The elite law firm that drew up an exhaustive report on the Lehman Brothers bankruptcy is seeing an exodus of partners including its top brass
- The law firm that drew up a more than 2,000-page report on the Lehman Brothers bankruptcy is seeing an exodus of six top partners.
- Craig Martin, who served as Jenner's chair from January 2019 to February 2020, is among those leaving for Willkie Farr, the firm announced on Tuesday.
- Martin is bringing five other partners with him, including Amanda Amert, the chair of Jenner's ERISA litigation department. Together, they will open a Chicago office for Willkie, the firm's third, outside of New York and Washington.
- The move highlights how even elite firms such as Jenner are not immune from partner attrition, a trend that's accelerated in the legal profession, in part because of widening profitability between top firms and others.
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Jenner & Block, the law firm that's played a central role in everything from dissecting the Lehman Brothers bankruptcy, to guiding General Motors through its 2009 bankruptcy, just lost six partners including some of its most senior members.
Partners including Craig Martin, a trial attorney who chaired Jenner between 2019 and 2020 and served as chair of its litigation department before that, are joining the New York corporate law firm of Willkie Farr & Gallagher, the firm said on Tuesday.
Together, they will open a Chicago office for Willkie, its third outside of New York and Washington.
""Even at this moment of uncertainty, we feel that the opportunity to secure Craig, whom we have admired for years, and his team, is too good to pass up," said Willkie chairman Thomas Cerabino, in a statement.
"We are thrilled to welcome this powerhouse team of first-chair trial lawyers, who are an excellent strategic fit for us," he said. "In the coming months, we anticipate a flight to quality to handle the unprecedented legal issues arising from the current crisis."
The move, which comes as the coronavirus wreaks havoc on businesses around the globe, highlights how even elite law firms known for relatively low turnover are not immune to partner attrition, a trend that's accelerated over the past decade, in part because of a widening in profitability between top firms and others.
Partners at Jenner earned on average $1.5 million a year in 2018, compared to partners who made little more than $3 million a year at Willkie Farr, according to the most recent financial figures reported by The American Lawyer.
Still, Jenner's attorney roster counts some of the most celebrated lawyers in the country and its name has been behind some of the biggest US courtroom disputes and corporate workouts.
After Lehman Brothers filed for bankruptcy in 2008, the court hired then-chairman Anton Valukas to examine the collapse. And, it represented General Motors through its bankruptcy proceedings in 2009 and subsequent initial public offering.
Jenner's attorney roster includes Neil Barofksy, the former chief watchdog of the 2008 troubled asset relief program, or TARP, which enabled the U.S. to buy $700 billion in assets from financial institutions to strengthen the financial sector. And, notably, Tom Perrelli, who served as United States Associate Attorney General during the Obama Administration.
Perrelli, who serves as Jenner's current chair, helped negotiate a $20 billion trust fund with oil and gas company BP to compensate victims of the 2010 Deepwater Horizon oil spill.
While Jenner is primarily known for its litigation prowess, Willkie is known for its corporate work, advising private-equity and hedge funds, as well as handling mergers and acquisitions. Some of its clients including Warburg Pincus, Colony Capital, Centerview Partners, and PJT Partners.
"That's a big move for Willkie, who has always been very cautious about acquisitions, particularly groups," said Alisa Levin, a recruiter with Greene Levin Snyder, who was not involved in the deal but is knowledgeable of both firms. "And Jenner is a top litigation shop."
Martin, who has spent more than three decades at Jenner, is known for his representation of large clients including Aon, General Dynamics, MacAndrews & Forbes, United Airlines and the Crown family, according to his biography.
It could not be immediately determined which clients are heading with him to Willkie, which are staying, and which they may co-counsel going forward.
Outside of courtroom representations, he has overseen internal investigations for corporations and advised boards of directors on fiduciary and litigation matters.
Other attorneys included in the group include Amanda Amert, the chair of Jenner's ERISA litigation department and a firm management committee member, along with partners Matt Basil, Sara Tonnies Horton, Barbara Grayson and Matt Thomas.
A Jenner spokeswoman in a statement: "We wish them well in their future endeavors."
