Reed Smith

Reed Smith LLP
No. of offices 28
No. of attorneys 1,700+
Major practice areas Finance, Life Sciences & Health, Energy & Natural Resources, Entertainment & Media, Shipping & Transportation
Revenue Increase $1.12 billion (2018)[1]
Profit per equity partner Increase $1.2 million (2018)[1]
Date founded 1877 (Pittsburgh)
Founder Philander Knox and James Hay Reed
Company type Limited liability partnership
Slogan Driving Progress Through Partnership.
Website www.reedsmith.com

Reed Smith LLP is a global law firm headquartered in Pittsburgh, Pennsylvania, with more than 1,700 lawyers in 28 offices throughout the United States, Europe, the Middle East and Asia.[2] In 2018 and 2017, Reed Smith was listed by market analysts Law360 and BTI Consulting as one of the 20 elite global law firms, which includes firms that have the biggest global presence and handle the largest, most groundbreaking international and cross-border matters.[3] [4] The firm also retained its position as one of the 20 world's strongest law firm brands in the 2018 Acritas Global Elite Law Firm Brand Index.[5]

The firm counsels 13 of the world's 15 largest commercial and savings banks; 25 of the world's 35 largest oil and gas companies; and the world's three largest pharmaceutical distribution and wholesale companies. Reed Smith's shipping practice has been designated among the most preeminent in the world, and its advertising law practice is regarded as among the legal industry's finest.

In 2018, revenues at Reed Smith reached a record-breaking $1.12 billion. Profits per partner grew 6% to $1.2 million while revenue per lawyer increased by 3% to $722,000.00.[6] Reed Smith's London office is the firm's largest where it is dominating the lateral market and generating the 6th highest revenue of all US law firms in the United Kingdom.[7] Reed Smith’s highest-earner in London picked up a profit share of $3.3 million (£2.5 million) over 2017, increasing by nearly 9 per cent over the last financial year.[8]

History

Reed Smith was founded in Pittsburgh in 1877 by Philander C. Knox and James H. Reed.[9] The two partners soon created a symbiotic relationship with the American industrial tycoon, Andrew Carnegie, the creator of U.S. Steel, the world's first billion-dollar corporation. Soon after, other large businesses and wealthy personalities such as Heinz (company), Andrew Mellon (now The Bank of New York Mellon) and Henry Clay Frick joined the firm's client roster. In the 1880s, Edwin W. Smith and other partners joined the firm and in 1922 the firm adopted the name Reed Smith Shaw & McClay, a name that would stand until being shortened in 2000. During the New Deal era, Reed Smith established a securities practice and partner Ralph H. Demmler became chair of the Securities and Exchange Commission.[9]

Reed Smith's New York offices at 599 Lexington Avenue

Through 1970 to the present, the firm engaged in a series of strategic mergers & acquisitions, as well as new offices, to create one of the largest law firms in the world. In the 1970s, Reed Smith domestically grew with new offices beyond Pittsburgh. It set up an office in Washington, DC and in 1989, merged with Beltway firm Pierson, Ball & Dowd, thereby obtaining a well-regarded health care practice. Reed Smith opened new offices in New York and New Jersey in the 1990s and acquired a leading Northern Virginia firm, Hazel & Thomas.

During the 2000s Reed Smith experienced rapid international growth, both organically and through mergers. Acquiring the UK law firm Warner Cranston turned Reed Smith transatlantic in 2001 and opened offices in Paris and Munich four years later. Domestically, it opened an office in Delaware and combined with a California law firm, Crosby, Heafey, Roach & May, which moved the firm to a rank among the 20 largest law firms.[9] In 2007 Reed Smith merged with UK law firm, Richards Butler, which added offices in France, Greece, the Middle East and Hong Kong one year later.[10]

Since 2009 their office has been located in Reed Smith Centre, a LEED-certified workspace that helped jumpstart the modernization of the City's "Fifth Avenue ," on the perimeter of Pittsburgh's Cultural District. More than 275 lawyers comprise the Pittsburgh office, making it the largest law office in the city and the largest Reed Smith office in the United States. Pittsburgh also is home to the firm's Global Customer Center, which provides service to Reed Smith's lawyers and offices around the world.

