Media Mentions
2010
Jeffrey Stone commented on McDermott’s new merit-based pay and promotion system for The National Law Journal (January 13). He emphasized that the move is not aimed at cutting costs, but rather is structured to reward the best performing associates while creating greater value for clients. “The old lockstep system rewarded for longevity. It failed to reward increases in competence,” Mr. Stone said. As part of the change, by 2011, associates will be placed in one of three pay levels based on skills achieved and business experience. Mr. Stone added that McDermott’s training will be adjusted to focus on the core competencies deemed the most significant at each pay level. The three-tiered aspect of the Firm’s new compensation system was also noted by JD Journal in a January 12 story.
John P. Hendrickson PC, Jeffrey E. Stone
Jeffrey Stone and John Hendrickson both addressed, in a January 12 Law360 story, McDermott’s implementation of a new associate pay structure based on performance. Mr. Stone, chair of the Firm’s Management Committee, said the new system is about “aligning performance with compensation,” adding that it “puts a laser-like focus on competency and delivering value for the clients.” Mr. Hendrickson, chair of the Firm’s Compensation Committee, added that the new model “will ultimately deliver more cost-effective and valuable services to our clients while setting clear standards for the development of associates.”
John P. Hendrickson PC, Jeffrey E. Stone
2009
Jeffrey Stone commented for a number of publications, including The National Law Journal (December 21), The Recorder (December 24) and Texas Lawyer (December 28), regarding former Enron CEO Jeffrey Skilling’s appeal of his accounting fraud conviction. At issue in Skilling’s case, now before the U.S. Supreme Court, is his conviction under a 1988 law that makes it a crime to “deprive another of honest services.” “Honest services was an important element of the prosecution’s theory in the case,” said Mr. Stone, who added that the theory has also been invoked in recent options-backdating cases. “If the court redraws the boundaries, it will return prosecutors back to more traditional theories of deprivation of tangible goods.”
John Huang and Jeffrey Stone were quoted in a story about MWE China Law Offices that was carried by Cal Law /The Recorder on November 9. Noting the importance of Mr. Huang and Kevin Qian, co-founders the Shanghai firm that joined with McDermott to form MWE China Law Offices, Mr. Stone said of the venture, "One of the reasons other firms haven't been able to replicate this is that it's pretty hard to replicate John and Kevin." The article called MWE China “an ingenious way for an American law firm to enter local Chinese practice,” although the venture has faced a challenging market. “But, later on,” Mr. Huang stated, more and more people will see that this is the path."
John Huang was quoted in a story about the success of MWE China Law Offices that appeared in AmLaw Daily (November 3) and The American Lawyer (November 4). Co-founder of the Shanghai firm that joined with McDermott to form MWE China Law Offices in 2007, Mr. Huang said of the venture that "in a short period of time, we've caught up to the best Chinese firms." Mr. Huang called the Chinese market for legal services “very tough,” adding that, for successful firms, "you have to provide higher service. You have to deliver value." Mr. Stone commented that the Firm was lucky to recruit John and Kevin Qian to embark on the alliance with McDermott, "One of the reasons other firms haven't been able to replicate this is that it's pretty hard to replicate John and Kevin," he said.
Jeffrey Stone participated in a Chicago Lawyer Magazine (August 2009) roundtable concerning the economy and its impact on the legal profession. Mr. Stone stated that law firms must focus on “understanding the stresses that our clients are under, and making sure that the services we deliver and the manner in which we deliver them makes sense to our clients.” He believes that firms must change to accommodate client needs by looking hard at their services, staffing levels, locations and skill composition. Mr. Stone added that young lawyers should “think about investing in their careers and…about how they develop a set of skills that’s really going to help them add value to clients.” He cited strategic thinking, decisiveness, communication and integrity as key skills for law firm leaders. Click here to read the full article.
