America's leading black law firms - Cover Story

Black Enterprise, August, 1993

On the firm's "to-do" list are lucrative private placements and major real estate closings. High visibility should help. Arrington serves as vice mayor of the city, and the firm recently "adopted" Atlanta's Grove Park Elementary School as part of the Atlanta Business Partnership in Education. Says Arrington: "You have to put as much back into the community as possible."

BARNES, MCGHEE, NEAL, POSTON & SEGUE,

New York City

Talking to Joseph Barnes about his New York City law practice is about as easy as getting a one-on-one with Michael Jackson. Guarded about the affairs of the firm, Vincent McGhee,the founding partner of Barnes, McGhee,doesn't typically give interviews. (Nor does he pose for photographs.) Such evasiveness is indeed curious, given the firm's enormous clout on the nationwide bond scene. In 1992, Investment Dealers' Digest ranked the firm sixth nationwide for bond financings; while the Bond Buyer ranked it sixth in the country for underwritings.

Barnes, McGhee, is known primarily for handling public finance matters, though the 31-attorney practice bills itself as "full-service." Since 1987, the firm has been writing bond opinions on issues of staggering sums. Last May, for instance, the firm completed a $1.1 billion bond issuance for the New York State Dormitory Authority.

Eight years ago, as a fifth-year associate at a majority firm, Barnes, 42, was handling bond deals solo. So it is ironic, says the University of Pennsylvania law grad, that in his seventh year at his own firm, he works on a co-counsel basis with majority firms.

Barnes, McGhee has the distinction of serving as sole bond counsel in deals for several states, including New York, Missouri, Texas and Connecticut. It has offices in six other cities. Like many firms of its size, however, Barnes, McGhee retains a stable of associates who handle the complex legal needs of an eclectic clientele, such as defense litigation, securities law, bankruptcy, and intricate contract negotiations. Non-government clients - whose names are carefully guarded include banks and large corporations.

McGhee, who attended the University of Florida College of Law, commands significant influence down South. Formerly an assistant county attorney in Dade County, Fla., the 38-year-old partner has kept up his ties in the area, and is now based in the firm's Miami office (one of nine), where he steers major deals, most notably, for the Miami-Dade Water & Sewer Authority:

Despite a hiatus in the issuance of housing bonds, Barnes expects that any Clinton tax hikes will bode well for tax-exempt bonds. In the meantime, the firm is eyeing still-secret deals in Africa, since according to Barnes, -We are always looking for new opportunities."

CARNEY & BROTHERS, Chicago

The principals of Carney & Brothers knew they had made it when General Motors chose their 17-lawyer firm over the venerable 39-lawyer Pope, Ballard, Shepard & Fowle in 1990. GM tapped the smaller firm to be its sole breech of warranty defense counsel in the State of Illinois.