Reed Smith opened their second German office in 2015 in Frankfurt, Germany's financial center, to meet growing client demand in the German market.[11]

In 2016, Reed Smith entered into a formal alliance with Singapore firm Resource Law.[12] A year later in 2017 the firm opened a new office in Miami, strengthening their connections to clients in Central and South America.[13]

On April 30th, 2018 Reed Smith hired Lewis Zirogiannis (General Electric's former Chief Compliance Officer) as a partner for its global regulatory enforcement practice in San Francisco.[14] In 2018, Reed Smith hired 14 lawyers from competitor Norton Rose Fulbright – a group that will expand the firm’s life sciences health industry group in Washington DC, New York, and add a new office in Austin, Texas.[15]

Reed Smith's offices at Three Logan Square in Philadelphia
Reed Smith's Pittsburgh offices in the Three PNC Plaza building

Recognition

  • Reed Smith retained its position as one of the 20 World's Strongest Law Firm Brand in the 2018 Acritas Global Elite Law Firm Brand Index.[16]
  • The firm was named to BTI Global Elite in 2018, a list of 28 law firms with the biggest imprint on corporate counsel key brand activities influencing hiring and selection.[17]
  • The firm was ranked 5th in the Vault Best Law Firms in the Mid-Atlantic ranking.[18]
  • In 2018, Reed Smith has been ranked 25th in the AmLaw 100, a list analyzing the financial health of the 100 largest law firms in the US by gross revenue and other key metrics.[19]
  • The firm has been ranked a Top-tier Firm in Legal 500 German 2018 Rankings in seven categories, and 12 of the German partners received recommendations in their areas of specialty in the Legal 500 Germany 2018 handbook.[20]
  • The firm was ranked 6th of all US law firms in London.[21]
  • Reed Smith received 18 practice rankings and 42 individual lawyer recommendations in the 2018 edition of The Legal 500 Asia Pacific.[22]
  • Reed Smith has been named a 2018 Top Ten Family Friendly Firm by Yale Law Women.[23]
  • The firm has been named Best Law Firm for Global Weather Risk Management in Environmental Finance’s Annual Market Rankings in 2018. The firm has retained the title since 2014.
  • In 2017, Reed Smith was listed by Law360 as one of the top Global 20 Firms, which includes firms that have the biggest global presence and handle the largest, most groundbreaking international and cross-border matters.[3]
  • Reed Smith named Private Equity Team of the Year at British Legal Awards 2017.[24]
  • According to the National Law Journal's 2017 NLJ 500 ranking of firms based on size, Reed Smith has 1536 attorneys and is ranked 15th in the United States.[25]
  • Ranked 17th on Law360’s Global 20 Ranking in 2016.[26]
  • Legal Week's 2013 annual Client Satisfaction Report ranks Reed Smith #5 in the U.S. International firms category.[27]
  • Reed Smith ranked 8th on the 2013 inaugural "Social Index" of Am Law 50 Firms in survey ranking use of social media technologies.[28]
  • Reed Smith advances eight spots on Acritas’ Sharplegal US Law Firm Brand Index 2014, earning recognition as a lTop 20 U.S. brand.[29]
  • Ranked 19th among American law firms with the most gross revenue by AmLaw 100 in 2010.[30]
  • Ranked 1st out of 411 law firms by The BTI Client Relationship Scorecard for building and maintaining client relationships, June 2009.[31]

Notable cases and transactions

  • The firm handled the US and EU competition clearance for Hong Kong shipping firm OOCL in its $6.3 billion acquisition by China’s COSCO Shipping.[32]
  • Advised United Group B.V. on the $3 billion sale to private equity firm BC Partners from investor Kohlberg Kravis Roberts. [33]
  • The firm represented Textainer Group Holdings, the world's largest lessor of intermodal containers based on fleet size, in completing the negotiation and documentation of an amendment to increase its revolving credit facility from $700 million to $1.5 billion.[34]
  • Reed Smith advised Deutsche Bank on the sale of a $1 billion portfolio of shipping loans.[35]
  • Represented Russian company Concord Management and Consulting in the 2018 indictment on crimes related to interference in the United States presidential election, 2016.[36]
  • Reed Smith successfully defended artist Curtis Jackson better known as 50 Cent in a number of disputes including a suit accusing him of stealing content from a third party protected under copyright law.[37]
  • Represented French luxury perfumes and cosmetics house Lancôme, part of the L'Oréal Luxury Products division, against actress Uma Thurman.[38]
  • Reed Smith represented BNY Mellon to fend off a $539 million bondholder attack against the bank in the Argentina bond default litigation.[39]
  • Represented Toyota Motor Credit Corp. in securing $15 billion in financing through a syndicated credit facility.[40]
  • Advised the Civil Aviation Authority (United Kingdom) pension scheme on a buy-in worth over £1.6 billion with specialist insurer Rothesay Life.[41]
  • Reed Smith successfully defended Nintendo against a number of patent disputes by Motion Games.[42]
  • Reed Smith successfully defended the South Fork Fishing and Hunting Club members, whose alleged lack of maintenance to the South Fork Dam caused the Johnstown Flood, resulting in the death of 2,209 people.
Business magnate and one of the firm's first clients Andrew Carnegie
The firm's founding member and former US Secretary of State Philander Knox

