Joseph Harold Flom (December 21, 1923 – February 23, 2011) was an American lawyer and pioneer of
mergers and acquisitions
Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...
, 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 listed on a stock exchange, in contrast to t ...
The New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...
, 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 is an American multinational law firm headquartered in New York City. Founded in 1948, the firm consistently ranks among the top U.S. law firms by revenue. The company is known for its wor ...
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 ( , locally: or ) is the List of municipalities in Maryland, most populous city in the U.S. state of Maryland, fourth most populous city in the Mid-Atlantic (United States), Mid-Atlantic, and List of United States cities by popula ...
,
Maryland
Maryland ( ) is a state in the Mid-Atlantic region of the United States. It shares borders with Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware and the Atlantic Ocean to ...
on December 21, 1923, the son of 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. The dense concentration of fashion-related uses give the neighborhood i ...
, and the former Fannie Fishman. Both parents were Jewish immigrants from a
shtetl
A shtetl or shtetel (; yi, שטעטל, translit=shtetl (singular); שטעטלעך, romanized: ''shtetlekh'' (plural)) is a Yiddish term for the small towns with predominantly Ashkenazi Jewish populations which existed in Eastern Europe before ...
in the
Ukraine
Ukraine ( uk, Україна, Ukraïna, ) is a country in Eastern Europe. It is the second-largest European country after Russia, which it borders to the east and northeast. Ukraine covers approximately . Prior to the ongoing Russian inv ...
, and—although they were already married—came to United States separately, shortly after
World War I
World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fightin ...
. 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 of Brooklyn, in New York City. The neighborhood is bordered by Bensonhurst to the south, Dyker Heights to the southwest, Sunset Park to the west, ...
,
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
, where Joseph Flom grew up.
Education
After graduating from
Townsend Harris High School
Townsend Harris High School at Queens College (THHS) is a public magnet high school for the humanities in the borough of Queens in New York City. Students and alumni often refer to themselves as "Harrisites." Townsend Harris consistently ranks a ...
, 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 within the City University of New York (CUNY) system in New York City. Founded in 1847, Cit ...
on a pre-law major at night. Two years into his studies,
World War II
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...
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 (Harvard Law or HLS) is the law school of Harvard University, a private research university in Cambridge, Massachusetts. Founded in 1817, it is the oldest continuously operating law school in the United States.
Each class ...
on the
G.I. Bill
The Servicemen's Readjustment Act of 1944, commonly known as the G.I. Bill, was a law that provided a range of benefits for some of the returning World War II veterans (commonly referred to as G.I.s). The original G.I. Bill expired in 1956, bu ...
, where he was classmates with
Charlie Munger
Charles Thomas Munger (born January 1, 1924) is an American billionaire investor, businessman, and former real estate attorney. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett has described Mung ...
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
Canada
* Marshall, Saskatchewan
* The Marshall, a mountain in British Columbia
Liberia
* Marshall, Liberia
Marshall Islands
* Marshall Islands, an i ...
,
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.
Biography
Slate was born in Wind Gap, Pennsylvania in 1913. His father was a civil engineer who worked ...
. He eventually became a partner in 1954, effectively taking over leadership of the firm a couple years later. 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, lawyer, political commentator, film critic, and television personality. He served in the United States House of Representatives from 1969 to 1977 and was may ...
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 an English-born Canadian journalist, author, and public speaker. He has been a staff writer for ''The New Yorker'' since 1996. He has published seven books: '' The Tipping Point: How Little T ...
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 are ...
'', 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 or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
from
heart failure
Heart failure (HF), also known as congestive heart failure (CHF), is a syndrome, a group of signs and symptoms caused by an impairment of the heart's blood pumping function. Symptoms typically include shortness of breath, excessive fatigue, a ...
. His wife, Judi Sorensen Flom, also an attorney, was at his side. He has two children:
Jason Flom
Jason Flom (born c. 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 an advocate ...
, a music executive and advocate of prison reform and Peter, a statistician and an advocate for people with learning disabilities.