Latham & Watkins
Encyclopedia
Latham & Watkins LLP is a global law firm, one of the largest in the world. Latham currently employs approximately 2,000 attorneys in the United States, Europe, the Middle East and Asia. The firm was started in Los Angeles in 1934 and has extensive Californian roots, but its largest office is now in New York City
.
Latham has historically been one of the most profitable law firms. In 2007, Latham & Watkins became the first American law firm to attain more than $2 billion in yearly revenue.
When Latham & Watkins was founded, the firm consisted of three attorneys. The firm grew slowly, and, in 1960, there were 19 attorneys. The firm grew significantly in the 1960s, increasing the attorney headcount to 46 in 1970.
In the late 1960s and early 1970s, the Latham & Watkins utilized a system of internal committees to run the firm and allowed associates to participate in the majority of these committees. The Associates Committee was founded in 1971 and governs the career development of the firm's associates. The Associates Committee includes both associates and partners. Through this committee, Latham & Watkins includes associates in the promotion process. Associates are also involved in the Diversity Committee, Recruiting Committee, Pro Bono Committee and TACE (Training and Career Enhancement) Committee.
Jack Walker became the firm's managing partner in 1988 and set out to grow the firm. Latham & Watkins expanded into San Francisco, London, Moscow, Hong Kong and New Jersey. Bob Dell took over as managing partner in 1994 and remains in that position presently. Dell's tenure has been marked by the firm's international growth.
In 2008, Latham's profits per partner plummeted 20.5%. As a result, in February 2009 Latham laid off 190 lawyers and 250 staff members in the largest layoff up to that time by an American law firm. The AmLaw Daily stated that the layoffs were "the most dramatic cuts announced so far by an Am Law 100 firm." Chambers Associate has observed that such was the severity of the cuts that the term "Lathamed" had been coined, which by its most polite definition means "to be laid off." In 2009, Latham dropped ten places on the Vault.com Top Law Firms List and revenues dropped by 5%. However, profits increased by 5% as a reduction in headcount led to greater net income.
s 2010 "A-List" ranked Latham & Watkins 13th in the nation out of more than 200 firms. This represents a ten point drop from its ranking a year earlier. The survey takes into account factors such as revenue per lawyer, pro bono, diversity and associate satisfaction. It ranked 17th in the 2010 Vault.com Top Law Firms List, a survey that asks law firm associates to rank the perceived prestige of the major law firms. This ranking represented a drop of ten spots from its 2009 ranking, a drop which Vault.com's managing editor called "unprecedented". In 2007, Vault.com ranked Latham as one of the "Best 20 Firms to Work For," one of only three large firms with New York offices to make the list. However, in 2009 and 2010, Latham & Watkins was not included on the list of "Best 20 Firms to Work For" while 13 large firms with New York offices made the list.
Latham was ranked first by Legal500, along with two other firms in the U.S., for project finance. Latham was also identified in the December 2006 issue of The American Lawyer as the Am Law 200's "most admired firm." Legal Business magazine awarded Latham the coveted title "Law Firm of the Decade" for its ability to handle the immense challenges posed by the legal industry globally over the last ten years and its financial and strategic success during the period.
At the 2008 ALB SE Asia Law Awards, Latham & Watkins was crowned:
At the 2008 ALB China Law Awards, Latham & Watkins was crowned:
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
.
Latham has historically been one of the most profitable law firms. In 2007, Latham & Watkins became the first American law firm to attain more than $2 billion in yearly revenue.
History
Dana Latham and Paul Watkins founded Latham & Watkins in January 1934 in Los Angeles, California. Latham's practice focused on US state and federal tax law and he eventually served as Commissioner of the US Internal Revenue Service under President Dwight Eisenhower. Watkins' practise focused primarily on labor. Although Latham & Watkins began with a focus on labor and tax law, the firm has grown into an international, full-service law practice with highly regarded practices in transactional, disputes and regulatory areas.When Latham & Watkins was founded, the firm consisted of three attorneys. The firm grew slowly, and, in 1960, there were 19 attorneys. The firm grew significantly in the 1960s, increasing the attorney headcount to 46 in 1970.
