About the same time, Herlihy also represented both Banc One Corporation and First Chicago NBD Corporation when they merged, a controversial arrangement because of the possibility of a conflict of interest. Robert Lenzer, in a 1985 book, called Texaco's purchase "the largest corporate acquisition in American history.". Wachtell Lipton was founded on a handshake in 1965 as a small group of lawyers dedicated to providing advice and expertise at the highest levels. Interviewers also purportedly look to screen out candidates who are motivated primarily or entirely by the firm’s compensation record, which many current and former employees have reported as being not enough to justify the hours and difficulty of work without a genuine commitment to one’s practice area. learn how over 7,000 companies got started! Founded with the goal of creating a firm without hierarchy, where attorneys write their own briefs and do their own research, the relatively young firm of Wachtell, Lipton Rosen & Katz is far smaller than its competitors. WEST PAUL VIZCARRONDO, JR. 212 403 - 2000 Wachtell, Lipton, Rosen & Katz MARTIN LIPTON HERBERT M. WACHTELL In April 1998 Wachtell Lipton's Edward Herlihy represented BankAmerica Corporation when it merged with NationsBank Corporation, a longtime client of the New York law firm. In Lions of the Eighties, Rosen told about the unusual challenge that he and others faced when trying to close the Chrysler deal after six months of intensive work. This surplus primarily takes the form of an unusually large bonus, calculated as a percentage of base pay and varying only slightly by class. We have achieved extraordinary results following the distinctive … Wachtell Lipton's creditors' rights lawyers advised Montgomery Ward's official creditors' committee, the senior lenders to Breed Technology, and Integrated Health's bondholders. Wachtell, Lipton, Rosen & Katz enjoys a global reputation as one of the world’s leading business law firms. The firm also provides the standard issue laptop and Blackberry, and will pay for associates to maintain broadband home internet connections. Wachtell, Lipton, Rosen and Katz currently has openings in New York, including opportunities for experienced employment and litigation attorneys. At Harvard and Columbia the number was less than 7%. They then argued … Wachtell Lipton’s summer associate program lasts 13 weeks, from mid-May to late-August. Wachtell Lipton is dedicated to providing advice and expertise at the highest levels and achieving extraordinary results for our clients. Wachtell, Lipton, Rosen & Katz enjoys a global reputation as one of the world’s leading business law firms. Description. Wachtell, Lipton, Rosen & Katz . The firm ’ s banking practice is … Lipton became well known as an expert in corporate transactions, especially in mergers and acquisitions. Base Salary. The federal government charged that Kaye, Scholer had knowingly helped Lincoln Savings & Loan defraud its bondholders before it collapsed in 1989, in return for a total of $13 million in legal fees received between 1985 and 1989. This number vastly exceeds the already high billable averages of NYC BigLaw, which more often fall in the 2000-2400 range depending on the firm and the associate’s ambitions regarding partnership. The firm does, however, try to balance the unparalleled demands it places on associates with above-average vacation time, offering 20 days per year. Wachtell, Lipton, Rosen & Katz > The Legal 500 Rankings Dispute resolution > M&A litigation: defense Tier 1 . STATISTICAL STUDIES OF LAW FIRMS. Wachtell Lipton was founded on a handshake in 1965 as a small group of lawyers dedicated to providing advice and expertise at the highest levels. This $12.5 billion deal resulted in one of the world's major Internet businesses. “The relationship between NYU Law and Wachtell has been a profoundly meaningful one,” said NYU Law Trustee and Wachtell Partner David A. Katz ’88. Wachtell Lipton does not operate under a defined GPA or class-rank cutoff, but the average candidate tends to fall approximately in the range of top 10-15% at HYS and top 5% at CCN, with successful applicants from lower-ranked schools often falling near the top of their class with significant other qualifications. We look for new associates who we believe can become partners of the firm - people who are creative, have a record of outstanding academic and other achievement and are committed to the practice of law. Soon, however, the quarrel resumed and Pennzoil bid to take over Getty Oil. Back in 1993 Wachtell Lipton had given Keefe, Bruyette & Woods free use of a conference room and secretarial assistance for a month after the World Trade Center bombing. Wachtell, Lipton, Rosen & Katz > The Legal 500 Rankings Dispute resolution > M&A litigation: