Media Mentions
2012
“McDermott 2011 Performance in The Am Law 100, the Early Numbers”
The AmLaw Daily, February 2, 2012
McDermott recorded a 4.7 percent increase in gross revenue last year, to $825.5 million. At the same time, the firm's revenue per lawyer climbed 3 percent to $840,000, while profits per equity partner inched up 2.7 percent to $1.5 million. McDermott co-chair Jeffrey Stone said that 2011 was a particularly good year for IP, litigation, healthcare, energy and private client work. McDermott's corporate department also exceeded budget targets. "Last year was a very good one for the firm," said McDermott co-chair Peter Sacripanti. "We hit all our objectives and saw growth in all the major indices of law firm performance. We improved revenue, profit and productivity."
Peter John Sacripanti, Jeffrey E. Stone, Trial, White-Collar & Securities Defense
“Andrea Kramer: Promoting Gender Equality”
Chicago Lawyer, February 1, 2012
Andrea Kramer was profiled for her significant efforts to promote gender equality in the legal profession. Since joining McDermott as a partner, Ms. Kramer helped establish the Firm’s Diversity Committee and McDermott University mentoring program as well as the Women’s Leadership & Mentoring Alliance, and chairs the Chicago Foundation for Women. “I believe that women can help themselves, and I think men have a lot to learn as well about what they can do to do a better job of understanding the communication differences,” she stated. Jeffrey Stone called Ms. Kramer “a thought leader and innovator” in gender equality issues, while Carolyn Gleason said of Ms. Kramer, “I’ve been inspired as I’ve watched her.”
Carolyn B. Gleason, Andrea S. Kramer, Jeffrey E. Stone, International Tax, International Trade, Tax, White-Collar & Securities Defense
2011
“Law Firms Weigh Effects of Dictator’s Death on Plans for Seoul Offices”
National Law Journal, December 23, 2011
Jeffrey Stone stated that the death of North Korean leader Kim Jong Il “has not at all changed [McDermott’s] interest” in assessing the potential for opening an office in the “active and vibrant economy” of South Korea. Mr. Stone noted that the Firm already serves South Korean clients from its U.S. offices, but could make a final decision early in 2012, in consultation with South Korean clients, on opening an office in that country. “We remain very interested in the opportunities presented by the opening of the South Korean legal market,” Mr. Stone concluded. “We are studying it very carefully.”
Jeffrey E. Stone, White-Collar & Securities Defense
“Asia’s Allure Deepens”
The Wall Street Journal, December 19, 2011
Jeffrey Stone noted that “Western companies simply need a lot of help navigating China,” a fact that McDermott has recognized in its strategic alliance with MWE China Law Offices, which has China-trained lawyers based in Shanghai.
Jeffrey E. Stone, International, White-Collar & Securities Defense
“McDermott Adds 29 to Partnership in US and Europe”
The Lawyer, November 29, 2011
Jeffrey Stone commented that almost half of the 29 lawyers named partner in McDermott effective January 1, 2012 are women, “reflecting our deep commitment to creating a diverse network of leaders across this firm.” This UK article also noted that the number of new partners promoted by McDermott “dwarfs” similar announcements made by two other large U.S. firms with London offices.
Jeffrey E. Stone, White-Collar & Securities Defense
“Affymax to Pay J&J Unit $13M in Anemia Drug IP Dispute”
Law360, November 9, 2011
Christopher Murphy and Jeffrey Stone were co-counsel to biopharmaceutical company Affymax Inc. in settling a long-running patent ownership dispute covering a drug to treat anemia in chronic kidney disease patients.
Christopher M. Murphy, Jeffrey E. Stone, Trial, White-Collar & Securities Defense
“In Chicago, They Like to Do Things in a Big Way”
National Law Journal, August 8, 2011
Jeffrey Stone said concerning Chicago legal market growth that McDermott has based its lawyer hiring on specific needs by practice group: “We make it clear that we’ll take four for corporate, two for tax or whatever the need requires. That means we bring in associates who are more mature and focused, more self-aware.” Mr. Stone cited McDermott’s associate-staffed group for all discovery work as an example of offering “a high level of professionalism at a lower price point.”
Jeffrey E. Stone, White-Collar & Securities Defense
“The Importance of Giants”
Chicago Lawyer , August 2011
Jeffrey Stone reflected, as author of this bylined article, on two leaders of the Chicago legal community, Jerry Solovy and George Cotsirilos, who both recently passed away and who had major impact on Mr. Stone as a lawyer. “Both men stood for excellence, substantively and in terms of dedication to their clients,” Mr. Stone wrote, adding that they represent “giants among us worthy of emulation and who … cast long-lasting shadows that survive well after the giant has passed.”