In the late 1960s and early 1970s, the Latham & Watkins utilized a system of internal committees to run the firm and allowed associates to participate in the majority of these committees. The Associates Committee was founded in 1971 and governs the career development of the firm's associates. The Associates Committee includes both associates and partners. Through this committee, Latham & Watkins includes associates in the promotion process. Associates are also involved in the Diversity Committee, Recruiting Committee, Pro Bono Committee and TACE (Training and Career Enhancement) Committee.
Jack Walker became the firm's managing partner in 1988 and set out to grow the firm. Latham & Watkins expanded into San Francisco, London, Moscow, Hong Kong and New Jersey. Bob Dell took over as managing partner in 1994 and remains in that position presently. Dell's tenure has been marked by the firm's international growth.
In 2008, Latham's profits per partner plummeted 20.5%. As a result, in February 2009 Latham laid off 190 lawyers and 250 staff members in the largest layoff up to that time by an American law firm. The AmLaw Daily stated that the layoffs were "the most dramatic cuts announced so far by an Am Law 100 firm." Chambers Associate has observed that such was the severity of the cuts that the term "Lathamed" had been coined, which by its most polite definition means "to be laid off." In 2009, Latham dropped ten places on the Vault.com Top Law Firms List and revenues dropped by 5%. However, profits increased by 5% as a reduction in headcount led to greater net income.
Recognition
The American LawyerThe American Lawyer
The American Lawyer is a monthly law magazine published by ALM. It was founded in 1979 by Steven Brill. Features include the annual AmLaw 100 Survey and AmLaw 200 Survey , "The View From the Top", their annual poll of law firm chairpersons, and their "Corporate Scorecard"...
s 2010 "A-List" ranked Latham & Watkins 13th in the nation out of more than 200 firms. This represents a ten point drop from its ranking a year earlier. The survey takes into account factors such as revenue per lawyer, pro bono, diversity and associate satisfaction. It ranked 17th in the 2010 Vault.com Top Law Firms List, a survey that asks law firm associates to rank the perceived prestige of the major law firms. This ranking represented a drop of ten spots from its 2009 ranking, a drop which Vault.com's managing editor called "unprecedented". In 2007, Vault.com ranked Latham as one of the "Best 20 Firms to Work For," one of only three large firms with New York offices to make the list. However, in 2009 and 2010, Latham & Watkins was not included on the list of "Best 20 Firms to Work For" while 13 large firms with New York offices made the list.
Latham was ranked first by Legal500, along with two other firms in the U.S., for project finance. Latham was also identified in the December 2006 issue of The American Lawyer as the Am Law 200's "most admired firm." Legal Business magazine awarded Latham the coveted title "Law Firm of the Decade" for its ability to handle the immense challenges posed by the legal industry globally over the last ten years and its financial and strategic success during the period.
At the 2008 ALB SE Asia Law Awards, Latham & Watkins was crowned:
- Deal of the Year - Project Finance Deal of the Year
- Deal of the Year - Equity Market Deal of the Year
At the 2008 ALB China Law Awards, Latham & Watkins was crowned:
- Deal of the Year - Project Finance Deal of the Year
Notable clients and cases
- Represented Metro-Goldwyn-MayerMetro-Goldwyn-MayerMetro-Goldwyn-Mayer Inc. is an American media company, involved primarily in the production and distribution of films and television programs. MGM was founded in 1924 when the entertainment entrepreneur Marcus Loew gained control of Metro Pictures, Goldwyn Pictures Corporation and Louis B. Mayer...
