Cravath Enters Modern Era of Big Law Amid Regular Rate of Partner Exits
"The tweaking of their model may have stopped some people from leaving, but they don't seem to be leveraging the other aspect of breaking lockstep to expand and grow," noted one observer.
February 02, 2024 at 05:00 AM
8 minute read
The original version of this story was published on The American Lawyer
What You Need to Know
- After modifying its lockstep and creating a nonequity tier, Cravath has continued to see partner exits.
- While Cravath has taken steps similar to other firms, sources said, the firm's less active lateral hiring may be limiting its growth.
- Meanwhile, Cravath's litigation department is entering a new era, after the retirement of Evan Chesler.
While partner lateral exits were once rare at Cravath Swaine & Moore, the firm has continued to see some decamp for competitors, including three in January. The latest exits illustrate that Cravath is now in the ranks of other New York firms that routinely see partnership shuffles.
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