Jeffrey E. Stone, White-Collar & Securities Defense
“McDermott Names New Head of Houston Office”
Citybizlist Houston, July 14, 2011
Steven Spears was called “quite simply the best choice” to head McDermott’s Houston office by Firm co-chair Jeffrey Stone. McDermott co-chair Peter Sacripanti added that Mr. Spears is “a strong and capable leader” and a “battle-tested courtroom attorney and mentor to others.” Mr. Spears was recently included by his professional peers in The Best Lawyers in America for intellectual property law.
Peter John Sacripanti, Steven G. Spears, Jeffrey E. Stone, Intellectual Property, Trial, White-Collar & Securities Defense
“Top-Ranked Estate Planner Joins McDermott”
Private Wealth, April 12, 2001
Jeffrey Stone and Carol Harrington both praised Carlyn McCaffrey, who has led her team of seven estates and trusts lawyers from a major New York-based firm to McDermott’s Private Client Group in New York. Mr. Stone called Ms. McCaffrey “one of the most highly respected practitioners in the country” and singled out “the results she and her team have continually delivered.” Ms. Harrington added that Ms. McCaffrey “is a truly brilliant and highly sought-after advisor,” and noted the skills of new partners Amy Heller and Elyse Kirschner.
Carol A. Harrington, Carlyn S. McCaffrey, Jeffrey E. Stone, Private Client, White-Collar & Securities Defense
2010
“Outsourcing Gaining Standing in Legal Profession”
Chicago Tribune, December 28, 2010
Jeffrey E. Stone discussed McDermott’s staff attorneys, who give clients a cost-effective alternative to handle document review and other discovery-related tasks. Noting that the Firm now has 50 such attorneys, Mr. Stone said that by using them to handle the document review task in-house rather than outsourcing it, McDermott can exercise greater control over the quality of work and while experiencing less turnover among the attorneys.
“Firm Offers New Benefit to LGBT Employees”
Chicago Daily Law Bulletin, December 15, 2010
Jeffrey E. Stone declared that McDermott is compensating employees for the added federal tax on same-sex domestic partner health benefits because that tax “seemed unfair and inequitable to us.” Mr. Stone said that the Firm’s new policy demonstrates “that we want to be crystal clear that we treat all members of the McDermott family – lawyers and staff alike – on a fair and principled basis,” and added: “We didn’t have to do this but we thought it was the right thing to do… I think highly talented, highly motivated people want to be associated with institutions like that.”
“Before and After”
Real Estate Bisnow, December 15, 2010
Jeffrey Stone noted that McDermott’s requirements for the Firm’s new Washington, D.C. office location (a redesign for which the architectural concept has been approved by the Commission of Fine Arts) have been incorporated into the building’s base design, with lease options to expand.
“A Progress Report on Gay Employee Health Benefits”
New York Times, December 14, 2010
McDermott was one of three major law firms mentioned among a growing number of companies that reimburse the extra federal tax on the health benefits of same-sex domestic partners.
“McDermott to Offset Taxes for Gay Domestic Partners”
Law360, December 10, 2010
Peter Sacripanti, announcing that McDermott will compensate employees for the extra federal taxes they pay on benefits for same-sex domestic partners, said that the Firm “is proud to be among the first in the legal industry to offer this important benefit to our LGBT employees in same-sex relationships.” He cited the “growing awareness about the tax inequities surrounding the higher federal tax” as a key reason for the move. Jeffrey Stone added that McDermott is committed to a culture that values and nurtures diversity, symbolized by the Firm’s perfect score in The Human Rights Campaign’s survey of LGBT workplace acceptance.
Peter John Sacripanti, Jeffrey E. Stone
“The New Normal”
The American Lawyer, December 1, 2010
Jeffrey Stone, McDermott’s co-chair, assessed current conditions in the legal services market. He noted that alternative billing is increasingly attractive to clients because it adds value and price efficiency, but it requires law firms to have greater nimbleness in responding to business conditions. Mr. Stone sees corporate work growing overall because “it’s been at such a low ebb” and because “corporations will start deploying their assets and taking advantage of the low interest rates.” He added that another positive factor is that “the wave of bankruptcy may be passing. The monster-size restructurings of the recession are abating.”
