Reed Smith Explained

Firm Name:Reed Smith
Firm Logo:Reed Smith Logo.svg
Num Offices:31
Num Attorneys:1,700[1]
Practice Areas:Mergers and Acquisitions, Private Equity, Finance, Life Sciences & Health, Energy & Natural Resources, Entertainment & Media, Shipping & Transportation
Revenue: $1.44 billion (2021/22)[2]
Profit Per Equity Partner: $1.7 million (2021/22)[3]
Date Founded:1877 (Pittsburgh)
1842 (Townsend Elliott & Munson in Philadelphia)
Founders:Philander Knox and James Hay Reed in Pittsburgh and Joseph B. Townsend on Philadelphia, Pennsylvania
Company Type:Limited liability partnership
Firm Slogan:Driving Progress Through Partnership. -->

Reed Smith LLP is a global law firm with more than 1,500 lawyers in 30 offices throughout the United States, Europe, the Middle East and Asia.[4]

History

Reed Smith was founded in Pittsburgh in 1877 by Philander C. Knox and James H. Reed.[5] The two partners created a relationship with American industrial tycoon, Andrew Carnegie, and the firm grew with Carnegie's business. Large businesses, such as Heinz (company), and personalities – many of whom, like Carnegie, Knox and Reed, were fellow members of the South Fork Fishing and Hunting Club – joined the firm's client roster, including Andrew Mellon (now The Bank of New York Mellon) and Henry Clay Frick.

During the 1880s, Edwin W. Smith and other partners joined the firm and, in 1922, the firm adopted the name Reed Smith Shaw & McClay. During the New Deal era, Reed Smith established a securities practice, and partner Ralph H. Demmler became chair of the Securities and Exchange Commission.[5]

Despite a clear history of refusing repair work to the South Fork Dam, which had been advocated by, most especially, general manager of the Cambria Iron Company and member of the 40th United States Congress and of the 41st United States Congress, Daniel Johnson Morrell, who had become a member for the express purpose of monitoring the dam's condition;[6] [7] club members Knox and Reed were able to fend off four lawsuits seeking responsibility for the Johnstown Flood of 1889 against the South Fork Fishing and Hunting Club, stewards of the dam, Colonel Unger, its president, and against 50 named members. Each case was "either settled or discontinued and, as far as is known, no one bringing action profited thereby."[8] The Club was never held legally responsible for the disaster. Knox and Reed successfully argued that the dam's failure was a natural disaster which was an Act of God, and no legal compensation was paid to the survivors of the flood.[8] The perceived injustice aided the acceptance of "strict, joint, and several liability," so that a "non-negligent defendant could be held liable for damage caused by the unnatural use of land.[9] [10]

From 1970 to the present, the firm engaged in a series of mergers and acquisitions to create one of the largest law firms in the world.[11]

In the 1970s, Reed Smith set up office in Washington, DC and in 1989, merged with Washington firm Pierson, Ball & Dowd, thereby obtaining a health care practice.

In 1978, Reed Smith merged with Philadelphia law firm, Townsend Elliott & Munson (which was founded in 1842 by prominent Philadelphia citizen, Joseph B. Townsend whose pro bono accomplishments included being Chancellor of the Philadelphia Bar Association, Chairman of the Board of Jefferson Medical College, and a Board Manager of Pennsylvania Hospital - see his papers in archives of University of Delaware).

Reed Smith opened new offices in New York and New Jersey in the 1990s and acquired a Northern Virginia firm, Hazel & Thomas.

During the 2000s Reed Smith experienced rapid international growth. Acquiring the UK law firm Warner Cranston turned Reed Smith transatlantic in 2001 and it opened offices in Paris and Munich four years later.[12] It opened an office in Delaware and combined with a California law firm, Crosby, Heafey, Roach & May, which moved the firm to among the 20 largest law firms in the US.[5] In 2007 Reed Smith merged with UK law firm, Richards Butler, which added offices in France, Greece, the Middle East and Hong Kong.[13] According to market analyst Adviser Rankings the total market capitalization of Reed Smith's stock market clients in the United Kingdom is the third highest of all US-law firms.[14]

The firm counsels 13 of the world's 15 largest commercial and savings banks; 25 of the world's 35 largest oil and gas companies; and the world's three largest pharmaceutical distribution and wholesale companies.[12]

Reed Smith opened their second German office in 2015 in Frankfurt, Germany's financial center, to meet growing client demand in the German market.[15] In 2016, Reed Smith entered into a formal alliance with Singapore firm Resource Law.[16] A year later the firm opened a new office in Miami.[17]

