New York's Cravath, Swaine & Moore has a $35 million bet riding on the success of the AOL-Time Warner merger in a contingency-fee gamble that is unusually large and risky. As lead outside counsel to longtime client Time Warner in the largest merger in history, Cravath agreed to a fee structure that could net the firm $35 million if the merger closes. But if the deal falls apart, Cravath's lawyers could go home empty-handed.
The American Lawyer
January 20, 2000