Harvey Freishtat, Jeffrey Stone and Peter Sacripanti were mentioned in the June 2009 issue of Juve Rechtsmarkt regarding the appointment of Mr. Stone and Mr. Sacripanti as co-chairmain of the Firm effective January 1, 2010.
Harvey W. Freishtat, Peter John Sacripanti, Jeffrey E. Stone, Trial
Jeffrey Stone spoke to the Chicago Daily Law Bulletin (April 25) about McDermott's separate career track for full-time staff lawyers who are a cost-effective resource for clients. Mr. Stone said that the staff lawyers provide support services to litigation around the country and also do due diligence on corporate transactions, and added about the concept: "We think we have priced it in a way very attractive to our clients."
Jeffrey Stone was included in an April 25 Chicago Daily Law Bulletin story about former Chicago federal prosecutors who now have a white-collar defense practice. The story noted that Mr. Stone is McDermott's co-chair elect, and placed him among the former prosecutors who have maintained the integrity and peer respect that they had developed as prosecutors. "When I was at the U.S. Attorney's Office," Mr. Stone explained, "one of my mentors always said, 'If you wouldn't be comfortable seeing it on the front page of the Chicago Tribune, or you wouldn't be comfortable having your mother read about it the next morning, don't do it.' [I]t's . . . a simple aphorism, but it's true."
Jeffrey E. Stone, Trial, White-Collar Criminal Defense
Jeffrey Stone and Peter Sacripanti were quoted by Legal Week and The Am Law Daily on April 4, discussing their election as the Firm's new co-chairs and commenting on McDermott's strengths and global position. Mr. Stone noted that the Firm "has been going through a [Firm-wide] strategic planning process for the past year, and we're well positioned to build on that vision through our platform of offices around the world." He also cited the fact that McDermott has no bank debt, to which Mr. Sacripanti added, "Our profit pool that's generated by our partners is our bank. And that's how we finance ourselves, and it’s given us enormous flexibility in these tough economic times." To read the entire article click here.
Peter John Sacripanti, Jeffrey E. Stone, Trial
Jeffrey Stone and Peter Sacripanti were also quoted in a Legal Week story on April 6 summarizing their election as the Firm's new co-chairs. Mr. Stone said of the unique co-chair arrangement, "We thought that the two of us working together could achieve more and give us a greater capacity to address the challenges that exist in today's economic world. We also believed that our complementary skills made both of us stronger than either of us would be individually." Mr. Sacripanti pointed out the additional benefit from the fact that the co-chairs are based in two different offices. "We want to be able to project in different places at the same time, and Jeff and I are in constant communication on a daily basis. Chicago is our largest office and New York is our third-largest office, so we are looking at this [union] as a strength."
Peter John Sacripanti, Jeffrey E. Stone, Trial
Jeffrey Stone and Peter Sacripanti were cited in an April 3 Chicago Tribune story about their election as McDermott's co-chairs. The story called McDermott "one of the nation's largest and most profitable firms," and noted that the new co-chairs are both former federal prosecutors who have become top trial lawyers at the Firm.
Peter John Sacripanti, Jeffrey E. Stone, Trial
Mark Pearlstein, Thomas Ryan, Jeffrey Stone, Charles Weir and Gregory Jones were mentioned in the March issue of American Lawyer for their representation of DaVita, Inc. McDermott has represented DaVita for ten years as regular outside litigation counsel.
Gregory R. Jones, Mark W. Pearlstein, Thomas A. Ryan, Jeffrey E. Stone, Charles E. Weir, Trial
Jeffrey E. Stone was mentioned March 9 on Eight Forty Eight regarding the Chicago Bar Foundation's (CBF) Investing in Justice Campaign. Mr. Stone, partner and head of McDermott's Trial Department, will chair CBF's 3rd Annual Investing in Justice Campaign this March. CBF states that there are fewer than 300 legal aid attorneys in the region for more than one million low-income residents who qualify for their services. To hear the entire interview click here.