On April 30, 2018 Reed Smith hired Lewis Zirogiannis (General Electric's former Chief Compliance Officer) as a partner for its global regulatory enforcement practice in San Francisco.[18] In 2018, Reed Smith hired 14 lawyers from competitor Norton Rose Fulbright and added a new office in Austin, Texas.[19] In January 2020, the firm hired technology, M&A and private equity lawyer Craig Lilly. Lilly previously led Greenberg Traurig's Silicon Valley corporate practice group.[20]

Recognition

According to Chambers USA, the firm services clients in matters of bankruptcy, insurance, finance, M&A, labor and employment, and more general litigation, across various industries, including entertainment and media, life sciences, shipping and finance, and has been awarded 43 Chambers USA rankings.[21] Chambers UK awards Reed Smith top rankings for shipping, media and entertainment, commodities, and insurance work, and the firm is also ranked in London for its corporate M&A practice and a score of other areas. It is also rated highly for its shipping litigation and climate change work by Chambers Global.[22]

Reed Smith was listed as one of America's Best Corporate Law Firms[43] [44] and one of the 20 world's strongest law firm brands in the 2018 Acritas Global Elite Law Firm Brand Index.[45] [46] [47] It was also listed by market analysts Law360 and BTI Consulting as one of the 20 Elite Global Law Firms.[25]

In the financial year of 2018-19 revenues at Reed Smith increased by 5% reaching $1.17 billion and profits per partner grew 7% to $1.26 million.[48] [49] Reed Smith's London office is the firm's largest and generating the 6th highest revenue of all US-law firms in the United Kingdom while highest-earning partners received a profit share of $3.3 million (£2.5 million) over 2017.[50] [51]

Notable cases and transactions

Notable staff

Attorneys who have worked at Reed Smith include:

Popular culture

The firm is depicted in Laurence Leamer's book The Price of Justice.[68]

Offices

As of January 2018, Reed Smith has 28 offices across three continents. While Pittsburgh and Philadelphia were the two earliest offices practicing law, the London office is the largest office, with over 350 attorneys, .[69] [70] [71]

In addition to its offices, Reed Smith has a Global Customer Centre, also located in Pittsburgh, Pennsylvania. It houses Reed Smith's 24/7/365 firm-wide administrative operations, including the Network Operating Center, IT Help Desk and the Business Centre.[72]

