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

“Be it ego or excitement, I wanted to go to a place that had a name.” Contrary to Shakespeare’s famous line, it turns out that names are quite important. In fact, the Skadden name is one that is pretty much synonymous with the elite law firm scene in New York. With 50 Chambers USA rankings across almost all areas of corporate law, including top-tier rankings in corporate/M&A, corporate crime & investigations, and corporate tax, Skadden is considered among the best firms in the world for corporate clients. "Our strategy is and has always been, to be a leader in the practice areas where we go to market, and so we are always looking to strengthen in those areas," Eric Friedman, executive partner at Skadden, tells us. “In a sense, we sit right at the intersection of M&A, capital markets, and securities litigation, with the current developments in those areas really playing to our strengths.”

“Be it ego or excitement, I wanted to go to a place that had a name.”

Skadden has offices in Boston, Chicago, Houston, LA, Palo Alto, DC and Wilmington, but it is the firm’s New York office that houses the bulk of its junior associates. In New York, most junior associates have set up shop in mergers & acquisitions or litigation, and not without good reason. The firm scoops top Chambers rankings for corporate M&A,general commercial litigation, securities litigation, and white-collar crime & government litigation in the city. 

Strategy & Future

There’s no doubt about it, 2021 has been a big year for mergers and acquisitions: “The global M&A market is up significantly, both in mega deals and total deal value,” Friedman explains. “We have been an active participant in some of the biggest deals of the past year across industries and geographies, includingrepresenting Proofpoint in the largest privatization in cybersecurity history." But there were other highlights too: "I think a unique aspect of the 2021 M&A and capital markets practice was SPACs, and we completed 200 SPAC transactions in the last twelve months, such as advising Grab Holdings on its $40 billion merger with Altimeter Growth Corporation."

Looking ahead, Friedman points out: “If we’ve learned anything from the pandemic, it’s that it is hard to forecast these things ten years out.” That being said, the firm is working to transition to a fully hybrid working model, where attorneys will be expected to be in the office three days a week. “I don’t think that the pandemic has had a profound impact on our go-to-market strategy,” Friedman clarifies, “but it has changed dramatically our approach to how we work.”

The Work

Summer associates at Skadden have the opportunity to rotate through different practice groups, which gives them the freedom to find a department that suits them: “I would talk to practicing lawyers at the firm any chance I got, and ask them what they did, and what it involved,” one associate explained. “After taking some litigation assignments, it just clicked – I felt like I was wired for litigation.” Once associates start at the firm, work assignment happens largely by informal networking: “In my experience, it’s been more about having relationships with the partners and getting work from them.” Associates at the firm can coordinate with partners if they are struggling to find work, but as a general rule, sources found “it’s as free-market as you want it to be.”

"We have the ability to take a SPAC from start to finish, and handle the litigation that inevitably comes with the mergers as well.”

Associates in the New York office who are interested in the firm's corporate work participate in an 18-month program that allows them to rotate through two transactional practices before a final placement in a transactional group. In all of the firm's other offices, associates interested in corporate work are placed in a general corporate transaction group, which covers both M&A and capital markets. Focused M&A subgroups can be found in New York, DC, Boston, and Wilmington. Skadden’s M&A groups specialize in both contested and negotiated situations, from asset sales and purchases to joint ventures, leveraged buyouts, and strategic mergers. As one associate put it: “I knew that Skadden was a big corporate powerhouse, which was what I was interested in and paying attention to, and M&A was top of the heap there.” One associate in LA explained that it can be tough to get handed more responsibility in high-profile M&A deals: “In an M&A situation, you’re more likely to have some layers above you,” but that’s not to say there aren’t big opportunities for the taking too. “I’ve been able to conduct substantive work drafting, talking through issues with clients, and being on calls with the clients.”

M&A clients: Louis Vuitton, Dell, and Wells Fargo. Represented Honeywell International in its $1.3 billion acquisition of the web-based management software company Sparta Systems.

