” Another junior affirmed that “if you're doing a good job, you will move up into substantive drafting and running process with different parties in the deal pretty fast. The trajectory is very quick for those that do well.”

Capital markets clients: Morgan Stanley, Air France-KLM, AMEX. Represented Bank of America as underwriters in its $1.14 billion secondary offering of shares in Nippon Paint Holdings on the Tokyo Stock Exchange.

Alongside the firm’s first-class corporate reputation sits its formidable litigation practice. “Fintech securities, SEC investigations and corporate disputes are the first strengths that come to mind,” a junior mused. “There’s a wide variety of high-level work we do, including internal investigations and high net worth divorces.” In the DC office, associates also saw cases related to life sciences, Medicare work, and DOJ investigations. “The fact that we do both investigations and litigation keeps the work interesting and diverse,” one commented. “As a junior, you do more research” than more senior colleagues, “but even then, you’re writing sections of motions, letters to counsel, and witness statements.” With great responsibility, one associate explained, “it can feel like you’re walking a tightrope, but with a safety net beneath you. They’d never actually let you fail!”

Litigation clients: Johnson & Johnson, HSBC Mexico, Canadian Imperial Bank of Commerce. Acted for The University of North Carolina at Chapel Hill in litigation challenging the constitutionality of the use of race in the university’s undergraduate admissions policy.

Culture

Certainly among law students, “the firm has a work-hard play-hard reputation, which I now see is well deserved.” Before we dig into the ‘work hard’ part of the equation (down below in the Hours & Compensation section), let’s explore the ‘play hard’ side of things. “Everyone at Skadden is a social person,” associates agreed. “After a case, people want to grab a drink or dinner to celebrate the win.” That said, “it is sort of what you make it. There are so many options to engage with social activities, but if you don't want to engage as much, that's also fine.” Largely, the socializing “happens organically. I’ve been to multiple weddings and vacations together with the friends I’ve made here.”

“You never feel like you can’t ask someone something – or chat about last night’s Bachelorette!”

Of course, back in the office, “partners are partners and you know who they are,” but even when the focus is on work, associates felt that “there’s not a hierarchy. Obviously if you’re missing the mark, they’re there to tell you honestly and to guide you, but when you’re asked to do something, you’re the lawyer.” In other words, no one is looking over your shoulder. Rest assured though, “you never feel like you can’t ask someone something – or chat about last night’s Bachelorette!” Priorities.

One interviewee shared with us that “junior associates were more competitive than I anticipated,” but generally we heard “rather than competing with one another, associates tend to help each other out and seem to operate on the idea that if another person succeeds, it will boost the success of the team.”

Career Development

“Besides the informal mentorships you build, there are a lot of formal mechanisms that get overlooked,” one of our interviewees felt. So, to ensure that the full extent of the firm’s formal training doesn’t go unseen, we’re covering it all here! “When you start you get three weeks on ‘ACE’ (Associates Comprehensive Education) onboarding training that guides you through legal jargon and the business. I thought it was great!”

“That experience has been invaluable – and you can bill it too.”

Juniors get department specific training, as well as the opportunity to participate in “the shadowing program, where you can watch a partner in a deposition without being on the case itself. I think that experience has been invaluable – and you can bill it too.” Associates have a 150-hour billable credit allowance for shadowing, as well as things like thought leadership, DE&I work, and recruiting. On the fly, “there are litigation lunches to speak about the bare bone skills needed.” The firm’s partners also talk Skadden juniors through difficult deals they themselves have participated on. “Hearing what they found challenging as experienced attorneys and how they dealt with it was really helpful,” one reviewed.

The firm also has a dedicated associate development partner to help associates steer their careers and make connections, and runs an annual review process “where we set our personal goals. For instance, I wanted to take a deposition or be on a brief.”

In terms of progression, associates were hazy on “the experience necessary to become partner,” but may be heartened to learn that the firm has recently shortened the path to counsel from seven to six years.

Pro Bono

“There’s a strong commitment toward pro bono” one associate told us. The fact that all pro bono hours can count toward associates’ billable targets, with no cap, might have something to do with it. Associates get a few email blasts a week with multiple pro bono matters that they can get involved in, and are also given presentations on partnerships the firm has with various pro bono organizations.

“There’s a lot of immigration work, amicus briefs, asylum seekers…” one interviewee reeled off. "There was a 1983 civil rights trial that just finished.” Also, “there’s sometimes a legal clinic for a day you can do. I’ve found it really useful because as a junior you’ll get to write an entire brief, do an oral argument, or do examinations.” It’s not just the litigators that get all the fun, as “we work for non-profits on the corporate side, helping on their corporate governance.”

Pro bono hours

• For all attorneys across all US offices: 140,421
• Average per US attorney: 122.4

Hours and Compensation

Billable hours: 1,800 target

Skadden have an hours-contingent bonus system set at 1,800 billable hours, which one source felt “is more humane than some other BigLaw firms.” Associates unanimously agreed that 1,800 is achievable, especially considering pro bono is unlimited. That said, some interviewees suggested they’re “expected to be over the target.” Most sources told us they bill between 1,900 and 2,000 hours and find themselves at their desks between 9am and 6pm, before logging back in a bit later in the evening. “Sometimes work can be inconsistent and you have to work weekends or late on a Friday,” said one, clarifying that, “it’s not nearly as daunting as it was described!”