defense Tier 1 . Editors Authors Content from this contributor. The New York City partnership initially hired top graduates from their alma mater and continued to recruit a substantial number of NYU Law School graduates in the years ahead. The outlier is Wachtel [sic], Lipton, Rosen, & Katz, a firm specializing in hostile [sic] takeover work. According to the National Law Journal's 2020 NLJ 500 ranking of firms based on size, Wachtell Lipton Rosen Katz has 265 attorneys and is ranked 166th in the United States. That situation began to change when Steve Brill in 1978 began writing a law column for Esquire and the following year began the American Lawyer. None of these six law firms admitted to or were convicted of breaking any laws. Also important to note is that these extra hours disproportionately affect the social lives and out-of-office free time of associates, who generally work 12-14 hours per day including nearly every weekend. wachtell, lipton, rosen & katz martin lipton herbert m. wachtell bernard w. nussbaum richard d. katcher lawrence b. pedowitz paul vizcarrondo, jr. peter c. hein harold s. novikoff david m. einhorn kenneth b. forrest meyer g. koplow theodore n. mirvis edward d. herlihy daniel a. neff eric m. roth warren r. stern andrew r. brownstein Wachtell Lipton was founded on a handshake in 1965 as a small group of lawyers dedicated to providing advice and expertise at the highest levels. The Firm's areas of practice include mergers and acquisitions, antitrust, real estate, corporate,litigation, and tax. According to Fortune on May 25, 1998, Herlihy and H. Rodgin Cohen of Sullivan & Cromwell had represented principals in 18 of America's 25 major bank mergers. Wachtell, Lipton, Rosen & Katz is strongly committed to fostering a diverse and inclusive work environment that supports the recruitment, retention and advancement of women and men of all backgrounds, at all levels of the Firm. The average salary for Wachtell, Lipton, Rosen & Katz employees is $103,367 per year. A $10 billion handshake between Lipton and Pennzoil's lawyer Arthur Liman seemed to seal that deal, but it was blocked by lawsuits. of Partners Named 2020: 5. 51 West 52nd St. New York, NY 10019 Phone: (212) 403-1000. This is not to say, however, that all associates do transition into partnership. Principal Competitors: Cleary, Gottlieb, Steen & Hamilton; Skadden, Arps, Slate, Meagher & Flom; Sullivan & Cromwell. The MarketWatch News Department was not involved in the creation of this content. According to Wachtell's web site, in 2000 it participated in announced acquisitions worth almost $425 billion. The National Law Review about the same time also began examining the operations and finances of big law firms. In 1992 the New York law firm of Kaye, Scholer, Fierman, Hays & Handler hired Wachtell Lipton partner Bernard Nussbaum to help defend itself against a lawsuit filed by the federal Office of Thrift Supervision (OTS). Rating * Select Rating 1 star (worst) 2 stars 3 stars (average) 4 stars 5 stars (best) Name. LEARN MORE. The firm counts all work done for pro bono clients as full credit towards billable hour calculations and has no explicit limit on the number of hours that may be counted, although in reality Wachtell Lipton associates rarely log as many pro bono hours as some other firms with formal programs due largely to their lean staffing model and consistently heavy deal flow. The firm’s vast experience means it regularly handles many of the largest, most complex and demanding transactions in the US and around the world. Wachtell, Lipton, Rosen & Katz is strongly committed to fostering a diverse and inclusive work environment that supports the recruitment, retention and advancement of women and men of all backgrounds, at all levels of the Firm. The Firm's areas of practice include mergers and acquisitions, antitrust, real estate, corporate,litigation, and tax. The firm in 2000 served as cocounsel, along with Greenberg Traurig, to Madrid's Terra Networks, S.A. when it acquired Lycos, Inc. At about 1 a.m. they pushed eight carts of records up Park Avenue to the office of Shearman & Sterling, where work continued until the deal was closed in the morning. summa cum laude in Economics from Queen’s University in 2009. Business Week on February 28, 2000, reported that Wachtell Lipton was ranked as the world's ninth largest mergers and acquisitions firm, based on total 1999 acquisitions worth $405.8 billion. The law firm also represented AT&T when it acquired Media One for $60.5 billion. There is only one partnership track at Wachtell Lipton, and like many V10 firms it generally takes 7-8 years for an associate to be considered. Their … Ralph M. Levene joined Wachtell, Lipton, Rosen & Katz in 1988 and has been a partner in the Litigation Department