[ News Article ]
Duane Morris Grabs Wolf Block Corporate Attorney
By Gina Passarella
March 15, 2006
The Legal Intelligencer
Duane Morris has brought on corporate and securities lawyer John Coogan, Jr. as a partner in its corporate practice group.
Coogan, who started Monday, made the move from Wolf Block Schorr & Solis-Cohen where he was formerly the vice chairman of the corporate and securities group and head of the emerging business group.
While classifying himself as a "classic corporate generalist," Coogan will handle emerging business and venture capital work, mergers and acquisitions, and securities offerings.
His clients include publicly traded and privately held companies, as well as investment funds.
"As long as I'm talking to the boss of the company, I don't care about the size of the company," he said.
Coogan would not discuss what particular clients would follow him to Duane Morris, but said that some clients made the move with him.
"I expect that Jay will take with him a few relationships of his, but nothing material," Wolf Block chairman Mark L. Alderman said.
Part of the reason behind Coogan's move was Wolf Block's announced strategy to remain a regional firm, he said.
"It's really sort of a style thing," Coogan said. "Duane Morris is probably going to end up as a much larger firm."
He said he wasn't concerned with giving up the titles he held at Wolf Block.
According to Coogan, when situations arise such as clients in Texas needing litigation help, or clients in Florida in need of real estate advice or Boston clients looking for trust work, he will now be able to keep that work in-house.
"Wolf Block just started in Boston, but they're never going to get to Texas and Florida," he said, adding that that is not a negative thing.
Coogan said he plans to work with Duane Morris' private equity and venture capital group in conjunction with the needs of his clients.
Alderman said he agrees with Coogan's assessment of Wolf Block's strategy.
"Duane Morris is a more national firm than we are and is likely to remain a more national firm than we are," Alderman said.
Both sides agreed that Coogan's departure was on good terms.
"This was a very amicable and very mutual decision," Alderman said.
Coogan said he was not sure what Alderman meant by mutual.
"I have no idea what he's talking about," he said. "Nobody had suggested that I leave, that I know of."
Coogan pointed out that he was very busy up until the end of his time at Wolf Block, particularly in working with other attorneys on the $1.05 billion deal the firm handled between Bon-Ton Stores Inc. and Saks Inc.
Coogan said talks about a possible move began late last year when he received a call that Duane Morris chairman Sheldon Bonovitz wanted to speak with him.
"When Shelly wants to see you . . . you've got to go listen," Coogan said.
Around the time he met with Bonovitz, Coogan was working on a "major project" and said he did not want to leave Wolf Block or the client until that was completed.
F. Doug Raymond, head of Drinker Biddle & Reath's corporate and securities group, said he has known Coogan for years and "Duane is lucky to have him."
Raymond said Coogan's move is consistent with what is happening in the practice area.
"With the market for transaction work very strong right now . . . it increases the interest in people acquiring M&A and corporate lawyers," he said. "We're looking for corporate hires. Part of it's strategic, part of it is just responding to the market."
Wolf Block has seen a few moves within its emerging business group in the last several years. Stephen M. Goodman left the firm in the late 1990s to join Morgan Lewis & Bockius, where he is now the co-chairman of the firm's global technology practice. Richard Silfen left the firm in 2000 to join Goodman at Morgan Lewis. He has since left to work for Maryland-based client Cangen Corp.
Alderman said the moves were not so much about the fluidity of the practice area but the personalities of those making the move. He said their personalities were "mobile."
Alderman said the firm's corporate and securities group and its emerging business section, now headed by David Gitlin, is generating a lot of business.
Prior to joining Wolf Block, Coogan was an assistant general counsel to the health care services company NovaCare Inc. Before that, he practiced at Cravath Swaine & Moore and a New York boutique that has since merged into Torys. Coogan had been with Wolf Block since 1996. He is based out of the Philadelphia office of Duane Morris.
This article originally appeared in The Legal Intelligencer and is republished here with permission from law.com.