Latest news with #Skadden
Reuters
13-06-2025
- Business
- Reuters
Skadden law firm fellowship revamps application to omit 'racial justice,' 'equity'
June 13 (Reuters) - The Skadden Foundation, a public interest law fellowship program entirely funded by law firm Skadden Arps, has altered its application criteria to remove language related to racial justice and other topics that became flashpoints for U.S. law firms under the Trump administration. Applicants last year were required to explain "the role of public interest work in addressing systemic racism" and asked, "to the extent your project relates to racial justice, please describe the intended impact of your project on racial equity in our country." That essay question is absent in updated application materials for the two-year fellowship, which funds law graduates to work at non-profit organizations, according to a Reuters review of the current applications and archived versions from one year ago. The foundation also removed language encouraging applications from lawyers "who are members of groups that historically have been underrepresented in the legal profession," and who have "deep connections with or insights into the marginalized client communities they seek to serve," a comparison showed. Spokespeople for the Skadden Foundation and the law firm did not immediately respond to requests for comment. The foundation's former executive director Kathleen Rubenstein resigned last week, telling Reuters that she was leaving "rather than endorse actions that I believe will undermine its mission." She did not elaborate and had no immediate comment on Friday on the updated application. Susan Plum, who took over as interim executive director of the foundation, said in a statement last week that "maintaining a broad, nonpartisan approach in an increasingly polarized climate is more difficult than ever and some believe it runs counter to the foundation's purpose and values. We fundamentally disagree." Plum did not immediately respond to a request for comment on Friday. Skadden, a 1,700 lawyer firm based in New York, made a deal in March with President Donald Trump to devote $100 million in free legal work to causes supported by the White House and committed to what Trump called merit-based employment practices. That agreement, one of nine made by prominent firms after Trump began targeting law firms with executive orders over their past cases and hires, required Skadden to also fund at least five fellowships related to "Assisting Veterans; ensuring fairness in our Justice System; combatting Antisemitism, and other similar types of projects." Skadden had agreed that its fellows would "represent a wide range of political views, including conservative ideals," Trump had said in a March 28 post on his Truth Social platform. The Skadden Foundation's website now includes new language, saying that it prohibits "discrimination against applicants and fellows on any basis prohibited by applicable law." It adds now that applicants should work at a "strong, nonpartisan host organization." Skadden's deal with Trump also resolved an inquiry launched by the acting chair of the U.S. Equal Employment Opportunity Commission, which in March had warned Skadden and 19 other major law firms that their employment policies, meant to boost diversity, equity and inclusion, may be illegal. Other law firms and major U.S. companies have dropped or considered altering their DEI policies after the U.S. Supreme Court issued a 2023 ruling curtailing affirmative action. President Donald Trump issued an executive order in January cracking down on such programs in the federal government and in the private sector.
Reuters
04-06-2025
- Business
- Reuters
Skadden Foundation leader resigns following Trump deal
June 4 (Reuters) - The executive director of Skadden Arps Slate Meagher & Flom's fellowship foundation said on Wednesday she resigned from her position, more than two months after the law firm agreed to provide President Donald Trump with $100 million in free legal services. "I recently offered my resignation as executive director of the Skadden Foundation, rather than endorse actions that I believe will undermine its mission," Skadden Foundation executive director Kathleen Rubenstein said in a statement to Reuters. Rubenstein in her statement did not specify what actions she was asked to endorse, and she declined to comment further. She announced her resignation in a post on LinkedIn. The Skadden Foundation provides two-year fellowships to law school graduates who are interested in pursuing public interest law. These Skadden fellows "address unmet civil legal needs of people living in poverty in the U.S.," according to the group's website. The group's website said it has funded more than 1,000 fellowships since launching in 1988. "This moment in history calls on us to provide greater support for public interest lawyers and the clients they work alongside," Rubenstein said in her statement. A spokesperson for Skadden did not immediately provide comment. Skadden executive partner Jeremy London has said that Skadden engaged proactively with Trump in the interests of clients, employees and the firm. Rubenstein is the latest pro bono lawyer to resign from a major law firm that struck a deal with Trump to avoid punishing executive orders targeting their business. As part of those deals, Skadden and eight other law firms have pledged a total of $940 million in pro bono legal work to causes the White House supports. Steven Banks, who led the pro bono practice at Paul Weiss, said in mid-April he was leaving the firm to turn his attention to representing the Coalition for the Homeless with the Legal Aid Society. Skadden has been accused of limiting its lawyers' access to internal email lists to prevent them from discussing the firm's deal with Trump, a left-leaning advocacy group said in a complaint in April. More than 80 Skadden alumni, including two people who left the firm after its agreement with Trump, sent a letter to London in April saying the deal undermined core democratic values. Another lawyer who resigned from Skadden days before the agreement, Rachel Cohen, criticized the deals in testimony before an informal hearing of congressional Democrats.
