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While many of Manhattan's largest law firms are raking in rich fees from a wave of corporate deals, Proskauer Rose stands out as a notable exception.
A laggard in mergers and acquisition activity, Proskauer does not rank this year among the top 150 law firms in corporate dealmaking, according to Securities Data Corp. Last year, the firm was 82nd in the nation, with $1.5 billion in M&A work.
But Proskauer is prospering in the 1990s, by focusing on a core group of specialty practices in labor and employment, sports, real estate and health care. It posted $217 million in gross revenues last year, a 10.7% increase over 1996, according to American Lawyer magazine. Since the depths of recession in 1991, revenues at the city sixth largest firm are up $87 million.
To some extent, Proskauer's revival reflects the general boom times for the legal profession in the last few years. But the firm has also raised its profile in New York by attracting partners with close ties to Mayor Rudy Giuliani, and having former partners at the helm of two sports leagues.
"I'm proud of what the numbers show," says Stanley Komaroff, Proskauer's chairman since 1991. "On the other hand, would I love to do 40 or 60 transactions for Goldman Sachs? Yes."
While that may be unlikely, Proskauer's fortunes...