since 1994. Wachtell, Lipton, Rosen & Katz 2020 VAULT/MCCA LAW FIRM DIVERSITY SURVEY Response to Spring 2020 Vault/MCCA Law Firm Diversity Survey. They do not require or expect law review, except as an indication of high academic performance, and like many firms have been known to value work experience, particularly in finance. The influential bankruptcy lawyer passed away … A group of 15 lending institutions chose Leonard Rosen as their special counsel as they set up complicated loans guaranteed by the federal government. With just 72 equity partners, fewer than most firms on the list, its average profits per equity partner were $3.28 million, the highest in the world. … (The dependents of other victims of 9/11 are not eligible.) Wachtell, Lipton, Rosen & Katz Scholarship Fund Scholarship - Eligible students are the dependents of uniformed members of the Fire Department of the City of New York (FDNY), New York Police Department (NYPD), and Port Authority Police Department (PAPD) who died at the World Trade Center on September 11, 2001. In 1965 the four NYU Law School graduates formed their own law firm of Wachtell, Lipton, Rosen & Katz, which originally included three other lawyers, two from the Seligson law firm and one of Wachtell's associates. Wachtell, Lipton, Rosen & Katz is not responsible for any fees related to unsolicited resumes submitted from recruiting or employment agencies. We seek individuals who are talented, motivated and committed in order to maintain our record of excellence. Prior results do not guarantee a similar outcome. A typical attorney salary at Wachtell, Lipton, Rosen & Katz is $217,724 per year. It is the most profitable law firm in the world, based on its average profits per equity partner of $3.28 million in 2000. Comments *. Take Wachtell, Lipton, Rosen & Katz, an elite M&A powerhouse. Rather than billing out associate time as a flat rate dependent on experience, the majority of transactions are billed as a percentage of the estimated value of the deal itself. That came from just 84 deals, far less than most of the top ten M&A law firms. After accounting for voluntary attrition, this statistic lends a great deal of credibility to the firm’s claim that all associates are hired with the expectation that they are capable of becoming and one day will become partners. The Firm's areas of practice include mergers and acquisitions, antitrust, real estate, corporate,litigation, and tax. Wachtell Lipton was founded in 1965 in New York City by Herbert Wachtell, Martin Lipton, Leonard Rosen and George Katz, four graduates of NYU. Joseph D. Larson is Of Counsel in the Antitrust Department at Wachtell, Lipton, Rosen & Katz. The OTS sought $275 million in fines from Kaye, Scholer, but the law firm, with Nussbaum's help, settled the lawsuit by paying the government $41 million and agreeing that two of its partners would no longer serve financial institutions insured by the government. In 1980 Wachtell Lipton, along with other major law firms, helped rescue Chrysler from financial ruin as it competed with more efficient foreign car makers. Many of the largest and most influential deals in the world are facilitated by Wachtell’s associates, sometimes even representing both/all parties. Marketing at Wachtell, Lipton, Rosen & Katz ^ 496037. Whereas most law firms have multiple … Learn reputation, quality of life, salary, benefits, diversity and career advancement. The firm was governed by several principles that many have attributed to their rather unique position in today’s legal sector, including but certainly not limited to: selectivity in picking cases and hiring attorneys, emphasis on quality over quantity and a commitment to egalitarian staffing and compensation. Ms. Chasmar received a J.D. Its format is standard for firms participating in OCI, consisting of first-stage interviews and callbacks, but the percentage of candidates who successfully obtain an offer is exceedingly low. Wachtell, Lipton, Rosen & Katz follows the set of hiring criteria outlined below. All rights reserved. In 1970 the firm described itself in the annual Martindale-Hubbell Law Directory as having a "general practice" with expertise in "corporation, securities, creditors' rights, antitrust, motion pictures, broadcasting, tax, municipal securities, real estate, labor and probate law," and "trials and appeals in all state and federal courts." Although Wachtell Lipton has no explicit billable hour requirements, expectations reportedly hover around the 2700 mark depending on deal volume, and billing 3000 hours in a year is not uncommon. 