Veteran Skadden partner Peter P. Mullen dies
Skadden, Arps, Slate, Meagher & Flom has died at the age of 83. Mullen joined the firm in 1961, when it consisted of just 10 lawyers; when he stepped down as its de facto chief executive in 1994, it had more than 1,000, and was one of the world’s richest and most prominent firms.
Here is an interesting account – in the New York Times – of his life and the contribution he made to the firm, including early recognition of the potential in the mergers and acquisitions market. Mullen introduced a practice, in the 1970s, of withholding 7.5 per cent of each partner’s earnings and using the funds to finance the firm’s growth, which allowed it to approach new markets.
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