Cromwell, William N.

Cromwell, William N. (Nelson)

(1854–1948) lawyer; born in Brooklyn, N.Y. Beginning as an accountant in the New York law firm of Algernon S. Sullivan, he joined it after completing law school, becoming a partner in 1879. As Sullivan and Cromwell, it soon became one of New York's most successful firms, specializing in business law. He consolidated 16 concerns into the National Tube Company, concluded the battle over the Illinois Central Railroad, promoted the Panama Canal, and established the "Cromwell plan"—forerunner of "Chapter 11" bankruptcies—allowing insolvent firms to continue operations. After World War I, he devoted himself to charitable causes and he left his large estate to legal and other philanthropies.

The Cambridge Dictionary of American Biography, by John S. Bowman. Copyright © Cambridge University Press 1995. Reproduced with permission.