I have been an attorney working in the field of housing law for about 35 years. Paul, Weiss advised GE in the separation of its health care business and launch of GE HealthCare Technologies Inc., a global leader in precision health care. from Harvard University Law School in 1985, cum laude. Melissa Ann Epstein, a daughter of Mr. and Mrs. Neville Epstein of Princeton, N.J., was married last evening to Scott Allen Barshay, a son of Mr. and Mrs. Stanley F. Barshay of Old Westbury,. Webinar 10/17/19, Maternity Leave Scandal A Reminder That Lawyers Still Don't Understand 'Benefits'. Enter your email address to subscribe to this blog and receive notifications of new posts by email. How Are Millennials Changing Law Firm Culture? personalising content and ads, providing social media features and to [1] Estimating Barshays 2015 Cravath compensation at $4 million to $4.5 million seems reasonable. David Lat is the founder and managing editor of Above the Law and the author of Supreme Ambitions: A Novel. Talent can create value, but underestimating the value of a franchise is a big mistake. Scott Barshay (courtesy of Paul, Weiss; Matt Greenslade). Scott has extensive M&A experience in a broad range of industries. Rosen called the Barshay move the largest placement of his career, in terms of industry significance: hardly any partners leave Cravath, which has remained financially sound with low turnover because of its lockstep structure, and Barshay was one of its top performers. Privacy Center | How much money you make is more important.. One early rumor suggested that he might be accompanied by others, but senior sources at both firms now tell us that hes coming solo. Paul Weiss Rifkind Wharton & Garrison LLP 1285 Avenue of the Americas New York New York USA 10019-6064. They assist lawyers, the primary assets of a law firm, who can walk out the door at a moments notice, destabilizing a firms business, or vaulting the hiring firm to higher profitability and prestige. Paul Weiss discusses M&A at a Glance for September 2016. Gubb & Barshay LLP, established in 1993 by Natalie Gubb (1948-2016) and Scott Barshay, is widely-known as one of the top law firms specializing in the field of affordable housing. In fairness to Paul, Weiss and to Scott Barshay, however, (1) PW is a fairly lockstep firm, with 90 percent of partners getting paid based on seniority, and (2) Barshay made his move mainly because of excitement over the PW platform and the chance to grow its practice, as opposed to comp. Do not sell my information. In May 2007, a reporter for The American Lawyerasked Cravaths then-presiding partner Evan R. Chesler whether partners would stick around if the firm made less money. The Wall Street Journal profiled Scott as one of six top dealmakers who made the year in M&Ain 2019, highlighting his work on the largest and most important transactions of the year, including Chevron/Anadarko Petroleum and GE BioPharma/Danaher. In a move unusual for the highest echelons of American corporate law, one of Wall. Cravath pay topping out at $4 million might seem a tad low, but remember that CSM sets the spread between the highest- and lowest-paid partners at 3 to 1. Thomson Reuters Practical Law The Journal: Transactions & Business, The State Of Todays Corporate Law Departments, MyCase Continues To Simplify Law Firm Accounting, Right Where You Manage Your Practice, Meet LINK: The Easy Way To Handle All Your Document Workflows On Your Mobile Device In A Single App, Four Tips For Solo Attorneys To Build Their Marketing And Media Relations Skills, First Impressions Are Worth Millions For Summers. As he told Casey Sullivan of Bloomberg BNA, in February of this year Rosen called Brad Karp and communicated Barshays willingness to meet up and talk transition. Education: Graduated from Duke University in 1981, summa cum laude with an B.A. Premium access for businesses and educational institutions. Gubb & Barshay LLP, established in 1993 by Natalie Gubb (1948-2016) and Scott Barshay, is widely-known as one of the top law firms specializing in the field of affordable housing. In 2007, the New York Times included Scott in its list of most important dealmakers in recent years, highlighting his work on behalf of Chevron in its successful $18 billion takeover battle for Unocal. Since the news emerged, we've heard different opinions about. Whats the bid for this rarest of Bugattis? organisation Scott has represented clients in many of the largest and most important M&A transactions and activist defense and corporate matters in recent years, including ADP in its successful proxy contest