Joseph Flom

http://www.futureofcapitalism.com/2011/02/joseph-flom

Joseph Flom, a name partner in the law firm Skadden, Arps , Slate, Meagher & Flom LLP, died this morning, the firm announced.

Tomorrow's papers will be full of tributes to the giant of mergers and acquisitions law who built Skadden into one of the world's largest law firms.

My favorite facts about Mr. Flom, though, are those recounted by Lincoln Caplan in his book Skadden: Power, Money, and the Rise of a Legal Empire. Though Mr. Flom was an editor of the Harvard Law Review and 15th or 16th in a class of 325 at Harvard Law School, "toward the end of his last year he had not found a job." He ended up being the first associate hired by four partners at Skadden. Mr. Caplan goes on:

According to firm lore, the partners couldn't pay Flom when he started work, so they held a pinochle game every Friday afternoon and gave the pot to Flom. Or they could pay him, but not themselves, so that Flom became the highest paid lawyer at Skadden the day he arrived. In fact, during the firm's first year, the partners paid Flom and took no draw themselves.

The guy was such a good takeover lawyer that eventually he had firms paying him to do nothing — just for agreeing not to work for someone trying to take them over.

Something to think about for students having trouble finding a job, or for employees at firms struggling to make payroll. In capitalism it's the rare success that doesn't involve taking risks. They don't always work out for everyone as well as they did for Flom, but when they do it sure makes for a good story.

by Ira Stoll  |  Feb 23, 2011 at 10:00 am receive the latest by email: subscribe to the free futureofcapitalism.com mailing list