Cravath, Swaine & Moore LLP - The Inside View

Any athlete shooting for the big leagues knows the foundation needs to match the ambition. It’s not dissimilar for candidates looking to practice law at the highest level. “Honestly, in my mind, Cravath was the best place to get that,” associates determined, referring to the foundational training on offer at the firm: “You get a lot of responsibility very early on, and are constantly learning and tackling new challenges.”

With its status as the blueprint for the BigLaw model, it’s safe to say Cravath has plenty of experience in the game. Indeed, our colleagues over at Chambers USA can attest to the fact that the firm is playing in the top division. Nationwide, the firm is recognized as top of the podium for its antitrust; capital markets; corporate/M&A; securities (litigation and regulation advisory); and tax finesse. In its home state of New York, Cravath also tops the league for its bankruptcy/restructuring, environment, general commercial litigation, and media & entertainment expertise.

“It’s a smaller firm in the grand scheme of things with more leanly staffed teams…”

Aside from the quality of the work, first and foremost, juniors spoke highly of the firm’s famous rotation system for providing exposure to the depth and breadth of its practice offerings. This, paired with the lean staffing and amount of partner contact, proved to be a winning combination. “It’s a smaller firm in the grand scheme of things with more leanly staffed teams, which provides more mentorship and more rope as you show the ability to handle it,” juniors praised. In fact, the firm only hosts around 550 attorneys stateside across two offices in New York and Washington, DC – which opened in 2023. The firm also has a London base across the pond, serving as its only international office.

Strategy & Future

Karin DeMasi, managing partner of Cravath’s litigation department, headlines that it’s been “a really busy and exciting past year within the firm,” working with clients like Paramount, Wiz, Flowserve, and Johnson & Johnson on the M&A front. With antitrust in particular, the firm’s been kept busy serving as “a lead in the Live Nation trial that is going on right now involving the FTC suit – that has been very much in the news,” DeMasi tells us.

On the topic of growth, DeMasi reminds us the firm has “never been focused on being the biggest in size or by numbers. We have three offices, in London, Washington D.C., and New York, but Cravath really maintains a ‘one firm’ mentality.” As such, the firm’s growth strategy leans towards “building, developing and making available to our clients the best legal talent,” DeMasi explains. Internally, in its latest partner promotion round, the firm elevated six attorneys to partnership across antitrust, corporate/M&A, general commercial litigation, and IP.

This comes alongside recent lateral acquisitions across the three offices, as DeMasi details: “We have focused on regulatory expertise – for example adding Andrew Finch to our New York office to enhance our DOJ antitrust practice – and that’s on top of building out and growing our D.C. practice. We have also had Evan Hill join us in our restructuring practice in New York, and built out our UK finance practice in London.”

Another focus of the firm has been navigating rapid changes in the legal industry – namely artificial intelligence. DeMasi explains, “We assembled a strategic AI task force, which is a multidisciplinary cross section of the firm built to enhance AI work for clients in all areas that they arise. To give an example, the taskforce includes individuals in our corporate department, individuals in our IP group as these issues often arise in IP, as well as litigation.” Ultimately, DeMasi believes “AI is going to put a premium on firms and lawyers developing the kind of skills and judgment that clients can’t get from an AI, like needing human beings to look at facts, and to look at law.”

Read more from our conversation with Karin DeMasi under the ‘Get Hired’ tab.

Summer Program

Summer associates can spend their ten-week stint at the firm in the litigation or corporate department, (or split time between both!). There is also the option to split some time with a specialist department like tax, trusts and estates, or executive compensation.

Summers are assigned work from a designated partner in their select practice. “You’re treated like a first-year associate with the work,” insiders emphasized. For example, “I did a fair amount of legal research which was adapted into a summary judgment motion, and helped prepare a partner for a deposition,” a junior recalled.

Associates provided some words of wisdom to candidates: “Be proactive and engaged and take ownership on matters,” as “being at Cravath means taking initiative and thinking about what the team needs; be ready to engage fully.” At the same time, they added, “Don’t hesitate to ask questions! Sometimes new associates and summers are afraid to ask questions, and they don’t need to be, as everyone is happy to answer.” There are plenty of opportunities to get to know others at the firm as well, from lunches with lawyers to baseball games to concerts, Broadway shows, cooking classes, welcome events at partners’ houses, and even Shakespeare in the Park. Truly, our sources enjoyed “all the frills that come with the program.”

