Edge Rewrite
restyle Source code View original
// HTMLRewriter · presentation

This page was redesigned at the edge.

Cloudflare fetched the original article and streamed it through HTMLRewriter to apply an entirely new visual system without rebuilding the source page.

Jump to content

Sullivan & Cromwell

From Wikipedia, the free encyclopedia
(Redirected from Sullivan & Cromwell LLP)

Sullivan & Cromwell LLP
Sullivan & Cromwell
Headquarters125 Broad Street
New York, NY 10004
United States
No. of offices13 total, 9 international
No. of attorneys840 (2024)[1]
Key people
RevenueIncrease $2.1 billion (2025)[2]
Profit per equity partnerIncrease $6.7 million (2025)[3]
Date founded1879
FounderAlgernon Sydney Sullivan
William Nelson Cromwell
Websitesullcrom.com

Sullivan & Cromwell LLP is an American multinational white shoe law firm headquartered in New York City. It was founded in 1879 by Algernon Sydney Sullivan and William Nelson Cromwell. It is one of the largest law firms by profits per partner.

Internationally, the firm has a long history of involvement, from financing America's infrastructure to advising the Panama Canal Authority. It was among the first U.S. firms to open overseas offices, although its history includes controversial actions such as aiding Nazi Germany's arms buildup and involvement in the 1954 Guatemalan coup d'état.

Sullivan & Cromwell's lawyers have been involved in various controversies, including work with tobacco companies, an insider trading scandal, criticism for representation of the FTX estate in the FTX cryptocurrency exchange collapse and the political background checks of candidates. The law firm represented President Donald Trump in his appeal of his criminal conviction in New York State court.

History

[edit]

Founded in 1879 by Algernon Sydney Sullivan and William Nelson Cromwell, Sullivan & Cromwell advised John Pierpont Morgan during the creation of Edison General Electric (1882) and later guided key players in the formation of U.S. Steel (1901).[4] Cromwell developed the concept of a holding company, persuading New Jersey to include it in state law and enabling companies incorporating there to avoid antitrust laws.[5] The firm also worked with less-successful businesses during the volatile decades before the establishment of modern federal bankruptcy laws; it pioneered efforts to reorganize insolvent companies through what became known as the "Cromwell plan."[5] Cromwell attorney Rodgin Cohen was called "the physician of Wall Street"[6] for his ability to rescue failing companies.[7][8]

The post-World War I era saw an expanded need for financing. Sullivan & Cromwell designed many of the equity and debt agreements used during this period, including 94 loan agreements to European borrowers during one seven-year period.[8] The firm's business expanded substantially during the 1930s, when it began to represent companies facing increased regulation and became for a time the world's biggest law firm.[8] During the Great Depression and its aftermath, the firm litigated in the newly emerging fields of shareholder derivatives, antitrust actions, federal income tax law, and registration under the Securities Act of 1933. The firm developed the first major registration statement under the Securities Act of 1933[9] and influenced the development of tax law in the mutual fund industry.[10]

Sullivan & Cromwell performed the legal work for the Ford Motor Company's $643 million offering in 1956, the biggest ever to that date. Evolving business trends continued to be reflected in the firm's organization; a banking practice was formed in 1968, and a mergers and acquisitions unit was established in 1980, as M&A began to accelerate. By the middle of that decade, the M&A unit generated a third of the firm's revenue.[8] In 2008, the law firm was one of the five that advised on a merger on the tobacco companies Altria and UST.[11] The firm was active in the recovery of the 2008 financial crisis, with then-chairman H. Rodgin Cohen described by the New York Times as having “one of the largest roles” in resolving bailouts and mergers including Bear Sterns and AIG.[12]

The firm advised the cryptocurrency exchange FTX prior to its 2022 collapse[13] and worked in an advisory role following the company’s declaration of bankruptcy.[14] In January 2023, a bipartisan group of four U.S. Senators published a letter arguing that Sullivan & Cromwell had a conflict of interest as FTX bankruptcy counsel due to its significant pre-bankruptcy work.[15][16] Law Professors Jonathan Lipson and David Skeel argued that as FTX was nearing bankruptcy, Sullivan & Cromwell urged then-CEO Sam Bankman-Fried to transfer control of the company to John J. Ray III by making false promises about Ray's role and failed to suggest that Bankman-Fried and others might face criminal liability.[17] In October 2024, a class-action lawsuit brought by FTX investors against Sullivan & Cromwell was voluntarily dismissed after a U.S. Bankruptcy Examiner found the firm had neither participated in fraud nor overlooked warning signs while representing FTX prior to its bankruptcy filing.[18]

