Joseph Harold Flom was an American lawyer and pioneer of
mergers and acquisitions
Mergers and acquisitions (M&A) are business transactions in which the ownership of a company, business organization, or one of their operating units is transferred to or consolidated with another entity. They may happen through direct absorpt ...
, specializing in representing companies in
takeover
In business, a takeover is the purchase of one company (the ''target'') by another (the ''acquirer'' or ''bidder''). In the UK, the term refers to the acquisition of a public company whose shares are publicly listed, in contrast to the acquisi ...
The New York Times
''The New York Times'' (''NYT'') is an American daily newspaper based in New York City. ''The New York Times'' covers domestic, national, and international news, and publishes opinion pieces, investigative reports, and reviews. As one of ...
, Feb. 23, 2011. By the 1980s, he had acquired a reputation of being "Mr. Takeover" (whereas
Martin Lipton
Martin Lipton (born June 22, 1931) is an American lawyer, a founding partner of the law firm of Wachtell, Lipton, Rosen & Katz specializing in advising on mergers and acquisitions and matters affecting corporate policy and strategy. From 1958–1 ...
was known as "Mr. Defense"). Flom became a partner at what is now known as
Skadden, Arps, Slate, Meagher & Flom
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (known as Skadden) is an American Multinational corporation, multinational law firm headquartered in New York City. The firm comprises approximately 1,700 lawyers and is the fourth highest ...
The American Lawyer
''The American Lawyer'' is a monthly legal magazine and website published by ALM Media. The periodical and its parent company, ALM (then American Lawyer Media), were founded in 1979 by Steven Brill.
Baltimore
Baltimore is the most populous city in the U.S. state of Maryland. With a population of 585,708 at the 2020 census and estimated at 568,271 in 2024, it is the 30th-most populous U.S. city. The Baltimore metropolitan area is the 20th-large ...
,
Maryland
Maryland ( ) is a U.S. state, state in the Mid-Atlantic (United States), Mid-Atlantic region of the United States. It borders the states of Virginia to its south, West Virginia to its west, Pennsylvania to its north, and Delaware to its east ...
to Itzak (Isadore) Flom, a labor organizer in the
Garment District, Manhattan
The Garment District, also known as the Garment Center, the Fashion District, or the Fashion Center, is a neighborhood located in the borough of Manhattan in New York City. Historically known for its role in the production and manufacturing of ...
, and the former Fannie Fishman. Both parents were Jewish immigrants from a
shtetl
or ( ; , ; Grammatical number#Overview, pl. ''shtetelekh'') is a Yiddish term for small towns with predominantly Ashkenazi Jews, Ashkenazi Jewish populations which Eastern European Jewry, existed in Eastern Europe before the Holocaust. The t ...
in the Russian Empire, and—although they were already married—came to United States separately, shortly after
World War I
World War I or the First World War (28 July 1914 – 11 November 1918), also known as the Great War, was a World war, global conflict between two coalitions: the Allies of World War I, Allies (or Entente) and the Central Powers. Fighting to ...
. Three years after Joe Flom was born in Baltimore, the family moved to
Borough Park, Brooklyn
Borough Park (also spelled Boro Park) is a neighborhood in the southwestern part of the borough (New York City), borough of Brooklyn, in New York City. The neighborhood is bordered by Bensonhurst, Brooklyn, Bensonhurst to the south, Dyker Heigh ...
,
New York City
New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
, where Joseph Flom grew up.
Education
After graduating from
Townsend Harris High School
Townsend Harris High School (THHS; often also shortened to Townsend Harris or simply Townsend) is a public high school for the humanities in the New York City borough of Queens. It is located on the campus of Queens College, a public college p ...
, Flom worked as an office boy in a law firm during the day, while attending
City College of New York
The City College of the City University of New York (also known as the City College of New York, or simply City College or CCNY) is a Public university, public research university within the City University of New York (CUNY) system in New York ...
on a pre-law major at night. Two years into his studies,
World War II
World War II or the Second World War (1 September 1939 – 2 September 1945) was a World war, global conflict between two coalitions: the Allies of World War II, Allies and the Axis powers. World War II by country, Nearly all of the wo ...
broke out and Flom was drafted into the Army. However, he never saw any fighting, as he was part of a group of 20 soldiers that were sent to a radar repair school. After the war ended, despite not having graduated from college, he enrolled at
Harvard Law School
Harvard Law School (HLS) is the law school of Harvard University, a Private university, private research university in Cambridge, Massachusetts. Founded in 1817, Harvard Law School is the oldest law school in continuous operation in the United ...
on the
G.I. Bill
The G.I. Bill, formally the Servicemen's Readjustment Act of 1944, was a law that provided a range of benefits for some of the returning World War II veterans (commonly referred to as G.I. (military), G.I.s). The original G.I. Bill expired in ...
