Proskauer Rose

Proskauer Rose LLP (formerly known as Proskauer, Rose, Goetz & Mendelsohn, LLP) is an international law firm headquartered in New York City. The firm was founded in 1875 and currently employs more than 800 attorneys in twelve offices worldwide.

Proskauer Rose LLP
Headquarters11 Times Square
New York City
United States
No. of offices12
No. of attorneys800+
Major practice areasFull service law firm
Key peopleSteven M. Ellis, Firm Chairman
Revenue$1,168,371,000 USD (2021)
Date founded1875
FounderWilliam R. Rose
Company typeLimited Liability Partnership
Websitewww.proskauer.com

Proskauer is known for its litigation, labor & employment, corporate, private equity, private investment funds, finance, and intellectual property law departments. Proskauer has long been the primary outside law firm for the National Basketball Association (NBA) and the National Hockey League (NHL).

Practice overview

Proskauer Rose is a full-service law firm, practicing in areas including corporate finance, private investment funds, mergers and acquisitions, real estate transactions, bankruptcy and reorganizations, taxation, litigation, trusts and estates, intellectual property, and labor and employment law. Its clients include participants in many industries, including chemicals, entertainment, financial services, health care, hospitality, information technology, insurance, internet, manufacturing, media and communications, pharmaceuticals, real estate investment, sports, and transportation.

Proskauer Rose is known for its sports law department, with clients including all four of the major sports leagues in the US and Canada (MLB, the NFL, the NHL, and the NBA).[1] In December 2006, The Legal U.S. 500's annual ranking of the top law firms for corporate work singled Proskauer out for excellence in private equity, international M&A, high-yield debt and hedge fund formation.[2]

Offices

United States

Proskauer's New York City office, located in Times Square, is its headquarters. In 2012, the firm was given Tier 1 rankings for its advertising law, appellate, arbitration, bankruptcy, litigation, corporate, criminal, ERISA, entertainment law, environmental, healthcare, insurance, labor and employment, patent, real estate, sports law, trademark, and trusts and estates practice groups.[3]

Proskauer's second largest office is in Boston, where the firm has been referred to as "a powerhouse in the private equity world," for having one of the world's leading private investment fund law practices. The Boston office received Tier 1 rankings for its private investment fund, private credit, intellectual property, corporate finance, tax, and ERISA practice groups.[3] Additionally, the firm's pro bono and government work is led by former Massachusetts Attorney General Scott Harshbarger. The firm's Boston office was also noted for representing Facebook, Inc. and Mark Zuckerberg during his company's legal fight with ConnectU.[4]

The firm's Los Angeles office is known for its high-profile litigation, corporate, and private equity work, which included the representation of Ares Management and the Ontario Teachers' Pension Plan in their $1.65 billion acquisition of General Nutrition Centers. The firm's Washington DC office is known for its employee benefits and executive compensation, securities regulation and enforcement, healthcare, and labor groups. The firm's Chicago office is known primarily for its bankruptcy, healthcare, and insurance law practices. The New Orleans office has strong niche practices of nationwide ERISA litigation and labor and employment law practices. The firm's Boca Raton office has a prominent wealth management and planning group for high-net-worth clients, along with significant labor and employment, tax, and corporate law groups.

International

Proskauer's London office is the firm's largest location outside of the United States. In 2013, Chambers UK ranked its private equity group as one of the "best in the UK." The office also has highly rated tax, finance, and corporate practice groups. The firm's Paris office is known internationally for its labor and employment law practice, along with its competition and antitrust, merger control, EU common market law, and corporate law groups.

The firm's offices in China, located in Beijing and Hong Kong, are known for their work in sports law (e.g., NBA China), financing, mergers & acquisitions, reorganizations, going-private transactions, and structured finance, which often include cross border elements.

The firm's Latin American presence is centered in São Paulo, Brazil. The firm's Latin America practice is highly regarded, representing clients, such as Banco Itaú-BBA, Banco Votorantim, WestLB, Banco Santander, Votorantim Group, CSN, the Abril Group, and TV Band. The Latin American team notably represented Banco BTG Pactual US Capital Corp. (and other underwriters) in the establishment by Banco BTG Pactual S.A. of a $3 billion Global Medium Term Note Program and issue of $500 million senior notes with BTG Pactual US Capital Corp. as arranger and BTG Pactual US Capital Corp., JP Morgan and Bradesco BBI as underwriters, as well as Iochpe-Maxion, a publicly traded Brazilian auto parts and railway equipment manufacturer, in the acquisition of Michigan-based Hayes Lemmerz International, Inc. for approximately $725 million.