Inc. in its $4.84 billion sale to the Sony Corporation in cooperation with Providence Equity PartnersProvidence Equity PartnersProvidence Equity Partners is a global private equity investment firm focused on media, entertainment, communications and information investments...
, Texas Pacific GroupTexas Pacific GroupTPG Capital is one of the largest private equity investment firms globally, focused on leveraged buyout, growth capital and leveraged recapitalization investments in distressed companies and turnaround situations. TPG also manages investment funds specializing in growth capital, venture capital,...
, DLJ Merchant Banking PartnersDLJ Merchant Banking PartnersDLJ Merchant Banking Partners is a private equity investment firm focused on leveraged buyout transactions. The firm is currently an affiliate of Credit Suisse and traces its roots to Donaldson, Lufkin & Jenrette, the investment bank acquired by Credit Suisse First Boston in 2000...
and Comcast Corporation (September 2004). - Advised BayerBayerBayer AG is a chemical and pharmaceutical company founded in Barmen , Germany in 1863. It is headquartered in Leverkusen, North Rhine-Westphalia, Germany and well known for its original brand of aspirin.-History:...
AG in its successful 2006 €16.4 billion white knightWhite knightWhite knight may refer to:*a literary stock character, see knight *The White Knight Fitzgibbon, an extinct hereditary Anglo-Norman title of nobility used in Ireland-In literature:...
takeover offer for Schering AG pharmaceuticals. - Legal counsel to bookrunnerBookrunnerIn investment banking, a bookrunner is usually the main underwriter or lead-manager/arranger/coordinator in equity, debt, or hybrid securities issuances. The bookrunner usually syndicates with other investment banks in order to lower its risk. The bookrunner is listed first among all underwriters...
s and arrangers Deutsche BankDeutsche BankDeutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
Securities Inc, Goldman SachsGoldman SachsThe Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
International and Merrill LynchMerrill LynchMerrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
International in $2 billion Rule 144A/Regulation S notes offer for ICICI BankICICI BankICICI Bank Ltd. is India's second largest financial services company headquartered in Mumbai, India. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of...
Ltd, through its BahrainBahrain' , officially the Kingdom of Bahrain , is a small island state near the western shores of the Persian Gulf. It is ruled by the Al Khalifa royal family. The population in 2010 stood at 1,214,705, including 235,108 non-nationals. Formerly an emirate, Bahrain was declared a kingdom in 2002.Bahrain is...
branch (Oct. 2007). This transaction was shortlisted for the Asia Law India award in the category capital markets. - Represented the Church of ScientologyChurch of ScientologyThe Church of Scientology is an organization devoted to the practice and the promotion of the Scientology belief system. The Church of Scientology International is the Church of Scientology's parent organization, and is responsible for the overall ecclesiastical management, dissemination and...
in the Reed SlatkinReed SlatkinReed Eliot Slatkin was an initial investor and co-founder of EarthLink and the perpetrator of one of the largest Ponzi schemes in the United States since that conducted by Charles Ponzi himself....
Ponzi schemePonzi schemeA Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from any actual profit earned by the individual or organization running the operation...
, and in 2008 letters signed by David J. Schindler on Latham & Watkins stationery were hand-delivered to AnonymousAnonymous (group)Anonymous is an international hacking group, spread through the Internet, initiating active civil disobedience, while attempting to maintain anonymity. Originating in 2003 on the imageboard 4chan, the term refers to the concept of many online community users simultaneously existing as an anarchic,...
protesters identified by Scientology, demanding cessation of unspecified "illegal activities against the church". - Represented Eli Lilly & Co. in its $6.5 billion acquisition of ImClone in October 2008, in which Eli Lilly prevailed in an abortive price war with Bristol-Myers SquibbBristol-Myers SquibbBristol-Myers Squibb , often referred to as BMS, is a pharmaceutical company, headquartered in New York City. The company was formed in 1989, following the merger of its predecessors Bristol-Myers and the Squibb Corporation...