The Work

The rotation system was a big hit among insiders: “It focuses on the value of having that exposure to different subject matters, different folks, and management styles.” How does it work? Well, those in corporate are assigned to a partner group whilst litigators are assigned to an individual partner, though will end up working with other partners as matters tend to be collaborative pieces. Rotations can last between 15 – 18 months in corporate, whereas rotations in litigation last about 18 months. Those in tax take a more informal approach but still rotate. In turn, work is organically assigned from partners and senior associates: “You’re not out there actively looking for work – there is no politics involved. You don’t get to pick and choose assignments; it’s a good way of learning.”

Cravath’s corporate department is made up of a multitude of partner groups including M&A, banking, and capital markets, alongside financial restructuring and reorganization, corporate governance and board advisory, intellectual property, real estate, and environment. As a snapshot, the full-service M&A practice includes public company representation, handling “small carve outs, to start-up companies, and middle-market all the way to the five billion dollars type of deals” for large cap companies, as well as representation of private equity firms across a full spectrum of matters. Tangentially, the capital markets practice has a well-balanced plate assisting issuers, underwriters, and lenders on raising capital through debt, bonds, or bank loans for IPOs, direct listings, and acquisition financing both domestically and internationally, whilst the banking team works on sophisticated financing solutions for borrowers and lenders.

“From day one juniors are very involved in the process,” associates agreed. As a rule of thumb, rookies are involved in due diligence and project management, and eventually able to take the lead on workstreams. By way of example, the structure for deal teams across groups at the firm generally consists of a junior and a partner, or a junior, midlevel/senior, and a partner, so responsibility comes quickly for newbies.

In turn, client contact is abundant: “I’m talking to clients all day, every day.” As for drafting, there are plenty of opportunities to get involved, from ancillaries to having a stab at the primary transactional documents, with direct partner feedback: “You have the ability to put your hand up and say, ‘I want to have a first draft at that’.”

Corporate clients: Johnson & Johnson, PepsiCo, The Walt Disney Company. Representing Paramount in relation to its proposed $108.4 billion acquisition of Warner Bros. Discovery.

Cravath’s litigation department stands out in its own right, with an incredibly varied docket. The practice spans its renowned antitrust offering to investigations and regulatory enforcement, commercial litigation, mass torts and product liability matters, IP, and securities to name just a few. Given its full-service nature, clients here range from startups to big corporations, covering a broad array of industries that include AI, bio tech, energy, fin tech, media and entertainment, pharma and retail, and tech companies.

As mentioned, most associates are paired with an individual partner but will typically work with other partners during an assignment period because multiple partners often work together on particular cases. Responsibilities include standard research and doc review tasks, which can turn into creating outlines and producing deposition questions for witnesses, and substantive brief and motion drafting. Aside from assisting with deposition preparation, juniors can even step up to the plate to second chair a deposition “which seems pretty unheard of elsewhere.”

“It’s true lawyering – the ability to run with a case, know the terms and plan of attack.”

Interfacing with clients and opposing counsel is also on the cards. “It’s true lawyering – the ability to run with a case, know the terms and plan of attack,” as one junior put it: “At all levels, associates have very substantive tasks – and you’re respected as an associate, they want your opinion as you’re often closer to the material.”

Litigation clients: Epic Games, ESPN, Tesla Board of Directors. Representing Citigroup in a putative class action lawsuit in relation to several large equity trades executed by Citigroup in 2022, alleging that the company breached several obligations, including its duty of best execution, and breach of contract and fiduciary duty.

Career Development

The firm’s investment in associate development was highly rated among our interviewees, who cited the rotational system, early responsibility, mentorship, and training resources available as stand-out factors. The rotational system was praised for providing a foundation “to becoming a well-rounded attorney” as associates gain a depth of knowledge and experience with each rotation. This is coupled with an abundance of training resources provided by partners and associates: “We produce nearly all our CLEs in-house, so there is nearly always a full slate of programming that you can do.”

Mentorship stood out to associates as “an institutional feature of Cravath. By and large, most partners started here. They understand the importance of associate development; you get a lot of direct feedback from partners, and it’s the same culture with mid-levels and seniors,” sources told us. Formally, first years are assigned to an associate advisor and then, in second year, are paired with a partner mentor. Associates can volunteer to serve as a mentor in the paralegal mentoring initiative.

