CHICAGO – Chicago-based Pugh Jones & Johnson PC has hired veteran municipal attorney Brendan Cournane to round out its public finance team, a move the firm believes will further boost its evolution from a firm in the second seat to a player among lead bond counsel firms.
Cournane brings four decades of experience on both the private and public sector sides. He started earlier this month as a partner, filling a void left by the departure of Lorraine Tyson early last year.
Cournane said he made the decision to join Pugh Jones because of the appeal of working with a firm "that is well respected and works on a wide range of transactions."
The firm's co-founder and shareholder, Stephen Pugh, said he was attracted to Cournane for his experience, knowledge, ability and reputation in the marketplace and believes he is "going to be attractive to our clients and enhance our reputation."
Most recently, Cournane was assistant general counsel to the Chicago Public Schools where he had previously worked from 2002 to 2010. Before returning to CPS, he operated his own law practice for three years and previously served as general counsel to the Illinois Finance Authority. He also worked for seven years in the city's law department.
He has also been a partner at Kutak Rock LLP and the former Borge and Pitt, which was acquired by Katten Muchin Rosenman LLP.
"Brenden has spent such a significant amount of time with issuers," said Glenn Weinstein, a partner in Pugh's public finance group since 2008. "It gives him a perspective on the strategic thinking" of issuers with respect to policy and disclosure as they plan issues.
Cournane joins a public finance team that includes Pugh, Weinstein, associate Sabena Auyeung, and legal assistant Diana Valentine. The firm expanded its reach three years ago by establishing a New York City office with several attorneys that serve in "of counsel" roles.
The minority-owned firm marked its 25th anniversary last year. It was a good year in the rankings as the firm closed out 2016 in third place among bond counsel on Illinois-based deals, credited with $1.3 billion of work. The firm ranked 24th in New York last year and 63rd nationally, according to data from Thomson Reuters.
"After 25 years, we are one of the few minority-owned, diverse law firms that have really achieved the status of bond counsel and sole underwriter's counsel," said Pugh.
Pugh, a former U.S. Department of Justice strike force special attorney and partner at Illinois' public finance behemoth Chapman and Cutler LLP, said after working at Chapman he saw an opportunity to carve out a piece of business.
"There were no minority-owned firms that had a sophisticated practice," he said.
He launched the firm with Walter Jones, a former chief of the criminal and civil divisions of the U.S. Attorney office in Illinois. A year later, former Bell, Boyd & Lloyd partner Dennis Johnson joined the group.
While majority minority or women ownership will open doors to co-positions with issuers like Chicago that seek to meet participation goals, a firm needs to impress with performance to keep the business flowing and elevate its role.
The tide began to change for the firm in 2001 when it added a tax specialist Scott Bremer, who has since moved on. The firm was then looked on as having the capability to do sole counsel work, Pugh said.
The firm's growth in the top spot has made a leap in the last few years, said Weinstein, adding that it's not just in the role of bond counsel but in other counsel positions.
Pugh also sees more room opening for the firm to bolster business as some firms pull back from public finance to focus on practice areas viewed as more profitable with issuers seeking to hold down costs by limiting fees while disclosure work remains in demand due to regulatory demands.
