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Willkie Farr may not get the notice of a Cravath or Skadden, but it's a quietly effective firm. With signficant strengths in bankruptcy (clients include "The Trump" himself), corporate practice and intellectual property, those who know Willkie - especially those in the inside - regard it highly. History: politicians everywhere Willkie Farr & Gallagher was founded in 1889 in New York and now has more than 400 attorneys in six offices. (Besides New York, the firm has operations in Washington, DC, Paris, Rome, Milan, and London.) The Willkie in Willkie Farr is Wendell Willkie, the 1940 Republican presidential candidate who lost to Franklin Roosevelt. Willkie is not the only politician connected with the firm - former governor of New York Mario Cuomo became a partner after leaving office in 1995. More recently, Craig Johnson, an associate in Willkie's bankruptcy department, was elected to the Nassau County (NY) Legislature in May 2000, taking the place of his mother who died of breast cancer in March 2000. Johnson's bankruptcy experience will come in handy; Nassau County was facing a deficit of $178 million when he took office. Another prominent Willkie lawyer is Chester Straub, a former partner named a Circuit Court judge. With client departure, a major restructuring Perversely, perhaps the best thing that happened to Willkie Farr was the sale of Shearson Lehman. The broker had been a major client of Willkie's in the 1980s, at one time accounting for as much as one-third of the firm's business. When Shearson Lehman was sold to the Traveler's Companies in 1993, that business disappeared. The firm suffered, laying off approximately 20 associates, but learned its lesson. Willkie rebuilt and reorganized and no client is now responsible for more than five percent of the firm's business - a much sounder policy. We merge for you One of Willkie Farr's best-known practices is mergers and acquisitions. The firm represented the National Association of Securities Dealers (the parent company of the Nasdaq stock market) when it acquired a controlling interest in the American Stock Exchange in 1999. Willkie represented CalEnergy Company in its $5.5 billion acquisition of MidAmerican Energy Holding Company. In investment banking, Willkie lawyers represented Cowen & Co in its sale to Societe Generale. J. Crew used Willkie when the clothing company was sold to TGP Partners. More recently, the firm represented Nextlink Communications regarding its $2.9 billion merger with Concentric Network in February 2000. Later that month, Willkie was tapped by CompUSA to represent it in its acquisition by Grupo Sanborns, a Mexican retail company. Big on bankruptcy While M&A has been good to Willkie, many in the firm think Willkie has "one of the best bankruptcy departments around." The firm's most famous reorganization case involved the Trump Organization. Willkie helped Donald Trump, the New York-based real estate tycoon, restructure his hotel and casino holdings, including the Plaza Hotel, Taj Mahal, Trump Plaza Hotel and Casino and Trump Castle. No doubt the firm will be working with the perpetually financially troubled zillionaire in the future. The firm also represented high-profile Chapter 11 filers like the Grand Union Company, Days Inn of America, Orion Pictures, and Harvard Industries. Glam securities If you've had the chance to buy a piece of Ziggy Stardust, you can thank Willkie. Perhaps the most famous Willkie securities offerings have been its "Bowie bonds," securities backed by song royalties. The firm participated in the first such song offering, structured for rock star David Bowie. That association led to some legal troubles for the firm. Willkie was one of several defendants named in a lawsuit by David Pullman, one of the creators of the bonds. Pullman claims Willkie played a role in cutting his company out of a joint venture with Prudential Insurance to sell additional royalty-backed bonds. Prudential and a handful of other companies were also named in the suit, filed in December 1999. A tidy little litigation practice Willkie's litigation department consists of over 90 lawyers. The firm successfully defended Donald Trump in a lawsuit filed by bondholders of the Taj Mahal casino. Willkie has represented Major League Baseball on several matters, including its discipline of Hall of Famer Pete Rose and the colorful former Cincinnati Reds owner Marge Schott, known for her Saint Bernard "Schottzie" and her racist and anti-Semitic remarks. The Willkie litigation team conducted an investigation into the accounting practices at computer giant Cendant after irregularities caused a 40 percent drop in the company's stock price. All delight in pro bono The firm's pro bono work has earned several awards, notably the New York Bar Association's Pro Bono Service Law Firm Award in 1996 and the President's Award from the Puerto Rican Legal Defense and Education Fund in 1998. "We are absolutely wonderful in this area," raves one insider. "I brought in a pro bono matter which was supported by significant resources from more than one department. Pro bono hours count as billable hours." Pro bono clients include Women in Need, City Harvest, and the Westside Cluster of Centers and Settlements. The firm also works closely with the Volunteer Lawyers for the Arts, the Network for Women's Services, and the Lawyers Alliance for New York.