See also

External links

Notes and References

  1. Web site: Reed Smith Grows Revenue and Profits, Citing Strong Demand . www.law.com . en.
  2. Web site: The comeback kid: Return to form as Reed Smith posts 9.6% revenue increase to hit $1.44bn . The Global Legal Post . 4 March 2022.
  3. Web site: Reed Smith PEP jumps to $1.7m after double-digit growth . The Lawyer . 3 March 2022.
  4. Organizational Profile of Reed Smith at the National Law Review. The National Law Review. May 16, 2012.
  5. Web site: History. Reed Smith. 6 March 2015. 4 March 2015. 18 February 2012. https://web.archive.org/web/20120218215758/http://www.reedsmith.com/aboutus/history/. dead.
  6. https://books.google.com/books?id=Ey5mDwAAQBAJ&pg=PA185 Johnstown's Flood of 1889: Power Over Truth and The Science Behind the Disaster, by Neil M. Coleman, Springer, 2018, page 185. Retrieved June 7, 2019.
  7. https://www.nps.gov/jofl/learn/historyculture/benjamin-franklin-ruff.htm "Benjamin Franklin Ruff (1835-1887)", "Johnstown Memorial", National Park Service. Retrieved June 7, 2019.
  8. Web site: "The Johnstown Flood", by Robert D. Christie, The Western Pennsylvania Historical Magazine, Volume 54, Number 2, April 1971. . 2019-06-03 . 2019-06-03 . https://web.archive.org/web/20190603175721/https://journals.psu.edu/wph/article/download/3110/2941%2B%26cd%3D2%26hl%3Den%26ct%3Dclnk%26gl%3Dus%26client%3Dfirefox-b-1-d . dead .
  9. Web site: "May 31, 1889 CE: Johnstown Flood", National Geographic. Retrieved June 3, 2019. . June 3, 2019 . July 10, 2019 . https://web.archive.org/web/20190710205818/https://www.nationalgeographic.org/thisday/may31/johnstown-flood/ . dead .
  10. Jed Handelsman . Shugerman . Note: The Floodgates of Strict Liability: Bursting Reservoirs and the Adoption of Fletcher v. Rylands in the Gilded Age. Yale Law Journal. 110 . 2 . 333–377. 2000 . 10.2307/797576 . 797576 .
  11. Web site: Reed Smith. Law.com.
  12. Web site: The Reed Smith Rocket Formula . 2006 . Law Firm Business Development Best Practice . ALM . johnocunningham.files.wordpress.com.
  13. Web site: Reed Smith Richards Butler completes merger. The Lawyer. 6 March 2015. 2 January 2007.
  14. Web site: ARL - Current Rankings . 2019-01-06 . 2019-01-06 . https://web.archive.org/web/20190106055130/https://adviser-rankings.com/law-firms/top-rankings . dead .
  15. Web site: Reed Smith opens second Germany office . Reed Smith.
  16. Web site: Reed Smith seals alliance with Singapore firm Resource Law . The Lawyer. 2016-07-18. en-GB. 2016-07-21.
  17. Web site: History | Reed Smith LLP. www.reedsmith.com.
  18. News: Reed Smith Hires GE's Digital's Chief Compliance Officer . The Recorder. 2018-05-01.
  19. Web site: Reed Smith raids Norton Rose for life sciences/healthcare team, adding Austin office . Law.com International . en-gb.
  20. Web site: Wake Up Call: Two Ex-Prosecutors Led Probe of Astros Sign-Stealing Scandal. Correspondent. Rick Mitchell-Freelance. biglawbusiness.com. en. 2020-02-26.
  21. Web site: Square . No 3 Waterhouse . Kingdom . United . Reed Smith LLP - The Inside View . www.chambers-associate.com . en.
  22. Web site: Reed Smith LLP - True Picture - Chambers Student Guide . www.chambersstudent.co.uk . en.
  23. Web site: GLOBAL ELITE LAW FIRM BRAND INDEX 2018 Acritas . www.acritas.com.
  24. Web site: Kirkland & Ellis Named Law Firm of the Year at American Lawyer Industry Awards . The American Lawyer . en.
  25. Web site: Brand Elite 28 - Top Firms 2018 — BTI Consulting Group . 2018-05-27 . 2018-05-28 . https://web.archive.org/web/20180528052253/https://www.bticonsulting.com/brand-elite-top-firms-2018/ . dead .
  26. Web site: Archived copy . 2019-01-06 . 2019-01-06 . https://web.archive.org/web/20190106153330/https://maritimeintelligence.informa.com/events/awards/lloyds-list-global-awards/2018/winners . dead .
  27. Web site: Top 10 maritime lawyers 2018 . 4 December 2018 . Lloyd's List.
  28. Web site: Best Law Firms in the Mid-Atlantic Vault.com . www.vault.com . en.
  29. Web site: Ten Pa. Firms Make Am Law 100 With Mostly Steady Growth. The Legal Intelligencer.
  30. Web site: Reed Smith LLP > Frankfurt > Germany The Legal 500 law firm profiles . www.legal500.com.
  31. Web site: The Lawyer's Top 50 US law firms in London 2017. 8 May 2017.
  32. Web site: Reed Smith Recognized by The Legal 500 Asia Pacific 2018 News Reed Smith LLP . www.reedsmith.com . en.
  33. Web site: Yale Law Women Names Top 10 Female-Friendly Firms.
  34. Web site: Best Law Firms for Products Liability . www.vault.com . en.
  35. Web site: Law360 Reveals The Global 20 Firms Of 2017 - Law360. www.law360.com.
  36. Web site: Reed Smith named Private Equity Team of the Year at British Legal Awards 2017 News Reed Smith LLP . www.reedsmith.com . en.
