Cravath, Swaine & Moore LLP - The Inside View

“The moment you step into Cravath, your inbox is overflowing with messages from recruiters. I received 100 in my first year here.” No, this isn’t a junior associate’s humble brag or even advice on adjusting your notification settings, but rather evidence of the power of the Cravath name. It’s a name anyone paying even half a mind to BigLaw will have come across. After all, it’s not every day you come across a firm that was the blueprint for the modern US law firm setup. (We’re no Wikipedia page but, to summarize, Cravath lawyers were the ones to start taking on law school grads as associates and training them as generalists.) More recently, you’ll find Cravath pops up in conversations on compensation in the legal profession, setting the standard for salaries and bonuses across the industry with its pay scale. Simply put, it’s no exaggeration to say that Cravath leads the pack, as many firms in the market have followed standards that Cravath has pioneered. 

“I knew I’d be working on the high-profile matters I wanted to get involved in coming out of law school.” 

Though much of Cravath’s reputation speaks for itself, our colleagues at Chambers USA have a thing or two to add. In its Big Apple hometown, the firm picks up top marks in the elite corporate/M&A and general commercial litigation tables, with a further thumbs up for practices such as environment, media & entertainment and tax. Despite having just two US offices in New York and DC, Cravath also receives nods for its nationwide antitrust, securities litigation and regulation, and capital markets work. “I knew I’d be working on the high-profile matters I wanted to get involved in coming out of law school,” an associate summarized, though it’s worth noting that “you do serious work as a summer. There’s no game playing, just transparency.” Thanks to this, interviewees felt they got a good sense of Cravath life before joining the firm, meaning they were prepared “to work really hard, but you get a lot out of it.” 

Strategy & Future 

Corporate managing partner George E. Zobitz tells us that “more robust antitrust enforcement” is a key trend affecting the firm’s practices, and pointed to Cravath opening its second US office in DC. “Our DC office is anchored by former leaders of key federal agencies – including the Securities and Exchange Commission, Federal Trade Commission and Department of Justice,” Zobitz outlines. As such, our associate interviewees certainly noticed the growth of the antitrust group, one explained that “we have certain cases that eat up a lot of associates and time, and the firm is cautious of which of those it takes on. Lately, those have largely been antitrust cases.” This development has also involved expansion in Cravath’s London office, which now includes lawyers who can practice English law. As Zobitz elaborates, the firm strategy “has included building additional expertise in multiple practice areas and maximizing our footprint in not only the cities where we have offices, but everywhere we do client work.” 

The Work 

The corporate and litigation groups took on the lion’s share of juniors on our list, all of whom were based in the New York office. All associates in these groups (and tax) join Cravath’s rotation system, moving between sub-groups for as long as they are associates at the firm. Interviewees explained how the system works slightly differently across groups: while corporate associates typically complete 15- to 18-month stints with different teams in the group, their litigation counterparts are paired with individual partners on a more flexible timeline. “Our rotations are staggered, and usually between 18 and 24 months long,” a junior litigator explained. “It can be a bit shorter or longer than that, especially if a case goes to trial.” Associates, therefore, get staffed on matters from their assigned teams or partners who “see your bills every month and are responsible for you. It helps them know who’s crunched and who has free time.”  

“The reputation that you’re thrown into things here is true, but you’re not left stranded.” 

Cravath’s corporate practice encompasses a range of subgroups, including M&A, banking, capital markets and restructuring. Most of our corporate interviewees had done a stint with an M&A team, though recognized that “the firm wants people to get capital markets and banking experience.” In particular, sources were impressed at the range of industries bringing in work. On the M&A side, interviewees had seen a range of public and private deals on both the buy and sell sides. An insider who had worked on the latter noted how “those are intense, critical moments of a company’s history. Everybody’s paying close attention, so it’s fair to say you build character!” Interviewees highlighted drafting, research, checklists, due diligence and answering client questions as standard junior tasks, but appreciated that lean staffing on deals opened up opportunities for increased responsibility. “The reputation that you’re thrown into things here is true, but you’re not left stranded,” an associate reflected. They added that “you’re expected to stretch your limits and jump into things, but there are always people around who are more than willing to answer questions.” For instance, a few juniors had drafted parts of merger and purchase agreements, led calls with clients and managed closings. 

Corporate clients: Hasbro, IBM, The Walt Disney Company. Advised Johnson & Johnson in its $16.6 billion acquisition of medical tech company Abiomed.  