Jeffrey E. Stone, Pro Bono & Community Service, Trial
Jeffrey E. Stone was quoted on February 25 in The Chicago Daily Law Bulletin regarding the Chicago Bar Foundations (CBF) Investing in Justice Campaign. Mr. Stone, partner and head of McDermott's Trial Department, will chair CBF's 3rd Annual Investing in Justice Campaign this March. Mr. Stone asked, "If not us, who?" He continued, "Lawyers and the legal community in general probably have the greatest insight into the need for the provision of legal services."
Jeffrey E. Stone, Pro Bono & Community Service, Trial
Jeffrey E. Stone was mentioned on February 23 in The Chicago Tribune regarding the Chicago Bar Foundation's (CBF) Investing in Justice Campaign. Mr. Stone, partner and head of McDermott's Trial Department, will chair CBF's 3rd Annual Investing in Justice Campaign this March.
Jeffrey E. Stone, Pro Bono & Community Service, Trial
Jeffrey E. Stone was quoted on February 18 in The Am Law Litigation Daily regarding the Chicago Bar Foundation's (CBF) Investing in Justice Campaign. Mr. Stone, partner and head of McDermott's Trial Department, will chair CBF's 3rd Annual Investing in Justice Campaign this March. Mr. Stone commented, "The need for legal aid is skyrocketing," he continued, "and the sources are increasingly stressed." To view the entire article click here.
Jeffrey E. Stone, Pro Bono & Community Service, Trial
Jeffrey E. Stone was quoted in the January 5 issue of Inside Counsel regarding in-house counsel's role in detecting and preventing corruption within their organizations. He noted that the penalties are harsh for corporate individuals found guilty of corruption. "It could be jail time for individuals—massive fines and even debarment for the company. If you're a health care company and you lose your Medicare provider number, it's pretty tough to exist," he said. "Experienced lawyers know that the way to take the sting out of an allegation is to deal with it head on. Now, there's nuance to that. You don't necessarily walk in and tell the government everything that you've discovered that has gone wrong if you don't think the government is likely to find that out. On the other hand, if the government is likely to explore an issue, ignoring the totality of the circumstances is playing with fire," he added.
Jeffrey E. Stone, Trial, White-Collar Criminal Defense
2008
Jeffrey Stone and Jocelyn Francoeur were mentioned on November 26 by The Am Law Daily regarding their roles as pro bono prosecutors for the U.S. government in a case referred to them by Judge Kennelly. "[W]hile this certainly wasn't the crime of the century, I'd never [been a pro bono prosecutor] before so it seemed like something worth pursuing," said Mr. Stone. In a bench trial before Judge Kennelly, Mr. Stone and Ms. Francoeur prosecuted a woman on charges of contempt of court and obstruction of justice after she threatened a witness during her brother's criminal trial. Mr. Stone said the case was "an interesting psychological experience. Since 1991, I've probably spent at least 50 percent of my time looking for defenses or mitigating circumstances. On an emotional level, this was a more difficult balance than I thought it was going to be."
Jocelyn D. Francoeur, Jeffrey E. Stone, Pro Bono & Community Service, Trial
Jeffrey E. Stone was quoted in the December issue of Inside Counsel in an article regarding former McAfee general counsel, Kent Roberts', high-profile options backdating trial. The jury found that Roberts' actions did not meet the threshold for criminal intent. "This was under the white spotlight - an issue that drew intense investigative pressure. In a case like this, where apparently the evidence suggested that there was no intent to commit a crime, the jury ferreted that out. They really focused on the facts of this specific case," said Mr. Stone.
Jeffrey E. Stone, SEC Defense, Trial, White-Collar Criminal Defense
Jeffrey E. Stone was quoted in the August 2008 issue of California Lawyer in an article regarding California law firms' shift to offering younger lawyers alternatives to the partnership track due to economic uncertainty and the lawyers' desire for a better work/life balance. Mr. Stone spoke about McDermott's staff attorneys who work full time but who are not on the partnership track. "These people are perfectly happy to count hours. What they don't want is all that other stuff that is part of the partnership track - no firm politics, no client development. And our clients get cost efficiency without losing substantive excellence," he said.