Notable alumni

Individuals who have worked at Reed Smith include:

The firm's Frankfurt Office at Opernturm next to Alte Oper
The firm's Shanghai Office at Shanghai Wheelock Square

The firm is depicted in Laurence Leamer's book The Price of Justice.[43]

Offices

As of January 2018, Reed Smith has 28 offices across three continents. London is the largest office with over 350 attorneys, while Pittsburgh is the founding office.[44][45] [46]

As well as numerous offices, Reed Smith has the Global Customer Centre, also located in Pittsburgh, Pennsylvania. It houses Reed Smith's 24/7/365 firm-wide administrative operations, including the Network Operating Center, IT Help Desk and the Business Centre.[47]

Compensation

In June 2016, Reed Smith announced that it would raise attorney salaries to match market rates set earlier that month by the New York based law firm Cravath, Swaine & Moore.[48]

Year Salary
1st year associate $180,000
2nd year associate $190,000
3rd year associate merit-based
4th year associate merit-based
5th year associate merit-based
6th year associate merit-based
7th year associate merit-based
8th year associate merit-based

Main practice areas

Reed Smith is an advisor to industries including financial services, life sciences, health care, advertising, technology and media, shipping, energy and natural resources, real estate, manufacturing, and education.[49] Reed Smith has five industry-focused groups: Energy & Natural Resources, Entertainment & Media, Financial Industry, Life Sciences Health Industry Group, and Shipping & Transportation. Its lawyers advise on all corporate and finance matters, litigation and other dispute resolution services, deliver regulatory counsel, and execute strategic domestic and cross-border transactions.[49] The main practice areas include: [50]


  • Advertising, Technology & Media
  • Antitrust & Competition
  • Bankruptcy & Commercial Restructuring
  • Construction and Engineering
  • Corporate & Securities
  • Education
  • Energy & Natural Resources
  • Environmental Law
  • Executive Compensation & Employee Benefits
  • Financial Services
  • Government Contracts & Grants
  • Government Investigations & White Collar Criminal Defense
  • Health Care
  • Hedge Funds
  • Information Technology, Privacy & Data Security
  • Insurance
  • Intellectual Property
  • International Arbitration
  • International Trade & National Security
  • Labor & Employment
  • Litigation & Dispute Resolution
  • Pensions
  • Public Policy & Infrastructure
  • State and Local Taxation
  • Product Liability
  • Real estate
  • Securities Litigation & Enforcement
  • Sovereign Wealth Funds
  • Sports Law
  • Shipping
  • Wealth Planning