Better get on law review Willkie "seems to be looking for a particular kind of personality" in its candidates, says one lawyer. That personality is "nice and very diligent." Additionally, the firm "looks heavily on whether the applicant is on law review," especially in the case of candidates from second-tier schools. While candidates from top-tier schools are preferred, students from other schools still have a decent shot. Willkie's selectivity "has changed a lot, in my view, in the recent strong market," reports one associate - more grads than ever have a chance to join the Willkie club. Casual callbacks The firm's web site (www.willkie.com) has a recruiting section that includes contacts and a campus recruiting schedule. The firm visited 18 schools in 1999, a majority of which were in the New York or Washington, DC areas. Insiders describe callbacks as "very, very casual," with partners trying to start a conversation with questions like "What did you do last summer?" as opposed to grilling interviewees. After you study for the law review, brush up on your people skills. One contact reports that "students with good grades from good schools often get rejected after call-back."
Culture: a clear hierarchy, but unusually supportive Willkie associates generally describe the firm as relaxed and friendly. "Overall, it is not a competitive environment," says one lawyer. "Partners' doors are always open to ask questions or to socialize. Associates are usually more than eager to help one another out." That doesn't mean there isn't a separation based on experience. "There is a clear hierarchy, observed and obeyed by everyone," says one first-year associate. "However, those at the upper end of the hierarchy are highly accessible to us peons." Despite that rather backhanded compliment, it appears good feelings abound. "People here are outgoing and have very distinct personalities," says one corporate attorney. "The people here are ones that you would notice (and would hear) in a crowd." Underlying all of this is the reality that Willkie Farr, like all large firms, maintains a corporate environment. "The firm is very corporate, obviously," notes a first-year lawyer, "but the partners seem to have some iota of a sense of humor about that fact. This makes life a little more palatable." Pay's fine - but complaints persist "I am vastly overpaid compared to teachers, medical residents and many others who contribute more to society than I [do]," says one philosophical lawyer. "However, I am underpaid compared to investment bankers, venture capitalists and other participants in the markets for which I toil." That lawyer adds, "I should note that I am confident that Willkie is committed to match or exceed the New York City market." Willkie lawyers do complain about a perceived disparity in pay with other markets. "When I started work at Willkie, New York firms were paying more than firms in other cities. Now they pay the same salary," says one corporate attorney. "Effectively, I make less than my peers in other cities and see no reason to work the long hours or put up with the high cost of living if those factors are not going to be calculated into my salary." Another associate agrees: "Given the cost of living in Manhattan, our salary should be higher than our peers in less expensive cities such as Houston. This is not the case right now." The sad and familiar diversity story Willkie Farr has made an effort to increase diversity, associates say, but the results have been lacking. "I think we're good in this regard," one lawyer says, although "we seem underrepresented at the partner level. I don't believe any member of a minority group has been up for partner during my tenure. I'm not sure what more we can do." "They try, but there is no real strong presence at the firm - especially at the top," says another source. "We need to get more diversity," says one attorney critical of the firm's results. "There are plenty of qualified people of color who would flourish here if only we would seek them out." For New York in particular, a comfortable haven In general, Willkie attorneys are satisfied with the firm. "Whatever problems I have with working here are based on a general desire to work in the public sector," says one attorney who's going places. "As far as I'm concerned, this is as good as it gets in the private sector." "As far as big New York firms go this is a great place," another lawyer says. "People are interesting and smart and there's no mold to fit into. Clients have told me that Willkie attorneys don't have a lot of attitude but produce great work."
Patricia Langlade Recruiting Coordinator (212) 821-8469
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