Jeffrey E. Stone was quoted in the August 1 issue of the Boston Business Journal in an article regarding the rise in legal process outsourcing. Mr. Stone noted that the Firm does not engage in outsourcing but that the addition of lower-paid staff attorneys, who perform routine legal work, has helped cut litigation costs. He added that while the program mirrors the outsourcing trend's appeal of lower prices, it still enables the Firm to retain control over access, quality and security.
Jeffrey E. Stone was quoted in the July 7 issue of the San Francisco Business Times in an article regarding law firms' decision to hire contract and staff attorneys as a way to cut litigation costs. Mr. Stone noted that the Firm's staff attorneys are assigned routine tasks and review documents for major litigation cases. "We're finding there is a sustained demand for the work and the pricing flexibility that this gives us with our clients," he said.
Jeffrey E. Stone was quoted in the May issue of The American Lawyer in an article regarding law firms' use of staff attorneys to improve the cost-efficiency of their practices. Staff attorneys are paid about half the salary of traditional associates and handle the routine and labor-intensive work for large litigations. Regarding McDermott's use of this new tier of associates, Mr. Stone said, "Clients are looking to us to come up with responses to the increasing cost of litigation. We're trying to create increasing options for them and for us."
Jeffrey E. Stone was quoted in the April 22 issue of the Chicago Tribune in an article regarding Your Witness: Lessons on Cross Examination and Life from Great Chicago Trial Lawyers, a book recently published by two Chicago defense attorneys. As a partner in McDermott's Trial Department, Mr. Stone's thoughts on cross-examination are included in the new book. "Many lawyers fail to recognize the inherent drama built into the key cross. Instead of running away from the drama, I believe that the truly great cross-examiner, like the great athlete or actor, seizes that dramatic moment and puts his or her own stamp on it," Mr. Stone said.
Jeffrey E. Stone was quoted in the January 6 issue of the Am Law Daily in an article regarding the difficulties facing highly leveraged firms. Several such firms have announced cutbacks, layoffs or have dissolved because clients are cutting costs by assigning contract lawyers or outsourcing routine work overseas. One solution to leverage is cutting salaries for those doing routine work, an idea McDermott implemented when it created its staff attorney program. Staff attorneys are paid much less than associates on the path to partnership. Mr. Stone noted that the Firm's clients receive better value from staff attorneys, rather than contract lawyers, because there is less turnover and the Firm can control quality. "I think there's some sizzle to this idea," he said.
Jeffrey E. Stone was quoted in the January 2008 issue of CFO Magazine in an article regarding the Securities and Exchange Commission's backdating case against Carl W. Jasper, ex-CFO of Maxim Integrated Products. Mr. Stone stated that Jasper has a good chance of defending himself against accusations of backdating options if the case proceeds to trial. Because the accounting rule that pertains to backdated options, APB 25, is so complex, "the government has the difficult burden of establishing that any individual, CFO or otherwise, had the requisite understanding of those accounting rules at the time the events happened," Mr. Stone said.
Jeffrey E. Stone, SEC Defense, Trial
Jeffrey E. Stone is quoted in the January 1 issue of CFO Magazine regarding the Securities and Exchange Commission's backdating charges against Carl W. Jasper, ex-CFO of Maxim Integrated Products. Mr. Stone said that if the case proceeds to trial, Jasper's chances are fairly good. He notes the accounting rule that applies to backdated options, APB 25, is so complex that "the government has the difficult burden of establishing that any individual, CFO or otherwise, had the requisite understanding of those accounting rules at the time the events happened."
2007
Jeffrey E. Stone appeared on WTTW11 Chicago on August 21 on a panel discussing the 7th Circuit's decision to affirm the conviction of former Illinois Governor George Ryan. The decision included a strongly worded dissent, and was the subject of widespread media coverage.
