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A very pleasant history Simpson Thacher & Bartlett was founded 116 years ago and has represented a long string of well-heeled corporate clients ever since. Investment bank Lehman Brothers has been a client since the 1930s, and the firm led Paramount Communications (then called Gulf & Western) through its acquisitions in the 1960s and 1970s. But perhaps the more important deal for Simpson Thacher occurred in 1952, when the firm scooped up about ten lawyers from a little Manhattan law firm, Newman & Brisco, which represented a company that would soon become Manufacturers Hanover Trust. In another prestige deal, Simpson Thacher hired Cyrus Vance as an associate in 1947. The renowned diplomat, who later served as Secretary of State in the Carter administration, became a partner at Simpson in 1956 and repeatedly moved between public service and private practice at the firm before retiring in 1997. Manufacturers Hanover became an increasingly important client to Simpson Thacher. In the early 1980s, fees from Manufacturers Hanover represented nearly 30 percent of the firm's income. Until moving offices in 1988, 110 Simpson Thacher lawyers in banking, real estate, project finance, and bankruptcy worked directly out of Manny Hanny headquarters, filling three floors of the building (though not all the lawyers worked for Manufacturers Hanover all the time). Another client that has paid dividends - a small buyout firm Simpson Thacher first began representing in 1976 called Kohlberg Kravis Roberts & Co. (KKR). KKR would acquire RJR Nabisco in 1989, paying Simpson Thacher a fee said to have been near $30 million. Growing at home and abroad Like many other prestigious New York firms, Simpson Thacher is tightly knit. The vast majority of its partners started as associates with the firm. For most of its history, ST&B has been known as a New York firm, notwithstanding its small satellite offices in London (opened in 1978) and Columbus (in 1980). But the 1990s have seen a wave of domestic and international expansion at Simpson Thacher. On the home front, Simpson Thacher opened a Los Angeles office in 1996 and launched a Silicon Valley branch in 1999. In addition, the firm has opened offices in Tokyo (in 1990), Hong Kong (in 1993), and Singapore (in 1997). Simpson on the bleeding edge of law tech Keeping Simpson on the cutting edge of technology starts right at the top. Richard Beattie, chairman of the executive committee, heads up Simpson's new knowledge management system. The updated information system organizes information around practice areas using specialized software, and each practice group controls its own intranet space. The firm's intranet gives lawyers links to specific deal documents and briefs (which must be a source of relief to associates tired of hunting through stacks of paper). These documents are password-protected so only authorized viewers can access them (which must be a source of great relief to Simpson Thacher clients). Aggresssive corporate deals from a nice firm While Simpson Thacher & Bartlett may have a genteel reputation, the firm has been involved in some pretty aggressive deals. Thanks in part to the assistance of steely-eyed head partner Richard Beattie and aggressive M&A leader Charles Cogut, Simpson Thacher has become a top M&A advisor. Financial Securities Data placed ST&B on top of the M&A world for all 1999 U.S. mergers and acquisitions in terms of deal value. The report listed ST&B as advisor on 142 deals with a total value of more than $615 billion. The past year kept Simpson M&A lawyers busy overseas as well with 34 European transactions. The firm also features strong international and domestic capital markets, banking, and project finance practices. Its corporate practice is its largest department, with approximately 73 partners and over 250 associates. E-merging Simpson grabbed headlines in January 2000 for advising AOL on its merger with entertainment giant Time Warner. The deal, worth $150 billion, was the largest ever at the time of its announcement. The acquisition was negotiated in extreme secrecy, and the final touches were put together in one frenetic week. But in order to create the new media monolith, Richard Beattie, Philip Ruegger and the rest of the Simpson team, along with Time Warner's outside counsel Cravath, Swaine & Moore, still must guide the companies through both American and European regulatory approval processes. They also have to get the OK from about 40 local authorities in the United States. Simpson's involvement in e-biz goes beyond AOL. Partner Gary Horowitz from Simpson's New York office and partner Michael Nooney from the Silicon Valley branch represented Internet travel agent Preview Travel Inc. in its merger with Travelocity. The deal creates a single online travel agent called Travelocity.com. Preview stockholders walked away with 30 percent of the new travel powerhouse, and undoubtedly Simpson enjoyed the fruits of the lucrative deal as well. The Simpson project (finance) Another mighty Simpson Thacher practice area is project finance. For more than 30 years, the firm has represented construction firms, insurance companies, commercial and investment banks, and major corporations in various projects all over the globe. Simpson represented senior bank lenders CIBC and Barclays in the "FLAG project." FLAG involved the financing and construction of 27,000 miles of submarine fiber optic cable stretching from the United Kingdom to Asia, the largest such cable system in the world. In another telecom deal, the firm was involved in the building of over 400,000 phone lines in central Java. Power projects are also an area of expertise for Simpson Thacher. Examples include work on a $1 billion natural gas processing facility; counseling General Electric Capital Corporation on its ownership of a coal-fired electric generating facility in Asia; and representing Citibank in a first-of-its-kind gas and electric plant project in Mexico. So sue me Although big corporate deals often garner much of the firm's press coverage, Simpson Thacher's litigation practice is no less impressive. The firm handles hundreds of cases at any given time, across a wide variety of areas. The litigation department adopts a generalist approach with an emphasis on trial skills but also has several loosely-organized practice groups: antitrust; government investigations and business crimes (a.k.a. white-collar defense); insurance and reinsurance coverage; intellectual property; international arbitration; product liability; and securities and shareholder litigation. The practice is one of New York's largest, with approximately 35 partners and over 125 associates.
