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In 1866 the law firm of Anderson, Adams & Young, the predecessor of Milbank, Tweed, Hadley & McCloy, opened for business on Wall Street in New York City.
After George Murray joined the firm in 1888, he met John D. Rockefeller, Sr. ("Senior"), through Protestant church activities, and soon the oil tycoon retained him for personal and business legal advice.
In 1901 Ezra Parmalee Prentice joined the firm after marrying Alta Rockefeller, Senior's daughter, so the firm changed its name to Murray, Prentice & Howland.
John D. Rockefeller, Jr. ("Junior"), married Abby Aldrich, which led to Abby's brother Winthrop W. Aldrich joining the firm in 1907.
In 1921 Harrison Tweed joined the law firm, in part because his father was a close friend of Murray's father.
That led to a 1931 merger of the law firms that had represented the two banks.
In 1931, the firm merged with Masten & Nichols to become Milbank, Tweed, Hope & Webb.
For decades Milbank, Tweed served mainly the Rockefellers and their businesses, including working on the estate of John D. Rockefeller, Sr., valued at $26 million in personal wealth when he died in 1937 at age 97.
In 1938 Milbank gained the New York Stock Exchange, one of its major long-term clients.
Close ties with David Rockefeller, a grandson of John D. Rockefeller, Sr., who became Chase Manhattan Bank's chair in 1967, helped Milbank retain its historic ties to the family and bank.
In 1977, ten years before any other United States law firm, Milbank, Tweed opened its Tokyo office.
One Milbank, Tweed partner played a key role in the Iranian hostage crisis begun in November 1979 when Moslem fundamentalists captured 52 Americans and held them in the United States embassy in Tehran.
By 1984 some Milbank partners expressed concern that the firm had dropped to number 27 in national rankings with just 229 attorneys.
Milbank and other United States law firms had gained opportunities after the Soviet Union in 1987 under Premier Mikhail Gorbachev passed its first foreign joint venture law allowing foreign firms to own part of Soviet companies.
Milbank slowly improved under the leadership of Francis D. Logan, elected executive committee chairman after Forger in May 1992 resigned his position to attend to his terminally ill wife.
About 32 Milbank partners and 70 associates lost their jobs by 1993.
Milbank's London office in October 1996 lost four partners and six associates to its New York-based competitor Shearman & Sterling.
Such Milbank success in Asia occurred in spite of major devaluation of currencies in the Philippines and other nations. For example, Milbank, Tweed had done well in Indonesian project finance projects, but in September 1997 the Indonesian government suspended about 30 projects worth $13.2 billion due to its much publicized financial problems.
In a January 1998 press release, Chairman Mel Immergut said, "Milbank's litigation practice has tripled in the last two years." The firm also announced that it had hired Christopher E. Chalsen from Morgan & Finnegan as a litigation partner to lead its intellectual property litigation practice.
According to the survey in Euromoney's Project Finance magazine, the firm in 1998 completed 45 transactions with capital costs of $32.7 billion.
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Company Name | Founded Date | Revenue | Employee Size | Job Openings |
---|---|---|---|---|
Paul, Weiss, Rifkind, Wharton & Garrison | 1875 | $1.5B | 1,200 | 20 |
Morrison & Foerster | 1883 | $945.0M | 2,787 | - |
Shearman & Sterling | 1873 | $955.4M | 850 | 33 |
Fried Frank | 1971 | $776.0M | 963 | 14 |
Willkie Farr & Gallagher | 1888 | $986.0M | 7,500 | 18 |
Foley Hoag | 1943 | $12.0M | 200 | - |
Cadwalader | 1792 | $452.6M | 1,280 | 1 |
Kramer Levin | 1968 | $387.0M | 700 | - |
Zhang & Associates | 1996 | $1.8M | 50 | - |
Chadbourne & Parke | 1902 | $286.0M | 700 | - |
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Milbank Tweed Hadley & Mc Cloy may also be known as or be related to MILBANK TWEED HADLEY & MCCLOY, Milbank, Milbank LLP, Milbank Tweed Hadley & Mc Cloy, Milbank, Tweed, Hadley & McCloy LLP and Milbank, Tweed, Hadley & Mccloy Llp.