Of course, at a firm at this end of the market, it’s inevitable that there’s going to be a certain “willingness to work late into the night” among associates. Butmost were also pleased to report a “strong emphasis on work-life balance that’s reinforced by the partners,” whether that meant allowing “flexibility around family obligations, encouraging mental and physical health and wellbeing, or generally trying to protect any vacation.”

Diversity, Inclusion and Equity

While some interviewees weren’t totally enthused by representation at the partner level, we learned that of the firm’s most recent summer class, just over half were people of color and 59% were women.

Associates told us “the affinity networks are very supportive and foster strong communities” at the firm. “A lot of energy and resources are placed into our affinity groups, which have recently opened to all staff – not just associates. There are events and initiatives every month at the firm!” The firm has ten established affinity groups in the New York office; in the case where a certain affinity group may not exist in one of the firm's other offices, associates can participate remotely with the group they identify with in New York.

Get Hired

Applications and First-Round Interviews

Skadden participates in campus recruitment programs hosted by nearly 40 different law schools across the country but typically students from 45 or so make it to the summer program. Top schools like Columbia, Georgetown, Harvard, Penn, NYU and Berkeley in particular are the biggest contributors more recently. The firm also hires students who apply for positions outside of campus-sponsored programs – it’s suggested that those students apply directly to the firm as soon as their spring semester grades are available.

As for the on-campus interview programs, most interviews involve two attorneys from the office to which students are applying: the thinking behind this is to give applicants an insight into Skadden's collaborative approach to practice. The criteria for getting to the next level is being qualified to work at the firm; demonstrating a genuine interest in Skadden's work; and being able to integrate within teams at the firm. As the first point largely speaks for itself, the latter two should be kept in mind.

Top tips: 

"Take a targeted and thoughtful approach when trying to learn about the firm – don't just read about the last three deals we've done and spout off about them!"

"Skadden prizes folks who can communicate well and interface with clients. There's more of a mix of people here than at some other firms: we're not just academic nerds."

Callback Interviews

The firm gets a flavor of applicants' tastes in practice areas and interests before they arrive for their callback, so when they meet a mix of partners, counsel and associates they'll be from relevant teams and backgrounds. Students also get to know juniors on a more informal basis (eg, lunch, coffee, drinks) and there are other opportunities to get an idea of Skadden's character. The firm asks those invited for callbacks to complete an online assessment beforehand as an opportunity to share additional information about candidates’ strengths, allowing the firm to get to know students beyond credentials and interviews, and their alignment with firm goals and values.

Impressing those you speak to is important at this level, as they will be assessing whether you can fit in at the firm and practice at a high level. Enthusiasm is the most important trait to demonstrate, but don't go overboard: it's important to be true to yourself rather than trying to be what you think the firm wants you to be.

Top tips: 

"I look for the drive of wanting to learn as much as possible. The people who are happiest here want to be working even when it's late because they're learning new things from the best in the field."

"The firm isn't necessarily looking for the life of the party or a social butterfly, though you certainly can be. We're looking for someone with 20 minutes' worth of conversation to give, whether that's about a law school topic or Game of Thrones.”

Summer program

Number of summers in 2023: 257 (43 of which are Skadden 1L Scholars)

There's no formal rotation in Skadden's summer program – participating students can sample different areas as they please. The firm does prefer summer associates to narrow their focus around the midpoint of the program, so if you want to experiment then the first few weeks are the best time. Experimentation is indeed encouraged – a partner on their hiring committee recalls "time and again I see students discover a passion for a practice area they had never previously considered during the summer. That includes me!"

There's thorough legal and business skills training, including diversity, equity and inclusion and well-being seminars and workshops, plus more specialized sessions for anybody keen on specific areas like tax or derivatives. Explore what's offered and don't be afraid of asking attorneys any questions you may have. Intellectual curiosity is highly valued at Skadden.

Summer associates are paired with attorney mentors to ensure personalized support and attention. When the summer program ends, former summer associates and newly hired incoming associates become a part of the Rising Associate Mentoring Program (RAMP). This keeps incoming associates connected to the firm while they are finishing school and eases the transition from 3L to first-year associate.

In addition, just about everyone takes on pro bono during the summer. Although optional, the opportunities to contribute to impact projects that address critical issues of the moment, including the fight against systemic racism, immigration and the refugee crisis, are too good to pass up.

Notable summer events: Notable events have included: tours at cultural landmarks and attractions; culinary and mixology demonstrations; well-being programming and events; private documentary screenings; team-building challenges; and concerts and comedy shows.

Top tips: 

"You don't have to be the center of attention during the summer but do express yourself and feel comfortable doing so."

"Your work should form your reputation for doing great work and being a team player and that should be it – don't be known as the person who shows up late or acted inappropriately at the party."

And finally...

