Baseball has the Yankees, politics have the Kennedys and Wall Street has Cravath, Swain & Moore LLP. Though not the greatest in size at a bit less than 500 lawyers (78 partners) in New York City and London; Cravath, Swain & Moore is certainly one of the heavyweights of the legal profession. Known for its rich history, imposing name, stringent hiring process and dedication to excellence, Cravath is a consensus standard.
Corporate law is what Cravath is most famous for. There is a litany of major mergers under the firm's belt. It represented Time Warner in the record-setting merger with AOL (a case handled by Presiding Partner Robert D. Joffe); Vivendi when the media giant formed Vivendi Universal with Seagram and Canal Plus; and Conoco, which joined with Phillips Petroleum. The total annual value of the mergers and acquisitions that Cravath has had a hand in has been measured in the hundreds of billions. Cravath also has a reputation when it comes to hostile bids, successfully handling Weyerhauser's bid for Willamette & Newport.
Fifteen separate groups constitute the corporate department, and associates, working closely with partners, rotate between groups. Hours and workloads are consequently varied. Rather than create specialists, Cravath is a throwback to well-roundedness, taking a sort of Renaissance man approach to the law. Besides the corporate division, there are also notable tax and environmental departments. The rotation process is in effect here as well.
As would be expected, Cravath, Swain & Moore has an equally impressive reputation when it comes to litigation. The list of big name clients in tow: IBM, DuPont, Smith Barney, Morgan Stanley, Viacom International and many others, could fill a phonebook. Extensive pro bono work is also part of the package, such as a recent U.S. Supreme Court case involving the 1991 Civil Rights Act. The firm claims to have performed over 39,000 hours of pro bono work in 2002. For such efforts, as well as excellence in other areas, Cravath has been given numerous awards. Recently, Frederick A.O. Schwarz Jr. was a recipient of The American Lawyer's Lifetime Achievement Award.
Cravath, Swain & Moore came by its current appellation in 1944. However, that is long after the firm's genesis. Founded by R.M. Blatchford in 1819, it became Blatchford, Seward and Griswold in 1854 after joining with an Auburn, NY firm.
As at any other workplace, there is a variance in experiences at Cravath; however, given the extensive legacy of the firm, certain trends have emerged. The "Cravath System," made famous for its high academic standards, emphasis on developing new lawyers, hands-on training and promoting from within, remains largely in place. Bonuses can be extensive and are not based on billable hours. The old-school approach and inherent arrogance may not work for everyone and there is a large amount of turnaround. This is not merely a reflection on the office milieu, but also the potency of Cravath's name recognition. Many star attorneys, such as David Boies, have worked at Cravath, Swain & Moore before moving on to more individualistic enterprises.
Jobs
Cravath, Swain & Moore currently has several openings for legal staff positions in its New York City office. More information regarding positions at Latham & Watkins can be found in the LawCrossing job database.
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