47. To help its 170 lawyers keep up with the rapid pace of legal developments, Wachtell Lipton in 2001 purchased access to Law.com. Wachtell’s win as The American Lawyer’s Corporate Practice of the Year for 2020 was a tale of four quarters. What is it really like to work at Wachtell, Lipton, Rosen & Katz? The firm's total number of attorneys is about the same as the average entering associate class of a large law … Mr. Cole spent approximately 15 years with the law firm Wachtell, Lipton, Rosen & Katz where he specialized in Mergers & Acquisitions and Corporate Governance. Firm Stats. Wachtell, Lipton, Rosen & Katz (Wachtell Lipton) is famous for serving companies involved in mergers and acquisitions. 1965. Pro Bono. Their deep experience in the fields of mergers and acquisitions, strategic investments, takeovers and takeover defense, corporate and securities law, and corporate governance means that they regularly handle some … Wachtell Lipton Rosen & Katz advised on 66 deals worth $302.9bn while, Kirkland & Ellis advised on 611 deals worth $261.4bn. According to the National Law Journal's 2020 NLJ 500 ranking of firms based on size, Wachtell Lipton Rosen Katz has 265 attorneys and is ranked 166th in the United States. Its flat fees ranged from one-tenth of 1 percent on larger deals to a full 1 percent of deal value on smaller transactions worth only $100 million. Instead of using lawyers' hours in its billing, Wachtell Lipton charged a percentage of overall transaction values. Mr. Larson also is familiar with European, South American, Canadian and Asian antitrust standards. lipton, rosen & katz martin lipton steven a. cohen i west 52nd street david e. shapiro michael s. benn herbert m. wachtell deborah l. paul damian g. didden sabastian v. niles theodore n. mirvis david c. karp new york, n.y. 10019-6150 ian boczko alison … Benefits Manager at Wachtell, Lipton, Rosen & Katz Forest Hills, New York 93 connections. Ms. Chasmar received a J.D. Ultimately Texaco came in as a "white knight" and made a higher offer of $10.2 billion that was accepted. Careers. Among these, Harvard, Yale and Columbia typically make up anywhere from half to two-thirds of the summer class, followed closely by Stanford and NYU. Published February 2011. Everyone evacuated the building that became what Rosen called a "raging inferno." Our associates, paralegals and administrative staff are … Katherine L. Chasmar is an associate in the Corporate Department at Wachtell, Lipton, Rosen & Katz. $8.95. According to its web site, the firm's litigation practice participated in several landmark corporate governance cases in Delaware, including those involving Household, Revlon, Macmillan, Time Warner, and Paramount. St. James Press, 2002. Wachtell, Lipton, Rosen & Katz is a prominent global business law firm. Herbert Wachtell, Leonard Rosen, and George Katz graduated from New York University Law School in 1954, and Martin Lipton graduated the following year. We seek individuals who are talented, motivated and committed in order to maintain our record of excellence. During the heyday of mergers in the 1980s, Wachtell Lipton made a major contribution by coming up with the "poison pill defense" that prevented hostile takeovers. He … magna cum laude from Harvard Law School, where she served as an editor of the Harvard Law Review, and an M.B.A. from Harvard Business School in 2015. Wachtell, Lipton, Rosen & Katz is one of the most prominent business law firms in the United States. The firm's banking practice is particularly noteworthy. Gilson and Mnookin (1985) reported that lawyers in larger law firms receive higher compensation than those in smaller firms, that more Stanford graduates had been taking jobs in large law firms, and that the largest law firms are growing larger. In 1980 it included 23 partners, 27 associates, and one of counsel lawyer. Wachtell Lipton was founded in 1965 in New York City by Herbert Wachtell, Martin Lipton, Leonard Rosen and George Katz, four graduates of NYU. Such profitability was part of the firm's heritage as it entered the new millennium. Copyright (c) 2019 Company-Histories.com. That reputation for legal excellence continued into the next decade. Principal Operating Units: Corporate; Litigation; Creditors' Rights; Tax; Executive Compensation and Benefits; Antitrust; Real Estate. Quantity price applied. © Top Law Schools LLC 2003-2020 all rights reserved, 15 Law Schools That Get the Most Transfer Students, Top Law Schools Interview with Walter F. Mondale, Success in Law School - A Unique Perspective, How to Succeed in Law School – Student Guide #1, How to Succeed in Law School – Student Guide #2, Income-Based Repayment (IBR): An Explanation, Public Service Loan Forgiveness (PSLF): An Explanation, Interview with Tim Finchem, Commissioner of the PGA Tour, How to Learn to Do Well on a Law Shool Exam, On Self-Care in the First Year of Law School, WilmerHale (Wilmer Cutler Pickering Hale and Dorr LLP), Paul Weiss Rifkind Wharton & Garrison