Junior litigators were excited about their prospects at Cravath, especially given the firm’s recent in-the-news win representing Epic Games in its antitrust case against Google. In fact, one junior explained that “antitrust is definitely a specialty for the firm right now.” However, juniors were not short of options outside of this, and had seen “everything from mass tort to copyright to probate – you name it. Everyone is a generalist here.” Other key areas that cropped up from our research were securities, crypto and contract disputes, meaning our interviewees were satisfied with the exposure they were getting from day one. In true Cravath fashion, litigators get plenty of early experience, so much so that insiders had noticed that “more senior lawyers are always in my position on the opposite side. One time I was representing our side on a call while the other had partners and a tenth-year associate.” So, while responsibility can generally vary depending on the stage of a case, juniors can expect to write briefs and motions, prepare oral arguments, take part in discovery and interact with clients. “Legal research and writing are the meat and potatoes for any junior associate,” said one interviewee, while another explained how you can get the chance to “just be an attorney. On some cases I get the freedom to take full ownership, strategize and do the work I think is necessary.” 

Litigation clients: Robinhood Markets, Meta, Unilever. Represented Fortnite creator Epic Games in antitrust proceedings against Apple and Google, the latter of which was a 21-million-member consumer class action relating to distribution on Google Play.  

“We’ve got people running all over the country right now taking depositions.” 

Pro Bono 

“There’s an emphasis on getting involved early and often,” said a source on pro bono. Associates advised that it’s an addition to their day-to-day matters, and balancing their workload can take some practice, “but partners take it into account when giving you work. It’s treated with the same degree of deference as billable work.” Interviewees had tried out a whole range of pro bono matters, including asylum, civil rights, small business assistance, criminal cases and family matters. “We’ve got people running all over the country right now taking depositions,” one source summarized, while another explained how “corporate associates can get involved on litigation matters, from filling out all the necessary paperwork to appearing in front of the judge.” 

Hours & Compensation 

Billable target: no requirement

Cravath’s lack of a billable requirement was a source of security for our interviewees as they did not have to constantly monitor their hours. All associates receive the same salary and bonus regardless of the number of hours that they bill and, given that Cravath is a salary trendsetter, it’s certainly not a figure to be scoffed at. An interviewee explained how they were “never worried” about Cravath’s response to the increased salaries Milbank announced towards the end of 2023. Sure enough, Cravath matched and surpassed Milbank’s proposed scale, and other firms have since followed suit. “The Cravath scale definitely gives me confidence in the firm’s longevity,” a junior reflected. “I don’t have any concerns about us going under or the firm cutting associates.” However, despite having a guaranteed bonus, Cravath associates are certainly no low billers. Although we heard different numbers from each of our interviewees, a few were on track to hit well over 2500 or 3000 hours. “225 to 240 per month might be normal,” an interviewee surmised, and these high numbers meant that, for some, “compensation is a consideration. The firm won’t pay me more for working more hours. However, as a younger associate, those extra hours are worth it because the development is truly unparalleled.” 

“Partners tell us it’s their responsibility to make sure we have plenty of work.” 

Interestingly, while many across BigLaw can struggle with the unpredictability of the work day-to-day, one Cravath associate found that not having a billable target meant they could enjoy the volatility: “there are entire days where I do very little and there’s no expectation to show up to the office to pretend to be busy. Sometimes work comes through at 10pm and I’ll work then. I’m getting those eight hours in, just not between 9am and 6pm.” However, this meant that interviewees struggled to define a typical day, though the general consensus was that it’s typical to be available or working until at least midnight. Later finishes are accompanied with free dinner and a car home, but associates are encouraged to make the most of the days when they get to finish much earlier. “Partners tell us it’s their responsibility to make sure we have plenty of work,” an interviewee explained. “I don’t have to stress about slower months and can really focus on what needs to be done.”  

Culture 

“If I had to pick one thing that unites Cravath lawyers, it’s that people are committed to making sure that the work is as perfect as possible for the client,” a junior shared. We heard that this quality typically comes with “a real interest in the law. It can take different forms, from academic curiosities to a passion for being an advocate.” We heard that the lack of a billable target contributed to this shared drive, as senior lawyers often set aside time to help their junior colleagues. What’s more, sources identified a “sense of camaraderie” thanks to the rotation system, as “you get to know people across departments and carry those connections with you as you rotate. It fosters the idea that the whole firm is one team.” 