Khaleej Times
03-06-2025
- Business
- Khaleej Times
ADGM posts stellar Q1 with 33% surge in assets under management
Abu Dhabi Global Market (ADGM), the UAE capital's international financial centre, kicked off 2025 with an impressive first quarter, reinforcing its position as a global powerhouse for finance and innovation. With a 33 per cent surge in assets under management (AUM), 119 fund and asset managers now oversee 184 funds, a significant leap from last year. The number of operational entities soared by 43 per cent to 2,781, while financial services firms grew by 26 per cent to 367. New licences issued jumped 67 per cent compared to Q1 2024, highlighting ADGM's growing appeal to global businesses. This growth reflects Abu Dhabi's status as a trusted destination for investors, driven by ADGM's transparent regulatory framework, which directly applies English common law — a rarity in the region. This legal clarity, combined with strategic initiatives, has attracted top-tier firms like Skadden, Investindustrial, and Polen Capital to set up shop. The expansion to Al Reem Island has been a game-changer, with over 600 new businesses established and 500 existing companies transitioning to ADGM licences, bringing the total to 1,100 new entities. A revised fee structure, slashing commercial licence costs by 50 per cent to a flat Dh1,000, has made it easier for small and medium enterprises (SMEs) to thrive. ADGM's workforce on Al Maryah Island grew by 17 per cent to over 29,000, with 3,509 new work permits issued for Al Reem Island businesses. New Employment Regulations introduced in Q1 enhance workplace protections while maintaining business flexibility, solidifying ADGM's appeal as a talent hub. The ADGM Academy furthered this by creating 800 job opportunities for UAE nationals across nine specialized tracks, supported by 23 global certifications. Strategic partnerships with Arab Youth and the Federal Tax Authority are empowering young talent and aligning with national goals. Globally, ADGM's outreach has strengthened its role as a financial bridge. In January, a delegation engaged hedge funds and private equity leaders at iConnections Global Alts Miami, highlighting Abu Dhabi's access to sovereign wealth capital. In February, ADGM joined a high-level mission to China, fostering ties as UAE-China trade is projected to boom. In April, meetings with Japanese financial institutions focused on wealth management and family businesses, signaling ADGM's growing influence in Asia. Innovation is at ADGM's core. A new mobile app launched in Q1 offers real-time regulatory updates, compliance tools, and networking features, while a digital platform for real estate transactions enables fully virtual processes—a first in the region. ADGM's focus on blockchain is evident through a partnership with Chainlink to develop compliant tokenisation frameworks and the integration of firms like Stacks Asia into its Distributed Ledger Technology framework, positioning Abu Dhabi as a blockchain hub. Sustainable finance is another priority, with the Abu Dhabi Sustainable Finance Declaration gaining 170 signatories, including Aquila Capital and PwC, promoting environmental, social, and governance (ESG) principles. The ADGM Research Centre's six papers on AI's role in finance underscore its commitment to cutting-edge technology. Ahmed Jasim Al Zaabi, ADGM chairman, said, 'ADGM's Q1 2025 performance reflects the trust global institutions place in us, boosting Abu Dhabi's status as a financial and innovation hub. As the world's safest and most dynamic jurisdiction for asset management, we're driving sustainable growth and digital transformation.'