A hiring partner at the firm recommends you "don't get misguided by the chatter on campus or anonymous posts online. Selecting a firm is your decision about what is right for you and your career.”

Interview with Eric Friedman, Skadden's executive partner

Chambers Associate: How would you define your firm’s current position and identity in the legal market?

Eric Friedman: Very strong; we’re fortunate that our clients continue to look to Skadden to help them navigate their most complex legal issues. The past few years — with the backdrop of a challenging economic and geopolitical environment — have been among the most demanding we and other firms have experienced. Our scope of practices and global footprint uniquely position us to deal with such challenges as they arise.

CA: What are your core practice areas and sector priorities? 

EF: Our core practices continue to revolve around M&A, capital markets, litigation, investigations, antitrust and tax, among other areas. To cite just a couple of recent and ongoing matters, we are representing Activision Blizzard in its $70 billion acquisition by Microsoft, the largest tech deal in history and the largest-ever transaction in the gaming industry. We are coordinating global antitrust clearance in 15 jurisdictions and will represent the company at trial, which is slated for later this summer, to contest the FTC’s challenge of the deal. We also represented Elon Musk in his $44 billion acquisition of Twitter, and we’re advising Intel on its efforts to create a semiconductor investment program to boost U.S. chipmaking capabilities.

CA: Have there been any developments at the firm over the past year that you would like our readers to know about?

EF: Lateral hiring has expanded our platform and enhanced our offerings to clients. Over the past year, about a dozen new partners have joined us, bolstering our practices in offices across the globe in such areas as litigation, white collar criminal defense and investigations, securities enforcement, corporate restructuring, private equity, mass torts, tax, and energy and infrastructure projects. Still, most of our partnership expansion continues to be through the ranks — our most recent class included 24 new partners, 18 of whom began their careers at Skadden.

CA: Are there any domestic or international events/trends (legal, economic, political, social) affecting the work conducted by the firm or the way in which it is structured and run? 

EF: The tough economic cycle the world is experiencing and heightened attention by regulatory/enforcement agencies on several fronts are creating different types of work. Clients have been reaching out to us for more distress advice, such as restructuring and liability management matters. In light of rising interest rates and a potential recession, they are repositioning themselves. Most recently, AI has introduced a whole host of novel issues for clients — and us. Our attorneys are busy identifying a path forward in this unchartered arena, in such areas as corporate transactions, intellectual property, privacy, fand labor and employment.

The nature of our work continually changes, reflecting what’s happening across the business and legal landscapes. Our attorneys — from the most seasoned to new associates — have a front seat to the opportunities created by that change.

CA: What is your firm’s strategy and how do you expect the next year to unfold? 

EF: The cornerstone to our success is hiring and training a diverse group of the best and brightest students from a wide range of law schools and immersing them into the Skadden culture. To remain a market leader in each practice, we will continue to invest time and money in the current and future generations of Skadden talent. Over the past two promotion cycles, we elevated over 40 attorneys to partner — including our largest class in over a decade — and we promoted over 75 attorneys to counsel, a Skadden record.

CA: How is the firm evolving to accommodate the needs/expectations of the next generation of lawyers?

EF: We try to keep our finger on the pulse of the next generation by regularly conducting firm-wide surveys about how they are handling — or would like to deal with — the major issues they are facing and how the firm can help. A network of 10 affinity groups also provides us with input on how we’re doing and ideas for new initiatives. In terms of career development, we offer formal and informal training, mentorships and ongoing collaboration among attorneys and with partners. A lot of our programs are led by our own lawyers and cover personal development as well as legal skills.

CA: What is the greatest challenge facing the firm in the next decade? How about the legal market more generally? 

EF: The ability to stay connected in a hybrid working world is a new challenge. We need to ensure that we continue to build the same connections and see the accelerated learning and development that have played such an essential part in our firm’s success.

CA: What is the firm’s approach to bolstering diversity, equity, and inclusion? Are there any initiatives that are new or that have been working particularly well that you would like to flag?

EF: OurDEI program is extremely active. We regularly lead formal and informal programs and conversations that help foster an inclusive community at Skadden. To cite just one example, in November we hosted all of our Black attorneys in New York for a two-day program that was a mix of skills development, talks from alums and social activities. The feedback was extraordinary — it was a great opportunity for that cohort of attorneys to network, get advice from each other and have some fun.

For us, DEI has been critical to our accomplishments as a global firm for so many years. This year, attorneys of color make up 53% of our summer class and women make up 59%. We have been consistently recognized for our support of DEI, including scoring 100% on the Human Rights Campaign’s Corporate Equality Index 13 times. Being intentional is paying off. 

CA: What advice do you have for students and junior associates who are just about to embark/have just embarked on their legal career? 

EF: Given the volatile economic and geopolitical environments, particularly in China and Russia, new attorneys should be flexible when considering the kind of work to pursue, and they should remain open to new kinds of opportunities. Also, the different directions in which attorneys can develop continue to evolve, and careers within the legal profession can be as different as careers across professions. However, developing and maintaining relationships, being able to work collaboratively with others, and remaining forward-thinking and flexible are as important as ever. Those qualities will keep attorneys in good stead regardless of the path they take.