Proskauer Rose
Encyclopedia
Proskauer Rose is one of the largest law firm
s in the United States
, with twelve offices in the United States and around the world. The firm was founded in 1875.
, 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 well known for its sports law department, with clients including all four of the major sports leagues in the USA and Canada (MLB
, the NFL
, the NHL
, and the NBA
). 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 several categories, including private equity, international M&A, high-yield debt
and hedge fund formation.
, 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. In 1907, Rose promoted associate Benjamin Paskus to partner renamed the firm Rose & Paskus. Rose & Paskus was one of the first firms to develop a specialized tax practice after the passage of the Sixteenth Amendment in 1913. 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. The firm shortened its name to Proskauer Rose in 1997.
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. Because of its willingness to employ Jewish lawyers, Proskauer is not known as a traditional "white shoe
" law firms, though over the past quarter-century it has gained the reputation as one of the "new white shoe" law firms. 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.
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.
matters; the firm claims that their attorneys typically spend between 35,000 and 40,000 hours a year working on such matters. In April 2006 Proskauer Rose began a new program called the “National Pro Bono Initiative.” This program included bringing together representatives from all of the firm's major practice groups and from all of the offices, asking certain lawyers to do pro bono endeavors full-time, and also appointing a “Pro Bona Coordinator.” The purpose of the program is to inject discipline and focus into pro bono work, so that it will be approached on a national as opposed to an office-by-office basis.
, Los Angeles
, Washington, D.C.
, Boston
, Boca Raton, Chicago
, New Orleans, Newark, New Jersey
, São Paulo
, London
, Paris
, Hong Kong
and Beijing
.
Vault also ranked Proskauer's Labor and Employment Department the sixth best in practice, while their partners were listed as fifth most prestigious.
According to a study by Yale Law Women (co-sponsored by women's law groups at Stanford, Harvard, Columbia, Chicago, Boalt, Northwestern, and Virginia), Proskauer Rose ranked second in their list of top ten family-friendly firms of 2007.
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.
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 this year' survey.
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). Selections for Southern California Super Lawyers are based on peer nominations and independent research by the editors of Law & Politics magazine.
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.
Law firm
A law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service rendered by a law firm is to advise clients about their legal rights and responsibilities, and to represent clients in civil or criminal cases, business transactions, and other...
s in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, with twelve offices in the United States and around the world. The firm was founded in 1875.
Practice overview
Proskauer Rose is a full-service law firm, practicing in all areas important to businesses, including corporate financeCorporate finance
Corporate finance is the area of finance dealing with monetary decisions that business enterprises make and the tools and analysis used to make these decisions. The primary goal of corporate finance is to maximize shareholder value while managing the firm's financial risks...
, mergers and acquisitions
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
, real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
transactions, bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
and reorganizations, taxation, litigation, trusts and estates
Estate (law)
An estate is the net worth of a person at any point in time. It is the sum of a person's assets - legal rights, interests and entitlements to property of any kind - less all liabilities at that time. The issue is of special legal significance on a question of bankruptcy and death of the person...
, intellectual property
Intellectual property
Intellectual property is a term referring to a number of distinct types of creations of the mind for which a set of exclusive rights are recognized—and the corresponding fields of law...
, 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 well known for its sports law department, with clients including all four of the major sports leagues in the USA and Canada (MLB
Major League Baseball
Major League Baseball is the highest level of professional baseball in the United States and Canada, consisting of teams that play in the National League and the American League...
, the NFL
National Football League
The National Football League is the highest level of professional American football in the United States, and is considered the top professional American football league in the world. It was formed by eleven teams in 1920 as the American Professional Football Association, with the league changing...
, the NHL
National Hockey League
The National Hockey League is an unincorporated not-for-profit association which operates a major professional ice hockey league of 30 franchised member clubs, of which 7 are currently located in Canada and 23 in the United States...
, and the NBA
National Basketball Association
The National Basketball Association is the pre-eminent men's professional basketball league in North America. It consists of thirty franchised member clubs, of which twenty-nine are located in the United States and one in Canada...
). 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 several categories, including private equity, international M&A, high-yield debt
High-yield debt
In finance, a high-yield bond is a bond that is rated below investment grade...
and hedge fund formation.
