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After a dour couple of years in its primary business, New York investment bank Lehman Brothers Holdings Inc., has come to appreciate the consistent cash flow that asset management can offer. So on July 22 Lehman announced that it had agreed to buy Neuberger Berman Inc., a New York-based mutual fund company, for $2.63 billion in cash and stock. The hope is that Neuberger’s more stable revenue stream will smooth Lehman’s unpredictable investment banking earnings. Neuberger manages $64 billion in assets. Its 32 active partners will convert their stock, worth about $940 million, into Lehman stock and cash on the same basis as the public shareholders. Lehman will also set aside $120 million in stock to retain key Neuberger employees. Pending approval by regulators and Neuberger shareholders, the deal is expected to close by November 30, the end of Lehman’s fiscal year. For acquiror Lehman Brothers Holdings Inc. (New York) In-house: Vice chairman and chief legal officer Thomas Russo, managing director and general counsel Joseph Polizzotto, senior vice president and head of corporate law Jeffrey Welikson, senior employment counsel Jack Johnson, and senior vice president and director of legal for private client services Jonathan Morris. Other in-house lawyers working on the deal were managing directors David DeMuro and Thomas Hommel; senior vice presidents Barrett DiPaolo, Marlisa Vinciguerra, and Bari Jane Wolfe; and vice presidents Beth Anisman, Oliver Budde, and Karen Corrigan. Simpson Thacher & Bartlett (New York): Corporate: John Finley, Robert Goldbaum, Andrew Keller, George Krouse, Jr., and associates Megan Caughran, Leontine Chuang, Vanessa Coke Cohen, John “Jeremy” Kell, Arthur Pannell, Catherine Park, Matthew Raben, Timothy Robb, Andrew Smith, James Wallace, and David Wohl. Benefits: Kenneth Edgar, Jr., and associates Wendy Swary and Andrea Wahlquist. Tax: Robert Holo and associate Rachel Birnbaum. Intellectual property: Lori Lesser. Environmental: counsel Adeeb Fadil. Krouse has handled Simpson’s relationship with Lehman since 1988. Wilmer, Cutler & Pickering (Washington, D.C.): Regulatory: Brandon Becker, David Capps, Franca Harris Gutierrez, Soo Yim, counsel Richard Jackson and Cherie Macauley, and associates Michael Hershaft, Devon Leppink, Alix Prentice, Jerome Roche, C.A. Harwell Wells, and Todd Wiench. (Macauley is in New York, and Prentice is in London.) Wilmer regularly advises Lehman on regulatory matters. For target Neuberger Berman Inc. (New York) In-house: General counsel Kevin Handwerker. Willkie Farr & Gallagher (New York): Corporate and financial services: David Boston, Jack Nusbaum, Daniel Schloendorn, special counsel Martin Miller, and associates David Carp, Danielle Garber, and Robert Langdon. Executive compensation & employee benefits: Frank Daniele and associate J. Pasco Struhs. Tax: Andrew Needham and associate Eric Rosenoff. Nusbaum worked with Jeffrey Lane, CEO of Neuberger, when Lane was president of Shearson Lehman Brothers in the late eighties. Lane came to Neuberger in 1998 as chief administrative officer. The company went public the next year, advised by Debevoise & Plimpton. Nusbaum, Willkie’s chairman, joined Neuberger’s board in December 1999, and Willkie has since handled much of Neuberger’s legal work.

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