[LES 2025] The Five Pillars of Success at Global Law Firm Skadden Arps

Partner Lance A. Etcheverry Delivers Keynote Speech
"The First of the Five Pillars of Success Is 'Culture'"
"AI as an Opportunity for Lawyers and Law Firms to Evolve and Grow"

"Whatever you are told to do, give it your all. Whether you are an in-house lawyer or not, actively seize every opportunity to expand your foundation. The most important message I want to emphasize is that, as a young lawyer, you must always do your best."

Lance A. Etcheverry, partner attorney at the global law firm Skadden, Arps, Slate, Meagher & Flom LLP (Skadden Arps), gave this answer when asked, "What training do you believe is essential for young lawyers to become champion attorneys?"

On the 3rd, at the aT Center Exhibition Hall 2 in Yangjae-dong, Seocho-gu, Seoul, during the "2025 Korea Legal Industry Expo" (LES 2025), Lance A. Echeverri, partner lawyer at the global law firm Skadden Arps, delivered the keynote speech. Photo by Seokjin Choi, Law & Biz Specialist

He said, "It may sometimes be uncomfortable, but if you have good management around you and mentors who can help, it can be a great opportunity for you to grow significantly," adding, "That is why we encourage young lawyers to take on as much responsibility as possible."

On December 3, at the aT Center Exhibition Hall 2 in Yangjae-dong, Seocho-gu, Seoul, during the opening of the "2025 Korea Legal Industry Expo" (Law Expo Seoul 2025, hereafter LES 2025), co-hosted by The Legal Times, In-House Counsel Forum (IHCF), and Messe Esang, Partner Etcheverry delivered a keynote speech on the topic, "The Success Story of a Global Big Law Firm: Skadden."

He began his speech by sharing his first experience handling a case related to Korea.

Attorney Etcheverry said, "It has been almost 20 years since I first entered the Korean legal market," and added, "I can say this now, but when I had just become a partner, a rather challenging litigation case came into the firm."

He continued, "It was a major real estate dispute, and the client had fired their lawyers six weeks before trial. At the time, I was the young partner in that group, and after all the senior partners reviewed the case, they said, 'We do not want to be involved.' So I took on the case. I had never been to Korea before. I did not speak Korean."

He added, "I had never dealt with a Korean client before, and honestly, I think I made almost every possible mistake over the next two and a half months. But we kept moving forward, and in the end, we won the case. That was when I began my journey as a member of this very special legal community."

At the '2025 Korea Legal Industry Expo' (LES 2025) held on the 3rd at the aT Center Exhibition Hall 2 in Yangjae-dong, Seocho-gu, Seoul, Lance A. Etcheverry, partner attorney at the global law firm Skadden Arps, delivered the keynote speech. Photo by Baek Sung-hyun, The Law Times

Before discussing the secrets behind Skadden’s growth into a global law firm, Etcheverry started by sharing the story of Skadden’s founding by three lawyers.

He explained, "I was asked to talk about the secret to the success of the firm that has been the foundation of my professional life for almost 30 years. While it may sound a bit clich? to say we start from the beginning, I believe the founding of our firm played a crucial role in shaping our identity."

Attorney Etcheverry said, "Our firm was founded on April Fool's Day in 1948 by the three gentlemen you see here. They were all highly qualified, attended good schools, and became excellent lawyers after graduation. But because they were of Jewish and Catholic descent, they were not particularly welcomed at the traditional white-shoe law firms in New York. So they said, 'We have two options. We can try to join the traditional New York law firms, or we can start our own.' Fortunately for all of us who came after, they chose to start their own."

He continued, "When they opened the law office in 1948, there were only three lawyers and no specialized practice areas. They simply handled whatever work came in. You can see a copy of our very first billing statement, which was for $532."

Attorney Etcheverry said, "From the 1960s through the 1970s, the firm continued to grow, but what made us famous was the boom in hostile takeovers in the corporate legal sector from the late 1970s into the 1980s. Skadden Arps was at the center of all those major corporate transactions."

He added, "Thanks to the outstanding efforts of everyone who came before us, we now have about 1,700 lawyers, operate 21 offices around the world, and have more than 50 practice areas."