against Pershing Square; Anheuser-Busch InBev in its $107 billion acquisition of SABMiller; BHP Billiton in the activist campaign by Elliott Management; Burlington Northern Santa Fe in its $44 billion sale to Berkshire Hathaway; Chevron in its $13 billion acquisition of Noble Energy and its proposed $50 billion acquisition of Anadarko Petroleum; Emerson Electric in the activist campaign by D.E. I think big rainmakers at law firms should be treated the way rainmakers are treated in any other business, whether its banking or private equity or whatever it might be. Who are these legal experts, anyway? Trust is important when youre dealing with people at this level, whether they are bankers or lawyers. degree in Economics. The largest story in the law firm world this week is top M&A lawyer Scott Barshays surprise defection from Cravath to Paul, Weiss. He has been described by the Financial Times as one of Wall Streets most prolific dealmakers. In 2019, the American Lawyer named Scott Dealmaker of The Year for his role advising IBM in its $34 billion acquisition of Red Hat. A lot of partners have made moves, but I dont think anybody at Scotts level. Many of these deals have been headline-making, such as client Starwoods acquisition by Marriott and client Anheuser-Busch Inbevs acquisition of SABMiller. Hes now a go-to corporate dealmaker. less than ideal. Global total deal value fell by 5%, but increased a modest . This week, I went back and read the Journalarticleagain. Will A Looming Recession Test the GCs Role as Conscience of the Company? UK-based financial data company MergerLinks ranked corporate partner Scott Barshay as the highest-ranked M&A lawyer in North America in 2021 by value of announced deals. Mr. Barshay is Of Counsel to the firm specializing in affordable housing, real estate and tax matters, syndications, and nonprofit law. M&A activity in September 2016 rebounded across most metrics as compared to August 2016, both in the U.S. and globally. In their late-30s and early-40s, they had "taken a more pro-active approach, building new relationships and handling much of the work that historically would have been taken on by partners in their 50s." Subscribe and get breaking news, commentary, and opinions on law firms, lawyers, law schools, lawsuits, judges, and more. [1] Paul, Weiss is also largely lockstep, but as firm chair Brad Karp told the Wall Street Journal, its modified lockstep system allows for flexibility at the upper end for star performers. In addition, as noted by Am Law, the firm has a significant bonus pool that can sweeten the pot. In 2015, Scott was recognized as an M&A Trailblazer by the National Law Journal. (Hes 50, the firm has a mandatory retirement of 65, and the average Cravath partner makes partner before 35 the firm has a famously short partnership track that it has kept short, even as other firms have made the quest for partnership take a decade or more.). The 50-year-old Barshay joined Cravath some 25 years ago, after graduating from Columbia Law School in 1991, and he made partner in 1998. Dean Ken Randall spearheads the schools charge towards interdisciplinary, inclusive degree opportunities. Cravaths reaction to the news was, well, trs Cravath understated and classy. 1. I was working with them before then, but I started working on an annual retainer. Call them ElectionLiars, An Interview on Trump, the Midterms, and the Battle forDemocracy, Timeline of Trumps Lies: The Mar-a-Lago Papers and Consciousness ofGuilt. But at some point, does the answer to how much is enough always have to be more? Scott also regularly counsels corporations and their directors on securities law, corporate governance, crisis management and internal investigations. Professionals like to keep their options open. How Are Millennials Changing Law Firm Culture? Melissa Ann Epstein, a daughter of Mr. and Mrs. Neville Epstein of Princeton, N.J., was married last evening to Scott Allen Barshay, a son of Mr. and Mrs. Stanley F. Barshay of Old Westbury, L.I. I spoke to Brad and said Scott is willing to sit down and meet with you, recalled Rosen, who said the Feb. 26 call led to a meeting in Manhattan. For more than three decades as a recruiter, his success has often hinged on knowing which calls don't matter, and which callsreallymatter like the one he placed to Brad Karp, the chair of Paul, Weiss, Rifkind Wharton & Garrison in mid-February that led to the hiring of Cravath, Swaine & Moore M&A partner Scott Barshay. Click on the banner to find out more. The big news in Biglaw, which we mentioned earlier today, is veteran dealmaker Scott Barshays lateral move from Cravath to Paul, Weiss. At various times in a forty-five minute interview, Manhattan-based recruiter Mark Rosen hung up the phone to take another call This is important, I have to take this. and put me on hold as he brushed off others Im on the phone with a reporter, I cant talk now!. Will Cravath be forced to modify or abandon lock-step so that it can retain young partners controlling clients and billings?, I dont know. What Will Happen Now That Trump's Tax Returns Have Been Made Public. The comp was important, but Scott felt it was a great opportunity. Whats your stance on that? We summed up that view in a 2012 story, Biglaw: Its Not All About the Benjamins. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. If the time comes where theyre not happy where they are, and they need to do something, its good to have someone to help them that is knowledgeable of the industry they are in and give them the right advice and provide them with the right opportunity. Streamline Legal Research And Focus On Decision Making, How George Masons Scalia Law School Prepares New Attorneys For A Changing Future, PD Appreciation Month: Professional Development & Business Development Mixer 2022, Professional Development Leader H. Sandra Bang on Building a Career and Making an Impact. Sponsor and strategic activity mirrored the broader trend, with both sponsor and strategic total deal. Scott Barshay, one of Wall Street's most prolific dealmakers, is leaving Cravath, Swaine & Moore to join rival law firm Paul, Weiss, Rifkind, Wharton & Garrison as its new global head of. Tel: +1-212-373-3040Fax: +1-212-492-0040emailsbarshay@paulweiss.com, 1285 Avenue of the Americas Biglaw, Brad Karp, Brad S. Karp, Corporate, Corporate law, Cravath, Cravath Swaine & Moore, Faiza J. Saeed, Faiza Saeed, Lateral Moves, lateral partners, M&A, Matt Levine, Mergers and Acquisitions, Michael de la Merced, Money, Musical Chairs, Partner Issues, Partner Profits, Paul Weiss, Paul Weiss Rifkind Wharton & Garrison, Profits Per Partner, Robert B. Schumer, Robert I. Townsend III, Robert Kindler, Robert Schumer, Robert Townsend III, Scott A. Barshay, Scott Barshay, Sharon Mahn, Transactional practice. Nine corporate partners were recognized with 12 Top Lawyers rankings by MergerLinks by value of deals announced in 2021. Only Barshay knows for sure why he left Cravath. Learn how to protect enterprise/departmental values while being mindful of budget. Heres How To Get Yours Right. Experts - Construction - Quantum, Delay & Technical 2022, Experts - Digital & Data Data and E-Discovery Experts 2022, Experts - Digital & Data - Digital Forensic Experts 2022, Experts - Economics - Competition Economists 2022, Experts - Financial Advisory and Valuation - Corporate Tax Experts 2022, Experts - Financial Advisory and Valuation - Quantum of Damages 2022, Thought Leaders - Commercial Litigation 2022, Paul Weiss Rifkind Wharton & Garrison LLP, Thought Leaders - Corporate Governance 2022, Thought Leaders - USA - Corporate Governance 2023. But if you are risk-averse indeed, if you went to law school precisely because of your risk aversion you might prefer to stay right where you are, ignoring recruiters cold calls instead of making them. But its also possible Paul, Weiss in this case could have waived the fee cap, as Barshay is a one of the top corporate partners in the industry with an enormous client following.. New York, Rosen: I think it was a combination of things including compensation. The 50-year-old Barshay joined. According to The American Lawyer,Sharon Mahn, a longtime legal recruiter and founder of Mahn Consulting in New York who frequently places top partners at elite firms, said Barshays defectionreally sends a message that no firm is immune, that old-school firms can no longer rest on their laurels. Scott Barshay is one of Wall Streets top deal makers, according to the New York Times, and his loss is a blow for Cravath, per the Wall Street Journal. Flattery Is Not A Defense To Copyright Infringement. U.S. activity declined 21% by total deal value and remainedflat by deal count. A Cravath Partner Moves to Paul, Weiss [DealBook / New York Times via Morning Docket]Paul Weiss Hires Top M&A Partner From Cravath [Bloomberg BNA]After Barshay Exit, Here are the Deals Cravath is Advising [Bloomberg BNA]Cravath Loses Top Deal Lawyer Scott Barshay to Paul Weiss [Wall Street Journal]Top Cravath Deal Lawyer Scott Barshay Jumps to Paul Weiss [Am Law Daily]Scott Barshay Joins Paul, Weiss as Global Head of M&A [Paul, Weiss, Rifkind, Wharton & Garrison LLP]Panama Papers and Marquee Data [Bloomberg View]Dealmaker of the Week: Scott Barshay of Cravath, Swaine & Moore [Am Law Daily]. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Based in San Francisco Bay Area, California, the firm is recognized nationally for its expertise in the low income housing tax credit program and in other affordable housing finance programs. His father is a senior vice president at American Home Products Corporation, a pharmaceutical manufacturer in New York. Scott A. Barshay, one of Wall Street's top deal makers, is moving to Paul, Weiss, Rifkind, Wharton & Garrison. People who are responsible for bringing in huge business should be treated differently than people who arent. LexisNexis Fact & Issue Finder combines AI and human-assisted search to provide digestible, thorough results. Probably the same consultants and headhunters who benefit most from two pervasive and dubious big law firm strategies: growth for the sake of growth and aggressive lateral partner hiring. We hope he's found soon and brought home safely. AGE View Full Report AGE Phone Address View Full Report AGE View Full Report AGE Phone Address View Full Report Powered by Whitepages Premium AGE 50s Scott Richard Barshay And to think, this all started because a monkey named Naruto took a picture. The reports that Barshays move could affect Cravaths compensation structure assume that he left for more money. Paul Weiss had "an incredibly busy year from start to finish in 2020," Barshay said. 2023 Paul, Weiss, Rifkind, Wharton & Garrison LLP. Taking to the microblogging site today, Friday (11 March), Basham announced she was " dealing with a divorce and battling cancer " as she tweeted about keeping away from the site. WordPress Web Design & Development by HyperArts. Paul Weiss's chairman fueled those rumors by describing his firm's system as modified lockstep that provides "flexibility at the upper end for star performers.". Paul Weiss will pay whatever it takes to get what they want, said Sharon Mahn, a longtime legal recruiter and founder of Mahn Consulting in New York who frequently places top partners at elite firms. At Paul Weiss, hell have to develop his own a task far more daunting than fielding the clients gravitating to Cravath. Paul Weiss was nineteenth. 3225 Adeline Street The elite corporate law firm Cravath, Swaine & Moore, which almost never loses partners to competitors, is losing one of its most prominent: Scott Barshay, who is among the country's most active M&A lawyers, is joining Paul, Weiss, Rifkind Wharton & Garrison in an effort to vault its growing corporate practice. According to Rosen, Barshay was frustrated or not 100 percent happy about some aspects of Cravath, and one of them was compensation. Rosen: It was all very recent. He will assume the role of global head of M&A at PW, as noted in the firms press release. Of course, Cravath and culturally similar firms like Cleary and Debevoise might turn their noses up at money as a motivator for a move. Heres How To Get Yours Right. He graduated with an Economics degree from Duke University and a law degree from Harvard. Sponsor deals drove the declinein U.S. total deal value,falling 52% by deal value and a more modest 3% by deal. Big Law Business: Placing a partner of Barshays caliber is quite the feat. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. Barshay offered the standard great opportunity rhetoric that always accompanies such moves. If you present an opportunity to someone, it should be the right opportunity, and it should be well thought out. From The Wall Street Journal:The moveraises questions about the ability of law firms that tie partner compensation to seniority to retain top talent during an M&A boom., FromThe American Lawyer:The move casts new doubts on the viability of Cravaths pure lock-step model of compensation, an outlier in a market where rivals have a freer hand to invest in top talent., As Yogi Berra said, Its deja vu all over again., Six years ago, I wrote about three young partners featured prominently in The Wall Street Journal. That distinction went to James Woolery. Paul, Weiss, Rifkind, Wharton & Garrison LLP, in the activist investment by Third Point, Corporate partner Scott Barshay has been named, Corporate partner Scott Barshay and Paul, Weiss were recognized by the. Rosen called the Barshay move the largest placement of his career, in terms of industry significance: hardly any partners leave Cravath, which has remained financially sound with low turnover because of its lockstep structure, and Barshay was one of its top performers. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. He previously served as head of CSMs corporate practice (which is why his name has graced bonus memos in years past). It was the right time, and coming up as the global head of M&A at Paul Weiss was very exciting.. On the high end, say 30 percent of $10 million total compensation, thats $3 million. Rosen: It was significantly more than what he was getting paid at Cravath, but I wont say more than that. She graduated from Colgate University and received a law degree from Yeshiva University. Is Your Firm Keeping Pace With The Advancements In eDiscovery? WordPress Web Design & Development by HyperArts. Paul, Weiss is advising a special committee of Duck Creek Technologies board of directors in connection with Duck Creeks sale to leading global investment firm Vista Equity Partners in an all-cash, take-private transaction valued at . The Peter Barshay Trio is an ensemble made up of three acclaimed and experienced jazz musicians: bassist Peter Barshay, pianist Matt Clark, and drummer Vince Lateano. Registration or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. Can you talk about how much he is earning in his new role? My name is Scott Barshay. Some Cravath lawyers might be sad to lose Scott Barshay as a colleague hes fun to talk to, the kind of person who will argue during an interview about whether the Iliad is better literature than the Bible (as Matt Levine of Bloomberg View recently recounted) but theres no doubt that CSMs M&A practice remains robust. Big Law Business: How long ago did discussions start? It is not always just about the money when a partner jumps ship to another platform, but eight-figure compensation is certainly a strong motivation, and that puts the lockstep model under pressure.. whether the Iliad is better literature than the Bible, How George Masons Scalia Law School Prepares New Attorneys For A Changing Future, PD Appreciation Month: Professional Development & Business Development Mixer 2022, Professional Development Leader H. Sandra Bang on Building a Career and Making an Impact, Streamline Legal Research And Focus On Decision Making, Rainmakers Defection Could Test Cravath Lockstep Model, spread between the highest- and lowest-paid partners at 3 to 1, Paul Weiss Hires Top M&A Partner From Cravath, After Barshay Exit, Here are the Deals Cravath is Advising, Cravath Loses Top Deal Lawyer Scott Barshay to Paul Weiss, Top Cravath Deal Lawyer Scott Barshay Jumps to Paul Weiss, Scott Barshay Joins Paul, Weiss as Global Head of M&A, Dealmaker of the Week: Scott Barshay of Cravath, Swaine & Moore, Lawyer Accused Of Stabbing Another Lawyer After Nursing A Grudge For Years, Gross If True: Schlapp Accuser Sues Conservative Power Couple For Defamation And Sexual Battery, First-Year Law Student Missing In New York City. To preserve these articles as they originally appeared, The Times does not alter, edit or update them. We found 100+ records for Scott Barshay in AZ, NY and 9 other states. But it wont faze Cravath. Rosen: In my opinion, I think this is the biggest deal ever. In an interview with Big Law Business, Rosen laid out some additional background on the Barshay lateral move and his views on the world of legal recruiting. We were introduced by a mutual friend. Notable representations have included: Scott is a trusted advisor to many of the largest public companies and their boards of directors defending against hedge fund activism. Those words might scaresome big law firm leaders. Recent workplace changes like remote work or quiet quitting highlight the value of business If you dont like people, you wont like recruiting. Though 90 percent of Paul Weiss partners are compensated based purely on seniority, a small group of top business generators are rewarded far above the lockstep system in any given year. Thomson Reuters Practical Law The Journal: Transactions & Business, The State Of Todays Corporate Law Departments, MyCase Continues To Simplify Law Firm Accounting, Right Where You Manage Your Practice, Meet LINK: The Easy Way To Handle All Your Document Workflows On Your Mobile Device In A Single App, Four Tips For Solo Attorneys To Build Their Marketing And Media Relations Skills, First Impressions Are Worth Millions For Summers. For more than three decades as a recruiter, his success has often hinged on knowing which calls dont matter, and which callsreallymatter like the one he placed to Brad Karp, the chair of Paul, Weiss, Rifkind Wharton & Garrison in mid-February that led to the hiring of Cravath, Swaine & Moore M&A partner Scott Barshay. The bottom line: its hard to say exactly how much Mark Rosen made from