Skadden’s capital marketsgroup has had a busy year. As one source in New York put it: “It's no secret that the entire capital markets space has been slammed.” The group specializes in both debt and equity work, and advises clients on private and public financings for corporate entities. As touched on earlier, one of the key areas of work to emerge in the capital markets space in the last year has been the popularity of SPACs: “SPACs are basically financial vehicles that offer a different way for private companies to access capital markets as opposed to the traditional IPO,” one associate explained. “They turn into some cool companies. We have the ability to take a SPAC from start to finish, and handle the litigation that inevitably comes with the mergers as well.” The capital markets work is split between company-side and bank-side: “I would say I do more work on the bank side, maybe 70% of the time, and then 30% of the time is spent on the company side, and that’s fairly typical of the group.”

Capital markets clients: Krispy Kreme, Goldman Sachs, and Shopify. Represented the website-building company Squarespace in its $2 billion direct listing on the New York Stock Exchange.

“What got me excited was not the client, or even the sector, but that I was getting trial experience”

Given Skadden’s reputation in the corporate world, it should come as no surprise that the firm’s litigation practice is often corporate-focused: “More often than not, we are working on litigation stemming from corporate matters,” one source told us, “but it’s definitely what we would call general litigation – it’s whatever waves we can ride at that time.” The associates we spoke to in Wilmington were quick to speak about the benefits of working in a trial-focused office: “Having spent time on trial teams, what got me excited was not the client, or even the sector, but that I was getting trial experience, drafting depositions, and sitting in on them.” Indeed, drafting forms a big part of junior associate life in the litigation group: “There’s always something that needs to be written, whether it’s a brief, or a memo, or discovery matters.”

Litigation clients: Canadian Imperial Bank of Commerce, Capital One, JPMorgan Chase. Represented global investment firm Neuberger Berman against efforts from plaintiffs to block a business combination agreement between Neuberger Berman, Owl Rock Capital Partners LP and the Altimar Acquisition Corporation.

Career Development

“The partners are aware that if you can get some institutional knowledge, you can be much more effective as a law firm.” At Skadden, this translates to “teaching you what it means to be on the job, and what it’s really like, because law school doesn’t really prepare you for it!” One way this happens is via Skadden’s Business Development Academy, a formal program that provides junior associate with seminars on topics such as client relations and networking – “seeds you plant now that you can reap in future years.” Indeed, juniors got the impression that “there’s an emphasis on trying to develop people’s abilities and have them stick around.”

“At a firm like Skadden, we are here to work."

Given the pace of work that was brought by the pandemic however, a number of associates found that much of the learning was on the job: “We’ve mostly had to rely on learning by experience and feedback.” Despite being thrown in at the deep end, the firm’s current associates urged those starting out to be brave enough to ask for help: “When you come in, you’re so concerned with proving yourself and showing that you can handle it. But once you’re there, the proving yourself is done. Don’t be afraid to show that you don’t understand something.”

Culture

As one associate put it: “While it’s still BigLaw and the hours are long, people generally enjoy being around each other.” Another associate elaborated: “I’ve formed very strong bonds with my co-workers and never felt that anyone has been unreasonable with me – partners included.” With such a high-profile corporate firm however comes certain expectations in terms of workload and hours: “At a firm like Skadden, we are here to work. We keep ourselves busy, and take on high-profile corporate clients who expect a certain product from us. And this is taken very seriously.” To summarize, one source concluded: “I definitely feel like I’m operating at the highest level with the best people around me.”

Hours & Compensation 

Billable hours: 1,800 target

Associates at the firm have an hours-contingent bonus system set at 1,800 billable hours, but as one source explained: “No one’s coming after you if you don’t hit it. Most people are going to work more than that, but it’s good to have a concrete goal.” Indeed, the typical hours at Skadden are not for the faint-hearted, with most associates working an average of 60 hours a week: “Most associates work an annualized total of more than 2,400 hours,” one associate estimated. “I’ve probably done close to a 75-hour week, but that’s usually in the ramp up to something.” However, our insiders made clear that there were plenty of troughs that accompanied the peaks, and one source in New York – where the hours were agreed to be the most intense – highlighted to us that "I generally get my weekends free." We were also told that the 1,800-hour billing target can include unlimited pro bono; up to 100 hours for nonchargeable contribution to substantive legal work involving thought leadership; knowledge management; business development and shadowing senior attorneys (first to third year, and new laterals); and up to 50 hours for DE&I and recruiting activities.