It is one of the most profitable law practices in the world, with 2024 profits per partner exceeding $6.7 million.[19]

In 2024, the firm hired a background check company to scour social media and review news reports and footage from protests. Candidates could face scrutiny even if they weren’t using problematic language but were involved with a protest where others did. Roderick A. Ferguson, a Yale professor of American studies, argued that to "make the leap that it’s all the students", “can mimic racist thinking, sexist thinking, homophobic thinking, that one instance becomes a character of all.”[20]

Representation of Donald J. Trump

[edit]

In January 2025, Sullivan & Cromwell announced its representation of Donald J. Trump in the appeal of his conviction on 34 felony counts for paying hush money to porn star Stormy Daniels prior to the 2016 election. In doing so, the firm became the first major law firm to risk its reputation by defending Trump from criminal prosecution, with the New York Times writing, "Some clients might look askance at any affiliation with a polarizing president."[21] Robert Giuffra, co-chair of Sullivan & Cromwell, joined a phone call where President Donald Trump negotiated the targeting of law firms and lawyers under the second Trump administration with the law firm Paul, Weiss as a first among law firms who had discussions with Trump early in his second term.[22][23] The firm has been reported to be the favored firm of Trump.[24] James McDonald, a partner at the firm, was nominated to be the United States Attorney for the Southern District of New York by Trump.

International practice

[edit]

The firm's international practice dates back to its early years and the development of America's industrial and transportation infrastructure. Sullivan & Cromwell represented European bankers who were financing the construction of railroads and other elements of the nation's infrastructure. By the turn of the century, the firm Cromwell represented French interests that owned land in Panama and was involved in the financing of the Panama Canal; the firm still represents the Panama Canal Authority to this day.[25]

Sullivan & Cromwell was one of the earliest U.S. firms to open overseas offices,[26] beginning with Paris in 1911. By 1928, offices also were open in Buenos Aires and Berlin. In 1935, Allen Dulles, then a partner in the firm and later Director of Central Intelligence, visited Germany and returned somewhat disturbed by the direction of the regime. Over the sole opposition of Allen's brother and fellow partner, John Foster Dulles, the firm's partners voted in 1935 to close the Berlin office and a subsidiary in Frankfurt. However, later the firm backdated the announcement of the closing of their German offices by one year, to 1934.[27]

Two former chairmen of the firm held senior foreign policy positions during the Eisenhower administration: John Foster Dulles, who served as U.S. Secretary of State; and Arthur Dean, who represented the United States in negotiations resulting in the Korean Armistice Agreement.[28]

Controversies

[edit]

Under Foster Dulles, the firm assisted Nazi Germany's arms buildup effort by incorporating the German chemical company I.G. Farben into an international nickel cartel alongside American, Canadian, and French companies.[29] The firm was involved in the 1954 coup d'état in Guatemala is documented. At the time, the firm represented the United Fruit Company (UFC), which had major holdings in Guatemala. UFC used its lobbying power, through the firm and through other means, to convince President Eisenhower, as well as Secretary of State John Foster Dulles, and his brother, CIA director Allen Dulles, both former partners of the firm, to depose the democratically elected President of Guatemala, Jacobo Arbenz.[30][31]

Insider trading

[edit]

In 2008, police uncovered an insider trading conspiracy involving a former Sullivan & Cromwell attorney; Toronto Dorsey & Whitney partner Gil Cornblum had discovered inside information at both Sullivan & Cromwell and Dorsey and, with his co-conspirator, a former lawyer and Cornblum's law school classmate, was found to have gained over $10 million in illegal profits over a 14-year span.[32] Cornblum committed suicide by jumping from a bridge as he was under investigation and shortly before he was to be arrested but before criminal charges were laid against him, one day before his alleged co-conspirator pleaded guilty.[32][33][34]

[edit]

On April 9, 2026, in representing Prince Global Holdings Limited, the firm submitted AI hallucinations of unvetted, false legal citations to the U.S. Bankruptcy Court for the Southern District of New York, which was discovered by Boies Schiller Flexner; Sullivan & Cromwell later formally apologized to the court, without disclosing any responsible attorney.[35][36]

Awards and recognition

[edit]

Sullivan & Cromwell was named Law360 Firm of the Year in January 2025, with eight Practice Group of the Year awards in Banking, Bankruptcy, Fintech, Insurance, Product Liability, Tax, Transportation, and White Collar.[37]

Notable employees

[edit]

