Skadden by Lincoln Caplan

Skadden

Author: Lincoln Caplan
Published by: Farrar, Straus & Giroux
Edition: 1994
Pages: 341

In Skadden, Lincoln Caplan presents a compelling history of one of America’s most prestigious and game-changing law firms: Skadden, Arps, Slate, Meagher & Flom. Founded in 1948, the firm started as a small operation and rapidly grew into a legal powerhouse, defining the high-pressure world of corporate law and reshaping the legal profession itself.

Caplan meticulously details how Skadden became synonymous with aggressive legal strategies, particularly in mergers and acquisitions. During the 1980s, when corporate takeovers, leveraged buyouts, and hostile acquisitions dominated Wall Street, Skadden emerged as the go-to firm for companies seeking sharp, innovative legal counsel. Their lawyers were known for their willingness to challenge traditional legal norms, their strategic thinking, and their ability to navigate the intricate landscape of corporate finance and governance.

The book does not merely focus on Skadden’s legal victories; it also delves into the culture of the firm. Caplan examines the intense work ethic, the firm’s unconventional approach to hiring and training lawyers, and its efforts to break away from the elitist traditions of older, more established law firms. Unlike traditional white-shoe firms that favored Ivy League graduates with blue-blooded connections, Skadden sought out ambitious, hard-working attorneys from diverse backgrounds who were willing to push boundaries and redefine legal practice.

Caplan also explores the personal and professional dynamics within Skadden, highlighting the leadership of Joe Flom, one of the most influential figures in modern legal history. Flom’s vision and relentless drive helped turn the firm into a global leader, influencing not just corporate law but the entire legal industry. Under his guidance, Skadden expanded internationally, set new standards for legal fees and compensation, and solidified its reputation as a firm that could outmaneuver and outthink its competition.

Through detailed interviews and extensive research, Skadden provides a fascinating look into how corporate law firms evolved in the late 20th century. It highlights the increasing commercialization of law, where firms became not just legal advisors but powerful business entities in their own right. Caplan critically examines the impact of these changes, questioning whether the rise of firms like Skadden has ultimately benefited or harmed the integrity of the legal profession.

With its gripping storytelling, insider insights, and thorough analysis, Skadden is an essential read for anyone interested in corporate law, business history, and the evolution of legal practice in the United States. It offers a behind-the-scenes look at the high-stakes world of legal power players, making it both an informative and thought-provoking book.

• Chronicles the rise of Skadden, Arps, Slate, Meagher & Flom as a legal powerhouse.

• Explores the firm’s role in shaping modern corporate law, particularly in mergers and acquisitions.

• Examines the leadership of Joe Flom and his influence on the legal profession.

• Discusses the transformation of law firms from elite institutions to business-driven entities.

• Provides a critical perspective on the commercialization of the legal industry.