The gradual departure of Willkie Farr & Gallagher LLP from the municipal bond market concludes today with the retirement and departure of its two public finance partners.
Firm partner Thomas M. Rothman has retired as of today, and Randolph J. Mayer, of counsel, is joining Fulbright & Jaworski LLP as a partner on Tuesday, Mayer said.
A call to Rothman was referred to Willkie Farr partner John D’Alimonte, who was on vacation and unavailable for comment. Antoinette McGovern, Willkie’s chief marketing officer, was also unavailable. Fredric Weber, the Houston-based partner who heads Fulbright & Jaworski’s public finance unit, was traveling and unavailable for comment.
“Willkie hasn’t been dedicating the same level of resources to public finance. Our business, while profitable, just doesn’t fit in its long-term strategic plan,” Mayer said. “I’m excited about joining a firm that has a greater interest in the market, and Fulbright & Jaworski certainly fits the bill.”
In 1995, Willkie Farr ranked 19th nationally among bond counsel by working on 110 issues with a combined total of about $1.8 billion, according to Thomson Financial. The firm improved its rank in 1996, moving up to 13th on the strength of working 156 deals valued at about $2.6 billion, the data show. The firm’s presence as bond counsel declined to $469.5 million last year and $385 million through Wednesday this year, ranking it 134th.
During the same time, Fulbright & Jaworski moved to fifth from 15th among bond counsel nationally, according to Thomson. Fulbright & Jaworski was bond counsel on 166 deals valued at $2.3 billion in 1995 and through Wednesday of this year has been bond counsel on 297 transactions totaling a combined $11.4 billion, according to Thomson.As underwriters’ counsel, Willkie Farr’s national rank fell to 243rd this year — four deals adding up to about $85 million — from 23rd in 1995, when the firm worked seven deals for a combined total of $836 million, according to Thomson. Willkie Farr’s best year as underwriters’ counsel during that period was in 2001, when it worked 14 transactions valued at $1.9 billion.
Fulbright & Jaworski climbed to sixth from 33rd nationally during the same period. So far this year, the firm has handled 171 transactions totaling $7.6 billion as underwriters’ counsel compared with 54 transactions and $650.6 million in 1995, according to Thomson.
Over the past year, Willkie Farr has been disclosure counsel for New York City and has been disclosure counsel on 10 transactions worth $3.6 billion. Fulbright & Jaworski has worked in that capacity on 83 deals for a combined total of $2.1 billion, roughly.
New York City earlier this week solicited applications for new disclosure counsel for its note and bond sales. Proposals and qualifications are due to the city by Jan. 9. Interested firms seeking more information should contact Anita Fajans at 212-788-0970.
