Despite Downturn, Skadden Soars: Top M&A Firm is Global, Countercyclical

One of the biggest names in corporate law is doing fine despite the economic downturn.

Skadden Arps Slate Meagher & Flom isn't hurting, reports Forbes, for a couple of reasons:

First, the mergers and acquisitions arena in which the law firm is considered the nation's premiere practitioner is countercylical. When deal-making isn't hot, those involved in deal-breaking are likely to need legal advice. In addition to a reduced flow of ongoing mergers and busted deals, Skadden is now busy with a number of major corporate restructurings.

Second, the New York-based firm has been aggressive about global expansion and is fast becoming the go-to M&A firm abroad as well as at home. Since establishing its first foreign office in 1988, in the London living room of Bruce Buck, now 61, who remains in charge of its European operations, Skadden has gone on to become a presence in farther-flung cities including Moscow; Shanghai, China; and Sydney, Australia.

"It's clear that international is the future," executive partner Robert Sheehan tells the magazine. "We are getting closer and closer to the decision-makers and the money."