  37. Web site: Law360 Reveals The Global 20 Firms Of 2016 - Law360. www.law360.com.
  38. Web site: Global Legal News. Law.com International.
  39. Web site: The Social Law Firm Index: Biglaw's New Media Mavens . Above the Law. 21 January 2014 .
  40. Web site: US Law Firm Brand Index 2014 | Acritas . 2014-03-18 . 2014-03-18 . https://web.archive.org/web/20140318211727/http://www.acritas.com/SharplegalUSLawFirmBrandIndex2014 . dead .
  41. Web site: The Am Law 100 2010. ALM Legal Intelligence. 10 April 2012. 2010.
  42. Web site: The BTI Client Relationship Scorecard: Ranking Law Firm-Client Relationships 2009, Executive summary. BTI Consulting Group. 10 April 2012. 2009. 7 October 2011. https://web.archive.org/web/20111007202117/http://www.bticonsulting.com/PDFs/CRS/TheBTIClientRelationshipScorecard_ExecSumm.pdf. dead.
  43. Web site: Powerhouse Law Firms. BTI Consulting Group. en-US. 2018-10-19. 2018-10-19. https://web.archive.org/web/20181019121927/https://www.bticonsulting.com/litigation-outlook-powerhouse-law-firms. dead.
  44. News: Best companies to work forVault.com. Vault. 2018-11-30. en.
  45. Web site: GLOBAL ELITE LAW FIRM BRAND INDEX 2018 | Acritas.
  46. Web site: Reed Smith LLP - Rankings. bestlawfirms.usnews.com. 2018-11-30.
  47. News: Reed Smith – What The Lawyer Says. The Lawyer Legal insight, benchmarking data and jobs. 2018-11-30. en-GB.
  48. Web site: Reed Smith Grows Revenue and Profits, Citing Strong Demand . The Legal Intelligencer . en.
  49. Web site: The comeback kid: Return to form as Reed Smith hikes London revenue 18% to $222m. February 20, 2019. Legal Business.
  50. Web site: Reed Smith's highest-paid picks up £2.5m in latest accounts . The Lawyer Legal insight, benchmarking data and jobs . 11 October 2018.
  51. Web site: Top 50 US law firms: The firm dominating the London lateral market is. 4 May 2018.
  52. Web site: Global 20: Reed Smith - Law360 . www.law360.com . en.
  53. Web site: BC Partners acquires majority stake in United Group from KKR . www.telegeography.com.
  54. Web site: DOJ Dropping ManorCare FCA Case After Witness Discredited - Law360 . www.law360.com . en.
  55. Web site: Netflix Sues Colorado Town Over $116K Sales-Tax Bill . www.courthousenews.com.
  56. Web site: Textainer Extends, Reprices, and Increases Revolving Credit Facility to $1.5 Billion | Markets Insider . 2018-10-11 . 2018-10-11 . https://web.archive.org/web/20181011133630/https://markets.businessinsider.com/news/stocks/textainer-extends-reprices-and-increases-revolving-credit-facility-to-1-5-billion-1027586967 . dead .
  57. News: Reed Smith: $1bn DB deal just the start | TradeWinds. Tradewinds | Latest Shipping and Maritime News. 6 July 2018.
  58. Web site: The Biglaw Firm Behind the Russian Trolls Indicted in the Mueller Probe. 7 May 2018.
  59. Web site: 'Robert Mueller Has Nude Selfies' Is The Headline That Defines The Law In 2018. Patrice. Joe. Above the Law. 28 December 2018. en-US. 2019-01-01.
  60. Web site: 3rd Circ. Clears 50 Cent Of Copying Gangster Book - Law360. www.law360.com.
  61. Web site: No making up? Lancome takes Uma Thurman to court. JOSE. MARTINEZ. nydailynews.com.
  62. Web site: Archived copy . 2018-12-06 . 2018-12-07 . https://web.archive.org/web/20181207045648/https://cases.primeclerk.com/puertorico/Home-DownloadPDF?id1=NzExMTgz&id2=0 . dead .
  63. Web site: IN RE: JEFFERSON COUNTY, ALABAMA . UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ALABAMA SOUTHERN DIVISION .
  64. Web site: BNY Doesn't Have To Turn Over $539M To Argentina Creditors - Law360. www.law360.com.
  65. Web site: Reed Smith Advises Toyota Motor Credit Corporation in $15 Billion Financing | News | Reed Smith LLP. www.reedsmith.com.
  66. Web site: Rothesay Life completes £1.6 billion buy-in with CAAPS. 2016-08-29. 2017-02-10. https://web.archive.org/web/20170210094944/https://www.pensionsworld.co.uk/article/rothesay-life-completes-%C2%A316bn-buy-caaps. dead.
  67. Web site: Fed. Circ. Backs Nintendo's PTAB Win On Game Patent - Law360. www.law360.com.
  68. Web site: 'The Price of Justice' recounts how attorneys tackled W.Va. coal, campaigns and cash - Pittsburgh Post-Gazette. dead. https://web.archive.org/web/20130619133526/http://www.post-gazette.com/stories/business/news/leamer-book-recounts-how-attorneys-tackled-wva-coal-campaigns-and-cash-687857. 2013-06-19.
  69. Web site: London. Reed Smith. 10 March 2015. 4 March 2014.
  70. Web site: Pittsburgh. Reed Smith. 10 March 2015. 4 March 2014.
  71. Web site: Top 10: Largest Pittsburgh-area law firms. Pittsburgh Business Times. 10 March 2015. 18 January 2013.
  72. Web site: Global Customer Centre. Reed Smith. 10 March 2015. 4 March 2014.

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