Considering long-term career objectives, juniors agreed that partnership is an attainable goal with seven years as a clear marker for eligibility coupled with the encouragement of lots of homegrown talent. That said, the firm recently implemented a non-equity tier, which left some associates less clear on the overall path. Associates pointed to a strong alumni network in cases where partnership isn’t an aspiration: “From what I have seen the firm is very supportive” of those looking to pursue other routes, an associate shared.

Culture

On the topic of culture, three words came up time and time again in our conversations with associates: professional, hardworking, curious. “Professional, because it’s not a startup with new age exposed piping – meant both metaphorically and literally,” an insider mused, “It holds itself to the highest standard of work product.” As such, rookies were quick to point out that “you constantly have to learn new things as an associate; you have to be on your toes and be willing to pick up new things to get the experience and reps.”

“It has a very astute, professional image but everyone here is friendly.”

Sources were keen to convey that two things can be true at the same time: “It has a very astute, professional image but everyone here is friendly.” Associates emphasized the camaraderie is built across the summer program, lean teams and from being in the office frequently: “Every day, people are hanging out and getting lunch.”

In turn, associates enjoy monthly get-togethers, though sources were keen to emphasize there is no pressure to attend. Other social highlights include well-attended basketball and soccer clubs, the bi-annual Cravath Prom, outing club who plan hiking and kayaking trips, and an annual trip to Central Park Zoo during the summer program. “It’s always very fun,” a source assured.

Hours & Compensation

Billable hours: no requirement

The no billable target at the firm is very much real, associates were eager to headline. “Everyone asks when they start, ‘Is there may be a secret one?’ That isn’t the case at all,” an insider divulged, adding “I have no idea how many hours I worked last year!” That said, sources were keen to caveat that “you will work a lot; no one is going to pretend that you can be at the firm and not do so.” Arguably one of the biggest advantages of not having an hours target means “if things are slower, folks aren’t concerned as they know work will come. It allows you to ride the waves with less anxiety,” we heard. In turn, associates are rewarded with a market rate bonus as long as they are in good standing.

As is typical across many a BigLaw firm, there aren’t standard hours. Insiders indicated that an average day might mean working from 9am to 6.30pm, though it’s not uncommon to have to log back on later to clock a few more hours during busy periods. Corporate juniors are subject to ebbs and flows with the nature of deal work, and in the same vein, litigation associates found that with trials “hours can go through the roof!”

The firm’s hybrid working policy requires associates to be in the office for at least three days a week: Tuesday and Wednesday, and a third day of your choosing. Sources were also keen to highlight the modern feel of the office, with lots of glass and light, as well as the generous breakfast and lunch offerings which includes free meals in the NY office and Uber eats vouchers in DC which “pretty much means you get all meals for free.” It’s also worth noting that juniors are paired with an office buddy for the first few years.

Pro Bono

Associates are very much encouraged to get involved in pro bono at Cravath – and with no cap on hours “you can basically do as much as you want.” To keep partners in the loop with juniors’ workloads, associates are required to inform the partners in their practice before taking on a pro bono project, though sources were keen to note, “I’ve never heard of a request being denied.”

A weekly pro bono digest is circulated each week listing available projects, ranging from bitesize ones to longer term commitments. Opportunities are varied and include helping out at legal aid clinics, assisting with non-profit formations, and high-impact litigation. Sources also relished the opportunity to take on further responsibility: “While there is a ton of responsibility with regular work, pro bono is entirely your matter from start to finish – it’s very exciting!”

Pro bono hours

• For all US attorneys: 26,672
• Average per US attorney: 51

Get Hired 

The first stage: recruitment on and off campus  

OCI applicants interviewed: undisclosed 

Interviewees outside OCI: undisclosed

Cravath receives close to 2000 applications from students at law schools across the country for approximately 100 summer positions every year.  While the competition may be intimidating, recruitment sources at the firm advised, “We encourage all students with an interest in Cravath to apply as we look seriously at every application we receive.” 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 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 introductory 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 callback interviews are designed to give candidates the best sense of the Firm’s people and culture. A typical interview day lasts between three and four hours. Interviews are mainly done on a one-to-one basis, and candidates can expect to meet with two to three partners and associates in their department(s) of interest. 

Our recruitment sources told us that one of the main reasons for involving multiple interviewers 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 continues to offer in-person interview opportunities for candidates but made modifications to suit the virtual setting. 

