[ by Howard Haykin ]

Milbank, Tweed, Hadley & McCloy has had a single chairman in place for the past 18 years  - Mel Immergut, 66, since 1995.  But all that is about to change on Friday, March 8, when litigator Scott Edelman, 49, takes the helm of the firm, succeeding Mr. Immergt.   

Mr. Edelman is carrying out a succession plan that was voted into place by the firm partners 4 years ago when they voted him into the position of vice chairman, with the idea that he would succeed Mr. Immergut, a corporate partner at the firm since 1980, four years later.  That will happen and Mr. Immergut will resign from the firm effective 4/30/13. 

Milbank's Unique Continuity, According to Scott Edelman.   Edelman explained the firm's unique continuity during a recent interview:  “We pride ourselves on being a small big firm.   “At our firm, the partners really know each other and know the expertise people can bring. There is a spirit of team work and that’s a culture I’m committed to preserve.”  Edelman added that the 600-lawyer firm has no interest in merging, and doesn’t expect to open any new offices in the near future - it currently has 11 offices in North and South America, Europe and Asia. 

Edelman expects to see the firm grow through opportunistic hires as good people come along and on the corporate side, with a focus on high value complex legal work.  Specifically, that means corporate hires in the antitrust and real estate practices.

In his practice, Mr. Edelman services such clients as Citigroup - which he's represented in several cases including litigation arising out of the Adelphia Bankruptcy.  Other clients are REFCO Trustee and Cerberus Capital Management.  He plans on continuing his practice.  Since being elected vice chairman 4 years ago, Mr. Edelman has taken an active role in firm management and being "involved in all our decisions, client relationships, dealing with partners and associates."  “I recognize that management of the firm is a substantial time commitment and that it will be balanced with my practice.”  

[C-I Note:  Having spent 4 years as vice chairman, and actively participating in management seems quite similar to what young people of today are doing - especially in larger cities.  We're talking about moving in with someone before committing to marriage.  We don't know if such "break-in periods" lead to improved long-term prospects of a marriage.  Yet, it seems things are going well at Milbank Tweed, since Mr. Edelman is proceeding in accordance with the firm's original plan.  That's great.  Best of luck to all.]           [Bloomberg, 3/4/13]