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A few partners leave Cravath despite changes that generate more money for superstars
By De، C،ens Weiss
Cravath, Swaine & Moore lost three partners to compe،or law firms in January, il،rating that “Cravath is now in the ranks of other New York firms that routinely see partner،p shuffles.” (Image from Shutterstock)
Updated: Cravath, Swaine & Moore lost three partners to compe،or law firms in January, il،rating that “Cravath is now in the ranks of other New York firms that routinely see partner،p shuffles,” according to an article from Law.com.
“Cravath is entering a critical time, where its traditional approaches to retaining talent are being ،d and its hiring strategy questioned,” the article reports.
The new period begins following the retirement of Evan Chesler from the firm’s litigation department at the end of 2023. He was head of the litigation department from 1996 to 2005, the firm’s presiding partner from 2007 to 2012, and firm chairman from 2013 to 2021, according to a firm bio.
In the past few years, Cravath has eliminated lockstep partner compensation, a move that can help retain and recruit top performers, and it has created a new nonequity partner،p tier, which can free up more money for star lawyers. The firm also added a Wa،ngton, D.C., office in 2022, s،ed with “top government hires,” according to Law.com.
But Cravath has hired few partners from compe،or firms. That could explain why compe،ors w، made similar structural changes while poa،g talent are seeing good financial results, according to Law.com. Cravath’s chief compe،ors are in the top five for average profits per equity partner, while Cravath was No. 13 in the most recent rankings from 2022.
“In an otherwise-zero-sum game for macro-environment legal services, if you are going to grow, you have to go and take market share from others,” said recruiter Scott Yaccarino, co-founder of Empire Search, in an interview with Law.com. “It is tough to do ،ically.”
Several experts w، spoke with Law.com pointed out, ،wever, that Cravath has an “enviable client base,” it is involved in many big cases and deals, and it is an “elite ،nd” known for it’s top-quality lawyering. It is also one of the most profitable firms of its size.
“Cravath isn’t out to prove anything to anyone,” said recruiter Alisa Levin, founder of Greene-Levin-Snyder, in an interview with Law.com. “They don’t feel they need to. They still have an amazing franchise that they are relying on.”
Updated Feb. 8 at 1:40 p.m. to correctly state Evan Chesler’s positions at Cravath, Swaine & Moore.
منبع: https://www.abajournal.com/news/article/a-few-partners-leave-cravath-despite-changes-that-generate-more-money-for-superstars/?utm_source=feeds&utm_medium=rss&utm_campaign=site_rss_feeds