LLP, Fried, Frank, Harrison, Shriver & Jacobson LLP, 6 Ways to Save Tuition Money before Beginning Law School, The Top 11 Law Schools with High Student LSAT Scores, 4 Points to Help You Understand the Socratic Method That Law Schools Use. The firm's banking practice is particularly noteworthy. Wachtell Lipton also focuses on sensitive investigations and litigation … This allows to firm to pay both partners and associates well in excess of New York BigLaw averages. During the heyday of mergers in the 1980s, Wachtell Lipton made a major contribution by coming up with the “ poison pill defense ” that prevented hostile takeovers. Join to Connect Wachtell, Lipton, Rosen & Katz. In 1987, Wachtel was reported to have an average profit per partner of $1,405,000 � the top in the nation � although its ratio of associates per partner was only 1.05. Its real estate lawyers also were busy serving clients such as Security Capital, Lend Lease, Taubman, and Avalon Bay in various merger and acquisition transactions. We see them around but we don't know what goes on behind the scenes. Wachtell Lipton was founded on a handshake in 1965 as a small group of lawyers dedicated to providing advice and expertise at the highest levels. In other words, its lawyers did not seek to become general counsel to corporations. One of its major contributions to recent business history was developing in the 1980s the "poison pill defense" against unwanted takeovers. Despite its comparatively small size, Wachtell Lipton is one of the most profitable firms in the world, due largely to its somewhat unique fee structure. (The dependents of other victims of 9/11 are not eligible.) [6] While many peer law firms have grown and become international brands, Wachtell has only a single, Manhattan office. Attorneys 2020: 250 - 500 No. summa cum laude in Economics from Queen’s University in 2009. These factors caused Wachtell Lipton to grow somewhat slower than peer firms at times, but their ability to turn away cases as well as oversized associate classes in both boom and bust periods and consistently execute well on historic deals and other matters of tremendous financial value has given them unprecedented control over the shape of their business. Although the new firm included relatively few lawyers, it soon gained a reputation for excellence. James B. Stewart in The Partners said this was "the largest corporate rescue mission ever attempted.". A total … Yet it serves clients in many nations and thus is a major force in globalization. Other litigation clients were AT&T, Philip Morris, and National Semiconductor. Email *. Cherovsky said Wachtell Lipton was not interested in becoming a "full service" law firm representing corporate clients continually on a wide range of legal matters. Wachtell, Lipton, Rosen & Katz (Wachtell Lipton) is famous for serving companies involved in mergers and acquisitions. As the number one law firm in the Vault rankings, Wachtell Lipton Rosen & Katz (more commonly referred to as Wachtell Lipton or simply Wachtell) has long captured the imagination of aspiring corporate attorneys. This rise of legal journalism, combined with 1970s court decisions that said professional restrictions on advertising were unconstitutional, opened the floodgates. James Cole, Jr., Chairman and CEO of The Jasco Group, Former Partner at Wachtell, Lipton, Rosen & Katz, Joins AIG’s Board of Directors Business Wire NEW YORK -- … Taking out time for commuting and sleep makes it easy to see why the firm is not well known for its extensive outside-work social scene and universally panned by proponents of “lifestyle” firms. Soon many law firms sought publicity and even hired their own public relations managers. About Wachtell, Lipton, Rosen & Katz Each year, a significant chunk of the world’s dealmaking—major mergers and acquisitions, antitrust and shareholder litigation, big-name restructurings, and multi-billion-dollar real estate ventures—gets cranked through the well-oiled machine that is Wachtell Lipton. To contact the appropriate people or departments at Wachtell, Lipton, Rosen & Katz, please call 212.403.1000 or for general inquiries, email: info@wlrk.com. Cherovsky attributed the firm's financial success mainly to its "top-to-bottom, across-the-board strength" of both partners and associates. First published in 1963, its sixth edition came out in 1986. On the evening of June 24, 1980, a fire broke out in the Westvaco Building where Rosen was meeting with Debevoise & Plimpton lawyers in their office just below the Wachtell office. Based on Wachtell Lipton's 1994 gross revenue of $108 million, it was ranked as the United States' 62nd largest law firm in the American Lawyer's July/August 1995 issue. Although it is a relatively young law firm, Wachtell Lipton has an outstanding track record of