Proskauer's pro bono efforts in Iraq serves as an example of the firm's international efforts to assist Iraqi and other families, who are threatened as a result of their association with American and coalition forces, to find safety in the United States.

History

Throughout its history, the firm's headquarters has been located in the area of Times Square, in midtown Manhattan, where it grew from fewer than a dozen lawyers originally to nearly 800. A full-service practice, it is currently among the ten largest law firms in New York City.

William R. Rose started the firm that is now Proskauer Rose when, at 21 years of age, he opened a law firm on Broadway in Downtown Manhattan in 1875.[5] In 1907, Rose promoted associate Benjamin Paskus to partner and renamed the firm Rose & Paskus.[5] Rose & Paskus was one of the first firms to develop a specialized tax practice after the passage of the Sixteenth Amendment to the United States Constitution in 1913.[5] In 1930, Judge Joseph M. Proskauer resigned his position on New York's Appellate Division to join the firm, which was then renamed Proskauer, Rose & Paskus.[5] The firm shortened its name to Proskauer Rose in 1997.[6]

Proskauer Rose is historically known as a "Jewish law firm" for its willingness to cross traditional historic and cultural hiring norms that other major New York City law firms were unwilling to do at the time.[7] Because of its willingness to employ Jewish lawyers, Proskauer is not known as a traditional "white shoe" law firm, though over the past quarter-century it has gained the reputation as one of the "new white shoe" law firms.[7] Thus it cannot rely on long-standing ties to old money or big investment banks. Rather, the firm has historically focused its practice on labor and employment law, as well as building up significant litigation, health care, sports and entertainment, bankruptcy, and taxation practices.[6]

In December 2004, a large group of lawyers from the Boston-based law firm of Testa, Hurwitz & Thibeault joined the Boston office of Proskauer Rose.

Revenue and profitability
11 Times Square photographed from the southeast corner of West 41st Street and Eighth Avenue.

In February 2012, Proskauer Rose increased its gross revenue by 6.4 percent to $686 million and its average profits per partner 9 percent to $1.7 million, according to The American Lawyer's reporting.[8] In 2013, Proskauer Rose again increased its revenue by more than 7%, to over $700 million. These figures place Proskauer Rose as one of the fastest growing law firms in the United States. The firm's robust financial performance came amid a busy year for office moves. The most significant shuffle saw Proskauer move its New York headquarters to 11 Times Square in January, 2011. With more than 400,000 square feet of space spread across 14 floors, the firm is the new building's anchor tenant—with its name splashed across the facade in a 40-foot-by-10-foot backlit sign. Proskauer Rose saw gross revenue of $1.17 billion in 2021, up from $990 million in 2020.[9]

Pro bono

In 2012, Proskauer argued before the U.S. Supreme Court in a ruling that the Fair Sentencing Act of 2010 (FSA), which reduced the disparity in federal sentencing between crack and powder cocaine offenses, applies to defendants who were sentenced after its passage even though their offenses pre-dated the law. The firm is also noted for hosting an Election Protection call center during every election cycle since the 2012 Presidential election.[10]

In 2010, Proskauer received the Law Firm Pro Bono Award at the William O. Douglas Award Dinner in Los Angeles, sponsored by Public Counsel, the United States' largest pro bono public interest law firm.[11]

In 2019, Proskauer was named to The National Law Journal's "Pro Bono Hot List."[12]

Ranking and awards

According to a study by Yale Law Women (co-sponsored by women's law groups at Stanford, Harvard, Columbia, Chicago, Berkeley, Northwestern, and Virginia), Proskauer Rose ranked second in their list of top ten family-friendly firms of 2007.[13]

In 2007, Proskauer Rose was named among the top United States firms practicing corporate and finance law in The Legal 500 US Volume I: Corporate & Finance, a ranking of the "best of the best" U.S. law firms. Proskauer was named a leader in the following categories: Private Equity; International Mergers and Acquisitions; Capital Markets; Investment Funds - Alternative/Hedge Fund Formation.[14]

In 2008, Proskauer was named the fastest-growing law firm for the third consecutive year in Boston Business Journal's annual ranking of the area's 100 largest law firms. With the addition of 25 lawyers since January 2007 - a 30-percent growth rate - the firm is ranked 17th in the year' survey.[15]

Fifteen lawyers from Proskauer Rose were named in Southern California Super Lawyers 2008, an annual guide to the top lawyers in the region (the firm was represented in 10 different practice areas).[16] Selections for Southern California Super Lawyers are based on peer nominations and independent research by the editors of Law & Politics magazine.[16]

Proskauer Rose received the 2003 Special Award of Merit by the New York Women's Bar Association for its contribution to the advancement of women.

