Sidley Austin

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Sidley Austin LLP
Sidley Austin logo.svg
HeadquartersOne South Dearborn
Chicago, Illinois, United States[1]
No. of offices20 Worldwide [2]
No. of attorneys2,000[3]
Major practice areasGeneral practice
RevenueIncrease 2.46 billion USD (2020)[4]
Date founded1866[5][6][7]
FounderNorman Williams[8]
John Leverett Thompson[8]
Company typeLimited liability partnership
Websitewww.sidley.com

Sidley Austin LLP, is an international law firm, employing approximately 2,000 lawyers in 20 offices worldwide. The firm's headquarters is at One South Dearborn in Chicago's Loop.[1] The firm specializes in a variety of areas in both litigation and corporate practices.

History[edit]

Current headquarters of Sidley Austin at One South Dearborn

Origins in Chicago[edit]

The firm that was to become Sidley Austin was formed in Chicago in 1866 by Norman Williams and John Leverett Thompson as the partnership of Williams & Thompson.[citation needed] Among the firm's first clients were the Pullman Company, the manufacturer of specialty sleeping railway cars, and former first lady Mary Todd Lincoln, then the widow of President Abraham Lincoln.[citation needed] Other early clients included Western Union Telegraph Company, which moved its Midwest headquarters from Cleveland to Chicago in 1869. After the Great Chicago Fire of 1871, the firm represented numerous insurance companies including Equitable Life Assurance Society. In 1892, William Pratt Sidley joined the firm after having earned an LLB from Union College of Law and a M.A. from Harvard Law School. By 1913, the firm's name was changed to Holt, Cutting & Sidley, although Sidley would be the guiding personality for the Chicago firm through the 20th century. Three years later—the firm then fifty years old—had four partners, four clerks (associates), and ten staff employees with gross income of around $100,000 (roughly $1.9 million in 2008 dollars).[citation needed]

Buffeted by the Great Depression, the firm experienced a dramatic fall in revenues until the New Deal in the 1930s reinvigorated the capital markets. The firm represented Halsey, Stuart & Co., a Chicago-based underwriter in one of the first transactions under the Securities Act of 1933. In 1944, the name was changed to Sidley, Austin, Burgess & Harper and shortened to Sidley & Austin in 1967.

Towards a national firm[edit]

After the Second World War, Sidley & Austin began expanding beyond its Chicago roots as many of its clients entered new markets. In 1963, its Washington, D.C. branch was established which would soon become an important player in that city's legal market through its representation of the American Medical Association, American Bar Association and the International Minerals & Chemical Corporation. The firm developed strengths in antitrust and the representation of clients in front of the Federal Trade Commission.

Sidley & Austin was among several law firms caught up in the Savings & Loan Crisis and paid $7.5 million to settle legal malpractice claims stemming from its representation of the Lincoln Savings and Loan Association. Such legal work was profiled in the book by Ralph Nader and Wesley J. Smith, No Contest: Corporate Lawyers and the Perversion of Justice in America.

Expansion and consolidation[edit]

Sidley & Austin expanded significantly in the 1970s and 1980s. In 1972, the firm merged with the 50 lawyers of Chicago firm Leibman, Williams, Bennett, Baird & Minow. Additional offices were then established in London, Los Angeles, Singapore and New York.

In 2001, the firm merged with Brown & Wood, a New York-based law firm established in 1914 with 400 attorneys and additional domestic offices in Washington, D.C., San Francisco and Los Angeles and overseas branches in London, Beijing and Hong Kong (where it practiced English law in addition to U.S. law). Brown & Wood was known for its securities, structured finance and securitization practices. The firm's well-regarded publication, Accessing the U.S. Capital Markets: An Introduction to United States Securities Law, continues to be updated annually today. Brown & Wood had offices in the World Trade Center. The firm was known as Sidley Austin Brown & Wood until the name was rebranded as Sidley Austin in 2006.

Appellate Practice Group[edit]

In 1985, U.S. Solicitor General Rex E. Lee founded Sidley Austin's Appellate Practice Group to represent clients in all appellate courts, including the United States Supreme Court, the federal courts of appeals, and state appellate and supreme courts. Following Lee's death, the group was led by Carter Phillips, who has argued more cases before the Supreme Court than any lawyer in private practice[9] and who now chairs the firm's executive committee.[10] The current co-chairs of the practice group are former Acting Attorney General Peter Keisler and former Principal Deputy Associate Attorney General Joseph Guerra.

The Appellate Group has argued several landmark cases before the Supreme Court including U.S. Term Limits, Inc. v. Thornton (constitutionality of state-imposed term limits on members of Congress), Missouri v. Jenkins (proper role of federal courts in imposing desegregation remedies), and United States v. Lopez (Commerce Clause challenge to a federal statute prohibiting the possession of firearms within 1,000 feet of a school).[11][12] Directly or indirectly, Sidley Austin plays a role in 40 percent of the cases the Supreme Court hears every term. Over the last 30 years, its lawyers have argued 115 high court cases.[13]

Rankings and recognition[edit]

Sidley Austin is currently the eleventh-largest U.S.-based corporate law firm, with approximately 2,000 lawyers[3] and annual revenues of more than two billion dollars. The firm is one of the highest-paying companies in the U.S.[14] (with a base salary of $205,000 for first year associates and $365,000 for eighth year associates; equity partners saw a profit per partner of more than $3.0 million in 2020).[15] [16] Sidley currently maintains offices in 20 cities worldwide, with the most recent addition being Munich in 2016.