On the 3rd, at the aT Center Exhibition Hall 2 in Yangjae-dong, Seocho-gu, Seoul, during the "2025 Korea Legal Industry Expo" (LES 2025), Lance A. Etcheverry, partner lawyer at the global law firm Skadden Arps, delivered the keynote speech. Photo by Seokjin Choi

The Five Pillars of Success: Culture, Advocacy Like a Champion, Becoming Indispensable, Long-Term Strategy, and Joe Flom

Etcheverry identified five pillars that enabled Skadden’s success: the firm’s culture, advocacy like a champion (quality of legal services), making themselves indispensable to clients, executing a careful long-term strategy, and the key member, Joe Flom.

He said, "Preparing this presentation and being asked to share what we have done well and the factors responsible for our success allowed me to focus on what makes our firm special. What I want to emphasize is that there is no single set path to success."

He continued, "There are many excellent global law firms that work in different ways. Please do not take everything I say today as prerequisites or requirements for success. There are many ways to succeed."

Etcheverry pointed to 'culture' as the core of Skadden’s success.

He said, "Culture is extremely important at our firm. From the time you are a new lawyer, and as you spend many years with the firm-even as your hair turns gray like mine-you continue to nurture that culture. It has been instilled in us from the very beginning."

He continued, "We ensure consistency in our internal culture, our commitment to client service, and the quality of our legal services. We all work together in the same direction to ensure our clients receive seamless service."

He added, "It is important that the same standards and values of Skadden are maintained in every country and every office. For this reason, we have always avoided the merger and acquisition model."

He continued, "We always prioritize internal talent to meet our needs for promotion and partnership. If we cannot personally select every lawyer, every staff member, and every partner at our firm, and if we cannot guarantee our commitment to client service and quality, we feel we have done a disservice to our clients."

Second, Etcheverry discussed 'advocacy like a champion' using an example from American football.

He said, "This is a photo of the Notre Dame University football team’s locker room. It is an iconic gesture. As the players run out onto the field, they come down the stairs and touch that sign. It is a signal to their teammates, to the fans, and to everyone that they will give everything they have on the field." He added, "We have a bit of that, too. The mindset of overcoming any challenge for the client is part of our training. We teach this to new lawyers and continue to instill it in them."

He added, "Our firm is regarded as 'one of the most feared law firms in the world' among our opponents. This is something we hear directly from our clients."

Etcheverry explained the third pillar as 'making yourself indispensable,' saying, "How do you do that? By being involved in every aspect of the client’s business."

He said, "The more areas we can engage with clients and the greater the diversity of legal services we provide, the better we understand our clients. Everything is done strategically, and the ultimate goal is to become indispensable to the client."

He added, "We want our clients to feel, 'We absolutely need them,' 'We need them in every role, and we want them involved in every aspect of our business.' That is because they are trusted advisors."

Scadden Apps Logo. Scadden Apps Homepage

For the fourth pillar of success, Etcheverry cited 'executing a long-term strategy.'

He said, "The next pillar is executing a long-term strategy. This is what I meant by careful growth. Our firm is not usually the first to enter a new market. For example, in Korea, I think we were about the 24th law firm to enter after the legal market opened."

He continued, "The firm conducted a very detailed analysis of whether it was a market we wanted to enter," adding, "It is always a thought process that is not limited to today. But they always look two or three generations ahead."

He added, "That is the approach our firm takes," and "some people may think we miss a few things in the short term, but in the long term, we are positioned for sustainable and meaningful success, building that success around the younger generation and passing the baton to them so that we can prosper for generations to come."

Etcheverry used the analogy of a caddie in golf to describe the role of non-lawyer executives like the Chief Financial Officer (CFO) and Chief Operating Officer (COO) in Skadden’s growth process.

He said, "We have a lead partner at the top, but we also have a CFO and COO who are not lawyers. They offer a unique perspective on running Skadden Arps not just as a legal partnership, but as a business entity."

Attorney Etcheverry said, "While a lawyer could certainly serve as CFO, we found that having a non-lawyer CFO creates a level of financial responsibility that all our employees depend on. This person is the key figure who really oversees our finances, allowing us to assess the economic impact as we expand into new practice areas and open offices in new jurisdictions."