Yahoo
03-06-2025
- Business
- Yahoo
ADGM Kicks Off 2025 with Strong First Quarter Performance
ABU DHABI, UAE, June 3, 2025 /PRNewswire/ -- ADGM, the international financial centre of the UAE capital, has accomplished another quarter of robust growth and increased global recognition, sustaining momentum from a record-breaking 2024. In Q1 2025, ADGM achieved significant growth across key metrics, supported by ongoing global investor confidence, regulatory enhancements, and the successful implementation of major initiatives within its expanded jurisdiction on Al Reem Island. Meanwhile, ADGM's focus and strategic initiatives to strengthen ADGM's standing as a leading international financial centre reaffirmed Abu Dhabi's position as a global financial powerhouse and a destination of choice for regional and global entities. Commenting on ADGM's growth momentum, His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM, said, "ADGM's Q1 2025 performance marks the beginning of another landmark year. This is not just a reflection of ADGM's capabilities to deliver sustained growth, but also the trust it has gained among global and regional institutions, boosting Abu Dhabi's status as a global financial and innovation hub. As the world's safest and most dynamic jurisdiction for asset and wealth management, ADGM continues to expand and diversify with purpose, welcoming leading firms, deepening international partnerships, and driving digital and sustainable transformation across sectors. ADGM remains committed to contributing towards capital formation and innovation in alignment with the UAE's long-term economic vision." Diverse Growth Within The 'Capital of Capital' The asset management sector was a key indicator of ADGM's growth last year. During Q1 2025, AUMs grew 33% compared to Q1 2024. At the end of Q1 2025, 119 asset and fund managers managed a total of 184 funds out of ADGM. As the sole jurisdiction in the region to adopt the direct application of English common law, ADGM's transparency, stability, legal certainty and familiarity with its established regulatory framework have been a key driver to the growing number of global and regional entities setting up. As of Q1 2025, the total number of operational entities in ADGM increased 43% to 2,781, from the same period a year earlier, while the number of financial services entities increased to 367, indicating a 26% growth from Q1 2024. The number of new licences grew in Q1 2025, representing an increase of 67% from Q1 2024. Notable firms establishing a presence during this period include Skadden, Investindustrial, NewVest, Arcapita, Polen Capital, Seviora, Olive Gaea, TON, and Aquila Group. These firms represent a range of sectors and position ADGM as the preferred premier international hub for asset management, sustainable finance, legal services, and digital innovation. Strategic Human Capital Growth One of ADGM's strategic focuses under the 'Capital of Capital' concept has been human capital. Efforts towards this have resulted in the workforce on Al Maryah Island surging to over 29,000 individuals, a 17% growth compared to the same quarter last year. Furthermore, a total of 3,509 new ADGM work permits have been issued to businesses establishing on Al Reem Island. In line with its focus on human capital, ADGM also introduced new Employment Regulations, aimed at enhancing workplace protections while preserving business agility. ADGM's Global Outreach and Strategic Engagements ADGM's international engagement efforts remained strong throughout Q1 2025, further highlighting its role as a global bridge for the growth of Abu Dhabi's financial sector. In January, an ADGM delegation returned to iConnections Global Alts Miami to deepen its relationship with hedge funds, private equity firms, and venture capital leaders. The delegation held bilateral meetings in New York and Washington and participated in a headline panel discussion titled "Abu Dhabi: The Capital of Capital", showcasing the emirate's strategic access to USD 1.7 trillion in sovereign wealth capital and its investor-friendly ecosystem. In February, ADGM participated in the Abu Dhabi Department of Economic Development's (ADDED) high-level delegation to China, aimed at deepening bilateral economic ties between the two countries. With the UAE-China trade projected to reach USD 200 billion by 2030, ADGM is reinforcing Abu Dhabi's position as a vital gateway for Chinese capital into the region. At the beginning of April, a high-level delegation from ADGM travelled to Japan, where they conducted nearly 30 strategic bilateral meetings with