“Glencoe Resident Receives Human Rights Medallion”
The Glencoe News, October 29, 2010
Peter Sacripanti addressed Jeff Stone’s selection to receive the American Jewish Committee’s prestigious Human Rights Medallion, saying that Mr. Stone “is deeply committed to human rights and equal opportunity for all.” As McDermott co-chair with Mr. Stone, Mr. Sacripanti called his colleague “an influential and long-time advocate for civil rights and equal justice. His devotion to pro bono and community service has helped to shape the core values of our law firm.”
Peter John Sacripanti, Jeffrey E. Stone, Trial, White-Collar & Securities Defense
"American Jewish Committee Honors McDermott Co-Chairman"
Chicago Daily Law Bulletin, October 27, 2010
Jeffrey Stone, honored by the American Jewish Committee (AJC) with its Human Rights Medallion for his pro bono leadership and contributions, asserted that the award "is more about the AJC than me" because of the organization's support for "values of tolerance, acceptance, protection of minority interests. It means a lot to me to be associated with those kinds of values." He added that the AJC believes "a society that protects its weakest members is a stronger, healthier, more vibrant society." Peter Sacripanti praised Mr. Stone's pro bono work, saying: "He leads by example. He's quite serious about our obligation as a profession to give back to our communities in a variety of ways."
Peter John Sacripanti, Jeffrey E. Stone, Trial, White-Collar & Securities Defense
“Firms’ Rankings Are Released, Without Calamity”
New York Times, September 17, 2010
Jeffrey Stone was quoted concerning U.S. News & World Report’s new rankings of American law firms. Citing Mr. Stone’s interview with The New York Law Journal about the rankings, the article presented his opinion, “I don’t think this additional ranking, in and of itself, is a game changer,” and his additional comment that clients consider a variety of factors when choosing a firm.
Jeffrey E. Stone, Trial, White-Collar & Securities Defense
“New System of Ranking Law Firms Draws Mixed Reviews”
Law.com, September 15, 2010
Jeffrey Stone commented (in a story also carried by Yahoo! Finance and the ABA Journal) regarding a new practice area ranking of nearly 8,800 law firms by U.S. News and World Report. “I don’t think this additional ranking, in and of itself, will be a game changer,” Mr. Stone, the Firm’s co-chair, said. “When clients are selecting attorneys, there is no single source of information that is dispositive. They look at rankings, client experience and word of mouth, among other things.” Mr. Stone added that the rankings (in which McDermott has seven Tier 1 practices nationally) are an incremental improvement over the information clients have had available to them.
Jeffrey E. Stone, Trial, White-Collar & Securities Defense
Jeffrey Stone was quoted extensively in a June 2 Law360 story about how more law firms are moving toward a dual leadership structure. Mr. Stone, who co-chairs McDermott with Peter Sacripanti, said that the two men find the arrangement “to be incredibly valuable for the firm. If there were just one of us, the business of managing day-to-day operations at the firm would make it very difficult for us to do that.” Mr. Stone noted that “a ‘single chair’ model makes it difficult for the leader to have a practice, and it’s important for leaders to have direct contact with the legal market, or they get stale,” and added that a dual leadership arrangement can benefit clients in the current challenging environment. “Tough economies force you to think very intently on the creation of value and how you are serving your client,” he stated.
Peter John Sacripanti, Jeffrey E. Stone, Trial
Jeffrey Stone commented on McDermott’s new merit-based pay and promotion system for The National Law Journal (January 13). He emphasized that the move is not aimed at cutting costs, but rather is structured to reward the best performing associates while creating greater value for clients. “The old lockstep system rewarded for longevity. It failed to reward increases in competence,” Mr. Stone said. As part of the change, by 2011, associates will be placed in one of three pay levels based on skills achieved and business experience. Mr. Stone added that McDermott’s training will be adjusted to focus on the core competencies deemed the most significant at each pay level. The three-tiered aspect of the Firm’s new compensation system was also noted by JD Journal in a January 12 story.
John P. Hendrickson PC, Jeffrey E. Stone
Jeffrey Stone and John Hendrickson both addressed, in a January 12 Law360 story, McDermott’s implementation of a new associate pay structure based on performance. Mr. Stone, chair of the Firm’s Management Committee, said the new system is about “aligning performance with compensation,” adding that it “puts a laser-like focus on competency and delivering value for the clients.” Mr. Hendrickson, chair of the Firm’s Compensation Committee, added that the new model “will ultimately deliver more cost-effective and valuable services to our clients while setting clear standards for the development of associates.”