Diversity, Equity & Inclusion

In 2021, Skadden hired a consulting group to work with partners to further expand upon the firm’s culture around DEI: “It wasn’t that it was an issue beforehand necessarily, but it helped to show that the firm was taking it seriously.” Indeed, Skadden benefits from being in the top half of the firms we survey by number of women partners. One source added: “I think that you can see that with each incoming class – each gets a little more diverse.” The firm continues to bring in guest speakers to talk about various diversity issues, and also has “a few mandatory associate training sessions on DEI.”

Interviewees reckoned that one of the challenges facing the firm’s smaller offices is how to attract the same diversity of talent that the firm’s New York headquarters does. One associate at the firm’s office in Wilmington explained: “Applicants have their eyes on the major markets, and for our office, we need to encourage people to come away from where the major markets are,” which is easier said than done. “We want to say, ‘Hey we’re here as well, and we want you too!’” However, we were told that the firm has sought to leverage remote working to further allow those in smaller offices to join programming around DE&I.

Pro Bono

Associates in the litigation department are usually the busiest when it comes to pro bono assignments: “Simply because so much of the pro bono work that we do is advocating on behalf of clients who can’t afford a lawyer.” Assignment leans toward the formal side – attorneys are brought onto pro bono matters by local pro bono officers, as well as a global director who works closely with the managing partner to see who has the space in their schedule to help out. Associates told us that most pro bono matters are handled by one attorney, as opposed to a larger team, but this hasn’t stopped the firm clocking more pro bono hours per attorney than the vast majority of the firms we survey. “You can do as much as you want, and it’s all counted as billable. There’s no cap on it besides your own capacity.” In addition, pretty much all summer associates take on a pro bono matter to get leadership experience on a project.

Pro bono hours 

• For all attorneys across all US offices: 142,633
• Average per US attorney: 122

Get Hired

The first stage: recruitment on and off campus

Skadden participates in OCIs across 35 different law schools but students from nearly 40 make it to the summer program – that gap is filled by attendees from one of around 25 different job fairs. Top schools like Columbia, Georgetown, Harvard, Penn and Stanford in particular are the biggest contributors more recently. It's possible to apply for a summer position outside of OCIs and the firm is happy to talk to students from any school outside of its campus interview program.

As for the on campus channel, 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."

Callbacks

The firm gets a flavor of applicants' tastes in practice areas and interests before they arrive for 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 over lunch or a coffee, 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 2022: 255 (42 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 – global hiring partner Gavin White 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.

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 pandemic-relief, 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 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 got drunk at the party."

And finally...

Gavin White 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 executive partner Eric Friedman

Chambers Associate: How would you describe the firm’s current market position?

Eric Friedman: Incredibly strong. We are at the top of our game, and at the top of the legal market. In a sense, we sit right at the intersection of M&A, capital markets, and securities litigation, with the current developments in those areas really playing to our strengths. Let’s focus on those three, starting with M&A. As you know, the global M&A market is up significantly, both in mega deals and total deal value. We have been an active participant in some of the biggest deals of the past year across industries and geographies including: representing Proofpoint in the largest privatization in cybersecurity history; representing the private equity firm Apollo in the largest insurance transaction of the year; and representing PPL Corporation in its $3.8 billion acquisition of Narragansett Electric Co. from National Grid.

Those deals highlight to me the diversity of our M&A practice. I think a unique aspect of the 2021 M&A and capital markets practice was SPACs, and we completed 200 SPAC transactions in the last 12 months, such as advising Grab Holdings on its $40 billion merger with Altimeter Growth Corporation. We also recently represented the underwriters in the IPO of Rivian, the producer of electric cars. The IPO was the largest of the year, and Rivian may now be worth more than General Motors and Ford.

Moving to our litigation and trials practice, we have taken part in a number of high-profile trial victories, such as defending Sabre against an accusation by American Airlines and representing FedEx in the dismissal of a trial concerning a 2016 cyberattack.

