The American Lawyer

Vol. XXV, No. 1

January 2003

45 UNDER FORTY-FIVE: THE RISING STARS OF THE PRIVATE BAR

In 1995, The American Lawyer identified the private bar's next generation of

leaders. Now, we look back at them--and ahead to their successors.

The word “elite” comes from an Old French verb meaning “to choose.” In its

modern connotation, the word has also come to stand for high achievement.

Both meanings apply to the special report that follows--the culmination of an

intensive effort by the staff of The American Lawyer to choose 45 of the

highestperforming members of the private bar under the age of 45.

We had help. Many months ago, we contacted all the firms in The Am Law 200

to seek their nominations. We also spun our own Rolodexes, scanned Web sites

and news clippings, and reached out to luminaries within particular practice

areas to solicit their thoughts.

As for criteria, there were a very few. We looked for prodigies who had

already notched a major trial win or complex deal, for those who had

established remarkable records of professional development, for those who

could point to an independent book of business, for those who might have

overcome adversity. We also looked far and wide. It would be possible to

construct a list of 45 young bankruptcy specialists whose accomplishments

were noteworthy (particularly in this market), but we wanted to draw from

many walks of law.

The result, we think, will stand up over time. That was certainly true of

the alumni from our last such effort; their impressive updates appear

throughout the following pages. So, for all you elitists out there, happy

talent scouting.

Nora Jordan, 44

Davis Polk & Wardwell, New York

The year before Nora Jordan had her first child, she practiced in Davis

Polk's securities group, working on the initial public offerings of roughly

a dozen foreign companies. She was constantly traveling overseas and pulling

late nights. That, she decided, was no way to be a mother. So when she

returned from maternity leave with her second child, she joined the firm's

investment management group, a sleepy little four-lawyer practice

specializing in unit investment trusts, where she began working part-time.

In Jordan's case, the lifestyle choice would redound to her professional

benefit.

Thirteen years and a third daughter later, Jordan is the head of a 23-lawyer

group that is of increasing importance to Davis Polk, bringing in revenues

well in excess of $10 million. Jordan, who made partner in 1995, about a

year after returning to full-time work, represents banks and investment

banks in establishing and running mutual, private equity, and hedge funds.

She advises such clients as J.P. Morgan Chase & Co., UBS PaineWebber Inc.,

and Morgan Stanley on structuring financial products to avoid the strictures

of the Investment Advisers Act, and she counsels venture capital funds such

as the Internet Capital Group, Inc., on how to comply with minority interest

regulations.

She also lobbies the Securities and Exchange Commission when her clients

need it. J.P. Morgan's merger with American Century Funds in the late

nineties, for instance, would have been far more complicated and expensive

but for Jordan's finesse at the SEC. Under the Investment Advisers Act,

American Century would have been prohibited from buying securities from J.P.

Morgan. Moreover, every shareholder of American Century's funds would have

had to be notified personally of the deal—a huge expense that would have

delayed the merger. Jordan managed to get no-action letters from the

commission to solve both problems.

“She's a businessman's lawyer,” says Ruth Goodstein, a lawyer and senior

vice president in alternative investment at UBS PaineWebber. Goodstein

brought Jordan in to represent the independent directors of the boards of 13

innovative funds her group started. “She had to look at issues, understand

that these were not off-the-shelf products,” Goodstein says. The funds'

independent directors, all senior businesspeople, have come to rely heavily

on Jordan's counsel. “She brings humor, knowledge, and creative solutions to

her job,” says Goodstein. “She can figure out another way to skin the cat in

a way that's very attractive to the client.”

You wouldn't expect any less from the mother of three adolescent girls.

1/2003 AMLAW 74