leading financial institutions. The discussions focused on key sectors, including private banking, wealth management, and family businesses, reflecting the commitment of Japanese companies to fostering international partnerships and expanding their footprint in the region. Al Reem Island Integration During Q1 2025, ADGM completed its jurisdictional expansion to Al Reem Island, which delivered strong results. By Q1 2025, over 600 new businesses had set up on Al Reem Island, and more than 500 existing Al Reem-based companies had migrated to an ADGM licence. Currently, a total of 1,100 new entities operate within ADGM's expanded jurisdiction. ADGM's Strategic Moves for Blockchain Innovation and Tokenisation Frameworks Reinforcing its position as a regulatory pioneer in digital assets, ADGM in March signed an MoU with Chainlink, the industry standard for onchain finance. The partnership will enable the development of compliant tokenisation frameworks by leveraging Chainlink's infrastructure and expertise. Additionally, ADGM welcomed Stacks Asia and Bitgrit to its ecosystem in Q1 2025, which will leverage ADGM's world-leading Distributed Ledger Technology (DLT) Foundations framework. These efforts are boosting Abu Dhabi's profile as a rising blockchain innovation hub at both regional and global levels. ADGM's Continued Growth in Sustainable Finance The Abu Dhabi Sustainable Finance Declaration now boasts 170 signatories, spanning banks, asset managers, investment funds, and small and medium-sized enterprises (SMEs). Some of the recent names that became signatories include Aquila Capital, Century Financial, Oryx Global Partners, PricewaterhouseCoopers (PwC) and Olive Gaea. Driving Innovation Through Technology ADGM officially launched its all-in-one mobile application to enhance the digital experience for businesses, employees, and residents in Q1 2025. The app offers real-time regulatory updates, compliance tools, licence renewals, and exclusive networking features. It also introduced a groundbreaking digital platform for real estate transactions, enabling fully virtual sell-and-purchase workflows involving buyers, sellers, and financial institutions—a regional first that reflects ADGM's commitment to tech-driven transformation. Logo - View original content: SOURCE ADGM
Associated Press
03-06-2025
- Business
- Associated Press
ADGM Kicks Off 2025 with Strong First Quarter Performance
ABU DHABI, UAE, June 3, 2025 /CNW/ -- ADGM, the international financial centre of the UAE capital, has accomplished another quarter of robust growth and increased global recognition, sustaining momentum from a record-breaking 2024. In Q1 2025, ADGM achieved significant growth across key metrics, supported by ongoing global investor confidence, regulatory enhancements, and the successful implementation of major initiatives within its expanded jurisdiction on Al Reem Island. Meanwhile, ADGM's focus and strategic initiatives to strengthen ADGM's standing as a leading international financial centre reaffirmed Abu Dhabi's position as a global financial powerhouse and a destination of choice for regional and global entities. Commenting on ADGM's growth momentum, His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM, said, 'ADGM's Q1 2025 performance marks the beginning of another landmark year. This is not just a reflection of ADGM's capabilities to deliver sustained growth, but also the trust it has gained among global and regional institutions, boosting Abu Dhabi's status as a global financial and innovation hub. As the world's safest and most dynamic jurisdiction for asset and wealth management, ADGM continues to expand and diversify with purpose, welcoming leading firms, deepening international partnerships, and driving digital and sustainable transformation across sectors. ADGM remains committed to contributing towards capital formation and innovation in alignment with the UAE's long-term economic vision.' Diverse Growth Within The 'Capital of Capital' The asset management sector was a key indicator of ADGM's growth last year. During Q1 2025, AUMs grew 33% compared to Q1 2024. At the end of Q1 2025, 119 asset and fund managers managed a total of 184 funds out of ADGM. As the sole jurisdiction in the region to adopt the direct application of English common law, ADGM's transparency, stability, legal certainty and familiarity with its established regulatory framework have been a key driver to the growing number of global and regional entities setting up. As of Q1 2025, the total number of operational entities in ADGM increased 43% to 2,781, from the same period a