, a rival pharmaceutical company that had been seeking control of ImClone, a leader in the field of oncologyOncologyOncology is a branch of medicine that deals with cancer...
medicine. - Advised Yahoo!Yahoo!Yahoo! Inc. is an American multinational internet corporation headquartered in Sunnyvale, California, United States. The company is perhaps best known for its web portal, search engine , Yahoo! Directory, Yahoo! Mail, Yahoo! News, Yahoo! Groups, Yahoo! Answers, advertising, online mapping ,...
Inc. in the definitive agreement to acquire Arabic language online portal MaktoobMaktoobMaktoob Inc. is an Arab Internet services company, founded in Amman, Jordan known for being the first Arabic/English email service provider. "Maktoob" in Arabic means "letter", "written", or "Destiny". Maktoob today has more than 280 employees with offices in Amman, Dubai, Cairo, Riyadh, and...
in August 2009. Financial terms were not disclosed. - Donated $3.2 million in legal services to Jay BybeeJay BybeeJay Scott Bybee is a federal judge on the United States Court of Appeals for the Ninth Circuit. He has published numerous articles in law journals and taught law school; his primary interests are in constitutional and administrative law....
, a judge on the Ninth Circuit Court of AppealsUnited States Court of Appeals for the Ninth CircuitThe United States Court of Appeals for the Ninth Circuit is a U.S. federal court with appellate jurisdiction over the district courts in the following districts:* District of Alaska* District of Arizona...
, during an investigation into allegations of professional misconduct resulting from Bybee's work for the U.S. Justice Department under President George W. Bush.
Notable attorneys
- Sean Berkowitz - Federal prosecutor in the trials of EnronEnronEnron Corporation was an American energy, commodities, and services company based in Houston, Texas. Before its bankruptcy on December 2, 2001, Enron employed approximately 22,000 staff and was one of the world's leading electricity, natural gas, communications, and pulp and paper companies, with...
executives Ken Lay and Jeffrey SkillingJeffrey SkillingJeffrey Keith "Jeff" Skilling is the former president of Enron Corporation, headquartered in Houston, Texas. In 2006 he was convicted of multiple federal felony charges relating to Enron's financial collapse, and is currently serving a 24-year, four-month prison sentence at the Federal...
. - John KirbyJohn Kirby (attorney)John J. Kirby, Jr. is an American attorney employed by the law firm Latham & Watkins LLP, that has represented a number of notable corporations in legal disputes. One of his most well-known cases was Universal City Studios, Inc. v. Nintendo Co., Ltd...
- Intellectual propertyIntellectual propertyIntellectual property is a term referring to a number of distinct types of creations of the mind for which a set of exclusive rights are recognized—and the corresponding fields of law...
attorney, after whom NintendoNintendois a multinational corporation located in Kyoto, Japan. Founded on September 23, 1889 by Fusajiro Yamauchi, it produced handmade hanafuda cards. By 1963, the company had tried several small niche businesses, such as a cab company and a love hotel....
may have named its "KirbyKirby (Nintendo)is the main protagonist of Nintendo's Kirby video game series created by Masahiro Sakurai and developed by HAL Laboratory. The Kirby series is one of Nintendo's many well-known game franchises, spanning nearly twenty games since 1992...
" character after a series of high-profile cases. - Gregory G. GarreGregory G. GarreGregory G. Garre is a former United States Solicitor General serving between June 19, 2008 to January 20, 2009. He spent his early life in his hometown of Barrington, Illinois. He received his undergraduate degree from Dartmouth College in 1987 and his law degree from George Washington University...
- Former Solicitor General of the United States. - Maureen MahoneyMaureen MahoneyMaureen E. Mahoney is a former deputy solicitor general and "top appellate lawyer" at the law firm of Latham & Watkins in Washington, D.C. who has argued cases before the Supreme Court of the United States. Notably, she argued on behalf of the University of Michigan and its affirmative action...