In 2022, Proskauer Rose was the winner of the 18th British Private Equity Award and awarded 'Law Firm of the Year for Structuring'.[17]

Notable clients and cases

Notable alumni

See also

References
  1. "Sports & Entertainment 2015: Analysis". whoswholegal. Retrieved 2020-04-08.
  2. "Proskauer Rose LLP > Los Angeles > United States | The Legal 500 law firm profiles". www.legal500.com. Retrieved 2020-04-08.
  3. "Best Law Firms - U.S. News - Best Lawyers | Proskauer Rose LLP - Firm Overview". Bestlawfirms.usnews.com. Retrieved 2014-08-07.
  4. "ConnectU v. Facebook".
  5. "Vault Online Career Library". Vault.com. Retrieved 2014-08-07.
  6. "Proskauer Rose LLP - Company History". Fundinguniverse.com. Retrieved 2014-08-07.
  7. Lin, Anthony (2006-05-16). "lawjobs.com Career Center - Can the 'Jewish Law Firm' Success Story Be Duplicated?". Law.com. Retrieved 2014-08-07.
  8. "The Am Law 100, the Early Numbers: Proskauer Maintains Upward Trajectory". Amlawdaily.typepad.com. 2012-02-22. Retrieved 2014-08-07.
  9. "Proskauer Sees Double-Digit Revenue, Profit Gains as Core Industry Sectors Thrive". The American Lawyer. Retrieved 2022-02-08.
  10. "Election Protection". 8 November 2012.
  11. "Award". Archived from the original on 2011-06-07. Retrieved 2012-12-07.
  12. "The 2019 Pro Bono Hot List".
  13. "Ten Family-Friendly Firms (new ranking by law students)". Ms. JD. 2007-09-24. Retrieved 2014-08-07.
  14. Proskauer Rose LLP - Proskauer Rose Named Leading Law Firm in The Legal 500 US Survey of Corporate and Financial Practices Archived July 23, 2009, at the Wayback Machine
  15. Proskauer Rose LLP - Proskauer Rose Named Fastest-Growing Massachusetts Law Firm For Third Consecutive Year Archived March 6, 2008, at the Wayback Machine
  16. Proskauer Rose LLP - Proskauer Rose Announces 15 Lawyers Named in Southern California Super Lawyers 2008 Archived April 3, 2008, at the Wayback Machine
  17. "British Private Equity Awards 2022: winners announced | Unquote". www.unquote.com. 2022-10-05. Retrieved 2022-12-07.
  18. Proskauer Rose to open Chicago office - Bankruptcy, Langer, New York - chicagotribune.com
  19. Proskauer Rose Wins Important Copyright Victory for The White Stripes. | Legal > Legal Services from AllBusiness.com Archived March 29, 2008, at the Wayback Machine
  20. "Law Blog - WSJ.com : Broadway Proskauer Rose". Blogs.wsj.com. 2007-11-29. Retrieved 2014-08-07.
  21. "Stagehands End Walkout on Broadway - New York Times". Nytimes.com. 2007-11-29. Retrieved 2014-08-07.
  22. "ACORN and the Ethics of Leadership". Correspondents.theatlantic.com. December 8, 2009.
  23. Silverstein, Ken (10 May 2017). "The John Oliver Property Tax Scam: HBO Comedian Secretly Buys Manhattan Mansion". Observer. Retrieved 25 May 2017.
  24. Sheffield, Matthew (12 May 2017). "Is John Oliver a hypocrite on taxes?". Salon. Salon Media Group Inc. Retrieved 25 May 2017.
  25. "Celgene, Juno strike $9B pact".
  26. "BIG EAST Announces Readmission of University of Connecticut". Big East Conference. Retrieved 2019-06-27.
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