Legal News

Paul Weiss Votes Brad Karp Its Next Chairman

By Nathan Koppel

Paul Weiss has elected a new leader.

Brad Karp, 48, will take over in 2009 as chairman, following a vote by the firm’s partnership today. He will replace Alfred Youngwood, a 70-year-old tax lawyer, who will retire at the end of the year.

Karp, a litigator (Union College ‘81; Harvard Law ‘84), is considered the top business generator at his firm. He says he will continue practicing law as chairman, making him something of an anomaly at a time when many firm leaders focus entirely on management. “Over the past five years, I’ve already spent an enormous amount of time on firm management,” says Mr. Karp, who currently co-chairs the litigation department and is a member of the management committee.

A primary goal as chairman, he says, will be to preserve the firm’s culture, which he defines as emphasizing collaboration and minimizing disputes over which partners should be credited for having developed business. “Very few firms can cite that as an overarching goal,” Karp says.

Karp is defending Bear Stearns in securities suits related to the collapse of the investment bank. He has represented Citigroup in many matters, including securities litigation alleging that it defrauded investors injured by the sub-prime mortgage crisis and litigation related to the bank’s alleged role in the collapse of Enron. He also has advised the NFL for many years on a range of player-safety and other issues, including how the league can minimize liability for concussions and heat-related injuries.

“His capacity for work and staying calm and giving good sound advice during times of stress is among the very best in industry,” Michael Helfer, Citigroup’s general counsel, says.

Based in New York, the 610-lawyer Paul Weiss last year paid partners about $2.6 million, on average, making it one of the more profitable corporate firms in the country, according to Am Law. The firm has been in the middle of many high-profile litigation matters, including defending I. Lewis “Scooter” Libby in the perjury case stemming from the CIA leak probe and representing former New York governor Eliot Spitzer in the criminal investigation of the Emperors Club V.I.P. prostitution ring.

“Brad works exceptionally hard and has a tremendous commitment to his family,” Mr. Youngwood says. “He’s not a scratch golfer, but he also plays golf very well. He is one of those lawyers who put it all together.”

Full post as published by Law Blog - WSJ.com on May 08, 2008 (boomark / email).