- Former Deputy Solicitor General in 1991, represented the University of MichiganUniversity of MichiganThe University of Michigan is a public research university located in Ann Arbor, Michigan in the United States. It is the state's oldest university and the flagship campus of the University of Michigan...
before the U.S. Supreme Court in Grutter v. BollingerGrutter v. BollingerGrutter v. Bollinger, 539 U.S. 306 , was a case in which the United States Supreme Court upheld the affirmative action admissions policy of the University of Michigan Law School...
. - Philip PerryPhilip PerryPhilip J. Perry is an American attorney and was a Bush Administration political appointee. He was Acting Associate Attorney General at the Department of Justice, General Counsel of the Office of Management and Budget, and General Counsel of the Department of Homeland Security...
, was Dept. of Homeland SecurityUnited States Department of Homeland SecurityThe United States Department of Homeland Security is a cabinet department of the United States federal government, created in response to the September 11 attacks, and with the primary responsibilities of protecting the territory of the United States and protectorates from and responding to...
General Counsel, now a partner in the litigation department and chair of the Public Policy practice group. He is married to Elizabeth CheneyElizabeth CheneyElizabeth Cheney Perry , commonly called Liz, is an American attorney. During the George W. Bush administration years, she held positions in the State Department of the United States...
, attorney, diplomat and daughter of Vice PresidentVice President of the United StatesThe Vice President of the United States is the holder of a public office created by the United States Constitution. The Vice President, together with the President of the United States, is indirectly elected by the people, through the Electoral College, to a four-year term...
Dick CheneyDick CheneyRichard Bruce "Dick" Cheney served as the 46th Vice President of the United States , under George W. Bush....
.
Offices
Latham was originally founded in Los Angeles, though its New York office is its largest today. The executive committee members are spread around the world, with the firm's chairman being based in San Francisco. No office reports to another as it is the only global law firm with no headquarters. Latham currently has 2,100 attorneys throughout its offices.Notable alumni
- Bruce BabbittBruce BabbittBruce Edward Babbitt , a Democrat, served as United States Secretary of the Interior and as the 16th governor of Arizona, from 1978 to 1987.-Biography:...
, former Governor of Arizona and U.S. Secretary of the InteriorUnited States Secretary of the InteriorThe United States Secretary of the Interior is the head of the United States Department of the Interior.The US Department of the Interior should not be confused with the concept of Ministries of the Interior as used in other countries... - Michael ChertoffMichael ChertoffMichael Chertoff was the second United States Secretary of Homeland Security under President George W. Bush and co-author of the USA PATRIOT Act. He previously served as a judge on the United States Court of Appeals for the Third Circuit, as a federal prosecutor, and as assistant U.S. Attorney...
, former U.S. Secretary of Homeland SecurityUnited States Secretary of Homeland SecurityThe United States Secretary of Homeland Security is the head of the United States Department of Homeland Security, the body concerned with protecting the American homeland and the safety of American citizens. The Secretary is a member of the President's Cabinet. The position was created by the... - Christopher Cox, former United States Securities and Exchange CommissionUnited States Securities and Exchange CommissionThe U.S. Securities and Exchange Commission is a federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States...
(SEC) Chair - Richard DanzigRichard DanzigRichard Jeffrey Danzig is an American lawyer who served as the 71st Secretary of the Navy under President Bill Clinton...
, former Secretary of the Navy and Chair, Center for a New American Security - Mark S. FowlerMark S. FowlerMark S. Fowler served as Chairman of the Federal Communications Commission from May 18, 1981 to April 17, 1987. Appointed by Ronald Reagan, he led repeal of the Fairness Doctrine and spearheaded the deregulatory trend in telecommunications policy, stating, "The television is just another appliance...
, former Federal Communications CommissionFederal Communications CommissionThe Federal Communications Commission is an independent agency of the United States government, created, Congressional statute , and with the majority of its commissioners appointed by the current President. The FCC works towards six goals in the areas of broadband, competition, the spectrum, the...