Despite these shared qualities, sources were clear that “there are a lot of different personalities here, so it’s a place where you can be yourself.” Case in point: “there are many people here with visible piercings, and people dress in business casual as opposed to business formal. There really isn’t that sort of stodginess that people seem to imply would be at the firm.” What's more, the firm has also modernized its setting in New York, moving to a new base at Two Manhattan West with a barista bar, on tap beverage bar and plenty of common areas. However, even though it might be a bit easier to catch up with colleagues in the new space, interviewees appreciated how they could feel settled at the firm without “needing to socialize and schmooze,” and could keep a distance between their work and personal life. “I don’t think you come to Cravath for the socializing,” said one source, “but I’ve made work friends who are now my non-work friends. It’s up to you!”

Career Development 

Given that Cravath rarely hires laterally, interviewees felt that their own professional development was a focus at the firm. The rotation system plays a huge part in this, as Cravath lawyers “actually get educated across different areas of law. You can get a full taste of each group here, which means we end up with phenomenally well-rounded senior associates.” Most of the training to get to this stage takes place on the job, but there are formal training programs for corporate and litigation first-years on how to become an effective associate. Our corporate interviewees appreciated the interactive workshops on purchase agreements, which wrapped up with a mock negotiation and real-time feedback from partners. Sources also lauded Cravath’s CLE courses, noting how “we get lectures from people who are incredibly talented at what they do. I always feel lucky when a partner who used to work for the SEC lectures on its rules – who better to present on that than the true experts!” 

“Partners really know our work and it shows in the feedback they give.” 

When first-years join the firm, associate mentors make for a useful point of contact while settling in, and partner mentors help juniors develop their skills and interests. Interviewees highlighted annual reviews as “a constructive process, and not just a rubber stamp. Partners really know our work and it shows in the feedback they give.” That said, junior interviewees were generally unclear about the path to equity partnership. Sources suggested that they may get a better sense of their chances between their fourth and seventh year, though highlighted that this is the stage at which some associates may start to leave the firm. However, the firm has opened up alternative career paths for those considering a long-term career with the firm, such as expanded of counsel roles and a non-equity partnership track. From one interviewee’s perspective, “some partners specialize more while others continue to have a broader practice. It’s more choose-your-own-adventure at that point.”  

Get Hired

LATERAL PROFILE: Thinking of lateraling to Cravath? Here's all you need to know...

The first stage: recruitment on and off campus 

OCI applicants interviewed: undisclosed

Interviewees outside OCI: undisclosed

Cravath sees close to 900 students at over 20 schools and job fairs for approximately 90-100 summer positions every year, so competition is fierce. But even if Cravath isn’t coming to your campus, don’t disregard it: “We encourage any student with an interest in Cravath to apply,” recruitment sources at the firm tell us, “as we look seriously at every application we receive.” And Cravath also considers candidates “who spent time in other careers or took detours from what might be considered the ‘straight and narrow’ path.”

The initial campus interviews are conducted by partners, which is “consistent with the investment of time made by our partners throughout all phases of the recruiting process.” Questions focus on the candidate's experience “in an effort to better understand their unique backgrounds and interests — it is very much a two-way, free-flowing conversation.” Recruitment sources add that they’re looking for “a breadth of skills and attributes in candidates at the initial campus interview stage: a strong presence; evidence of good judgment and resilience in the face of challenges, often demonstrated in work experience; interests outside of law school; and a genuine commitment to learning and development.”

Top tips for this stage:

“The number one thing is to be knowledgeable about our rotation system – it’s something the partners are proud of.” – a first-year junior associate

“We want to get to know you, and we want you to get to know us, so we encourage students to share their unique experiences.” – the firm

Callbacks

Applicants invited to second stage interview: undisclosed

Cravath’s initial campus interview process isn’t dissimilar to that of other firms, but the same can’t be said for its “lessstructured” callback interviews. “Most of the callbacks I did with other firms were regimented 30-minute interviews and then I was out the door in three or four hours!” Cravath candidates should be prepared to set aside a full day because here, “there are fewer time limits – you meet with partners and talk for as long as the conversation goes, so you might be in a meeting for 30 minutes or you might be in it for one hour.”

The interviews are mainly done on a one-to-one basis, and candidates are likely to meet with at least three partners, associates figured. Associates also told us that “you typically come in at 10am and leave around 3 or 4pm.” For those asking the most important question (when will I have time to eat?), a “long lunch” with associates is a staple part of the day.

Our recruitment sources told us that one of the main reasons for having the full day is “to give students an opportunity to get a true sense of who we are as a firm.” It also means the interviewers “really get to know applicants and their unique qualities.” At this point, associates say, “you’ve already gotten past the stage where people are judging you based on merits and grades. You’re now here for us to see if you’d be a good fit for the firm.”

