Firm Profiles

Cahill has always been something of an oddity among the largest law firms. It has never been among the leaders—or even close to them—on gross revenue; indeed, the firm fell off The Am Law 100 list for a couple of years during the recession. It has never had large rosters of lawyers or a network of far–flung offices (there are just three: the New York base, London, and Washington, D.C.). It has a partnership that numbers well under 100. Yet only a handful of firms can match Cahill on profitability. Indeed, it’s one of an elite group of firms to cross the $2 million mark on profits per partner, a figure it maintained even during the downturn. And average compensation per partner regularly ranks among the top ten, and sometimes the top five.

Cahill, which was founded in 1919, is no stranger to the ups and downs of the financial markets. After developing one of the premier leveraged finance practices in the 1980s, Cahill saw its largest banking client, Drexel Burnham Lambert, implode in 1990. But the practice continued to grow; Cahill boasts one of the most active high–yield debt operations in the nation. But it suffers with the broader economy, taking a hit during the post–Lehman Brothers–bust only to return by 2010 when the firm rejoined The Am Law 100 with a big revenue jump.

The firm also has a well–regarded litigation department—John Cahill was the U.S. Attorney for the Southern District of New York in the 1940s. It may be best known for its First Amendment and media law practice led by Floyd Abrams. He represented The New York Times in the 1971 Pentagon Papers case, and more recently, argued before the U.S. Supreme Court on the constitutionality of the McCain–Feingold campaign finance regulations.

Cahill scores middle–of–the–pack numbers on pro bono work, placing 114th of 200 firms in The American Lawyer’s 2011 survey. Attorneys averaged 40 hours of pro bono work, but less than a quarter of the firm lawyers put in more than 20 hours. Diversity, too, is no showstopper: Cahill ranked 106th of 194 firms on our 2011 scorecard, with barely 6 percent of the U.S. partnership composed of minorities. The firm has been more successful, however, in keeping its junior lawyers happy: Cahill placed near the top third of firms in The American Lawyer’s 2011 Midlevels Associates Survey.

—Updated as of 1/1/12