Sidley Austin LLP is an American multinationallaw firm with approximately 2,300 lawyers in 21 offices worldwide. It was established in 1866 and its headquarters is at One South Dearborn in Chicago's Loop.[1] Among its alumni are former President Barack Obama and former First Lady Michelle Obama.[8]
In 1866, Norman Williams and John L. Thompson founded the law firm of Williams & Thompson in Chicago, Illinois. William Pratt Sidley, who had joined the firm in 1892, was added to the firm's name in 1900 when it was renamed Holt, Wheeler & Sidley. Edwin C. Austin joined the firm in 1914.[9]
In 1972, the firm merged with the 50 lawyers of Chicago firm Leibman, Williams, Bennett, Baird & Minow. Additional offices were then established in London, Los Angeles, Singapore and New York. Following the merger, Washington D.C. partner Day resigned and later sued the firm, In a 1974 lawsuit, Day alleged that the merger represented a "breach of fiduciary duty, breach of contract, fraud and misrepresentation, conspiracy, wrongful dissolution or ouster of co-partner and breach of partnership agreement." The suit was later dismissed with prejudice.[12]
In 2001, the firm merged with Brown & Wood, a New York-based law firm established in 1914 with 400 attorneys and additional domestic offices in Washington, D.C., San Francisco and Los Angeles and overseas branches in London, Beijing and Hong Kong (where it practiced English law in addition to U.S. law). Brown & Wood was known for its securities, structured finance and securitization practices. Brown & Wood had offices in the World Trade Center on floors 54 and 56-59.[13]
Appellate practice group
In 1985, U.S. Solicitor GeneralRex E. Lee founded Sidley Austin's Appellate Practice Group to represent clients in all appellate courts, including the United States Supreme Court, the federal courts of appeals, and state appellate and supreme courts. Following Lee's death, the group was led by Carter Phillips, who has argued more cases before the Supreme Court than any lawyer in private practice.[14]
Involvement in the savings and loan crisis
Sidley & Austin was among several law firms caught up in the Savings & Loan Crisis and paid $7.5 million to settle legal malpractice claims stemming from its representation of the Lincoln Savings and Loan Association. Such legal work was profiled in the book by Ralph Nader and Wesley J. Smith, No Contest: Corporate Lawyers and the Perversion of Justice in America.
In 2007, Sidley Austin agreed to pay $39 million as part of a settlement with the Internal Revenue Service. The settlement allowed the firm to avoid criminal charges of alleged fraudulent tax shelter activities.[15] The previous year, Sidley and KPMG agreed to pay $54 million to investors who bought the shelters.[16]
Rankings and recognition
Sidley Austin is the eleventh-largest U.S.-based corporate law firm, with approximately 2,000 lawyers[3] and annual revenues of approximately three billion dollars. The firm is one of the highest-paying companies in the U.S.[17] (with a base salary of $225,000 for first year associates and $435,000 for eighth year associates; equity partners saw a profit per partner of more than $3.0 million in 2020).[18][19] Sidley maintains offices in 21 cities worldwide, with the most recent addition being Miami in 2022.
Sidley has received the most First-Tier National Rankings a total of eight times since the inception of the U.S. News & World Report Best Law Firms Survey in 2010.[20][21] The 2020 U.S. News Survey also named Sidley as the "Law Firm of the Year" in FDA Law and Securities Litigation.[22] As of 2019, it was the eighth largest law firm in the world (and sixth in the US) by revenue.[23]
The firm frequently appears at the top of various industry rankings. In 2020, the BTI Consulting Group named Sidley to its BTI Client Service A-Team—one of only three law firms to rank in BTI's Client Service Top 30 for 19 consecutive years.[24] The firm earned the top spot in Asset-Backed Alert's 2019 league tables for most active underwriter counsel in U.S. asset- and mortgage-backed securitization transactions.[25] Other honors include the American Bar Association's 2019 Champions for Disability Inclusion in the Legal Profession Award,[26] conferred in recognition of the firm's measurable progress in recruiting, retaining, and advancing to leadership lawyers with disabilities, and being named a 2019 "Litigation Department of the Year" finalist by The American Lawyer.[27]
The firm is distinguished for its securities practice[28] and its international trade practice,[28] both of which have consistently ranked first in the respective specialty rankings of Chambers and Partners. The trade group represents the Airbus/European Communities side in the ongoing WTO dispute with Boeing/US. The group was named a 2019 International Trade Group of the Year by Law360[29] and has been honored as "Law Firm of the Year" in Trade & Customs by Who's Who Legal for 15 consecutive years.[30] Its appellate and US Supreme Court practice is also particularly well known and has been featured in USA Today, BusinessWeek, the American Lawyer, the Legal Times, and the National Law Journal.[28]
In 2020, Sidley was named "Firm of the Year" in Capital Markets (Overseas); Corporate Compliance; Healthcare, Pharma and Life Sciences; and Real Estate and REIT by China Business Law Journal.[31] In 2018, Sidley was named Competition & Regulatory Team of the Year at The Lawyer Awards in London.[32]
Pro bono work
Sidley Austin partner George Fatheree worked pro bono on behalf of the descendants of Willa and Charles Bruce[33] to execute the return of beachfront land which had been seized by Los Angeles authorities in the 1920s.[34] The couple had lost the property, known as Bruce's Beach, when the state claimed it for public use and sold it to private investors.[35] It was officially restored to the couple's great grandsons, Marcus and Derrick Bruce, on July 20, 2022. The effort involved more than 1,000 hours of pro bono work.[36]
2.795 billion USD (2021)[4]
