Brown & Wood

The firm was known for its expertise in capital markets work, specifically the representation of issuers and underwriters in securities offerings. According to Securities Data Co., Brown & Wood was ranked first in both issuers and underwriters representation in 1998, and first as legal adviser on securitized debt issues in the same year. Brown & Wood also cultivated a roster of clients in the real estate investment trust, defense of brokerage firms and international securities offerings, among other areas.

In an effort to bulk up in a period of strong law firm consolidation, Brown & Wood explored a merger with fellow New York firm White & Case in 1998, but these talks were described as "preliminary in nature." Brown & Wood eventually merged with Sidley & Austin in 2001. Shortly thereafter, the legacy Brown & Wood's offices in the World Trade Center were destroyed in the 9/11 terrorist attacks. The firm relocated its New York operations to midtown Manhattan.

Legal issues

Brown & Wood made headlines in 1988 when it famously de-equitized and fired a partner who it accused of poor performance. The attorney, a graduate of Dartmouth College and New York University School of Law was given $120,000 severance pay and was later reduced to driving a limousine. He sued the firm but lost. The presiding judge, Judge Harold Baer Jr. wrote in his opinion, "Many believe that the last decade has seen the bar move from a profession to a business. In some firms we find that profits have replaced pro bono; production has undercut professionalism and compensation has overtaken collegiality" see: book of business (law).

Typical of the old-line Wall Street law firms, many of which have disappeared or merged with out-of-town rivals, Brown & Wood was considered a cordial, if stuffy, work environment. According to The Insider's Guide to Law Firms published in 1993, formal suits were required and "some summer associates [at Brown & Wood] have been asked questions about the number they owned and about their underclothes."