It’s a great moment to be starting a career at a global firm like Skadden. Our attorneys and professional staff completed more than 180,000 hours of pro bono service in 2021, with an average of more than 100 hours per attorney. We also have almost 100 lawyers working with the Law Firm Antiracism Alliance. On top of that, we have the Immigration Impact Project, and there are over 600 attorneys working as a part of that. I mention immigration because it is the hot topic in the human rights legal realm, and I think your readers will be especially interested in what we are doing in that space.

CA:Would you characterize the firm as being in growth mode? If so, can you tell us more about which practice areas/sectors have been earmarked for growth?

EF: Our strategy is and has always been to be a leader in the practice areas where we go to market, and so we are always looking to strengthen in those areas. Our first priority is to attract the best and the brightest, develop them as attorneys, and promote them in the future. That being said, we also look to strengthen our practice through lateral hires, but only where we believe they can add unique experience. Some examples that underscore our approach to lateral hiring: Joe Barloon, former general counsel to the U.S. trade representative, rejoined our D.C. litigation team; Brian Egan, a senior lawyer at the White House and State Department, with deep experience concerning issues of national security; David Farhat, a former IRS official; and Raquel Fox, a former member of the SEC. We also brought in Bao Nguyen, who was principal deputy chief counsel at the Office of the Comptroller of the Currency.

CA:How has the firm weathered the pandemic, and has it affected the firm’s long-term strategy? Has it affected the firm’s remote working policies?

EF: The pandemic has had a severe impact on everyone. Full stop. For us, it highlighted the importance of our firm’s strong culture and the importance of working as a team. That culture of team spirit and support was able to get us through the dislocation of remote working, which was very challenging. I continue to tell the Skadden team how incredibly appreciative we are, not only of how dedicated they’ve been to client service, but also how well they have managed to adapt to working in a remote setting.

Recently, we’ve been transitioning to a hybrid work model, where we expect our attorneys to be in the office at least three days a week. I don’t think that the pandemic has had a profound impact on our go-to-market strategy, but it has changed dramatically our approach to how we work.

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

EF: If we’ve learned anything from the pandemic, it’s that it is hard to forecast these things ten years out. Putting that aside, the biggest challenge will be adjusting to the new post-COVID normal, where we intend to leverage off our success in working remotely, while also reestablishing some of the old norms that enable us to provide tremendous attorney development and innovative outcomes. We’re excited to embrace the hybrid work model, but I don’t want to suggest that it will be easy! We want to find a balance between remote working, and the corresponding autonomy, with client service and attorney development. And this will be challenging amid working out what this new normal is. The so-called "war for talent" continues to be an issue, too, alongside trying to make strides in diversity and inclusion. This is all against a backdrop of strong demand for high-quality legal service.

CA:How has the rise in legal technology affected the firm? Are you implementing any specific programs/initiatives with regards to technology? 

EF: I’ll answer that at two levels. First, at a basic level, the pandemic obviously spread the use and adoption of new tech. For example, the focus on web-enabled meetings have kept our multijurisdictional teams connected and our client interactions in a remote environment relatively seamless. These were just coming online before, but they went from "new ideas" to the backbone of how we function very rapidly. As to the underlying practice, we’re certainly utilizing new legal tech where it is efficient and it enables our attorneys to focus on more of the high-end work. However, ultimately, we continue to believe that there is no substitute for the judgment and sound advice that come from deliberative and collaborative engagement among colleagues.

CA:Does the firm have any set targets with regard to diversity? 

EF: We don’t employ set diversity targets. Our mission is to attract, develop and promote high-performing attorneys who have diverse experiences and perspectives that not only enhance our culture but also serve as an advantage for our clients. If you drill down to how that ultimately flows through, this past year was our most diverse new partner promotion class ever, preceded by the prior most diverse class the year before.

CA:Any advice for those about to enter the legal industry?

EF: It’s a great time to begin a legal career. We are in a period of high demand for services, so there are ample opportunities to work on high-profile, complex matters from the beginning of an individual’s career. Be open-minded about the work that comes across your desk. That mix of varied work and varied mentoring opportunities in a busy work environment will provide excellent career development. That’s a very exciting backdrop to starting a legal career.