Annual Legal Study Ranks Top 20 Law Firms in the U.S.

NEW YORK, May 7 /PRNewswire/ -- Corporate Board Member magazine and FTI Consulting Inc. announce the results of the 10th annual America's Best Corporate Law Firms study, a comprehensive ranking by U.S. directors and general counsel of the top 20 national corporate law firms.

This year, New York's Skadden Arps Slate Meagher & Flom reprises its number-one director ranking, marking its tenth year at the top of the America's Best Corporate Law Firm list. Next in line are New York-based Cravath Swaine & Moore and Wachtell Lipton Rosen & Katz, followed by Washington, D.C.-based Jones Day in fourth place. The fifth and sixth place rankings are held by Sullivan & Cromwell and Weil Gotshal & Manges, also both of New York. Each of these top six firms appeared in one of the top six places among last year's rankings as well.

Looking further down the list, board members' rankings demonstrate some jostling compared to 2009. Firms enjoying elevated status this year include Los Angeles-based Latham and Watkins, which rose to seventh place from ninth, and Chicago-based Baker McKenzie, which climbed to eighth place from 11th. Another firm that moved up is New York-based Paul Weiss Rifkind Wharton & Garrison, which leapfrogged to 11th place from 17th place in 2009. While many of the 2010 firms remain steadfast among the top 20 in recent years, two new names made appearances: the Washington, D.C. firm of Akin Gump Strauss Hauer & Feld and Houston-based Vinson & Elkins.

"FTI Consulting commends these distinguished law firms for the reputations they have built around superior service and, unyielding commitment to their clients amid this trying environment," said Neal Hochberg, senior managing director and segment leader - Forensic and Litigation Consulting, at FTI Consulting. "We congratulate Skadden Arps Slate Meagher & Flom, who, for a groundbreaking tenth year in a row, ranked first in surveys of both company directors and general counsel."

In a separate survey of corporate general counsel, Skadden Arps once again leads the top 20 rankings, followed by Wachtell Lipton and Cravath Swaine & Moore in second and third places, respectively. In addition, the New York firm of Davis Polk and Wardwell rose to the number four position from 10th place last year, unseating Sullivan & Cromwell, which dropped a notch to fifth place.

"These top firms have weathered the previous year by making tough decisions, just like every other corporate entity that has managed to hold their ground in the face of a recessionary economy. As this year's rankings show, in doing so, they have continued to garner respect from boards and general counsel," said TK Kerstetter, president and CEO of Corporate Board Member. "When it comes to trust and loyalty, it is obvious these firms have both the depth and breadth of expertise boards are looking for as well as the necessary staying power to deliver it-even in challenging economic times."

The following are the top 20 national corporate law firms for 2010, according to the directors surveyed by Corporate Board Member/FTI Consulting (with their 2009 ranking in parentheses):

1. Skadden Arps Slate Meagher & Flom, New York (1)
2. Cravath Swaine & Moore, New York (3)
3. Wachtell Lipton Rosen & Katz, New York (4)
4. Jones Day, Washington, D.C. (2)
5. Sullivan & Cromwell, New York (5)
6. Weil Gotshal & Manges, New York (6)
7. Latham & Watkins, Los Angeles (9)
8. Baker & McKenzie, Chicago (11)
9. Kirkland & Ellis, Chicago (8)
10. Davis Polk & Wardwell, New York (13)
11. Paul Weiss Rifkind Wharton & Garrison, New York (17)
12. Gibson Dunn & Crutcher, Los Angeles (7)
13. Fulbright & Jaworski, Houston (10)
14. Shearman & Sterling, New York (16)
15. Sidley Austin, New York (15)
16. Akin Gump Strauss Hauer & Feld, Washington, D.C.(-)
17. Wilson Sonsini Goodrich & Rosati, Palo Alto (14)
18. Vinson & Elkins, Houston (-)
19. Covington & Burling, Washington, D.C. (18)
20. O'Melveny & Myers, Los Angeles (12)

Source: Corporate Board Member/FTI Consulting

The following are the top 20 national corporate law firms for 2010, ranked according to general counsel surveyed by Corporate Board Member/FTI Consulting (with their 2009 ranking in parentheses):

1. Skadden Arps Slate Meagher & Flom, New York (1)
2. Wachtell Lipton Rosen & Katz, New York (2)
3. Cravath Swaine & Moore, New York (3)
4. Davis Polk & Wardwell, New York (5)
5. Sullivan & Cromwell, New York (4)
6. Latham & Watkins, Los Angeles (7)
7. Jones Day, Washington, D.C. (6)
8. Gibson Dunn & Crutcher, Los Angeles (9)
9. Kirkland & Ellis, Chicago (11)
10. Weil Gotshal & Manges, New York (10)
11. Baker & McKenzie, Chicago (12)
12. Simpson Thacher & Bartlett, New York (8)
13. Hogan & Hartson, Washington, D.C. (-)
14. Cleary Gottlieb Steen & Hamilton, New York (16)
15. Fulbright & Jaworski, Houston (19)
16. Sidley Austin, New York (13)
17. Wilmer Cutler Pickering Hale & Dorr, Waltham, MA (20)
18. Paul Weiss Rifkind Wharton & Garrison, New York (-)
19. Wilson Sonsini Goodrich & Rosati, Palo Alto (18)
20. Covington & Burling, Washington, D.C. (17)

Source: Corporate Board Member/FTI Consulting

The survey was mailed in January 2010 and also asked directors and general counsel of U.S. publicly traded companies to weigh in on important legal issues. A broader analysis of these results will be featured in a special supplement sponsored by FTI Consulting, which mails along with the third-quarter issue 2010 issue of Corporate Board Member.

On May 11, Corporate Board Member and FTI Consulting will host the third annual Legal Recognition Dinner at the NASDAQ MarketSite in New York, honoring five distinguished general counsel and the top 20 national corporate law firms as identified by board members and general counsel in the 2010 survey.

About Corporate Board Member

Corporate Board Member is the leading information resource for senior officers and directors of publicly traded corporations, large private companies, and Global 1000 firms. The quarterly publication provides readers with decision-making tools to deal with the corporate governance challenges confronting their boards. Corporate Board Member further extends its governance leadership through an online resource center, conferences, director training programs, roundtables, and timely research. The magazine maintains the most comprehensive, up-to-date database of directors and officers serving on boards of publicly traded companies listed with the NYSE Euronext, The NASDAQ OMX Group and NYSE Amex stock exchanges. Headquartered in Nashville, Tennessee with editorial offices in New York, Corporate Board Member is published by Board Member Inc. and is the sister publication of Bank Director magazine, the leading information resource for officers and directors of financial institutions. For more information, visit www.boardmember.com.

About FTI Consulting

FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations protect and enhance enterprise value in an increasingly complex legal, regulatory and economic environment. With 3,400 employees located in most major business centers in the world, we work closely with clients every day to anticipate, illuminate, and overcome complex business challenges in areas such as investigations, litigation, mergers and acquisitions, regulatory issues, reputation management and restructuring. More information can be found at www.fticonsulting.com.

SOURCE Corporate Board Member