Top tips for this stage: 

“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: 142 (134 new 2Ls + 8 1L returns) 

The Firm’s summer program is designed to provide law students with an experience that mirrors the life of a first–year associate and an opportunity to work directly for, and with, the Firm’s clients.  Summer associates are given the option of spending the program in one department or splitting 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 Karin DeMasi, managing partner of the litigation department

Commercial strategy, market position and trends 

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

Karin DeMasi: The hallmark of Cravath is excellence, both as it relates to how we strive to practice and deliver client service at all levels of the firm. The way we position ourselves is as the go-to firm for our clients’ most important matters, no matter how big or small. We have also never been focused on being the biggest in size or by numbers. We have three offices, in London, Washington, D.C., and New York, but Cravath really maintains a ‘one firm’ mentality. In fact, one of things that has happened over the last two years or so, is that we have three brand new spaces across each of our locations with a shared design language, which contributes to helping us keep that one firm culture. Another more substantive way we maintain our culture is through the Cravath rotation system, which I’m sure we’ll talk about more. All of those things distinguish us in the market as well as across peer firms.  

CA: Have there been any developments at the firm over the past year that you’d like law students to know about?  

DeMasi: We’ve had a really busy and exciting past year within the firm. In terms of our legal talent, we have in the last two years promoted 14 individuals to our partnership across corporate and litigation. We have a strategic growth strategy focused on investing in the high-value practice areas where clients need Cravath’s degree of expertise. Our offering to clients isn’t about volume, but about being there for their most complex and high-stakes matters, the ones that can reshape a company or a whole industry, and the composition of our partnership and lawyers more broadly is designed to reflect that.  

We’ve done strategic hiring at the partner level as well. We have focused on regulatory expertise—for example adding Andrew Finch to our New York office to enhance our DOJ antitrust practice—and that’s on top of building out and growing our D.C. practice. We have also had Evan Hill join us in our restructuring practice in New York, and built out our UK finance practice in London. In every office, we have continued to grow and develop and enhance.  

The other thing we’ve focused on over the last year is where the legal market and practice of law is going. One of the first things that comes to mind for everyone when you think about that is AI. We have been thoughtful about our approach on this from an external perspective in terms of how we serve clients, and from an internal perspective in terms of how we use AI to enhance the legal work that we do. We assembled a strategic AI task force, which is a multidisciplinary cross section of the firm built to enhance AI work for clients in all areas that they arise. To give an example, the taskforce includes individuals in our corporate department, individuals in our IP group as these issues often arise in IP, as well as litigation. That group puts together a regular newsletter for clients to share market developments and our insight, demonstrating the ways in which we can advise on new and emerging issues that come up in this context.  

We have also thought about AI in terms of how we train associates, how we do or don’t use AI and what is appropriate in that vein, and also ways in which AI may enhance the work that we do for clients.  

CA: Are there any domestic or international events/trends that are affecting any of the firm’s practices at the moment? Are there any trends that you think are affecting the business of law firms more generally, and how is that playing out with your firm? 

DeMasi: The proliferation of AI is probably one of the biggest ones, as we’ve spoken about. But in terms of the overall market, antitrust has been a very active area. A great example of that is our firm is a lead in the Live Nation trial that is going on right now involving the FTC suit – that has been very much in the news. The M&A market has also been very active after a number of years where it was a little quieter. We have had a host of multi-billion dollar deals that have been significant in various industries, including for Paramount, Wiz, Flowserve, and Johnson & Johnson.  

CA: What is your firm’s commercial strategy focusing on, and how do you expect the next year to unfold? 

DeMasi: The hallmarks of our practice are excellence and client service, and that will always guide our strategic thinking. We focus on building, developing and making available to our clients the best legal talent. From a practice area perspective, in litigation we are always focused on our trial practice. Every year, we have a number of trials that we are preparing for as a firm, really bet-the-company litigation, and that is certainly true for 2026 and will continue to be true for 2027 and beyond.  

On the Corporate side, Cravath continues to lead many of the largest, most high-profile M&A deals each year, complemented by expertise in the tax, capital markets, benefits, corporate governance, intellectual property and other disciplines necessary for top-level transactions.  

We have also been very focused on ensuring that our London office is positioned to serve our clients holistically on their financing work, and that has been an important driver of our UK finance practice growth, which complements our already strong practice here in New York. We grew our restructuring practice, which is led by Paul Zumbro together with Jed Zobitz and now with the addition of Evan Hill. In D.C., we have worked to ensure that our regulatory offering is built to meet the critical needs of our clients; that office has a number of partners including Jennifer Leete and Elad Roisman, who joined Cravath from the SEC, and Noah Phillips, who joined us from the FTC. So, there’s just a number of exciting things happening across the firm. 