Under the new hybrid way of working, the firm still organizes a full day of interviews for candidates, but made modifications to suit the virtual setting.

Top tips for this stage:

“Don’t be stressed out because everybody that comes through these doors is in the same unstructured interview – go with the flow.” – a first-year junior associate

“Candidates who communicate well and show hunger and intellectual curiosity stand out in an interview, so we encourage law students to use the discussions as a chance to learn about the firm, but also to demonstrate your unique attributes and a commitment to learning and development.” – the firm

Summer program

Offers: undisclosed

Acceptances: 126

Summer associates are given the option of spending the program in one department or splitting it between two. They’re assigned to one partner in each chosen department. One sure thing to expect is that it’ll be challenging: “Partners view their summer associates much like first-year associates in collaborating on and assigning work.” Associates confirmed, “you get a serious slice of what it’s like to work at Cravath” as a summer. It might be tough, but “one of the big benefits was that when I came back as a first year I was already very comfortable with the lifestyle working as a junior at a BigLaw firm.”

Most summers receive offers and, when associates start at the firm, they indicate their practice preference between corporate, litigation, tax, executive compensation and benefits, or trusts and estates. They are subsequently assigned a partner or partner group for their first rotation of about 18 months.

Top tips for this stage:

“They need someone who’s going to work just like a first-year associate, because people aren’t going to treat you differently.” – a first-year junior associate

“Summer associates stand out when they show commitment to the work and professional development, but also demonstrate that they genuinely enjoy the practice of law.” – the firm

Interview with George E. Zobitz, corporate managing partner

Chambers Associate: How would you define your firm’s current position and identity in the legal market? 

George E. Zobitz: At Cravath, we are always adapting even as we embrace the same values that have sustained us into our third century: a commitment to training the next generation of excellent lawyers and maintaining the collaborative culture that drives the results we achieve for our clients. Our lawyers are known for their creativity and innovative thinking in solving challenging questions and matters, and our goal has always been to remain results-oriented and focused on evolving as our clients’ needs and the marketplace continue to change. We have been deliberate about our growth as a firm, particularly in the areas of expertise that will best serve our clients – whether that involves opening a new office to deepen our practice capabilities or adopting new technologies. 

CA: What are your core practice areas and sector priorities? 

Zobitz: We are a full-service firm that works with the world’s leading companies to resolve their toughest matters, whether they are facing transformative business decisions or bet-the-company litigation. Our lawyers are all trained as generalists who are able to view all aspects of any matter; clients who come to Cravath receive the firm’s full resources and not just from any one specific partner or group. We have pre-eminent practices across our Corporate, Litigation, Tax, Executive Compensation and Benefits, and Trusts and Estates departments, with lawyers who individually specialize in areas including antitrust, bankruptcy, capital markets, ESG, intellectual property, securities, M&A, and white collar and investigations work. From our offices in New York, London and Washington, DC, we work with clients across the globe to resolve their most critical matters. 

CA: Have there been any developments at the firm over the past year that you would like our readers to know about?  

Zobitz: 2023 was another incredibly busy year at Cravath, both with client work and the formal opening of our Washington, DC office (marking just the second US location for us). Our DC office is anchored by former leaders of key federal agencies – including the Securities and Exchange Commission, Federal Trade Commission and Department of Justice – which fortifies our capabilities in an increasingly complex and active regulatory environment. In our London office, we made a narrow departure from being a firm that only practices US law when we welcomed two English law-qualified partners, Korey Fevzi and Philip Stopford, to augment our finance practice. We have since brought on a team of English law-qualified associates, all of whom have been busy from the moment they arrived. This decision to expand into practicing English law is consistent with our investment in core practices and was borne from the determination that our non-US finance offering required English law banking expertise in order to support our clients at the same level that we do in the United States. The English law financing expertise that Korey and Philip bring to the firm, in combination with the continued strength of our “best friends” network, allow us to provide clients with the best talent in each non-US jurisdiction.  

