Biglaw, General Counsel, In-House Counsel

A Biglaw Leader's Major Move: Wells Fargo Taps Allen Parker Of Cravath As General Counsel

It's a smart move for Allen Parker, and a great hire by Wells Fargo.

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C. Allen Parker (via Cravath, Swaine & Moore)

C. Allen Parker (via Cravath, Swaine & Moore)

Where does one go after serving as presiding partner of Cravath, Swaine & Moore? If Biglaw managing partners form the College of Cardinals, then Cravath’s presiding partner is the Pope — so moving to a rival firm would be heresy. One could return to the ranks of the Cravath partnership — as Evan Chesler did, for example — but that might be anticlimactic.

So while surprising, it was not shocking to learn yesterday about C. Allen Parker’s new job. From the Wall Street Journal:

Wells Fargo & Co. named a new top lawyer Monday, ending a monthslong search for a new general counsel who will be tasked with helping the bank recover from its recent sales practices scandal.

Allen Parker, the recent former head of white-shoe law firm Cravath Swaine & Moore LLP, is slated to begin his new role March 27, succeeding James Strother who the bank said will retire after 30 years at Wells Fargo.

Mr. Parker, 62 and a current Cravath partner, will be based out of the bank’s headquarters in San Francisco and become a member of its operating committee. He’ll join Wells Fargo at one of its most difficult points as it continues to remain in the spotlight after paying a $185 million fine in September over opening accounts using fictitious or unauthorized customer information.

Parker enjoyed an incredibly successful turn at Cravath’s presiding partner. Under his watch, the firm experienced record M&A volume, sky-high partner profits, a return to the #1 spot in the Vault 100 rankings, progress in diversifying its partnership, and — last but definitely not least — the celebrated associate pay raises. So why take on the task of cleaning up the stables befouled by those Wells Fargo stagecoach horses? Note that the bank has been trying to fill this job for months.

The dire straits that Wells Fargo finds itself in, due to the scandal over the millions of phony accounts, make Parker’s decision to take the job perfectly logical. Why? It’s a no-lose situation: if he can right the WF ship, then he’ll be hailed as a hero; but if he can’t, he can blame it on the sheer scale of the mess he inherited.

And hiring Parker is a coup for Wells Fargo as well. As CEO Tim Sloan put it, “Allen is well known throughout the legal and financial services industries not only for advising some of the world’s largest companies on their most complex legal matters, but also for his strong character, integrity, and high ethical standards.” A reputation for integrity and ethics is, of course, just what the doctor has ordered for Wells Fargo.

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But there are other reasons Parker is a great pick as well. Having overseen a firm of 1,200 employees, he’s an experienced and talented manager — and a big part of running a legal department with 965 people is about management skills rather than substantive legal knowledge. At the same time, as a banking lawyer by training, Parker has the legal chops as well. As noted by his successor as presiding partner, Faiza Saeed, Parker happens to be “one of the most respected banking lawyers in the United States.”

So congratulations to Allen Parker on his new job, and congratulations to Wells Fargo on its new GC. If anyone can steer the giant bank out of its giant legal crisis, Parker can.

P.S. In other (and very sad) Cravath news, our condolences once again to the friends, family, and former colleagues of Andrew R. Thompson, the CSM partner who passed away on February 25.

Wells Fargo Names Cravath Partner as New Top Lawyer [Wall Street Journal]
Wells Fargo Adds Cravath’s Parker as Counsel; Strother Exits [Big Law Business]
Wells Fargo names Allen Parker general counsel [Reuters]
Wells Fargo Names Allen Parker General Counsel [Business Wire (press release)]

Earlier: 5300 Fired For Creating Millions Of Phony Accounts. Um, Where Was Compliance?

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DBL square headshotDavid Lat is the founder and managing editor of Above the Law and the author of Supreme Ambitions: A Novel. He previously worked as a federal prosecutor in Newark, New Jersey; a litigation associate at Wachtell, Lipton, Rosen & Katz; and a law clerk to Judge Diarmuid F. O’Scannlain of the U.S. Court of Appeals for the Ninth Circuit. You can connect with David on Twitter (@DavidLat), LinkedIn, and Facebook, and you can reach him by email at dlat@abovethelaw.com.

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