Nice firm, tough standards As a top New York firm, Simpson Thacher must maintain tough hiring standards. One source says, "If you haven't graduated from a top 10 law school or at the top of your class from a respected top 20 law school, you pretty much can rule out getting hired here." Another source thinks making it to the callback is the biggest hurdle. "Once you get an interview, I think that it is fairly easy to get hired if you are a nice person who can maintain a conversation," he says. (There's the niceness again.) An attorney advises applicants in limbo, "Don't give up - pursue your application." Some insiders say the firm has a soft spot for the Ivy League, Stanford, and Southern schools. Must be that Southern charm.
Friendly and conservative culture Simpson's reputation for niceness is born out in the words of associates. No matter what, Simpson associates feel that they're highly respected. Insiders describe Simpson as "friendly," "reserved," "family-oriented," and "conservative." "People treat each other very well," claims one lawyer. Another gratified source comments, "Simpson is true to its reputation. You are thanked for your work, no matter whether it's a fifteen-minute research project or a heavy all-nighter. The hallways are quiet and people are polite and nice." Any meanies? "It is surprising to find a handful of less than friendly people," contends one laywer. Like the sands through the hourglass, so are the days of Simpson lives Like their colleagues at other New York firms, Simpson associates express widespread dissatisfaction with their hours, which tend to hover between 60 and 70 hours a week. "Crazy and inhumane," says a corporate contact. Another finds that "the hours worked are the main problem with this job." Other corporate attorneys offer some words in their firm's defense. "I work a lot of hours," says one, "but so do other associates in firms like this." Another adds: "Everyone works hard, but people are generally respectful of real personal obligations like weddings and vacations." Get done and go home Although associates say their colleagues are "extremely civil toward each other," Simpson is not the place to go for galas and debauchery after hours. One contact explains, "I like the people I work with, but I already have a lot of friends. I'm at Simpson to work, bottom line." Another Simpson associate says, "Some people think it's OK to leave their personality at the door and come to the office. It's very clear they only want to get their work done and leave." Many attorneys are relieved that the firm is respectful of their personal time and does not obligate them to attend firm social events. Splashy pro bono - if you have time for it Sources say that Simpson is very supportive of pro bono work. "Opportunities are widely and easily available and often sponsored by a partner. The firm does not penalize associates in any way for time spent on pro bono matters," according to a litigator. But one associate says, "I don't think assigning partners take into consideration pro bono work." Perhaps part of the reason for this lack of consideration is that "no one keeps track of whether you do [pro bono] or not." Another contact says that pro bono is "very much encouraged, but where the hell do you find the time?" Simpson springboard Associates believe that ST&B has a high turnover rate. "People use ST&B as a training ground - a springboard to getting a position anywhere else in the world with better hours and lifestyle," says one lawyer. Insiders observe associates packing their bags after their second year at the firm. But one lawyer indicates that "people seem to leave for interesting work." They also come back. Over the last two years, nearly a dozen associates have left Simpson and returned. Perkfest for Simpson Aside from tasty treats like pizza (every other Friday), cookies and aromatic Starbucks coffee, Simpson Thacher associates pick up other perks as well. These include the always much-appreciated car service home, a subsidy of gym membership by two-thirds (up to $1000/year), use of an at-home laptop, and the occasional cocktail party. Another perk is casual dress - the firm is said to be "going full-time casual at the end of the summer." This doesn't mean Simpson lawyers will start shuffling in wearing tattered jeans, sneakers, T-shirts and tank tops. The de facto dress code is said to be "no jeans, no sneakers, no T-shirts. Men have to wear long sleeves and collared shirts." Women's dress, however, "runs the gamut," and "the firm is becoming more casual every day."
Dee Pifer Recruiting Director (212) 455-2687
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