, where he was classmates with
Charlie Munger
Charles Thomas Munger (January 1, 1924November 28, 2023) was an American businessman, investor, attorney and philanthropist. He was vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett, from 1978 until his death in ...
and graduated in 1948.
Career
After law school, Flom joined a law firm run by
Marshall Skadden
Marshall may refer to:
Places
Australia
*Marshall, Victoria, a suburb of Geelong, Victoria
** Marshall railway station
Canada
* Marshall, Saskatchewan
* The Marshall, a mountain in British Columbia
Liberia
* Marshall, Liberia
Marshall Is ...
,
Leslie Arps
Leslie may refer to:
* Leslie (name), a name and list of people with the given name or surname, including fictional characters
Families
* Clan Leslie, a Scottish clan with the motto "grip fast"
* Leslie (Russian nobility), a Russian noble family ...
, and
John Slate
John Hampton Slate (1913 – September 19, 1967) was an American aviation lawyer and founding partner of Skadden Arps Slate Meagher & Flom.
Early life and education
Slate was born in Wind Gap, Pennsylvania, in 1913. His father was a civil eng ...
. He eventually became a partner in 1954, effectively taking over leadership of the firm a couple years later. Flom began working on
mergers and acquisitions
Mergers and acquisitions (M&A) are business transactions in which the ownership of a company, business organization, or one of their operating units is transferred to or consolidated with another entity. They may happen through direct absorpt ...
in the early 1970s when most New York law firms did not, and by the early 1980s was among the dominant figures, with rival lawyer
Martin Lipton
Martin Lipton (born June 22, 1931) is an American lawyer, a founding partner of the law firm of Wachtell, Lipton, Rosen & Katz specializing in advising on mergers and acquisitions and matters affecting corporate policy and strategy. From 1958–1 ...
and top investment banker
Bruce Wasserstein
Bruce Jay Wasserstein (December 25, 1947 – October 14, 2009) was an American investment banker, businessman, and writer. He was prominent in the mergers and acquisitions industry, credited with working on 1,000 transactions with a total value ...
. Clients hired Flom because Lipton or Wasserstein was on the other side, and vice versa. (Flom and Lipton were friends who lunched together once a week.) By the time of Flom's death, Skadden Arps was one of the largest and most profitable law firms in the world.
Flom was appointed by Mayor
Ed Koch
Edward Irving Koch ( ; December 12, 1924February 1, 2013) was an American politician. He served in the United States House of Representatives from 1969 to 1977 and was mayor of New York City from 1978 to 1989.
Koch was a lifelong Democrat who ...
as chairman of the New York City Commission on the Bicentennial of the U.S. Constitution in 1987, a post he held until the commission completed its work, issued its report, and was dissolved in early 1990. The commission's efforts included an extensive civic-education campaign and the creation of a celebratory re-enactment on 30 April 1989 of the inauguration of George Washington as the first president of the United States.
Malcolm Gladwell
Malcolm Timothy Gladwell (born 3 September 1963) is a Canadian journalist, author, and public speaker. He has been a staff writer for ''The New Yorker'' since 1996. He has published eight books. He is also the host of the podcast ''Revisionist ...
devoted a chapter to Flom in his book ''
Outliers
In statistics, an outlier is a data point that differs significantly from other observations. An outlier may be due to a variability in the measurement, an indication of novel data, or it may be the result of experimental error; the latter ar ...
'', crediting him with building out and diversifying the firm and anticipating the rise of mergers and acquisitions as a specialty. "For 20 years, he perfected his craft at Skadden," Gladwell wrote. "Then the world changed and he was ready."
Flom was also mentioned in Jeffrey Madrick's book ''Age of Greed'' for his contribution to the world of hostile takeovers in the American economy. Madrick wrote, "his interest in the takeover gave his firm the lifeline they needed to survive."
Personal
On February 23, 2011, Flom died in
New York City
New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
from
heart failure
Heart failure (HF), also known as congestive heart failure (CHF), is a syndrome caused by an impairment in the heart's ability to Cardiac cycle, fill with and pump blood.
Although symptoms vary based on which side of the heart is affected, HF ...
. His wife, Judi Sorensen Flom, also an attorney, was at his side. He has two children:
Jason Flom
Jason Flom (born February 17, 1961) is an American music industry executive, podcaster and philanthropist. He is the founder of Lava Records, and was previously the chairman of Atlantic Records and Virgin Records/Capitol Music Group. He is also ...
, a music executive and advocate of prison reform and Peter, who is a published author and holds a PhD.