See also


References

  1. 1 2 "Reed Smith boosts revenue and profits as London base closes in on $200m mark". Legal Week. 28 February 2018. Retrieved 1 March 2018.
  2. ↑ "Organizational Profile of Reed Smith at the National Law Review". The National Law Review. May 16, 2012.
  3. 1 2 https://www.law360.com/articles/961879/law360-reveals-the-global-20-firms-of-2017
  4. ↑ https://www.bticonsulting.com/brand-elite-top-firms-2018/
  5. ↑ https://www.acritas.com/global-elite-law-firm-brand-index-2018
  6. ↑ "Reed Smith boosts revenue and profits as London base closes in on $200m mark". Legal Week. 28 February 2018. Retrieved 2 March 2018.
  7. ↑ https://www.thelawyer.com/top-us-law-firms-lateral-hires-london/
  8. ↑ https://www.thelawyer.com/reed-smiths-highest-paid-picks-up-2-5m-in-latest-accounts/
  9. 1 2 3 "History". Reed Smith. 4 March 2015. Retrieved 6 March 2015.
  10. ↑ "Reed Smith Richards Butler completes merger". The Lawyer. 2 January 2007. Retrieved 6 March 2015.
  11. ↑ "Reed Smith opens second Germany office". Reed Smith.
  12. ↑ "Reed Smith seals alliance with Singapore firm Resource Law". The Lawyer. 2016-07-18. Retrieved 2016-07-21.
  13. ↑ "Reed Smith opens new office in Miami".
  14. ↑ "Reed Smith Hires GE's Digital's Chief Compliance Officer". The Recorder. Retrieved 2018-05-01.
  15. ↑ http://www.legalweek.com/2018/05/23/reed-smith-grabs-raids-norton-rose-for-life-scienceshealthcare-team-adds-austin-office-378-82465/
  16. ↑ https://www.acritas.com/global-elite-law-firm-brand-index-2018
  17. ↑ https://www.bticonsulting.com/brand-elite-top-firms-2018/
  18. ↑ http://www.vault.com/company-rankings/law/best-law-firms-in-each-us-region/?sRankID=12
  19. ↑ https://www.law.com/thelegalintelligencer/2018/04/24/ten-pa-firms-make-am-law-100-with-mostly-steady-growth/
  20. ↑ http://www.legal500.com/firms/3469-reed-smith-llp/23338-frankfurt-germany
  21. ↑ https://www.thelawyer.com/top-50-us-law-firms-london-2017/
  22. ↑ https://www.reedsmith.com/en/news/2017/12/reed-smith-recognized-by-the-legal-500-asia-pacific-2018
  23. ↑ https://biglawbusiness.com/yale-law-women-names-top-10-female-friendly-firms/
  24. ↑ https://www.reedsmith.com/en/news/2017/11/reed-smith-private-equity-team-of-the-year-at-british-legal-awards-2017
  25. ↑ https://www.law.com/law-firm-profile/?id=250&name=Reed-Smith
  26. ↑ "Law360 Reveals The Global 20 Firms Of 2016".
  27. ↑ http://www.legalweek.com
  28. ↑ http://abovethelaw.com/2014/01/the-social-law-firm-index-biglaws-new-media-mavens-2/#more-296346
  29. ↑ http://www.acritas.com/SharplegalUSLawFirmBrandIndex2014
  30. ↑ "The Am Law 100 2010". ALM Legal Intelligence. 2010. Retrieved 10 April 2012.
  31. ↑ "The BTI Client Relationship Scorecard: Ranking Law Firm-Client Relationships 2009, Executive summary" (PDF). BTI Consulting Group. 2009. Retrieved 10 April 2012.
  32. ↑ https://www.law360.com/articles/968679/global-20-reed-smith
  33. ↑ https://www.telegeography.com/products/commsupdate/articles/2018/09/28/bc-partners-acquires-majority-stake-in-united-group-from-kkr/
  34. ↑ https://markets.businessinsider.com/news/stocks/textainer-extends-reprices-and-increases-revolving-credit-facility-to-1-5-billion-1027586967
  35. ↑ http://www.tradewindsnews.com/legal/1529091/reed-smith-usd-1bn-db-deal-just-the-start
  36. ↑ https://abovethelaw.com/2018/05/the-biglaw-firm-behind-the-russian-trolls-indicted-in-the-mueller-probe/
  37. ↑ "3rd Circ. Clears 50 Cent Of Copying Gangster Book".
  38. ↑ "No making up? Lancome takes Uma Thurman to court".
  39. ↑ "BNY Doesn't Have To Turn Over $539M To Argentina Creditors".
  40. ↑ "Reed Smith Advises Toyota Motor Credit Corporation in $15 billion Financing".
  41. ↑ "Rothesay Life completes £1.6 billion buy-in with CAAPS".
  42. ↑ "Fed. Circ. Backs Nintendo's PTAB Win On Game Patent".
  43. ↑ http://www.post-gazette.com/stories/business/news/leamer-book-recounts-how-attorneys-tackled-wva-coal-campaigns-and-cash-687857/
  44. ↑ "London". Reed Smith. 4 March 2014. Retrieved 10 March 2015.
  45. ↑ "Pittsburgh". Reed Smith. 4 March 2014. Retrieved 10 March 2015.
  46. ↑ "Top 10: Largest Pittsburgh-area law firms". Pittsburgh Business Times. 18 January 2013. Retrieved 10 March 2015.
  47. ↑ "Global Customer Centre". Reed Smith. 4 March 2014. Retrieved 10 March 2015.
  48. ↑ "Higher Associate Salaries". Reed Smith. Retrieved 10 March 2018.
  49. 1 2 Reed Smith Profile
  50. ↑ "Learn About Our Practices & Industries". Reed Smith. 4 March 2014. Retrieved 10 March 2015.
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