Former six-term Chicago Mayor Richard M. Daley joined Katten Muchin Rosenman LLP, the law firm that helped negotiate a deal to lease the city’s parking meters.
Daley, 69, will serve as counsel at Katten and won’t participate in any work involving the city or any of its affiliated agencies, the firm said today in a statement.
“I chose Katten for a number of reasons,” Daley said in the statement. “They have an innovative yet practical approach to helping clients accomplish their goals, and they are expanding globally.”
Daley was mayor of the third-largest U.S. city for 22 years beginning in 1989, following in the footsteps of his father Richard J. Daley, who was mayor from 1955 to 1976. Under the younger Daley’s leadership, Chicago lured Boeing Corp. and United Continental Holdings Inc. corporate headquarters to the city and built Millennium Park.
“His advice and counsel will be invaluable,” Vincent Sergi, Katten’s national managing partner, said in today’s statement.
In December 2008, Katten Muchin advised Chicago on leasing its 36,000 parking meters to a Morgan Stanley-led partnership for $1.15 billion to balance its budget. The city’s Office of the Inspector General questioned the deal in 2009, citing a failure to calculate how much the system would be worth over 75 years.
The Morgan Stanley partnership, which includes the Abu Dhabi Investment Authority, may reap at least $11.6 billion from Chicago drivers during the life of the contract, according to documents released in August for a $500 million private note sale by the group’s Chicago Parking Meters LLC venture.
In addition to his work at Katten, Daley will organize lectures for the University of Chicago. The school said May 24 that Daley would join as a senior fellow for five years beginning July 1 and will coordinate a series of lectures at the Harris School of Public Policy Studies.
Founded in 1974, Katten ranked 63rd on the trade magazine American Lawyer’s 2011 list of large U.S. firms, with $443 million in gross revenue in 2010. The firm has more than 600 lawyers, with offices in Chicago, New York, Los Angeles, Washington and Charlotte, North Carolina, as well as London. It plans to open a site in Shanghai this year.