Cravath, Swaine & Moore

Cravath, Swaine & Moore is a prominent American law firm headquartered in New York City, widely regarded as a leader in corporate law and litigation. Founded in its modern iteration in 1906, the firm is renowned for its influential Cravath System of attorney training and its representation of major Fortune 500 corporations and financial institutions. With a long-standing policy of maintaining a single office in New York City until 2013, when it opened a second office in London, it has cultivated a reputation for selectivity and elite legal practice, consistently ranking at the top of industry publications like The American Lawyer.

History

The firm traces its origins to 1819 when William P. Cravaith began practicing law in New York City. The modern partnership was effectively established in 1906 by Paul D. Cravath, whose name became synonymous with the firm's defining management principles. Throughout the 20th century, the firm played a central role in the development of modern American corporate law, advising on landmark transactions during the rise of industrial giants like United States Steel Corporation and General Motors. Key figures in its expansion included Robert T. Swaine, who led the firm for decades and authored its definitive history, and Samuel Moore, whose name was added to the partnership in 1944. The firm's historic commitment to a single-office model was a hallmark until its strategic expansion to London in 2013 to better serve its global clientele.

Notable cases and clients

The firm's docket has consistently involved precedent-setting matters and high-profile clients across industries. It has long served as primary outside counsel to iconic institutions like IBM, Bank of America, and Time Warner, and has represented major financial entities such as Goldman Sachs and JPMorgan Chase. In litigation, the firm successfully defended IBM in a monumental 13-year antitrust suit brought by the United States Department of Justice. Its transactional work includes advising on transformative deals like the merger of Exxon and Mobil, the acquisition of NBCUniversal by Comcast, and the landmark Viacom-CBS Corporation merger. It also represented Wachtell, Lipton, Rosen & Katz in a unique malpractice case and has been counsel to the Walt Disney Company on numerous matters.

The Cravath System

The firm's unique structure and culture are built upon the Cravath System, institutionalized by Paul D. Cravath in the early 1900s. This model emphasizes hiring top graduates from elite law schools like Harvard Law School and Yale Law School as associates with the expectation of an "up-or-out" partnership track. Training is intensely rotational, moving associates through different practice areas under the direct supervision of partners, fostering a generalist expertise. The system is credited with creating the modern model of the large American law firm and has been emulated by many other leading firms, including Simpson Thacher & Bartlett and Davis Polk & Wardwell. It enforces a strict lockstep compensation model, where partner pay is determined solely by seniority, promoting internal collaboration.

Leadership and structure

Governance is centered on the role of the Presiding Partner, a position historically held for long tenures by leaders like Robert T. Swaine and Samuel Butler. Since 2016, the firm has been led by Faiza J. Saeed, the first woman to hold the position. The firm is managed by a Policy Committee, which sets strategic direction. Its partnership remains exclusively lockstep, a rarity among peer firms like Kirkland & Ellis or Latham & Watkins, which have adopted more flexible compensation systems. This structure reinforces a culture of institutional client service over individual star billing. The firm maintains its primary offices at Worldwide Plaza in Midtown Manhattan and in the City of London.

Rankings and reputation

The firm perennially occupies the highest tiers of legal industry rankings, often referred to as a member of the elite "white-shoe" circle. It consistently places first in the American Lawyer's annual prestige rankings, known as the Am Law 100, and tops the Vault Law 100 survey of associate perceptions. Its corporate and litigation departments are routinely ranked in Band 1 by Chambers and Partners. The firm is noted for its profitability, regularly appearing at the top of metrics like profits per partner in reports by The American Lawyer and Law.com. Its reputation for formidable litigation is underscored by its frequent involvement in U.S. Supreme Court cases and its defense of corporations in major securities litigation and Department of Justice investigations.

Category:Law firms based in New York City Category:Law firms established in 1819