year earlier, while the number of financial services entities increased to 367, indicating a 26% growth from Q1 2024. The number of new licences grew in Q1 2025, representing an increase of 67% from Q1 2024. Notable firms establishing a presence during this period include Skadden, Investindustrial, NewVest, Arcapita, Polen Capital, Seviora, Olive Gaea, TON, and Aquila Group. These firms represent a range of sectors and position ADGM as the preferred premier international hub for asset management, sustainable finance, legal services, and digital innovation. Strategic Human Capital Growth One of ADGM's strategic focuses under the 'Capital of Capital' concept has been human capital. Efforts towards this have resulted in the workforce on Al Maryah Island surging to over 29,000 individuals, a 17% growth compared to the same quarter last year. Furthermore, a total of 3,509 new ADGM work permits have been issued to businesses establishing on Al Reem Island. In line with its focus on human capital, ADGM also introduced new Employment Regulations, aimed at enhancing workplace protections while preserving business agility. ADGM's Global Outreach and Strategic Engagements ADGM's international engagement efforts remained strong throughout Q1 2025, further highlighting its role as a global bridge for the growth of Abu Dhabi's financial sector. In January, an ADGM delegation returned to iConnections Global Alts Miami to deepen its relationship with hedge funds, private equity firms, and venture capital leaders. The delegation held bilateral meetings in New York and Washington and participated in a headline panel discussion titled 'Abu Dhabi: The Capital of Capital', showcasing the emirate's strategic access to USD 1.7 trillion in sovereign wealth capital and its investor-friendly ecosystem. In February, ADGM participated in the Abu Dhabi Department of Economic Development's (ADDED) high-level delegation to China, aimed at deepening bilateral economic ties between the two countries. With the UAE-China trade projected to reach USD 200 billion by 2030, ADGM is reinforcing Abu Dhabi's position as a vital gateway for Chinese capital into the region. At the beginning of April, a high-level delegation from ADGM travelled to Japan, where they conducted nearly 30 strategic bilateral meetings with leading financial institutions. The discussions focused on key sectors, including private banking, wealth management, and family businesses, reflecting the commitment of Japanese companies to fostering international partnerships and expanding their footprint in the region. Al Reem Island Integration During Q1 2025, ADGM completed its jurisdictional expansion to Al Reem Island, which delivered strong results. By Q1 2025, over 600 new businesses had set up on Al Reem Island, and more than 500 existing Al Reem-based companies had migrated to an ADGM licence. Currently, a total of 1,100 new entities operate within ADGM's expanded jurisdiction. ADGM's Strategic Moves for Blockchain Innovation and Tokenisation Frameworks Reinforcing its position as a regulatory pioneer in digital assets, ADGM in March signed an MoU with Chainlink, the industry standard for onchain finance. The partnership will enable the development of compliant tokenisation frameworks by leveraging Chainlink's infrastructure and expertise. Additionally, ADGM welcomed Stacks Asia and Bitgrit to its ecosystem in Q1 2025, which will leverage ADGM's world-leading Distributed Ledger Technology (DLT) Foundations framework. These efforts are boosting Abu Dhabi's profile as a rising blockchain innovation hub at both regional and global levels. ADGM's Continued Growth in Sustainable Finance The Abu Dhabi Sustainable Finance Declaration now boasts 170 signatories, spanning banks, asset managers, investment funds, and small and medium-sized enterprises (SMEs). Some of the recent names that became signatories include Aquila Capital, Century Financial, Oryx Global Partners, PricewaterhouseCoopers (PwC) and Olive Gaea. Driving Innovation Through Technology ADGM officially launched its all-in-one mobile application to enhance the digital experience for businesses, employees, and residents in Q1 2025. The app offers real-time regulatory updates, compliance tools, licence renewals, and exclusive networking features. It also introduced a groundbreaking digital platform for real estate transactions, enabling fully virtual sell-and-purchase workflows involving buyers, sellers, and financial institutions—a regional first that reflects ADGM's commitment to tech-driven transformation. Logo - View original content: SOURCE ADGM