History
Throughout its history, the firm's headquarters has been located in the area of Times SquareTimes Square
Times Square is a major commercial intersection in the borough of Manhattan in New York City, at the junction of Broadway and Seventh Avenue and stretching from West 42nd to West 47th Streets...
, in midtown Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
, 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
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
.
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. In 1907, Rose promoted associate Benjamin Paskus to partner renamed the firm Rose & Paskus. Rose & Paskus was one of the first firms to develop a specialized tax practice after the passage of the Sixteenth Amendment in 1913. In 1930, Judge Joseph M. Proskauer resigned his position on New York's Appellate Division
New York Supreme Court, Appellate Division
The Supreme Court of the State of New York, Appellate Division is the intermediate appellate court in New York State. The Appellate Division is composed of four departments .*The First Department covers the Bronx The Supreme Court of the State of New York, Appellate Division is the intermediate...
to join the firm, which was then renamed Proskauer, Rose & Paskus. The firm shortened its name to Proskauer Rose in 1997.
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. Because of its willingness to employ Jewish lawyers, Proskauer is not known as a traditional "white shoe
White shoe firm
White shoe firm is a phrase used to describe the leading professional services firms in the United States, particularly firms that have been in existence for more than a century and represent Fortune 500 companies...
" law firms, though over the past quarter-century it has gained the reputation as one of the "new white shoe" law firms. 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.
In December 2004, a large group of lawyers from the Boston-based law firm of Testa, Hurwitz & Thibeault
Testa, Hurwitz & Thibeault
Testa, Hurwitz & Thibeault LLP was a Boston law firm of approximately 400 attorneys at its peak in 2002 with revenues approaching $450 million. It dissolved in 2005 amid partner departures and the burst of the dot-com bubble. The firm was founded in 1973 and grew into a powerhouse representing...
joined the Boston office of Proskauer Rose.
Revenue and profitability
In February 2008, Proskauer Rose announced double-digit growth in both profits and turnover for 2007, with revenue at the New York law firm up by almost a fifth to $627.8 million. The 2007 revenue makes it the fortieth largest firm in the United States by revenue. In 2007, Proskauer's profits per equity partner (PEP) increased 19.2% from 2006's $1.3 million to $1.55 million in 2007. These figures place Proskauer Rose as one of the fastest growing law firms in the United States during 2007.Pro bono
In 2006, Proskauer attorneys spent over 35,000 hours working on pro bonoPro bono
Pro bono publico is a Latin phrase generally used to describe professional work undertaken voluntarily and without payment or at a reduced fee as a public service. It is common in the legal profession and is increasingly seen in marketing, technology, and strategy consulting firms...
matters; the firm claims that their attorneys typically spend between 35,000 and 40,000 hours a year working on such matters. In April 2006 Proskauer Rose began a new program called the “National Pro Bono Initiative.” This program included bringing together representatives from all of the firm's major practice groups and from all of the offices, asking certain lawyers to do pro bono endeavors full-time, and also appointing a “Pro Bona Coordinator.” The purpose of the program is to inject discipline and focus into pro bono work, so that it will be approached on a national as opposed to an office-by-office basis.
Offices
Proskauer Rose has strengthened its international reach with thirteen offices in cities around the world. It currently has offices in New YorkNew York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
, Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
, Boston
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
, Boca Raton, Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
, New Orleans, Newark, New Jersey
Newark, New Jersey
Newark is the largest city in the American state of New Jersey, and the seat of Essex County. As of the 2010 United States Census, Newark had a population of 277,140, maintaining its status as the largest municipality in New Jersey. It is the 68th largest city in the U.S...
, São Paulo
São Paulo
São Paulo is the largest city in Brazil, the largest city in the southern hemisphere and South America, and the world's seventh largest city by population. The metropolis is anchor to the São Paulo metropolitan area, ranked as the second-most populous metropolitan area in the Americas and among...
, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
, Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
and Beijing
Beijing
Beijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...
.
Ranking and awards
In 2008, Proskauer Rose ranked #40 in Vault's "Overall Prestige" ranking of law firms in the United States.Vault also ranked Proskauer's Labor and Employment Department the sixth best in practice, while their partners were listed as fifth most prestigious.