He added, "They are people who think outside the box, consider expansion opportunities, and think about how we can better serve our client base."

Lastly, Etcheverry cited legendary attorney Joe Flom, one of Skadden’s co-founders, as a pillar of the firm’s success.

He said, "The final pillar of success I have identified is related to Joe Flom, one of our firm’s key members. I have mentioned that the era of corporate acquisitions and hostile takeovers was the most dynamic period in our firm’s history. That was when we achieved explosive growth."

He continued, "Joe Flom was truly single-handedly responsible for putting us in that position. He was a giant in the industry, and his legacy extended far beyond his own career, with clients continuing to seek him out. Joe Flom left us about 15 years ago, but clients continued to value his advice."

Attorney Etcheverry said, "When he was still involved with the firm, every new partner had to go through what we called 'Joe Training.' He taught us how to practice law and how to establish a legacy for the legal practice he helped build."

He pointed to a slide in his presentation that read, "Never take yesterday’s success for granted. Never take today’s success for granted. Show your clients that you will succeed tomorrow, the day after, next week, and next year. This is a game of constant self-proving," and explained, "This was one of his signature phrases, meaning you must prove yourself every day."

Attorney Etcheverry said, "There are so many great lawyers. There are also many truly excellent law firms. All of them provide unique services to clients and are very good at what they do. So, what is the factor that creates a strong bond with clients? According to Joe Flom, it was exactly this," concluding his keynote speech.

Scadden Abbs New York Headquarters located in Manhattan, New York City, New York State, USA. The Legal Times

After the speech, there was a Q&A session where attendees received answers to questions they had submitted in advance via QR code.

Attorney Etcheverry was asked, "What qualifications and conditions do you look for when hiring foreign talent?" He replied, "At least for me, it is connected to what I mentioned earlier about hiring young lawyers."

He continued, "There is a certain attitude you sense in people who have a genuine desire to excel and pour everything into growing as a lawyer." He added, "I want people who are passionate. I want people who have a desire to learn. I want people who are willing to take on as much responsibility as we can give them. I want people who, even if they do not have a role in the courtroom, just want to be there and absorb everything they can."

He said, "You can sense when someone is truly passionate. Many people might say that, but if you do this long enough, you can tell who genuinely means it. For me, that is the single most important qualification. That intangible factor is what truly distinguishes those who succeed in the short term from those who succeed in the long term, and from those who simply survive and often move on to do something else."

Next, when asked, "Can lawyers and law firms still achieve meaningful growth in the age of artificial intelligence (AI)?" he said, "The really important question is what the impact of AI will be. When it comes to legal practice and the growth of law firms, and how the two can coexist, there are some conflicting aspects."

Attorney Etcheverry said, "AI may be able to do some of the work that lawyers have traditionally done," but emphasized, "My answer is that we all need to think carefully about how we can better leverage the amazing technology out there to provide better service to our clients."

He continued, "For me, I see it as an opportunity for us to evolve and adapt."

He introduced a practical example where ChatGPT provided an incorrect answer about whether a person has the right to appeal a verdict or adverse judgment due to ineffective assistance of counsel, and said, "As lawyers, there is a role for the judgment we provide. The role of trusted advisors will always remain."

He added, "Clients come to us when they truly need help. There is a human element to the client experience, and at least in the short term, I am not sure if AI can fully capture that. So, for me, it is an opportunity for law firms to work smarter and more efficiently. That benefits clients, but I do not see the two as mutually exclusive."

*Skadden, Arps, Slate, Meagher & Flom LLP (Skadden Arps)

This is a multinational law firm headquartered in New York, USA, and is one of the highest-grossing law firms in the world. It was founded on April 1, 1948, by three lawyers: Marshall Skadden and Les Arps, both graduates of Harvard Law School, and John Slate, a graduate of Columbia Law School. The firm's current name also includes Joe Flom, the first Harvard Law School graduate hired after the firm's founding, and William Meagher, who joined later from Fordham University School of Law. In addition to New York, the firm has offices in major cities worldwide, including Beijing, Brussels, Frankfurt, Hong Kong, London, Moscow, Tokyo, and Seoul, and provides services in mergers and acquisitions (M&A), finance transactions, litigation, and a wide range of corporate legal matters.