John P. Hendrickson PC, Jeffrey E. Stone
2009
Jeffrey Stone commented for a number of publications, including The National Law Journal (December 21), The Recorder (December 24) and Texas Lawyer (December 28), regarding former Enron CEO Jeffrey Skilling’s appeal of his accounting fraud conviction. At issue in Skilling’s case, now before the U.S. Supreme Court, is his conviction under a 1988 law that makes it a crime to “deprive another of honest services.” “Honest services was an important element of the prosecution’s theory in the case,” said Mr. Stone, who added that the theory has also been invoked in recent options-backdating cases. “If the court redraws the boundaries, it will return prosecutors back to more traditional theories of deprivation of tangible goods.”
John Huang and Jeffrey Stone were quoted in a story about MWE China Law Offices that was carried by Cal Law /The Recorder on November 9. Noting the importance of Mr. Huang and Kevin Qian, co-founders the Shanghai firm that joined with McDermott to form MWE China Law Offices, Mr. Stone said of the venture, "One of the reasons other firms haven't been able to replicate this is that it's pretty hard to replicate John and Kevin." The article called MWE China “an ingenious way for an American law firm to enter local Chinese practice,” although the venture has faced a challenging market. “But, later on,” Mr. Huang stated, more and more people will see that this is the path."
John Huang was quoted in a story about the success of MWE China Law Offices that appeared in AmLaw Daily (November 3) and The American Lawyer (November 4). Co-founder of the Shanghai firm that joined with McDermott to form MWE China Law Offices in 2007, Mr. Huang said of the venture that "in a short period of time, we've caught up to the best Chinese firms." Mr. Huang called the Chinese market for legal services “very tough,” adding that, for successful firms, "you have to provide higher service. You have to deliver value." Mr. Stone commented that the Firm was lucky to recruit John and Kevin Qian to embark on the alliance with McDermott, "One of the reasons other firms haven't been able to replicate this is that it's pretty hard to replicate John and Kevin," he said.
Jeffrey Stone participated in a Chicago Lawyer Magazine (August 2009) roundtable concerning the economy and its impact on the legal profession. Mr. Stone stated that law firms must focus on “understanding the stresses that our clients are under, and making sure that the services we deliver and the manner in which we deliver them makes sense to our clients.” He believes that firms must change to accommodate client needs by looking hard at their services, staffing levels, locations and skill composition. Mr. Stone added that young lawyers should “think about investing in their careers and…about how they develop a set of skills that’s really going to help them add value to clients.” He cited strategic thinking, decisiveness, communication and integrity as key skills for law firm leaders. Click here to read the full article.
Harvey Freishtat, Jeffrey Stone and Peter Sacripanti were mentioned in the June 2009 issue of Juve Rechtsmarkt regarding the appointment of Mr. Stone and Mr. Sacripanti as co-chairmain of the Firm effective January 1, 2010.
Harvey W. Freishtat, Peter John Sacripanti, Jeffrey E. Stone, Trial
Jeffrey Stone spoke to the Chicago Daily Law Bulletin (April 25) about McDermott's separate career track for full-time staff lawyers who are a cost-effective resource for clients. Mr. Stone said that the staff lawyers provide support services to litigation around the country and also do due diligence on corporate transactions, and added about the concept: "We think we have priced it in a way very attractive to our clients."
Jeffrey Stone was included in an April 25 Chicago Daily Law Bulletin story about former Chicago federal prosecutors who now have a white-collar defense practice. The story noted that Mr. Stone is McDermott's co-chair elect, and placed him among the former prosecutors who have maintained the integrity and peer respect that they had developed as prosecutors. "When I was at the U.S. Attorney's Office," Mr. Stone explained, "one of my mentors always said, 'If you wouldn't be comfortable seeing it on the front page of the Chicago Tribune, or you wouldn't be comfortable having your mother read about it the next morning, don't do it.' [I]t's . . . a simple aphorism, but it's true."
Jeffrey E. Stone, Trial, White-Collar & Securities Defense
Jeffrey Stone and Peter Sacripanti were quoted by Legal Week and The Am Law Daily on April 4, discussing their election as the Firm's new co-chairs and commenting on McDermott's strengths and global position. Mr. Stone noted that the Firm "has been going through a [Firm-wide] strategic planning process for the past year, and we're well positioned to build on that vision through our platform of offices around the world." He also cited the fact that McDermott has no bank debt, to which Mr. Sacripanti added, "Our profit pool that's generated by our partners is our bank. And that's how we finance ourselves, and it’s given us enormous flexibility in these tough economic times." To read the entire article click here.