Sidley has received the most First-Tier National Rankings a total of eight times since the inception of the U.S. News & World Report Best Law Firms Survey in 2010.[17] The 2020 U.S. News Survey also named Sidley as the "Law Firm of the Year" in FDA Law and Securities Litigation.[18] As of 2019, it was the eighth largest law firm in the world (and sixth in the US) by revenue.[19]

The firm frequently appears at the top of various industry rankings. In 2020, the BTI Consulting Group named Sidley to its BTI Client Service A-Team—one of only three law firms to rank in BTI's Client Service Top 30 for 19 consecutive years.[20] The firm earned the top spot in Asset-Backed Alert’s 2019 league tables for most active underwriter counsel in U.S. asset- and mortgage-backed securitization transactions.[21] Other honors include the American Bar Association's 2019 Champions for Disability Inclusion in the Legal Profession Award,[22] conferred in recognition of the firm's measurable progress in recruiting, retaining, and advancing to leadership lawyers with disabilities, and being named a 2019 “Litigation Department of the Year” finalist by The American Lawyer.[23]

The firm is particularly known for its securities practice[24] and its international trade practice,[24] both of which have consistently ranked first in the respective specialty rankings of Chambers and Partners. The trade group currently represents the Airbus/European Communities side in the ongoing WTO dispute with Boeing/US. The group was named a 2019 International Trade Group of the Year by Law360[25] and has been honored as "Law Firm of the Year" in Trade & Customs by Who's Who Legal for 15 consecutive years.[26] Its appellate and US Supreme Court practice is also particularly well known and has been featured in USA Today, BusinessWeek, the American Lawyer, the Legal Times, and the National Law Journal.[28]

In 2020, Sidley was named “Firm of the Year” in Capital Markets (Overseas); Corporate Compliance; Healthcare, Pharma and Life Sciences; and Real Estate and REIT by China Business Law Journal.[27] In 2018, Sidley was named Competition & Regulatory Team of the Year at The Lawyer Awards in London.[28]

Notable people and alumni[edit]

See also[edit]

References[edit]

  1. ^ a b "Chicago". Sidley Austin. Retrieved 17 December 2009.
  2. ^ "Sidley Austin LLP".
  3. ^ a b "Sidley Austin LLP". U.S. News & World Report.
  4. ^ Austin LLP https://news.bloomberglaw.com/business-and-practice/sidley-names-first-female-leader-in-firms-155-year-history/title=Sidley Austin LLP Check |url= value (help). Missing or empty |title= (help)[dead link]
  5. ^ Seth, Shobhit. "The World's Top 10 Law Firms". Investopedia. Retrieved 2020-07-17.
  6. ^ February 09, Roy Strom |; International, 2018 at 02:46 PM | The original version of this story was published on. "Sidley Tops $2 Billion as Profits, Revenue Rise Again". Law.com. Retrieved 2020-07-17.
  7. ^ Dalton, Brian. "The Loop Elite: The Go-To Firms Of Chicago". Above the Law. Retrieved 2020-07-17.
  8. ^ "Supreme Court and Appellate Practice". Sidley Austin.
  9. ^ Matthew Huisman. "Carter Phillips Named Sole Chair of Sidley's Executive Committee". The Recorder.
  10. ^ "Sidley Austin". oyez.org.
  11. ^ "Supreme Court and Appellate". sidley.com.
  12. ^ "Supreme Court and Appellate". www.sidley.com.
  13. ^ Frohlich, Thomas C. "America's highest-paying companies". USA TODAY.
  14. ^ "Sidley". abovethelaw.com.
  15. ^ "Sidley". news.bloomberglaw.com.com.
  16. ^ "Sidley Earns Most First-Tier National Rankings for Second Consecutive Year, Eighth Time Overall". sidley.com.
  17. ^ ""Law Firm of the Year" Awards". U.S. News & World Report. Retrieved 18 September 2015.
  18. ^ Unsworth, Ryan (8 September 2020). "Sidley's Law.com Profile". New York: Law.com. Retrieved 8 September 2020.
  19. ^ http://www.bticlientserviceateam.com/client-service-30/. Missing or empty |title= (help)
  20. ^ "Green Street News". www.greenstreet.com. Retrieved 2020-09-08.
  21. ^ "2019 Champions Award". www.americanbar.org. Retrieved 2020-09-08.
  22. ^ December 29, Gina Passarella Cipriani |; PM, 2019 at 08:00. "Built to Win: Sidley Austin, Litigation Department of the Year Finalist". The American Lawyer. Retrieved 2020-09-08.
  23. ^ a b "Sidley Austin LLP". chambersandpartners.com.
  24. ^ "International Trade Group Of The Year: Sidley - Law360". www.law360.com. Retrieved 2020-09-08.
  25. ^ "Winners – Lawyers & Law Firms". whoswholegal. Retrieved 2020-09-08.
  26. ^ Editor, Vantage Asia (2020-04-08). "China Business Law Awards 2020 | China Business Law Journal". Vantage Asia. Retrieved 2020-09-08.CS1 maint: extra text: authors list (link)
  27. ^ "Winners 2018". The Lawyer | Legal insight, benchmarking data and jobs. Retrieved 2020-09-08.
  28. ^ "Sidley Austin: When Barack Met Michelle". Retrieved 8 August 2021.
  29. ^ "Sidley Austin: When Barack Met Michelle". Retrieved 8 August 2021.

External links[edit]