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
Skadden Fuels Up on $9.8 Billion Deal for Company It Helped Brew
Brian Baxter : The Am Law Daily : April 12, 2013
German conglomerate Joh. A. Benckiser has once again turned to Skadden for counsel on its latest large M&A deal—a $9.8 billion purchase of Sara Lee spinoff D.E. Master Blenders 1753 to bolster its growing coffee empire. Allen & Overy and three other European firms are also advising on the proposed transaction.
Circuit Rejects Bid to Disqualify Cravath in WTC Litigation
Mark Hamblett : New York Law Journal : April 9, 2013
Two associates who worked on the amicus brief filed by Cravath, which had been appointed by the circuit to represent Judge Hellerstein's position on the rulings on appeal, had been law clerks for Hellerstein and assisted him in the litigation.
Richards Layton
Zoe Tillman : The National Law Journal : April 8, 2013
Judge Largely Dismisses Lawsuit Against JPMorgan
Jan Wolfe : The Litigation Daily : April 8, 2013
A French-Belgian bank suing over mortgage-backed securities was not the original purchaser, and doesn't have standing to bring claims, Southern District Judge Jed Rakoff ruled.
Cohen & Gresser
Lisa Holton : The National Law Journal : April 8, 2013
First Department Justice Tapped for Top Bench
John Caher : New York Law Journal : April 8, 2013
Governor Andrew Cuomo has nominated Sheila Abdus-Salaam, a highly regarded appellate judge, for a seat on the New York State Court of Appeals, saying she has shown "a deep understanding of the everyday issues facing New Yorkers, as well as the complex legal issues that come before the state's highest court."
Alston & Bird, Kirkland join raft of firms circling potential Dell deal
Brian Baxter : The Am Law Daily : April 3, 2013
The takeover battle for Dell Inc. may not have yet reached the level of Wall Street legend, but the proposed $24.4 billion leveraged buyout for the company has drawn in enough high-powered lawyers to make a small screen drama.
The Score: Dewey's Football Bills, March Madness, and Opening Day
Brian Baxter : The Am Law Daily : April 3, 2013
In our latest look at sports and the law, The Am Law Daily does some spring cleaning by tracking down the legal fees accrued by the National Football League Players Association in its collective bargaining battle with owners in 2011; catching up with one of the NCAA's top outside litigators from Schiff Hardin; and looking at the lawyers staying busy for Major League Baseball and the New York Yankees.
How to Stay Off A GC's Do-Not-Hire List
Robin Sparkman : The American Lawyer : April 2, 2013
IBM general counsel Robert Weber discusses his pet peeves about outside counsel—and what firms should not do if they want the computer giant to hire them.
How to Stay Off A GC's Do-Not-Hire List
Robin Sparkman : The American Lawyer : April 2, 2013
IBM general counsel Robert Weber discusses his pet peeves about outside counsel—and what firms should not do if they want the computer giant to hire them.
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