May 16, 2008 12:03 PM

How Skadden Decided on its New Executive Partner

Posted by Richard Lloyd

 

Corporate partner Eric Friedman (left) will succeed Robert Sheehan as the executive partner of Skadden, Arps, Slate, Meagher & Flom effective April 2009, the firm has announced.

Friedman, 43, joined Skadden in 1989 after receiving his J.D. from the University of Pennsylvania.

When Friedman takes over the top management spot, he will form the firm's key management triumvirate with managing director Earle Yaffa and chairman Joseph Flom.

This marks the first time since current executive partner Bob Sheehan was appointed in 1994 that Skadden has made a change to its senior management. Friedman is expected to work closely with Sheehan over the course of the next year as he learns the management ropes.

Friedman was one of five partners considered for the position. He was proposed to Skadden's policy committee--the firm's principal management body--by a succession committee in a process that started at the beginning of this year. Friedman's appointment was unanimously approved by the policy committee and then rubber-stamped by the firm's partnership, although it was not put to a formal vote.

"Eric is the perfect choice to lead the firm, promote our core values, and maintain our culture of exceptional client service. He is universally recognized as a superb lawyer, and is a highly respected colleague," Sheehan said in a statement released by the firm.

Since joining the firm in 1989, Friedman's practice has focused largely on M&A in the financial institutions and tech sectors. His deals roster includes a string of mandates for Citigroup, including the $11 billion sale of its life insurance and annuities business to MetLife. He has also advised Nasdaq on a series of deals including the $3.7 billion acquisition of Nordic exchange OMX.

"I am both thrilled and humbled to follow Bob Sheehan, who has set an extremely high bar. I appreciate the confidence and support of my colleagues tremendously, and look forward to working together to maintain and enhance Skadden’s global reputation and preeminence," Friedman said.

It is not clear whether M&A specialist Sheehan will return to his practice next April. Prior to taking on the top management position in 1994, Sheehan led the firm's financial institutions M&A group, which he founded. 

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