Jeffrey E. Stone, Trial, White-Collar Criminal Defense
Jeffrey E. Stone was quoted in the March 27 issue of The Wall Street Journal in an article regarding Firm client Gary Gerhardt, the former finance chief of Engineered Support Systems Inc., being charged with fraud and other offenses relating to options backdating. Mr. Stone aid, "Any jury who gets the chance to hear him will find him to be an honest and straightforward man."
Jeffrey E. Stone, Corporate Responsibility and Governance, Trial, White-Collar Criminal Defense
Jeffrey E. Stone was quoted in the March 2007 issue of CFO Magazine in an article about ways to improve as a public speaker. Mr. Stone said that addressing possible objections during a presentation before they can be raised shows that you've done your research, making you more persuasive.
Jeffrey E. Stone was quoted in the February Illinois Super Lawyers 2007 supplement in Chicago Magazine in an article profiling top Chicago defense attorneys. Mr. Stone discussed his defense experience which started in law school and continues to present as he represents white-collar and other criminal defendants through his work at McDermott and his volunteer and pro bono endeavors. "Corporate lawyers often win because the deal closes and everyone's happy. As a defense lawyer, the wins are terrific, but the losses stay with you forever," he explained.
Jeffrey E. Stone, Trial, White-Collar Criminal Defense
Jeffrey E. Stone was quoted in the January 2007 issue of Corporate Board Member Magazine in an article regarding how different boards of directors have handled crisis management in response to charges of illegal conduct. Mr. Stone stated that when facing allegations, a company should create a plan to cooperate with the government to avoid broader charges. "Sometimes it may be in the corporation's best interest to walk into the government's office and say, 'Here's what we think happened, here's how this corporate officer eluded detection and was somehow able to avoid compliance, and here's how we as an entity were defrauded by this individual,'" he said.
Jeffrey E. Stone, Corporate Responsibility and Governance, Trial, White-Collar Criminal Defense
2006
Michael Anthony, Bobby Burchfield, Gordon Greenberg, Christopher Jedrey, Ray Lupo, Terry McMahon, Michael Pope, Richard Smith and Jeffrey Stone will be recognized in the fall edition of Lawdragon magazine on its annual survey of the top 500 lawyers in the United States, the Lawdragon 500.
Michael F. Anthony, Bobby R. Burchfield, Gordon A. Greenberg, Christopher M. Jedrey, Raphael V. Lupo, Terrence P. McMahon, Michael A. Pope PC, Richard W. Smith, Jeffrey E. Stone, Corporate, Health, Intellectual Property, Trial
Jeff Stone was quoted in the January 26 issue of the Washington Post on the impact of new laws and regulations surrounding corporate fraud.
Jeffrey E. Stone, Corporate Responsibility and Governance, Trial
2005
Jeff Stone was profiled in the May 2005 issue of Chicago Lawyer in a cover story titled "From Lawyer to Leader: Mixing the Practice of Law with Running a Firm." The article discusses juggling the roles of practitioner and law firm manager and training that goes into making the transition into management roles. The article described the program at the Harvard Business School that several McDermott lawyers have attended. Stone discussed his plans to build upon the strong culture at McDermott, doing more to promote teamwork. "You have to get everyone working together, collaborating and sharing their skills," Stone said. "We have a lot of talented senior partners, but I want to make sure that expertise flows down to everybody at the Firm." Stone noted his commitment to excellence: employing some of the techniques acquired at the Harvard course in motivating our lawyers to raise standards across the board.
Jeff Stone was quoted in the March 4 issue of Christian Science Monitor in an article on the release of Martha Stewart. Mr. Stone commented that sympathy from federal probation officers is rare for famous ex-convicts.
Jeffrey E. Stone, Trial, White-Collar Criminal Defense
2004
Jeffrey Stone was quoted in the July 16 issue of the Los Angeles Times regarding the sentencing of Martha Stewart. Mr. Stone commented on Judge Miriam Goldman Cedarbaum's ruling in Stewart's case.