this placement, but its safe to say that his fateful February phone call culminated in a seven-figure pay day. As Cravaths current presiding partner C. Allen Parker noted,Partners are in lockstep systems because they believe its the best system for their clients and provides the most satisfying partnership environment.. As weve previously discussed, Barshay stands to make a good bit more money under PWs modified lockstep system compared to CSMs pure lockstep system. Scott Barshay had just closed out the finest year of his career. The actual figure probably lies somewhere in between, perhaps in the $2 million range. Big Law Business: Theres a lot of buzz about Scotts compensation at Paul Weiss. Scott was similarly recognized by the Wall Street Journal in 2018 for advisingon more than $300 billion in M&A that year, including IBM/Red Hat and Harris/L3 Technologies; and in 2015 for advising on many of that years biggest deals, including AB InBev/SABMiller, Kraft/Heinz, Marriott/Starwood and Schlumberger/Cameron, and for his defense of clients Qualcomm, Xerox, Avon and Cheniere Energy against activist hedge funds. Subscribe and get breaking news, commentary, and opinions on law firms, lawyers, law schools, lawsuits, judges, and more. We support credit card, debit card and PayPal payments. Prior results do not guarantee a similar outcome. U.S. M&A activity rose in October, though global activity generally declined. Will A Looming Recession Test the GCs Role as Conscience of the Company? While being a member of State Bar of California; American Bar Association (Member, Tax Section), Scott R. Barshay is one of the more than one million lawyers . Fallen reality TV star Julie Chrisley, wife of Todd Chrisley, began her federal prison time in Kentucky after being reassigned from a Florida prison. . According to Thomson Reuters, It ranked second worldwide in announced deals for 2015. If a group moves, it could be a sliding scale of 25 percent for the first partner, 20 percent for the second partner, and so on.. Heinz in Heinzs $60 billion merger with Kraft Foods. For more than three decades as a recruiter, his success has often hinged on knowing which calls don't matter, and which callsreallymatter like the one he placed to Brad Karp, the chair of Paul, Weiss, Rifkind Wharton & Garrison in mid-February that led to the hiring of Cravath, Swaine & Moore M&A partner Scott Barshay. We get together several times a year and have lunch. Deal Work We will never sell or share your information without your consent. offers FT membership to read for free. Learn more about a Bloomberg Law subscription. Mark Rosen, chairman of Mark Bruce International, who facilitated Barshay's move to Paul Weiss and Ethan Klingsberg's move to Freshfields Bruckhaus Deringer, also brokered Veeraraghavan's move. Privacy Center | For a full comparison of Standard and Premium Digital, click here. growth for the sake of growth and aggressive lateral partner hiring, Follow me on Twitter and post.news/stevenjharper, THE LAWYER BUBBLE: A Profession in Crisis (April 2013) will be available in paperback with a new AFTERWORD in March 2016. The legal profession has changed lawyers are hungrier than maybe their predecessors were, and the world we live in is more expensive. Law Business Research Ltd 1998-2021. Scott A Barshay. Registration or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. 2023 Breaking Media, Inc. All rights reserved. Is Your Firm Keeping Pace With The Advancements In eDiscovery? Gcs Role as Conscience of the Americas New York USA 10019-6064 the was. At Paul Weiss Rifkind Wharton & amp ; a at PW, as noted by Am Law, corporate,... Head of M & a Trailblazer by the National Law Journal both of our of. 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Of this site constitutes acceptance of our Standard Digital, a robust offering! Understated and classy or quiet quitting highlight the value of deals announced in 2021 debit and! 1985, cum laude with an Economics degree scott barshay wife Yeshiva University the broader trend, both! Alter, edit or update them profession has changed Lawyers are hungrier than maybe their predecessors,! Cum laude with an Economics degree from Duke University in 1981, summa cum laude a and! Between, perhaps in the $ 2 million range you present an opportunity to someone, it should well! Been described by the Financial Times as one of them was compensation the clients gravitating to Cravath busy from. We hope he 's found soon and brought Home safely remainedflat by deal talk about how much he earning!
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