Further reading

[edit]
  • VEP: Sullivan & Cromwell. New York: Vault, Inc. 1998. ISBN 1-58131-095-1.
  • Lisagor, Nancy; Frank Lipsius (1989). A Law Unto Itself: The Untold Story of the Law Firm Sullivan & Cromwell. New York: Paragon House. ISBN 1-55778-239-3.
  • Stewart, James (1983). The Partners: Inside America's Most Powerful Law Firms. New York: Simon & Schuster. ISBN 0-671-42023-2.
  • Oller, John (2019) White Shoe: How a New Breed of Wall Street Lawyers Changed Big Business--and the American Century[50]

See also

[edit]

References

[edit]
  1. ↑ "Sullivan and Cromwell". AMLaw. Retrieved July 2, 2024.
  2. ↑ "Sullivan & Cromwell". Law.com. Retrieved January 30, 2026.
  3. ↑ "Sullivan & Cromwell". Law.com. Retrieved March 23, 2026.
  4. ↑ "Giant Steel Trust Launched at Last: Will be Known as the United States Steel Corporation," The New York Times, February 26, 1901
  5. 1 2 Harnessing the Growth of Corporate Capitalism: Sullivan & Cromwell and its influence on late Nineteenth-century American business,” by Jason Weixelbaum; paper posted December 25, 2010
  6. ↑ McNulty, Lucy. "'Wall Street's trauma surgeon' on what the crisis fixers missed". www.fnlondon.com. Retrieved December 22, 2025.
  7. ↑ Sullivan & Cromwell, page "Columbia Law School"
  8. 1 2 3 4 “Sullivan & Cromwell History,” at FundingUniverse.com
  9. ↑ Filing registration with the Securities & Exchange Commission on behalf of the Southern California Edison Company, Ltd., of Los Angeles, Calif., for an issue of refunding mortgage bonds, April 1, 1935; filing accessed via LexisNexis
  10. ↑ Review by Marie Morris of A Lawyer's Life: Deep in the Heart of Taxes, by Edwin S. Cohen. Federal Lawyer, September 1995, page 1
  11. ↑ "Five Firms Light Up with $11.7 Billion Tobacco Merger". amlawdaily.typepad.com. Retrieved April 11, 2021.
  12. ↑ Feuer, Alan. "Trauma Surgeon of Wall Street". The New York Times. Retrieved February 24, 2026.
  13. ↑ Yaffe-Bellany, David; Goldstein, Matthew (September 21, 2023). "The Lawyers Sam Bankman-Fried Once Trusted Are Drawing Criticism". The New York Times. Retrieved July 2, 2024.
  14. ↑ Sun, Mengqi (November 23, 2022). "FTX Hires Ex-Regulators to Investigate Firm's Collapse". Wall Street Journal. Retrieved June 10, 2025.
  15. ↑ "Hickenlooper, Tillis, Warren, Lummis Question FTX's Law Firm's Role in Bankruptcy Investigation". Retrieved July 2, 2024.
  16. ↑ Yaffe-Bellany, David; Goldstein, Matthew (September 21, 2023). "The Lawyers Sam Bankman-Fried Once Trusted Are Drawing Criticism". The New York Times. Retrieved July 2, 2024.
  17. ↑ Lipson, Jonathan; Skeel, David. "FTX'd: Conflicting Public and Private Interests in Chapter 11". Stan. L. Rev. 77 ((forthcoming 2025)). SSRN 4760736.
  18. ↑ Thomas, David (October 9, 2024). "FTX investors drop lawsuit against law firm Sullivan & Cromwell". Reuters. Retrieved May 15, 2025.
  19. ↑ Staff, Law.com. "The 2025 Global 100 Ranked by Profit Per Equity Partner". Law.com. Retrieved February 24, 2026.
  20. ↑ A Wall Street Law Firm Wants to Define Consequences of Israel Protests
  21. ↑ Bromwich, Jonah E. (January 29, 2025). "As Establishment Warms to Trump, Elite Law Firm Takes on His Appeal". The New York Times.
  22. ↑ Marcus, Ruth (March 27, 2025). "How Donald Trump Throttled Big Law". The New Yorker. ISSN 0028-792X.
  23. ↑ Rubino, Kathryn (April 29, 2025). "The Curious Case Of Sullivan & Cromwell's Relationship With Donald Trump". Above the Law. Retrieved July 21, 2025.
  24. ↑ "How Sullivan & Cromwell Has Cemented Itself as Trump's Favored Law Firm". Law.com. Retrieved June 21, 2026.