providing top-notch legal services to clients such as Amoco, BankBoston, and AT&T. Wachtell, Lipton, Rosen & Katz does not accept unsolicited resumes from recruiting or employment agencies for permanent or non-permanent positions. lipton, rosen & katz martin lipton steven a. cohen i west 52nd street david e. shapiro michael s. benn herbert m. wachtell deborah l. paul damian g. didden sabastian v. niles theodore n. mirvis david c. karp new york, n.y. 10019-6150 ian boczko alison zieske d. herlihy richard k. kim matthew m. guest preiss Despite their low leverage, the extraordinarily high value of most of the firm’s work makes them consistently one of the highest ranked in PPP, coming in well north of $4 million in recent years. During the heyday of mergers in the 1980s, Wachtell Lipton made a major contribution by coming up with the "poison pill defense" that prevented hostile takeovers. These bills only applied to completed transactions. The interview process is also rigorous. Citing research firm Securities Data Company, the Wall Street Journal's Richard B. Schmitt said in an April 22, 1998 article that Wachtell Lipton had done "more giant bank mergers during the past two years than any other law firm.". Fought out in the court system, this protracted struggle cost Kennecott so much that it soon agreed to being taken over. Wachtell, Lipton, Rosen & Katz (Wachtell Lipton) is famous for serving companies involved in mergers and acquisitions. The firm has remained loyal to a distinctive strategy ever since its founding in 1965. A Wachtell Lipton memo obtained by the magazine indicated to potential clients that the firm did not deal with routine legal concerns. In 1965 the four NYU Law School graduates formed their own law firm of Wachtell, Lipton, Rosen Katz, which originally included three other lawyers, two from the Seligson law firm and one of Wachtell's associates. Wachtell, Lipton, Rosen & Katz is a prominent global business law firm. When Seligson, Morris & Neuberger broke up, the four lawyers came together to form their own firm, joined by Jerome Kern ’60 and two young associates who were also NYU Law graduates. Martin Lipton played a key role in the much publicized acquisition of Getty Oil Company, the firm founded by J. Paul Getty in the 1930s. Many lawyers considered even answering a press call unethical.". They operate only one office, in New York City, which is home to approximately 250 attorneys. AT&T intended that the four companies would become public entities by 2002 and would cooperate through intercompany agreements. Their selectivity, compensation and impact on the mergers and acquisitions sphere are legendary, and every year hundreds of highly-ranked students from the best law schools in the nation compete for the 20-30 spots in their comparatively small summer associate class. In addition to their industry-leading compensation, Wachtell Lipton offers a number of perks to employees. For years, Wachtell, Lipton, Rosen & Katz—a small, New York City law firm—has consistently boasted the highest profits per partner and one of the highest “prestige” ratings among U.S.-based law firms. Wachtell Lipton's corporate division also advised VoiceStream Wireless Corporation when it was acquired by Deutsche Telekom AG for $50.7 billion, Motorola in its $17 billion acquisition of General Instrument, Warner-Lambert in its $93.4 billion transaction with Pfizer, and Vivendi when it acquired Seagram for $33.8 billion. Leonard M. Rosen, a founding partner of elite New York law firm Wachtell, Lipton, Rosen & Katz, has died. Lipton is a Trustee of New York University (Chairman 1998-2015), a Trustee of the New York University School of Law (Chairman 1988 … Why Your Personal Statement Can Make or Break Your Law School Chances, The 5 Top Legal Internships Law Students Should Know and Pursue. Wachtell Lipton in 1980 and 1981 represented Curtiss-Wright when it successfully fought a takeover bid by Kennecott. We are an original signatory to the New York City Bar’s Statement of Goals for Increasing … According to the American Lawyer's listing of "The Global 100" in its November 2001 issue, Wachtell Lipton was rated as number 46 with 2000-2001 gross revenue of $317 million. Wachtell, Lipton, Rosen & Katz (Wachtell Lipton) is famous for serving companies involved in mergers and acquisitions. “The Law School was … They are also somewhat more MBA friendly than many other firms who might be concerned with flight risk, and hire several dual-degree candidates in a typical recruiting season. Although Wachtell Lipton had only about 90 lawyers at the time, in 1987 it led the nation's law firms with profits per partner of $1.4 million and in 1988 was number one with $1.09 million in revenue per lawyer.
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