According to a study by Yale Law Women (co-sponsored by women's law groups at Stanford, Harvard, Columbia, Chicago, Boalt, Northwestern, and Virginia), Proskauer Rose ranked second in their list of top ten family-friendly firms of 2007.
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.
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 this year' survey.
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). Selections for Southern California Super Lawyers are based on peer nominations and independent research by the editors of Law & Politics magazine.
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.
Notable clients and cases
- While well known for representing professional sporting organizations such as the National Basketball AssociationNational Basketball AssociationThe National Basketball Association is the pre-eminent men's professional basketball league in North America. It consists of thirty franchised member clubs, of which twenty-nine are located in the United States and one in Canada...
, the National Hockey LeagueNational Hockey LeagueThe National Hockey League is an unincorporated not-for-profit association which operates a major professional ice hockey league of 30 franchised member clubs, of which 7 are currently located in Canada and 23 in the United States...
, Major League BaseballMajor League BaseballMajor League Baseball is the highest level of professional baseball in the United States and Canada, consisting of teams that play in the National League and the American League...
, and the National Football LeagueNational Football LeagueThe National Football League is the highest level of professional American football in the United States, and is considered the top professional American football league in the world. It was formed by eleven teams in 1920 as the American Professional Football Association, with the league changing...
, Proskauer also represents such clients as BP America, ChevronTexaco, Exxon Mobil, Metlife, National Maritime Union Trust Funds, Strachan Shipping, RCN CorporationRCN CorporationRCN Corporation, founded in 1993 and based in Herndon, Virginia, is the first American facilities-based competitive provider of bundled telephone, cable television and high-speed internet service delivered over its own fiber-optic local network to consumers in the Boston, New York, Eastern...
, and United Parcel ServiceUnited Parcel ServiceUnited Parcel Service, Inc. , typically referred to by the acronym UPS, is a package delivery company. Headquartered in Sandy Springs, Georgia, United States, UPS delivers more than 15 million packages a day to 6.1 million customers in more than 220 countries and territories around the...
. Notable New York City clients include Madison Square GardenMadison Square GardenMadison Square Garden, often abbreviated as MSG and known colloquially as The Garden, is a multi-purpose indoor arena in the New York City borough of Manhattan and located at 8th Avenue, between 31st and 33rd Streets, situated on top of Pennsylvania Station.Opened on February 11, 1968, it is the...
, Radio City Music HallRadio City Music HallRadio City Music Hall is an entertainment venue located in New York City's Rockefeller Center. Its nickname is the Showplace of the Nation, and it was for a time the leading tourist destination in the city...
, the New York City BalletNew York City BalletNew York City Ballet is a ballet company founded in 1948 by choreographer George Balanchine and Lincoln Kirstein. Leon Barzin was the company's first music director. Balanchine and Jerome Robbins are considered the founding choreographers of the company...
, and the New York City OperaNew York City OperaThe New York City Opera is an American opera company located in New York City.The company, called "the people's opera" by New York Mayor Fiorello La Guardia, was founded in 1943 with the aim of making opera financially accessible to a wide audience, producing an innovative choice of repertory, and...
. - Proskauer Rose represented Silverstein Properties, owner of the World Trade Center towers in New York that were destroyed by the terrorist attack on September 11, 2001, in a dispute with its insurers.
- The firm has represented BDO Seidman, Deloitte & Touche, and Ernst & YoungErnst & YoungErnst & Young is one of the largest professional services networks in the world and one of the "Big Four" accountancy firms, along with Deloitte, KPMG and PricewaterhouseCoopers ....
before the Securities and Exchange Commission. - Proskauer represented Major League SoccerMajor League SoccerMajor League Soccer is a professional soccer league based in the United States and sanctioned by the United States Soccer Federation . The league is composed of 19 teams — 16 in the U.S. and 3 in Canada...
in the deal to bring David BeckhamDavid BeckhamDavid Robert Joseph Beckham, OBE is an English footballer who plays midfield for Los Angeles Galaxy in Major League Soccer, having previously played for Manchester United, Preston North End, Real Madrid, and A.C...
to the Los Angeles GalaxyLos Angeles GalaxyThe Los Angeles Galaxy are an American professional soccer team, based in the Los Angeles suburb of Carson, California, which competes in Major League Soccer , the top professional soccer league in the United States and Canada. It is one of the ten charter clubs of MLS, and the league's second...
