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LAWCROSSING
           THE LARGEST COLLECTION OF LEGAL JOBS ON EARTH



   LAW STAR                                                                                          www.lawcrossing.com      1. 800.973.1177




                             Morton Pierce; Dewey Ballantine, LLP; Chairman,
                             Management and Executive Committees and the
                             Mergers and Acquisitions Group; New York
                             [ by Regan Morris]
                             Morton Pierce has been chairman of Dewey Ballantine’s M&A group since 1991 and is now the firm’s
                             chair, while maintaining an active caseload. LawCrossing speaks to Mr. Pierce about his career and the
                             secrets to juggling a caseload and running a prestigious firm.


As chair of one of New York’s more                 said the best preparation is building a good      change practice areas if they are dissatisfied
prestigious law firms, Pierce is consistently      practice.                                         until they find their niche.
named as one of the best attorneys in the
United States. An expert in mergers and            “I think the most important thing is to work      “What I tell people is ‘This is your career; this
acquisitions, Pierce has been behind some          hard and get as much experience as you can.       is the rest of your professional life. If you think
of the biggest business deals in the United        I think what you do during the first two to       you know what you want to do and then it
States.                                            three years out as a young associate builds       turns out you like it, then great. If it turns out
                                                   a foundation for the rest of your career,” he     that you thought you would like something,
Pierce has represented acquirers, targets,         said. “The training, the skill set I developed,   but you don’t, then switch,’” he said.
investment bankers and investors in                the techniques and substantive knowledge—
numerous acquisitions, including the               those are things I learned back then that I       Pierce urged attorneys to switch areas
acquisition of The MONY Group by Axa               still use today.”                                 sooner than later, as a firm may not be so
Financial, Omnicare’s acquisition of NCS                                                             accommodating if an attorney comes to it
Healthcare, Fortis’ acquisition of American        As a young man, Pierce wasn’t sure exactly        after six or seven years and says, “I dislike
Bankers, Starwood’s acquisition of ITT,            what he wanted to pursue as a profession          this practice area.”
Disney’s acquisition of Capital Cities/ABC,        and said law school seemed a good way to
Wells Fargo’s acquisition of First Interstate      keep his options open. During his time at         Pierce would not talk about cases he is
Bank, and HCA’s acquisition of Healthtrust.        the University of Pennsylvania Law School,        working on now because the deals have
                                                   Pierce was most interested in securities law.     not become public. He said he expects to
With two co-managing partners, Pierce said         After law school, he spent a year at Oxford       see more law firm consolidation across
he is able to keep taking on clients and has       University in the United Kingdom, studying        the country, but does not anticipate any
no interest in administrating full time. But       political theory and legal philosophy. At that    mergers or acquisitions activity within Dewey
juggling both means every day is at least a        time, Pierce thought he wanted to teach law       Ballantine.
12-hour day, he said. Dewey Ballantine has         as a profession. Although pierce said he has
between 500 and 550 attorneys.                     never had the time to work as a teacher, it is    “For some firms, I think the merger route
                                                   something he would still like to do.              has been very good and sometimes even
“I’m an M&A lawyer, and I try to put in a                                                            necessary in order to build regional and
full day practicing law, or most of the day        “When I came out to start practicing, I           national firms,” he said. “For the New
practicing law, and the rest of the day is         actually wanted to do securities law, and         York firms, it’s a little bit different. They’re
administrative stuff,” he said. “I like to think   that—at the time as a securities lawyer, you      already established in New York and have a
that I’m in demand, but the fact is I enjoy        dealt with public offerings and mergers and       certain client base, and there is maybe less
practicing law. Lawyers become lawyers not         acquisitions—was an offshoot of that,” he         pressure to merge.”
because they aspire to manage.”                    said. “So I started doing some M&A work,
                                                   and it was also the beginning of the M&A          Pierce, who grew up in Cleveland, OH, and
An M&A attorney for 30 years, Pierce was           boom, and I just found it interesting. I stuck    was the first person in his family to go to
part of the firm’s executive committee on          with it.”                                         college, said he is flattered to be included
and off for 18 years before taking the helm                                                          on lists of the best lawyers in America. Most
as chairman. He also spent about 5 years on        Pierce believes young attorneys are               recently, Pierce was recognized in Best
the management committee. For attorneys            sometimes pressured to specialize too soon        Lawyers in America 2006 as a leader in the
interested in law firm management, Pierce          in large law firms and that associates should     field of mergers and acquisitions.


PAGE                                                                                                                                    continued on back
LAWCROSSING
          THE LARGEST COLLECTION OF LEGAL JOBS ON EARTH



   LAW STAR                                                                                       www.lawcrossing.com      1. 800.973.1177




On top of his other responsibilities, Pierce     He immediately sent out a statement that the     to be sensitive to everyone, and I think it
also has to handle public relations for the      partner’s slur was “contrary to every tenet of   heightened our sensitivities,” he said. “It’s
firm when necessary. Dewey Ballantine found      our firm culture.”                               unfortunate that it happened that way. But in
itself at the center of controversy in January                                                    balance, I think it made us a better place. We
2004 after a partner in the London office sent   While Pierce said the incident was               actually had diversity training before then,
a mass email containing a racial slur. The       unfortunate, he also said it helped many in      and we continue to have diversity training.
email was in response to an offer for a free     the firm to become more sensitive.               But I think people—it’s like anything else,
puppy, and the partner responded in an email                                                      you can be taught something; but if you live
that stated: “Please don’t let these puppies     “I wish it had never happened. But the fact      through it, it really helps it to sink in.”
go to a Chinese restaurant!” Many people         that it happened was an eye-opening and
were outraged; and Pierce, as chair of the       educational experience. And in this day and
firm, was at the center of the controversy.      age in the world in which we live, you have




