Firm Profiles
IN-DEPTH RESEARCH REPORT
on Cravath, Swaine & Moore LLP
- - Financial Information
- - Compensation
- - Billing Rates
- - Lateral Partner Moves
- - Pro bono
- - Key Contacts
Cravath, Swaine & Moore
- Designation: New York
- Head Count: 453
- Gross Revenues: $603,000,000
- Revenue Per Lawyer: $1,330,000
- Profits Per Partner: $3,435,000
- Year Over Year Change: 1
While Cravath isn’t the largest or richest firm on the Am Law 100 list, few firms have as much influence and success. Cravath’s partners (about 90) are among the most highly paid lawyers in the nation, and the firm is routinely in the top five (and often top three) law firms for partner compensation and profits per partner. It is typically the first major law firm to announce associate bonuses—numbers that are awaited, and followed, by many other firms. And its legendary “Cravath system, ” the firm’s approach to lawyer training and compensation, has also been widely emulated.
But while Cravath may lead, it rarely follows, and has a tendency to buck trends popular among its peers. There is no globe–dotting network of offices; almost all Cravath lawyers are based in New York, with a couple dozen in London. There is no growth via merger. There are few lateral hires, and partners come almost exclusively from among the associate ranks (a notable exception was when Cravath hired Christine Varney, former head of the U.S. Department of Justice’s antitrust division, in 2011 to work in its antitrust practice). Compensation, even among partners, is lockstep based on seniority. They make a point that they are different and take their mission seriously: Few other firm Web sites feature a tab labeled “philosophy.”
Cravath divides its lawyers among five broad departments: corporate, litigation, tax, executive compensation and benefits, and trusts and estates. (Under Cravath’s system, associates rotate among the various practice groups within their department.) Its corporate partners annually appear on the world’s biggest deals; its litigation partners, particularly Evan Chesler, Richard Clary, and Sandra Goldstein, are on corporate America’s speed dial. The firm has old and deep client relations, from IBM to Time Warner. (“Tex” Moore, the third name on the door, was the brother–in–law of Time Inc.’s founder, Henry Luce.) Life at Cravath can be intense: The firm ranked 111th (of 126 firms) on The American Lawyer’s 2011 Midlevel Associates Survey (evidently, oddball perks like discounted pet insurance and defensive driving courses don’t mitigate the long hours). But even lawyers who don’t make partner come away with one of the most vaunted—and sought after—experiences in the industry.
—Updated as of 1/1/12
Firm Rankings
| Survey | Rank | Year Over Year Change | Description |
|---|---|---|---|
| Am Law 100 | 50 | 1 | Gross revenue |
| Am Law 200 | 50 | 1 | Gross revenue |
| NLJ 250 | 85 | 7 | Lawyer head count |
| The A-List | 31 | 10 | Overall excellence |
| Pro Bono Scorecard | 42 | 41 | Pro-bono commitment |
| Diversity Scorecard | 68 | 18 | Minority head count |
| Midlevel Associates Survey | 111 | 27 | Job satisfaction |
| Summer Associates Survey | 77 | 26 | Summer programs |
In the News
Kirkland Cleans Up on PE Shop's $1.4 Billion Buy
Brian Baxter : The Am Law Daily : May 15, 2013
Kirkland & Ellis clinched its latest large M&A deal on Wednesday as private equity client Pamplona Capital Management acquired the largest laundry equipment service provider in the U.S., as well as a leading automobile tire inflation service.
Kirkland, Wachtell Lead on $6.9 Billion BMC Software Sale
Tom Huddleston Jr. : The Am Law Daily : May 13, 2013
A year after waging a proxy battle with an activist investor over exploring a possible sale, BMC Software has agreed to be bought by an investment consortium led by buyout firms Bain Capital and Golden Gate Capital in a cash deal worth $6.9 billion.
Dealmaker of the Week: Kirkland's Sarkis Jebejian
Tom Huddleston Jr. : The Am Law Daily : May 10, 2013
Jebejian led the Kirkland & Ellis team advising a private equity consortium led by Bain Capital and Golden Gate Capital on its $6.9 billion acquisition of business software company BMC Software.
Largest New York Firms Show Steady Growth
Christine Simmons : New York Law Journal : May 9, 2013
Growth was steady last year for most of the 20 largest law firms in New York, with slight to moderate gains in gross revenue and profits per partner.
Combating IP Theft Using Unfair Competition Law
David J. Kappos and Gregory R. Baden : New York Law Journal : May 7, 2013
Theft of intellectual property causes many to think of media reports about patent lawsuits or pirated music and movies. But there is another form of IP theft that poses a threat to U.S. businesses while receiving fewer headlines: the rampant theft of information technology by overseas competitors.
O'Melveny Snags Cadwalader Bankruptcy Leaders
Brian Baxter : The Am Law Daily : May 7, 2013
John Rapisardi and George Davis—who joined Cadwalader, Wickersham & Taft six years ago in a high-profile lateral move from Weil, Gotshal & Manges—are leaving the firm to cohead the global financial restructuring practice at O'Melveny & Myers.
Litigation
: New York Law Journal : May 6, 2013
In this Special Report from the New York Law Journal, brought to you free by The TASA Group Inc.: "Combating IP Theft Using Unfair Competition Law," "Five Commandments of Family-Owned Business Divorce," "Come to a Full Stop" and "Navigating Uncertain Procedural Rules of Federal Agencies."
Combating IP Theft Using Unfair Competition Law
David J. Kappos and Gregory R. Baden : New York Law Journal : May 6, 2013
David J. Kappos, a partner at Cravath, Swaine & Moore, and Gregory R. Baden, an associate with the firm, write: The typical headline - theft of intellectual property threatens U.S. companies - causes many to think of media reports about patent lawsuits or pirated music and movies. But there is another form of intellectual property theft that poses a great threat to American businesses while receiving far fewer headlines: the rampant theft of information technology by overseas competitors.
Kirkland, Wachtell Lead on $6.9 Billion BMC Software Sale
Tom Huddleston Jr. : The Am Law Daily : May 6, 2013
A year after waging a proxy battle with an activist investor over exploring a possible sale, BMC Software has agreed to be bought by an investment consortium led by buyout firms Bain Capital and Golden Gate Capital in a cash deal worth $6.9 billion. Kirkland & Ellis, Sidley Austin, and Willkie are advising the investors while Wachtell is representing BMC.
VOLS Firms Meet Pro Bono 2012 Pledge
Bill Lienhard : New York Law Journal : May 3, 2013
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