(FCC) Chair - Fred T. Goldberg, Jr.Fred T. Goldberg, Jr.Fred T. Goldberg, Jr. is an American tax lawyer who has served in high ranking positions in the United States Government, including holding the position of Commissioner of Internal Revenue.-Education:...
former Partner and Commissioner of Internal RevenueCommissioner of Internal RevenueThe Commissioner of Internal Revenue is the head of the Internal Revenue Service , a bureau within the United States Department of the Treasury.The office of Commissioner was created by Congress by the Revenue Act of 1862...
at the Internal Revenue ServiceInternal Revenue ServiceThe Internal Revenue Service is the revenue service of the United States federal government. The agency is a bureau of the Department of the Treasury, and is under the immediate direction of the Commissioner of Internal Revenue... - David J. HayesDavid J. HayesDavid J. Hayes is the Deputy Secretary of the Interior in the Obama administration. His nomination was confirmed on May 20, 2009 by the United States Senate and he took office on May 22, 2009...
, Deputy Secretary of the U.S. Department of the Interior - Carla Anderson HillsCarla Anderson HillsCarla Anderson Hills is an American lawyer and a public figure. She served as United States Secretary of Housing and Urban Development in the Gerald Ford administration, and as U.S. Trade Representative...
, former U.S. Trade Representative and United States Department of Housing and Urban DevelopmentUnited States Department of Housing and Urban DevelopmentThe United States Department of Housing and Urban Development, also known as HUD, is a Cabinet department in the Executive branch of the United States federal government...
Secretary - Roderick M. HillsRoderick M. HillsRoderick M. Hills served as Chairman of the U.S. Securities and Exchange Commission between 1975 and 1977. Later he worked at the investment bank of Drexel Burnham Lambert and then at the law firm of Donovan, Leisure, Newton & Irvine. In 1962, he founded the law firm of Munger, Tolles, Hills, and...
, former SEC Chair - Reed HundtReed HundtReed E. Hundt was chairman of the United States Federal Communications Commission from 1993 to 1997. Appointed by President Bill Clinton, he served for most of Clinton's first term. He was succeeded by William Kennard.- Biography :Hundt attended high school in Washington D.C at the prestigious St....
, former FCC Chair - DeMaurice SmithDeMaurice SmithDeMaurice "D" Smith is the Executive Director of the National Football League Players' Association . Smith was elected unanimously by a board of active player representatives on March 16, 2009.- Career :...
, Executive Director of the NFLPA - James J. WhiteJames J. WhiteJames Justesen White is the Robert A. Sullivan Professor of Law at the University of Michigan Law School. He has published the most widely recognized treatise on commercial law, Uniform Commercial Code with Robert S. Summers....
, Robert A. Sullivan Professor of Law at the University of Michigan Law School and author of a treatise on the Uniform Commercial Code (with Robert S. SummersRobert S. SummersRobert Samuel Summers is the former William G. McRoberts Research Professor in the Administration of the Law at the Cornell Law School in Ithaca, NY. Summers retired in 2011.- Biography :Robert Summers was born in Halfway, Oregon in 1933...
) - Beth WilkinsonBeth WilkinsonBeth A. Wilkinson is a prominent Washington, D.C. lawyer, and partner in the New York City-based law firm Paul, Weiss, Rifkind, Wharton & Garrison. She works in the firm's Washington, D.C. office focusing on white collar criminal defense....
- Prosecutor in the Oklahoma City bombingOklahoma City bombingThe Oklahoma City bombing was a terrorist bomb attack on the Alfred P. Murrah Federal Building in downtown Oklahoma City on April 19, 1995. It was the most destructive act of terrorism on American soil until the September 11, 2001 attacks. The Oklahoma blast claimed 168 lives, including 19...
case, former General Counsel of FannieMae.