. - The firm represented the League of American Theatres and Producers during the stagehands strike in the fall of 2007.
- The firm won a significant copyright case in 2006 when they represented the rock band The White StripesThe White StripesThe White Stripes was an American rock band, formed in 1997 in Detroit, Michigan. The group consisted of the songwriter Jack White and drummer Meg White . Jack and Meg White were previously married to each other, but are now divorced...
against a former producer regarding the ownership rights in the band's first two albums. - Proskauer represented the NBA against the Oscar RobertsonOscar RobertsonOscar Palmer Robertson , nicknamed "The Big O", is a former American NBA player with the Cincinnati Royals and the Milwaukee Bucks...
antitrust suit, which established free agency in basketball (the lead litigator, David SternDavid SternDavid Joel Stern is the commissioner of the National Basketball Association. He started with the Association in 1966 as an outside counsel, joined the NBA in 1978 as General Counsel, and became the league's Executive Vice President in 1980. He became Commissioner in 1984 succeeding Larry O'Brien...
, lost the case, but the league hired him as its in-house counsel in 1978 and later promoted him to NBA commissioner). - The firm's New York offices served as the negotiation site surrounding the six-month 1998 lockout of the NBA players.
- Proskauer represented Robert Wood Johnson IVRobert Wood Johnson IVRobert Wood "Woody" Johnson IV is an American businessman and philanthropist. He is a great-grandson of Robert Wood Johnson I , and the owner of the New York Jets of the National Football League....
when he purchased the New York JetsNew York JetsThe New York Jets are a professional football team headquartered in Florham Park, New Jersey, representing the New York metropolitan area. The team is a member of the Eastern Division of the American Football Conference in the National Football League...
for $635 million in 2000. - The Association of Community Organizations for Reform NowAssociation of Community Organizations for Reform NowThe Association of Community Organizations for Reform Now was a collection of community-based organizations in the United States that advocated for low- and moderate-income families by working on neighborhood safety, voter registration, health care, affordable housing, and other social issues...
(ACORN) hired Proskauer in 2009 to conduct an investigation into its operations and write a report regarding the undercover video controversyACORN 2009 undercover videos controversyThe ACORN 2009 undercover videos controversy refers to the news media and political uproar following the release of videos in 2009 purporting to show encounters between a young couple and workers in several offices of the Association of Community Organizations for Reform Now , where the ACORN...
.
Notable Alumni
- David SternDavid SternDavid Joel Stern is the commissioner of the National Basketball Association. He started with the Association in 1966 as an outside counsel, joined the NBA in 1978 as General Counsel, and became the league's Executive Vice President in 1980. He became Commissioner in 1984 succeeding Larry O'Brien...
, Commissioner of the National Basketball AssociationNational Basketball AssociationThe National Basketball Association is the pre-eminent men's professional basketball league in North America. It consists of thirty franchised member clubs, of which twenty-nine are located in the United States and one in Canada... - Gary BettmanGary BettmanGary Bruce Bettman is the commissioner of the National Hockey League , a post he has held since February 1, 1993. Previously, Bettman was a senior vice-president and general counsel to the National Basketball Association...
, Commissioner of the National Hockey LeagueNational Hockey LeagueThe National Hockey League is an unincorporated not-for-profit association which operates a major professional ice hockey league of 30 franchised member clubs, of which 7 are currently located in Canada and 23 in the United States... - David KahnDavid Kahn (sports executive)David Kahn is an American sports executive, attorney, and former sportswriter. He is currently the president of basketball operations for the Minnesota Timberwolves of the National Basketball Association.-Early life and career:...
, President of basketball operations for the Minnesota TimberwolvesMinnesota TimberwolvesThe Minnesota Timberwolves are an American professional basketball team based in Minneapolis, Minnesota. They play in the Northwest Division of the Western Conference in the National Basketball Association . Founded in 1989, the team is currently owned by Glen Taylor...
External links
- Proskauer Rose law firm website.
- Proskauer Privacy Blog Privacy Blog website.
- International Litigation and Arbitration Guide Proskauer on International Litigation and Arbitration Guide.