  25. ↑ “Development and implementation of a risk model and contingency estimation for the Panama Canal Expansion Program,” Archived 2009-05-07 at the Wayback Machine prepared by Angie Hanily (ODP), Patricia Alvarado (FMXR) and Ricardo Ungo (FMP), March 2006
  26. ↑ Top Law Schools, Sullivan & Cromwell profile
  27. ↑ The Secret War: The Office of Strategic Services in World War II, edited by George C. Chalou. Chapter "From Hitler's Doorstep: Allen Dulles and the Penetration of Germany," by Neal H. Petersen; National Archives and Records Administration, 1992
  28. ↑ “Arthur H. Dean, Envoy to Korea Talks, Dies at 89,” by Albin Krebs, The New York Times, December 1, 1987
  29. ↑ Kinzer, Stephen (October 1, 2013). The Brothers: John Foster Dulles, Allen Dulles, and Their Secret World War. Macmillan. ISBN 978-1-4299-5352-8.
  30. ↑ Stephen., Kinzer (January 1, 2005). Bitter fruit : the story of the American coup in Guatemala. Harvard University, David Rockefeller Center for Latin American Studies. ISBN 9780674019300. OCLC 948387106.
  31. ↑ Immerman, Richard H. (1982). The CIA in Guatemala: The Foreign Policy of Intervention. Austin, Texas: University of Texas Press. ISBN 978-0292710832.
  32. 1 2 "Insider trading and suicide in Canada: a buddy story"
  33. ↑ Ex-Dorsey Partner Kills Himself on Eve of Insider Trading Deal
  34. ↑ PressReader - National Post (Latest Edition): 2010-01-08 - PRISON FOR INSIDE TRADER
  35. ↑ Fairfield, Karen; Scarcella, Mike (April 21, 2026). "Sullivan & Cromwell law firm apologizes for AI 'hallucinations' in court filing". Reuters. Retrieved April 21, 2026.
  36. ↑ Indap, Sujeet; Wiggens, Kaye (April 21, 2026). "Elite law firm Sullivan & Cromwell admits to AI 'hallucination'". Financial Times. Retrieved April 21, 2026.
  37. ↑ "Law360 Names Practice Groups Of The Year - Law360". www.law360.com. Retrieved June 17, 2025.
  38. ↑ Holcomb B. Noble and Charles McGrath (January 27, 2010). "Louis Auchincloss, Chronicler of New York's Upper Crust, Dies at 92". The New York Times. Retrieved June 24, 2025.
  39. ↑ "Corporate America isn't welcoming former Trump Cabinet officials with open arms, headhunters say". The Washington Post. 2021.
  40. ↑ Prentice, Chris. "US attorney says office will not prosecute companies that cooperate in criminal probes". Reuters. Retrieved February 20, 2026.
  41. ↑ David Blatty (May 24, 2021). "Amal Clooney". Biography.com. Retrieved June 24, 2025.
  42. ↑ "Professor Lori Fisler Damrosch Honored at 41st Annual Wolfgang Friedmann Conference". Columbia Law School. April 23, 2015. Retrieved June 24, 2025.
  43. 1 2 Stephen Kinzer (2013). The Brothers: John Foster Dulles, Allen Dulles, and Their Secret World War. New York: Times Books. ISBN 978-0805094978.
  44. ↑ Godfrey Hodgson (February 14, 2013). "Ronald Dworkin obituary". The Guardian. Retrieved July 1, 2025.
  45. ↑ Corrigan, Matthew. "Robert J. Giuffra, Jr. and Scott Miller Become Co-Chairs of Sullivan & Cromwell LLP". Business Wire. Retrieved February 20, 2026.
  46. ↑ William Grimes (April 8, 2016). "Robert MacCrate, Lawyer in My Lai Inquiry, Dies at 94". The New York Times. Retrieved June 24, 2025.
  47. ↑ "Chief Justice Harlan Stone of Supreme Court Is Dead; Cerebral Hemorrhage Fatal to Jurist, 73". The New York Times. April 23, 1946. Retrieved July 1, 2025.
  48. ↑ "Quote of the Day: PayPal Co‑Founder on Sullivan & Cromwell Stint". Bloomberg Law. May 24, 2016. Retrieved July 1, 2025.
  49. ↑ "How lacrosse-playing Tsai became Alibaba's mega-dealmaker". China Daily. September 1, 2014. Retrieved June 24, 2025.
  50. ↑ White Shoe: How a New Breed of Wall Street Lawyers Changed Big Business and the American Century, by John Oller, Penguin Random House, 2019. ISBN 978-1524743253
[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=Sullivan_%26_Cromwell&oldid=1360464993"