Peter John Sacripanti, Jeffrey E. Stone, Trial
Jeffrey Stone and Peter Sacripanti were also quoted in a Legal Week story on April 6 summarizing their election as the Firm's new co-chairs. Mr. Stone said of the unique co-chair arrangement, "We thought that the two of us working together could achieve more and give us a greater capacity to address the challenges that exist in today's economic world. We also believed that our complementary skills made both of us stronger than either of us would be individually." Mr. Sacripanti pointed out the additional benefit from the fact that the co-chairs are based in two different offices. "We want to be able to project in different places at the same time, and Jeff and I are in constant communication on a daily basis. Chicago is our largest office and New York is our third-largest office, so we are looking at this [union] as a strength."
Peter John Sacripanti, Jeffrey E. Stone, Trial
Jeffrey Stone and Peter Sacripanti were cited in an April 3 Chicago Tribune story about their election as McDermott's co-chairs. The story called McDermott "one of the nation's largest and most profitable firms," and noted that the new co-chairs are both former federal prosecutors who have become top trial lawyers at the Firm.
Peter John Sacripanti, Jeffrey E. Stone, Trial
Mark Pearlstein, Thomas Ryan, Jeffrey Stone, Charles Weir and Gregory Jones were mentioned in the March issue of American Lawyer for their representation of DaVita, Inc. McDermott has represented DaVita for ten years as regular outside litigation counsel.
Gregory R. Jones, Mark W. Pearlstein, Tom Ryan, Jeffrey E. Stone, Charles E. Weir, Trial
Jeffrey E. Stone was mentioned March 9 on Eight Forty Eight regarding the Chicago Bar Foundation's (CBF) Investing in Justice Campaign. Mr. Stone, partner and head of McDermott's Trial Department, will chair CBF's 3rd Annual Investing in Justice Campaign this March. CBF states that there are fewer than 300 legal aid attorneys in the region for more than one million low-income residents who qualify for their services. To hear the entire interview click here.
Jeffrey E. Stone, Pro Bono & Community Service, Trial
Jeffrey E. Stone was quoted on February 25 in The Chicago Daily Law Bulletin regarding the Chicago Bar Foundations (CBF) Investing in Justice Campaign. Mr. Stone, partner and head of McDermott's Trial Department, will chair CBF's 3rd Annual Investing in Justice Campaign this March. Mr. Stone asked, "If not us, who?" He continued, "Lawyers and the legal community in general probably have the greatest insight into the need for the provision of legal services."
Jeffrey E. Stone, Pro Bono & Community Service, Trial
Jeffrey E. Stone was mentioned on February 23 in The Chicago Tribune regarding the Chicago Bar Foundation's (CBF) Investing in Justice Campaign. Mr. Stone, partner and head of McDermott's Trial Department, will chair CBF's 3rd Annual Investing in Justice Campaign this March.
Jeffrey E. Stone, Pro Bono & Community Service, Trial
Jeffrey E. Stone was quoted on February 18 in The Am Law Litigation Daily regarding the Chicago Bar Foundation's (CBF) Investing in Justice Campaign. Mr. Stone, partner and head of McDermott's Trial Department, will chair CBF's 3rd Annual Investing in Justice Campaign this March. Mr. Stone commented, "The need for legal aid is skyrocketing," he continued, "and the sources are increasingly stressed." To view the entire article click here.
Jeffrey E. Stone, Pro Bono & Community Service, Trial
Jeffrey E. Stone was quoted in the January 5 issue of Inside Counsel regarding in-house counsel's role in detecting and preventing corruption within their organizations. He noted that the penalties are harsh for corporate individuals found guilty of corruption. "It could be jail time for individuals—massive fines and even debarment for the company. If you're a health care company and you lose your Medicare provider number, it's pretty tough to exist," he said. "Experienced lawyers know that the way to take the sting out of an allegation is to deal with it head on. Now, there's nuance to that. You don't necessarily walk in and tell the government everything that you've discovered that has gone wrong if you don't think the government is likely to find that out. On the other hand, if the government is likely to explore an issue, ignoring the totality of the circumstances is playing with fire," he added.