PAGE

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Morton Pierce; Dewey Ballantine, LLP; Chairman, Management and Executive Committees and the Mergers and Acquisitions Group; New York

  • 1. LAWCROSSING THE LARGEST COLLECTION OF LEGAL JOBS ON EARTH LAW STAR www.lawcrossing.com 1. 800.973.1177 Morton Pierce; Dewey Ballantine, LLP; Chairman, Management and Executive Committees and the Mergers and Acquisitions Group; New York [ by Regan Morris] Morton Pierce has been chairman of Dewey Ballantine’s M&A group since 1991 and is now the firm’s chair, while maintaining an active caseload. LawCrossing speaks to Mr. Pierce about his career and the secrets to juggling a caseload and running a prestigious firm. As chair of one of New York’s more said the best preparation is building a good change practice areas if they are dissatisfied prestigious law firms, Pierce is consistently practice. until they find their niche. named as one of the best attorneys in the United States. An expert in mergers and “I think the most important thing is to work “What I tell people is ‘This is your career; this acquisitions, Pierce has been behind some hard and get as much experience as you can. is the rest of your professional life. If you think of the biggest business deals in the United I think what you do during the first two to you know what you want to do and then it States. three years out as a young associate builds turns out you like it, then great. If it turns out a foundation for the rest of your career,” he that you thought you would like something, Pierce has represented acquirers, targets, said. “The training, the skill set I developed, but you don’t, then switch,’” he said. investment bankers and investors in the techniques and substantive knowledge— numerous acquisitions, including the those are things I learned back then that I Pierce urged attorneys to switch areas acquisition of The MONY Group by Axa still use today.” sooner than later, as a firm may not be so Financial, Omnicare’s acquisition of NCS accommodating if an attorney comes to it Healthcare, Fortis’ acquisition of American As a young man, Pierce wasn’t sure exactly after six or seven years and says, “I dislike Bankers, Starwood’s acquisition of ITT, what he wanted to pursue as a profession this practice area.” Disney’s acquisition of Capital Cities/ABC, and said law school seemed a good way to Wells Fargo’s acquisition of First Interstate keep his options open. During his time at Pierce would not talk about cases he is Bank, and HCA’s acquisition of Healthtrust. the University of Pennsylvania Law School, working on now because the deals have Pierce was most interested in securities law. not become public. He said he expects to With two co-managing partners, Pierce said After law school, he spent a year at Oxford see more law firm consolidation across he is able to keep taking on clients and has University in the United Kingdom, studying the country, but does not anticipate any no interest in administrating full time. But political theory and legal philosophy. At that mergers or acquisitions activity within Dewey juggling both means every day is at least a time, Pierce thought he wanted to teach law Ballantine. 12-hour day, he said. Dewey Ballantine has as a profession. Although pierce said he has between 500 and 550 attorneys. never had the time to work as a teacher, it is “For some firms, I think the merger route something he would still like to do. has been very good and sometimes even “I’m an M&A lawyer, and I try to put in a necessary in order to build regional and full day practicing law, or most of the day “When I came out to start practicing, I national firms,” he said. “For the New practicing law, and the rest of the day is actually wanted to do securities law, and York firms, it’s a little bit different. They’re administrative stuff,” he said. “I like to think that—at the time as a securities lawyer, you already established in New York and have a that I’m in demand, but the fact is I enjoy dealt with public offerings and mergers and certain client base, and there is maybe less practicing law. Lawyers become lawyers not acquisitions—was an offshoot of that,” he pressure to merge.” because they aspire to manage.” said. “So I started doing some M&A work, and it was also the beginning of the M&A Pierce, who grew up in Cleveland, OH, and An M&A attorney for 30 years, Pierce was boom, and I just found it interesting. I stuck was the first person in his family to go to part of the firm’s executive committee on with it.” college, said he is flattered to be included and off for 18 years before taking the helm on lists of the best lawyers in America. Most as chairman. He also spent about 5 years on Pierce believes young attorneys are recently, Pierce was recognized in Best the management committee. For attorneys sometimes pressured to specialize too soon Lawyers in America 2006 as a leader in the interested in law firm management, Pierce in large law firms and that associates should field of mergers and acquisitions. PAGE continued on back
  • 2. LAWCROSSING THE LARGEST COLLECTION OF LEGAL JOBS ON EARTH LAW STAR www.lawcrossing.com 1. 800.973.1177 On top of his other responsibilities, Pierce He immediately sent out a statement that the to be sensitive to everyone, and I think it also has to handle public relations for the partner’s slur was “contrary to every tenet of heightened our sensitivities,” he said. “It’s firm when necessary. Dewey Ballantine found our firm culture.” unfortunate that it happened that way. But in itself at the center of controversy in January balance, I think it made us a better place. We 2004 after a partner in the London office sent While Pierce said the incident was actually had diversity training before then, a mass email containing a racial slur. The unfortunate, he also said it helped many in and we continue to have diversity training. email was in response to an offer for a free the firm to become more sensitive. But I think people—it’s like anything else, puppy, and the partner responded in an email you can be taught something; but if you live that stated: “Please don’t let these puppies “I wish it had never happened. But the fact through it, it really helps it to sink in.” go to a Chinese restaurant!” Many people that it happened was an eye-opening and were outraged; and Pierce, as chair of the educational experience. And in this day and firm, was at the center of the controversy. age in the world in which we live, you have PAGE