General counsel are the hire powers—the people who pick outside law firms to represent their companies in matters ranging from regulatory issues to mergers and acquisitions. As in our previous surveys,
Corporate Board Member
/FTI asked them to name the firms they would most want to sign up on national matters. Seventeen of their picks, as the table shows, also appear on the national list selected by directors, though mostly in different positions. The three national champions that did not make the general-counsel top 20 are Wilson Sonsini Goodrich & Rosati, Paul Weiss Rifkind Wharton & Garrison, and Covington & Burling. They were replaced in the general-counsel rankings by Cleary Gottlieb Steen & Hamilton, Hogan & Hartson, and Morgan Lewis & Bockius.
The Top 20 Firms
Last Year’s Ranking
2006 General Ranking
1.
SKADDEN ARPS SLATE MEAGHER & FLOM
1
1
2.
WACHTELL LIPTON ROSEN & KATZ
2
3
3.
CRAVATH SWAINE & MOORE
3
2
4.
JONES DAY
7
5
5.
LATHAM & WATKINS
5
7
6.
SULLIVAN & CROMWELL
6
4
7.
GIBSON DUNN & CRUTCHER
8 (Tie)
10
8.
DAVIS POLK & WARDWELL
4
6
9.
WEIL GOTSHAL & MANGES
10
9
10.
SIMPSON THACHER & BARTLETT
13 (Tie)
17
11.
KIRKLAND & ELLIS
8 (Tie)
8
12 (Tie).
SHEARMAN & STERLING
11
12
12 (Tie).
SIDLEY AUSTIN
12
14
14 (Tie).
CLEARY GOTTLIEB STEEN & HAMILTON
--
--
14 (Tie).
FULBRIGHT & JAWORSKI
18
13
16.
HOGAN & HARTSON
--
--
17 (Tie).
BAKER & McKENZIE
16 (Tie)
11
17 (Tie).
MORGAN LEWIS & BOCKIUS
--
--
17 (Tie).
O'MELVENY & MYERS
--
19
20.
AKIN GUMP STRAUSS HAUER & FELD
16 (Tie)
15
To what extent do alternative fee structures affect your choice of outside counsel?
Somewhat
56%
Greatly
8%
Not at all
33%
Do you consider a firm's location when selecting outside counsel?
Yes
87%
Who in your company is accountable for handling electronic discovery issues?
General counsel
88%
Has there been an increase in your face time with board committee chairmen...
Yes
47%
...with directors outside the boardroom...
Yes
43%
...and at board meetings?
Yes
36%
Have your concerns about electronic data increased?
Yes
78%
How are your executives and board members handling the company's risk exposure...
Well
36%
Very Well
32%
Adequately
23%
Needs Improvement
9%
In which areas of risk do they need a better grasp?
Governance
38%
Human Resources
24%
Mergers and Acquisitions
22%
Shareholder litigation
15%
What are the top legal issues your company will face over the next three years?
Reforms and compliance
(M&A and intellectual property came in a distant second and third.)