Jeffrey E. Stone, Trial, White-Collar & Securities Defense
2008
Jeffrey Stone and Jocelyn Francoeur were mentioned on November 26 by The Am Law Daily regarding their roles as pro bono prosecutors for the U.S. government in a case referred to them by Judge Kennelly. "[W]hile this certainly wasn't the crime of the century, I'd never [been a pro bono prosecutor] before so it seemed like something worth pursuing," said Mr. Stone. In a bench trial before Judge Kennelly, Mr. Stone and Ms. Francoeur prosecuted a woman on charges of contempt of court and obstruction of justice after she threatened a witness during her brother's criminal trial. Mr. Stone said the case was "an interesting psychological experience. Since 1991, I've probably spent at least 50 percent of my time looking for defenses or mitigating circumstances. On an emotional level, this was a more difficult balance than I thought it was going to be."
Jocelyn D. Francoeur, Jeffrey E. Stone, Pro Bono & Community Service, Trial
Jeffrey E. Stone was quoted in the December issue of Inside Counsel in an article regarding former McAfee general counsel, Kent Roberts', high-profile options backdating trial. The jury found that Roberts' actions did not meet the threshold for criminal intent. "This was under the white spotlight - an issue that drew intense investigative pressure. In a case like this, where apparently the evidence suggested that there was no intent to commit a crime, the jury ferreted that out. They really focused on the facts of this specific case," said Mr. Stone.
Jeffrey E. Stone, SEC Defense, Trial, White-Collar & Securities Defense
Jeffrey E. Stone was quoted in the August 2008 issue of California Lawyer in an article regarding California law firms' shift to offering younger lawyers alternatives to the partnership track due to economic uncertainty and the lawyers' desire for a better work/life balance. Mr. Stone spoke about McDermott's staff attorneys who work full time but who are not on the partnership track. "These people are perfectly happy to count hours. What they don't want is all that other stuff that is part of the partnership track - no firm politics, no client development. And our clients get cost efficiency without losing substantive excellence," he said.
Jeffrey E. Stone was quoted in the August 1 issue of the Boston Business Journal in an article regarding the rise in legal process outsourcing. Mr. Stone noted that the Firm does not engage in outsourcing but that the addition of lower-paid staff attorneys, who perform routine legal work, has helped cut litigation costs. He added that while the program mirrors the outsourcing trend's appeal of lower prices, it still enables the Firm to retain control over access, quality and security.
Jeffrey E. Stone was quoted in the July 7 issue of the San Francisco Business Times in an article regarding law firms' decision to hire contract and staff attorneys as a way to cut litigation costs. Mr. Stone noted that the Firm's staff attorneys are assigned routine tasks and review documents for major litigation cases. "We're finding there is a sustained demand for the work and the pricing flexibility that this gives us with our clients," he said.
Jeffrey E. Stone was quoted in the May issue of The American Lawyer in an article regarding law firms' use of staff attorneys to improve the cost-efficiency of their practices. Staff attorneys are paid about half the salary of traditional associates and handle the routine and labor-intensive work for large litigations. Regarding McDermott's use of this new tier of associates, Mr. Stone said, "Clients are looking to us to come up with responses to the increasing cost of litigation. We're trying to create increasing options for them and for us."
Jeffrey E. Stone was quoted in the April 22 issue of the Chicago Tribune in an article regarding Your Witness: Lessons on Cross Examination and Life from Great Chicago Trial Lawyers, a book recently published by two Chicago defense attorneys. As a partner in McDermott's Trial Department, Mr. Stone's thoughts on cross-examination are included in the new book. "Many lawyers fail to recognize the inherent drama built into the key cross. Instead of running away from the drama, I believe that the truly great cross-examiner, like the great athlete or actor, seizes that dramatic moment and puts his or her own stamp on it," Mr. Stone said.
Jeffrey E. Stone was quoted in the January 6 issue of the Am Law Daily in an article regarding the difficulties facing highly leveraged firms. Several such firms have announced cutbacks, layoffs or have dissolved because clients are cutting costs by assigning contract lawyers or outsourcing routine work overseas. One solution to leverage is cutting salaries for those doing routine work, an idea McDermott implemented when it created its staff attorney program. Staff attorneys are paid much less than associates on the path to partnership. Mr. Stone noted that the Firm's clients receive better value from staff attorneys, rather than contract lawyers, because there is less turnover and the Firm can control quality. "I think there's some sizzle to this idea," he said.
