Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Talk about a job with limited prospects: Arthur Andersen LLP went looking for a new general counsel this spring. Even though the Chicago-based accounting firm collapsed last year over its audit work for Enron Corp., it’s still in business and needs someone to help clean up the litigation mess before officially shutting down. Enter Mark Pollack. The 44-year-old rising star at Chicago’s Jenner & Block became Andersen’s latest-and perhaps last-GC in July. He takes over from Lynne Raimondo, who had been the top in-house lawyer for Andersen’s U.S. arm ever since it split off from its global parent in the spring of 2002. Prior to that, Andrew Pincus, GC for Andersen’s worldwide operations, oversaw the American division’s legal work. This spring Raimondo became the general counsel of the Illinois Department of Revenue. Pincus joined the Washington office of Chicago’s Mayer, Brown, Rowe & Maw as a partner in July. So why did Pollack take what effectively is a dead-end assignment? He said the move wasn’t all that risky, given that he knows he can go back to Jenner at any time. Plus, he said, “the more I learned [about the job], the more I was intrigued.” Apparently he wasn’t the only one. Recruiters Miriam Frank of Major, Hagen & Africa and Melba Hughes of Hughes Consultants, who conducted the search for Andersen, say they didn’t lack for candidates eager for the challenge. Shell of its former self And what a challenge it will be, for Pollack and the dozen staff lawyers under his command. Today Andersen is a shell of its former self, with roughly 250 employees in the United States, down from a peak of 28,000. While the possibility remains that the Andersen name will live on in some capacity, its days as an auditing and accounting firm are over. But resolving the legal problems produced by the firm’s spectacular downfall will take a few years. Andersen must resolve securities cases brought by disgruntled investors of several former clients, including Enron, WorldCom Inc. (now operating as MCI), Global Crossing Ltd., and Qwest Communications International Inc. In another dispute, Andersen is being pressed to divulge client names to the Internal Revenue Service, which is investigating alleged tax dodgers. The firm is also appealing its 2002 obstruction of justice conviction in the Enron affair. Pollack comes to his new job with expertise that’s somewhat unusual for a GC. He worked for six years as a federal prosecutor in Illinois before joining Jenner, where he defended clients in securities class actions and professional liability cases. He also headed the firm’s white-collar criminal defense practice. Unfortunately for Andersen, criminal defense is one specialty that the dying company no longer needs.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]

Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.


ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.