Cravath

Where associates are “constantly learning and tackling new challenges,” Cravath has long held the craft for front-page corporate and antitrust matters.

About the Firm

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.

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.”

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.

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.”

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.

Hours & Compensation

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.

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.

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!”