Jeffrey E. Stone, Trial, White-Collar Criminal Defense
2003
Jeffrey Stone was quoted in an Associated Press story on December 19 which addressed whether mutual fund scandals that have been brought in front of a federal grand jury in Boston brings to light the difficult question of just how criminal prosecutors could or should be involved in a matter that has traditionally been the purview of the civil justice system. Several experts said that egregious market-timing abuses could rise to the necessary threshold for criminal charges of deliberate, criminal intent. Mr. Stone responded, “Market timing alone I think is a very difficult and unattractive criminal case. They’re going to look for the most egregious examples they can find. A pure market timing case does not rise to that level.” This story appeared in The Seattle Times, The Detroit News, Pasadena Star News and The Atlanta Journal-Constitution.
Jeffrey E. Stone, Corporate Responsibility and Governance, White-Collar Criminal Defense
2002
Jeffrey Stone was profiled in the December issue of Of Counsel.
Jeffrey Stone was mentioned as one of the newest fellows of the American College of Trial Lawyers in the December 2002 issue of the Chicago Lawyer.
Jeffrey Stone was mentioned as one of the new fellows of the American College of Trial Lawyers, reported by the Chicago Sun-Times on November 4.
Jeffrey Stone was mentioned in the October 24 issue of the Chicago Daily Law Bulletin in regard to being named a fellow of the American College of Trial Lawyers, an invitation-only legal association with members throughout North America.
Jeffrey Stone was quoted in the August 14 issue of The Christian Science Monitor in regard to the newly mandated requirement of Congress and the SEC, which makes it the responsibility of chief executive to swear to its company's financials. "Nothing focuses the attention like the prospect of a personal prosecution," commented Mr. Stone.
Jeffrey E. Stone, Corporate Responsibility and Governance
Jeffrey Stone was quoted in July 28 issue of the Boston Globe regarding the new order set forth by the SEC which required chief executives and chief financial officers to sign sworn statements by mid-August declaring that their most recent financial reports are accurate and complete. Mr. Stone commented on the increased use of outside counsel in regard to investigating financial irregularities, and the increased scrutiny on decision making once a problem is discovered. "On the one hand, you don't want to put bad news out there, when the market is overreacting, and you don't want to err on the side of over disclosure. On the other hand, now is the time to come clean. You can immunize or inoculate, yourself to anything that might come out later," Mr. Stone said.
Jeffrey E. Stone, Corporate Responsibility and Governance, White-Collar Criminal Defense
2001
Jeffrey Stone was quoted in the December 4 issues of the Chicago Tribune, Chicago Sun-Times and the December 3 issue of the Chicago Daily Law Bulletin regarding the successful pro bono representation of the Illinois Judicial Inquiry Board against Judge Oliver M. Spurlock. In the opinion handed down by the Illinois Courts Commission, Judge Spurlock was removed from his Cook County judgeship for sexual harassment and misconduct. Judge Spurlock is the first Cook County judge to be removed from the bench by the Courts Commission in more than 25 years.
Jeffrey E. Stone, Pro Bono & Community Service, Trial
Jeff Stone was the prosecuting attorney, representing the Judicial Inquiry Board, in a highly publicized Chicago case. The case, involved Cook County Associate Judge Oliver Spurlock in regard to charges of sexual harassment, was front page news in the Chicago Sun Times several times during the week of June 11, and was the lead story in the Chicago Law Bulletin every day the week of June 4. Mr. Stone was mentioned and quoted in the articles numerous times, including excerpts from the arguments he presented in the courtroom.
Jeffrey E. Stone, Pro Bono & Community Service, Trial
Jeff Stone was quoted in the June 9 issue of the Chicago Tribune in his representation of the Judicial Inquiry Board in the disciplinary hearing surrounding Cook County Associate Judge Oliver Spurlock and his alleged "sexually intimidating and inappropriate" conduct toward six female court employees.