Jeffrey E. Stone was quoted in the January 2008 issue of CFO Magazine in an article regarding the Securities and Exchange Commission's backdating case against Carl W. Jasper, ex-CFO of Maxim Integrated Products. Mr. Stone stated that Jasper has a good chance of defending himself against accusations of backdating options if the case proceeds to trial. Because the accounting rule that pertains to backdated options, APB 25, is so complex, "the government has the difficult burden of establishing that any individual, CFO or otherwise, had the requisite understanding of those accounting rules at the time the events happened," Mr. Stone said.
Jeffrey E. Stone, SEC Defense, Trial
Jeffrey E. Stone is quoted in the January 1 issue of CFO Magazine regarding the Securities and Exchange Commission's backdating charges against Carl W. Jasper, ex-CFO of Maxim Integrated Products. Mr. Stone said that if the case proceeds to trial, Jasper's chances are fairly good. He notes the accounting rule that applies to backdated options, APB 25, is so complex that "the government has the difficult burden of establishing that any individual, CFO or otherwise, had the requisite understanding of those accounting rules at the time the events happened."
2007
Jeffrey E. Stone appeared on WTTW11 Chicago on August 21 on a panel discussing the 7th Circuit's decision to affirm the conviction of former Illinois Governor George Ryan. The decision included a strongly worded dissent, and was the subject of widespread media coverage.
Jeffrey E. Stone, Trial, White-Collar & Securities Defense
Jeffrey E. Stone was quoted in the March 27 issue of The Wall Street Journal in an article regarding Firm client Gary Gerhardt, the former finance chief of Engineered Support Systems Inc., being charged with fraud and other offenses relating to options backdating. Mr. Stone aid, "Any jury who gets the chance to hear him will find him to be an honest and straightforward man."
Jeffrey E. Stone, Corporate Responsibility and Governance, Trial, White-Collar & Securities Defense
Jeffrey E. Stone was quoted in the March 2007 issue of CFO Magazine in an article about ways to improve as a public speaker. Mr. Stone said that addressing possible objections during a presentation before they can be raised shows that you've done your research, making you more persuasive.
Jeffrey E. Stone was quoted in the February Illinois Super Lawyers 2007 supplement in Chicago Magazine in an article profiling top Chicago defense attorneys. Mr. Stone discussed his defense experience which started in law school and continues to present as he represents white-collar and other criminal defendants through his work at McDermott and his volunteer and pro bono endeavors. "Corporate lawyers often win because the deal closes and everyone's happy. As a defense lawyer, the wins are terrific, but the losses stay with you forever," he explained.
Jeffrey E. Stone, Trial, White-Collar & Securities Defense
Jeffrey E. Stone was quoted in the January 2007 issue of Corporate Board Member Magazine in an article regarding how different boards of directors have handled crisis management in response to charges of illegal conduct. Mr. Stone stated that when facing allegations, a company should create a plan to cooperate with the government to avoid broader charges. "Sometimes it may be in the corporation's best interest to walk into the government's office and say, 'Here's what we think happened, here's how this corporate officer eluded detection and was somehow able to avoid compliance, and here's how we as an entity were defrauded by this individual,'" he said.
Jeffrey E. Stone, Corporate Responsibility and Governance, Trial, White-Collar & Securities Defense
2006
Michael Anthony, Bobby Burchfield, Gordon Greenberg, Christopher Jedrey, Ray Lupo, Terry McMahon, Michael Pope, Richard Smith and Jeffrey Stone will be recognized in the fall edition of Lawdragon magazine on its annual survey of the top 500 lawyers in the United States, the Lawdragon 500.
Michael F. Anthony, Bobby R. Burchfield, Gordon A. Greenberg, Christopher M. Jedrey, Raphael V. Lupo, Terrence P. McMahon, Michael A. Pope PC, Richard W. Smith, Jeffrey E. Stone, Corporate, Health, Intellectual Property, Trial
Jeff Stone was quoted in the January 26 issue of the Washington Post on the impact of new laws and regulations surrounding corporate fraud.
Jeffrey E. Stone, Corporate Responsibility and Governance, Trial
2005
Jeff Stone was profiled in the May 2005 issue of Chicago Lawyer in a cover story titled "From Lawyer to Leader: Mixing the Practice of Law with Running a Firm." The article discusses juggling the roles of practitioner and law firm manager and training that goes into making the transition into management roles. The article described the program at the Harvard Business School that several McDermott lawyers have attended. Stone discussed his plans to build upon the strong culture at McDermott, doing more to promote teamwork. "You have to get everyone working together, collaborating and sharing their skills," Stone said. "We have a lot of talented senior partners, but I want to make sure that expertise flows down to everybody at the Firm." Stone noted his commitment to excellence: employing some of the techniques acquired at the Harvard course in motivating our lawyers to raise standards across the board.