In terms of client work, over the past year we have handled numerous high-profile and mission-critical matters across all industries. Among many other examples, we represented clients including Amgen in its successful defense against an FTC challenge to its $27.8 billion acquisition of Horizon Therapeutics; Biogen in its $7.3 billion acquisition of Reata Pharmaceuticals; Disney in its successful proxy contest with Trian Fund; Elon Musk in a victory at the Delaware Supreme Court affirming a $13 billion trial victory over Tesla’s SolarCity deal; Johnson & Johnson in its $16.6 billion acquisition of Abiomed; and WestRock in its $20 billion combination with Smurfit Kappa. Pro bono also remains essential to our practice at the firm, with associates and partners last year taking on numerous matters for asylum seekers and unhoused individuals in New York City. Cravath additionally represents individuals through our Incarcerated Survivors Initiative, a program devoted to assisting incarcerated survivors of domestic violence and sexual abuse in resentencing proceedings, parole hearings and civil rights. Looking ahead to 2024, we will continue to build new relationships and sustain existing partnerships with clients to successfully handle their most difficult matters.  

CA: Are there any domestic or international events/trends affecting the work conducted by the firm or the way in which it is structured and run? 

Zobitz: We keep a close eye on emerging trends and are constantly driving new thought leadership as it is relevant to our clients’ interests and needs. One such development is that across all industries and worldwide we have seen more robust antitrust enforcement, and one of the ways this has affected Cravath is in how we work to protect key business interests and priorities for our clients. This was one of the drivers for opening our Washington, DC office, where we have partners and of counsel whose credentials allow us to utilize their expertise as high-level former government officials in practice areas that are of increasing importance to our clients. And on a global scale, the emergence of active competition authorities outside the United States has played a role in our increasing coordination with international antitrust enforcement agencies. Our goal has always been to stay ahead of such challenges as they emerge and as they pertain to our clients’ businesses.  

CA: What is your firm's strategy and how do you expect the next year to unfold? 

Zobitz: Cravath’s goal has always been to pursue excellence in lawyering and client service. To that end, we look at the impact we have on both the legal profession and in delivering results. This means continually adapting as a firm. We do not measure ourselves based on headcount or number of offices, but by how we are fulfilling our clients’ needs. In the past year, that has included building additional expertise in multiple practice areas and maximizing our footprint in not only the cities where we have offices but everywhere we do client work. Part of evolving with the marketplace also means seeking out, hiring and training exceptional young lawyers – those who share our values and objectives – and so we remain steadfast in cultivating our internal talent by providing associates with the best tools to find solutions to novel questions and problems.

CA: How is the firm evolving to accommodate the needs and expectations of the next generation of lawyers? 

Zobitz: We have always strived to remain nimble, especially during our emergence from the pandemic and in a time of such remarkable technological innovation. Part of our commitment to the next generation of lawyers means continuing to provide associates with the same standard of Cravath System training for which we have long been recognized. We want to give our lawyers the tools they need to resolve challenges in a digital age, which means offering them timely educational and other opportunities that allow them to stay ahead of technological developments, such as blockchain-related industries, that raise new legal questions and challenges across our practice areas. Part of this evolution has been to adapt our remote capabilities in service of our clients. Though we have offices in New York, London and Washington, DC, the scope of our matters is global, and we aim to ensure our lawyers receive all the benefits of an in-office experience while recognizing the efficiencies and capabilities that remote work allows us.

CA: What is the greatest challenge facing the firm in the next decade? How about the legal market more generally? 

Zobitz: As I have mentioned, we are living in an age of lightning-quick advancement that is revolutionizing how we interact with technology. One of our responsibilities to our clients is keeping pace with these developments while also practically applying them to best serve everyone’s interests. These technologies challenge Cravath, and other firms, to think creatively about new solutions for existing problems. Looking in particular at artificial intelligence: on the deal side, it affects how we conduct due diligence, draft disclosure documents and review precedent; on the trial side, it provides new ways to conduct discovery in large-scale disputes. These considerations will continue to impact the legal industry for years to come. Such advancements also allow us to reconsider how the firm has traditionally trained our associates, who live in a world populated by new technologies. It is our responsibility to prepare them for the legal profession using all the tools available in the current landscape.

CA: What advice do you have for students and junior associates who are just about to embark/have just embarked on their legal career? 

Zobitz: My advice is to learn and absorb as much as you can, especially when you don’t have all the answers. The start of your legal career can be an intimidating time, and it is important to embrace the responsibility you are given and set benchmarks for yourself. We don’t expect young associates to come to the firm fully formed, but we do ask that they are ready to tackle tough questions in close collaboration with their peers and mentors. Part of that means taking the initiative to fill your knowledge gaps and work toward becoming a better lawyer over time. At Cravath, we rotate associates through different practice groups to train them as well-rounded generalists who not only understand the specific parts of a matter on which they are working but who also see how those pieces fit into a client’s overarching goals. Those two things in combination – actively engaging in your training and consistently evaluating your personal goals – will help tremendously in guiding your career.