Brown & Wood
Encyclopedia
Brown & Wood was a New York-based law firm
established in 1914 that merged with Chicago-based Sidley & Austin in 2001 to form Sidley Austin Brown & Wood, later shortened to Sidley Austin.
The firm was known for its expertise in capital markets work, specifically the representation of issuers and underwriters in securities offerings. According to Securities Data Co., Brown & Wood was ranked first in both issuers and underwriters representation in 1998, and first as legal adviser on securitized debt issues in the same year. Brown & Wood also cultivated a roster of clients in the real estate investment trust
, defense of brokerage firms and international securities offerings, among other areas.
The firm had offices in New York, Beijing, Hong Kong, London (1989), Los Angeles (1971), San Francisco (1986) and Washington, D.C. (1980) as well as a representative office in Tokyo. In 1986, the firm absorbed Tufo & Zuccotti, the firm of former New York City Deputy Mayor John Zuccotti and Peter Tufo
, ex Davis Polk & Wardwell
attorneys (though Tufo himself did not join Brown & Wood).
Brown & Wood made headlines in 1988 when it famously de-equitized and fired a partner who it accused of poor performance. The attorney, a graduate of Dartmouth College
and New York University School of Law
was given $120,000 severance pay and was later reduced to driving a limousine. He sued the firm but lost. The presiding judge, Judge Harold Baer Jr. wrote in his opinion, "Many believe that the last decade has seen the bar move from a profession to a business. In some firms we find that profits have replaced pro bono
; production has undercut professionalism and compensation has overtaken collegiality" (see: book of business (law)
.
Typical of the old-line Wall Street
law firms, many of which have since disappeared or merged with out-of-town rivals, Brown & Wood was considered a cordial, if stuffy, work environment. According to the The Insider's Guide to Law Firms published in 1993, formal suits were required and "some summer associates [at Brown & Wood] have been asked questions about the number they owned and about their underclothes."
In an effort to bulk up in a period of strong law firm consolidation, Brown & Wood explored a merger with fellow New York firm White & Case
in 1998, but these talks were described as "preliminary in nature." Brown & Wood eventually merged with Sidley & Austin in 2001. Shortly thereafter, the legacy Brown & Wood's offices in the World Trade Center
were destroyed in the 9/11 terrorist attacks. The firm relocated its New York operations to midtown Manhattan.
Law firm
A law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service rendered by a law firm is to advise clients about their legal rights and responsibilities, and to represent clients in civil or criminal cases, business transactions, and other...
established in 1914 that merged with Chicago-based Sidley & Austin in 2001 to form Sidley Austin Brown & Wood, later shortened to Sidley Austin.
The firm was known for its expertise in capital markets work, specifically the representation of issuers and underwriters in securities offerings. According to Securities Data Co., Brown & Wood was ranked first in both issuers and underwriters representation in 1998, and first as legal adviser on securitized debt issues in the same year. Brown & Wood also cultivated a roster of clients in the real estate investment trust
Real estate investment trust
A real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...
, defense of brokerage firms and international securities offerings, among other areas.
The firm had offices in New York, Beijing, Hong Kong, London (1989), Los Angeles (1971), San Francisco (1986) and Washington, D.C. (1980) as well as a representative office in Tokyo. In 1986, the firm absorbed Tufo & Zuccotti, the firm of former New York City Deputy Mayor John Zuccotti and Peter Tufo
Peter Tufo
Peter Francis Tufo was the U.S. Ambassador to Hungary from 1997–2001 and helped found the law firm Tufo, Johnston & Zuccotti in 1970.- Biography :...
, ex Davis Polk & Wardwell
Davis Polk & Wardwell
Davis Polk & Wardwell LLP is an international law firm. The firm employs more than 800 attorneys worldwide and is headquartered in New York City. The firm represents many of the world's largest companies and leading financial institutions, and is best known for its corporate and litigation...
attorneys (though Tufo himself did not join Brown & Wood).
Brown & Wood made headlines in 1988 when it famously de-equitized and fired a partner who it accused of poor performance. The attorney, a graduate of Dartmouth College
Dartmouth College
Dartmouth College is a private, Ivy League university in Hanover, New Hampshire, United States. The institution comprises a liberal arts college, Dartmouth Medical School, Thayer School of Engineering, and the Tuck School of Business, as well as 19 graduate programs in the arts and sciences...
and New York University School of Law
New York University School of Law
The New York University School of Law is the law school of New York University. Established in 1835, the school offers the J.D., LL.M., and J.S.D. degrees in law, and is located in Greenwich Village, in the New York City borough of Manhattan....
was given $120,000 severance pay and was later reduced to driving a limousine. He sued the firm but lost. The presiding judge, Judge Harold Baer Jr. wrote in his opinion, "Many believe that the last decade has seen the bar move from a profession to a business. In some firms we find that profits have replaced pro bono
Pro bono
Pro bono publico is a Latin phrase generally used to describe professional work undertaken voluntarily and without payment or at a reduced fee as a public service. It is common in the legal profession and is increasingly seen in marketing, technology, and strategy consulting firms...
; production has undercut professionalism and compensation has overtaken collegiality" (see: book of business (law)
Book of business (law)
Book of business is common parlance in the United States legal services sector and refers to the collection of clients that a lawyer has assembled throughout his or her career. It is often used to refer to the valuation of such client following.Since most U.S...
.
Typical of the old-line Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
law firms, many of which have since disappeared or merged with out-of-town rivals, Brown & Wood was considered a cordial, if stuffy, work environment. According to the The Insider's Guide to Law Firms published in 1993, formal suits were required and "some summer associates [at Brown & Wood] have been asked questions about the number they owned and about their underclothes."
In an effort to bulk up in a period of strong law firm consolidation, Brown & Wood explored a merger with fellow New York firm White & Case
White & Case
White & Case was founded in New York in 1901 and has grown into one of the world's leading global law firms. The firm has since expanded, and has practice groups in emerging markets including Latin America, Central & Eastern Europe, Africa, the Middle East and Asia, as well as in Europe...
in 1998, but these talks were described as "preliminary in nature." Brown & Wood eventually merged with Sidley & Austin in 2001. Shortly thereafter, the legacy Brown & Wood's offices in the World Trade Center
World Trade Center
The original World Trade Center was a complex with seven buildings featuring landmark twin towers in Lower Manhattan, New York City, United States. The complex opened on April 4, 1973, and was destroyed in 2001 during the September 11 attacks. The site is currently being rebuilt with five new...
were destroyed in the 9/11 terrorist attacks. The firm relocated its New York operations to midtown Manhattan.