Jeff Stone was quoted in the March 4 issue of Christian Science Monitor in an article on the release of Martha Stewart. Mr. Stone commented that sympathy from federal probation officers is rare for famous ex-convicts.
Jeffrey E. Stone, Trial, White-Collar & Securities Defense
2004
Jeffrey Stone was quoted in the July 16 issue of the Los Angeles Times regarding the sentencing of Martha Stewart. Mr. Stone commented on Judge Miriam Goldman Cedarbaum's ruling in Stewart's case.
Jeffrey E. Stone, Trial, White-Collar & Securities Defense
2003
Jeffrey Stone was quoted in an Associated Press story on December 19 which addressed whether mutual fund scandals that have been brought in front of a federal grand jury in Boston brings to light the difficult question of just how criminal prosecutors could or should be involved in a matter that has traditionally been the purview of the civil justice system. Several experts said that egregious market-timing abuses could rise to the necessary threshold for criminal charges of deliberate, criminal intent. Mr. Stone responded, “Market timing alone I think is a very difficult and unattractive criminal case. They’re going to look for the most egregious examples they can find. A pure market timing case does not rise to that level.” This story appeared in The Seattle Times, The Detroit News, Pasadena Star News and The Atlanta Journal-Constitution.
Jeffrey E. Stone, Corporate Responsibility and Governance, White-Collar & Securities Defense
2002
Jeffrey Stone was profiled in the December issue of Of Counsel.
Jeffrey Stone was mentioned as one of the newest fellows of the American College of Trial Lawyers in the December 2002 issue of the Chicago Lawyer.
Jeffrey Stone was mentioned as one of the new fellows of the American College of Trial Lawyers, reported by the Chicago Sun-Times on November 4.
Jeffrey Stone was mentioned in the October 24 issue of the Chicago Daily Law Bulletin in regard to being named a fellow of the American College of Trial Lawyers, an invitation-only legal association with members throughout North America.
Jeffrey Stone was quoted in the August 14 issue of The Christian Science Monitor in regard to the newly mandated requirement of Congress and the SEC, which makes it the responsibility of chief executive to swear to its company's financials. "Nothing focuses the attention like the prospect of a personal prosecution," commented Mr. Stone.
Jeffrey E. Stone, Corporate Responsibility and Governance
Jeffrey Stone was quoted in July 28 issue of the Boston Globe regarding the new order set forth by the SEC which required chief executives and chief financial officers to sign sworn statements by mid-August declaring that their most recent financial reports are accurate and complete. Mr. Stone commented on the increased use of outside counsel in regard to investigating financial irregularities, and the increased scrutiny on decision making once a problem is discovered. "On the one hand, you don't want to put bad news out there, when the market is overreacting, and you don't want to err on the side of over disclosure. On the other hand, now is the time to come clean. You can immunize or inoculate, yourself to anything that might come out later," Mr. Stone said.
Jeffrey E. Stone, Corporate Responsibility and Governance, White-Collar & Securities Defense
2001
Jeffrey Stone was quoted in the December 4 issues of the Chicago Tribune, Chicago Sun-Times and the December 3 issue of the Chicago Daily Law Bulletin regarding the successful pro bono representation of the Illinois Judicial Inquiry Board against Judge Oliver M. Spurlock. In the opinion handed down by the Illinois Courts Commission, Judge Spurlock was removed from his Cook County judgeship for sexual harassment and misconduct. Judge Spurlock is the first Cook County judge to be removed from the bench by the Courts Commission in more than 25 years.
Jeffrey E. Stone, Pro Bono & Community Service, Trial
Jeff Stone was the prosecuting attorney, representing the Judicial Inquiry Board, in a highly publicized Chicago case. The case, involved Cook County Associate Judge Oliver Spurlock in regard to charges of sexual harassment, was front page news in the Chicago Sun Times several times during the week of June 11, and was the lead story in the Chicago Law Bulletin every day the week of June 4. Mr. Stone was mentioned and quoted in the articles numerous times, including excerpts from the arguments he presented in the courtroom.
Jeffrey E. Stone, Pro Bono & Community Service, Trial
Jeff Stone was quoted in the June 9 issue of the Chicago Tribune in his representation of the Judicial Inquiry Board in the disciplinary hearing surrounding Cook County Associate Judge Oliver Spurlock and his alleged "sexually intimidating and inappropriate" conduct toward six female court employees.
