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I see that GM is using Jenner & Block [[Chicago firm) and Davis Polk [[NYC firm) to do IPO work. Are they using any Detroit based firms as well? If not, why aren't they using more local firms? Certainly, the rates among local firms would probably provide significant savings to GM and the taxpayers and our local law firms are highly capable of doing this level of work [[I think Honigman worked on GM's bankruptcy).
http://www.law.com/jsp/article.jsp?i...ral_Motors_IPO
Legal work on an IPO requires a much different skill set than a bankruptcy does.
Not much in the way of major IPOs out here. That being said, there really ought to be local firms who can handle this type of work. Detroit is not a base or a hub for national firms [[some have started to enter in recent years). It is amazing how many large, national firms are based in or have branches in New York, Philly, even Cleveland, skip Detroit, on to Chicago and Minneapolis. Grand Rapids even has a number, because it can satellite Chicago. Our biggest firms are dwarfed by those based elsewhere. I think Miller Canfield is the only Detroit-based in the top 200 in size. I have heard auto industry and unions as "reasons" why Detroit lacks any massive firms, but don't know of any specific reasons as to why that might be.
The major accounting firms in Detroit all have some relationship with GM, and are seeing increased work as a result of the bankruptcy, restructuring, IPO, etc.
> If not, why aren't they using more local firms?
To hazard a guess, the law firms in NYC and Chicago have quite a bit more experience [[and industry connections) with large-scale IPOs than the firms in Detroit.
yeah my guess would be that the firms in New York and Chicago can provide much better service than the Detroit ones, since they are major law centers.
.. and the fact that they have the NASDAQ, Board of Trade, NYSE, Dow, S&P....Quote:
Originally Posted by Mind field