Inside the Firm 

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

DeMasi: I think the thing that distinguishes Cravath amongst other firms as a place to work and grow is our rotation program and our focus on training. That’s very much a core value inside the firm —  it’s really an apprenticeship program focused on teamwork, on the mastery of litigation and corporate skills, all the skills you need to be a really talented lawyer. Unlike at other firms where the approach is really to learn something and then keep doing it, the rotation system is designed to build the strongest lawyers possible —  to build elite generalists is how we think about it —  ensuring that, through your training experience, you are exposed to lots of different lawyers. That’s how we are thinking about development and ensuring we have the best, most talented lawyers available to partner with our clients.  

Also, ensuring that we offer a workplace that is appealing to the next generation of lawyers is something we give a lot of thought to. We do think we’ve struck exactly the right balance at this point in terms of hybrid work. We’re very much a team-focused environment: our lawyers don’t work individually, they work in a team for a particular period of time —  that is the rotation system —  and the way we do that with hybrid work is through anchor days. We require three in-person days, which is one day of the lawyer’s choosing and then Tuesdays and Wednesdays across the firm so there’s really that robust in person interaction on a consistent basis. But we still give flexibility to lawyers who want to take advantage of work-from-home connectivity, which we’ve learned is incredibly productive as well.  

The Legal Profession 

CA: How do you predict the legal profession will change in the next five years? Are there any particular challenges the industry is facing? 

DeMasi: I think the way in which the legal profession will probably change the most is inherent in how firms integrate AI, and how that affects firms’ legal staff. We’ve been at the forefront of developing an AI practice both externally and thinking about it internally, but really to me AI is going to put a premium on firms and lawyers developing the kind of skills and judgments that clients can’t get from an AI, like needing human beings to look at facts, and to look at law. It’s going to put a premium on having the right kind of lawyers for the most complicated issues and learning how you think about a legal problem that isn’t answered by a computer, or a rote legal question that has an input and an output. And so, we give a lot of thought to that, and I think the rotation system is so integral to our firm that we are really well positioned to use AI optimally with a highly trained, very nimble team, and our lawyers are able to grow further with the efficiencies that AI provides.  

CA: How do you predict the rise in AI will affect the ways in which lawyers work? How will it affect the services law firms provide?  

DeMasi: I can give you a really concrete example from my experience as a litigator, which is there were years and years where what clients had to do was pay lawyers to look at documents. As we turn to electronic forms of information as the basis for claims and for proof, and for diligence on the corporate side, for instance, you would have human beings sit and look at that.  Those are people who can get tired and have human error and can’t do the same things at the same level for 24 hours a day like a machine can.  

And so, one of the things we’ve been able to do is use AI not only to our clients’ advantage in order to be able to process information more quickly and accurately, but really to our lawyers’ and associates’ advantage because it allows them to look at documents, look at search terms, and get through large quantities of information faster, allowing lawyers to focus on developing the skills that we and our clients need to serve them in the best manner. So, allowing lawyers to develop judgment and use facts to be able to develop arguments by looking at a core set rather than just getting through what used to be volumes and warehouses of information is a very tangible mark that AI has already had on a very basic tenet of practice.  

The Fun Bit 

CA: Throwing it back to law school: it's been a long day of classes and studying. What's your go-to easy meal to have before you crash? 

DeMasi: It’s a ham and cheese omelet with toast; it’s like comfort diner food. I can drink coffee at night, and still crash after, so that’s a fun fact. And while I don’t drink coffee at night on purpose, if I’m picturing myself in Philadelphia (because I went to Penn) for the purpose of answering your question: if I’m at the diner having the ham and cheese omelet, I’ve also got a cup of coffee.   

CA: What was the first concert you attended? 

DeMasi: Oh, I love that you asked this question, as I was just talking to someone about this! It was INXS, my favorite band, in 1988. They came to Burlington, Vermont, where I’m from and we couldn’t believe it! It was me, a couple of high school friends and a lot of University of Vermont students; it was extremely formative.  

CA: Thinking about the ways in which the legal profession is developing, what is the one skill you have learnt in your career that you think is key for young attorneys to learn? 

DeMasi: To ask questions.  This is a lifelong learning career and that is one of the reasons it’s so interesting. But the skill you need to learn early is to ask questions; that is how you learn and  how you prepare. It’s just a lifelong skill.