Cravath, Swaine & Moore

Cravath, Swaine & Moore
Name	Cravath, Swaine & Moore
Headquarters	New York City
Founded	1819
Founders	Richard Harrison, William Kent
Num attorneys	500+
Practice areas	Litigation, Corporate, Capital Markets, M&A, Antitrust, Intellectual Property
Key people	Christopher C. Hegarty, Evan R. Chesler
Revenue	(private)
Motto	(none)

Cravath, Swaine & Moore is a prominent New York-based law firm known for its influence in United States corporate law, capital markets, and litigation. The firm has shaped modern legal practice through landmark representations, institutional clients, and a recruiting and compensation model that has been emulated across United States law firms. Over two centuries it has participated in major matters involving New York Stock Exchange, United States Supreme Court, Department of Justice (United States), and leading corporations.

History

Founded in 1819 during the era of James Monroe, the firm emerged in Manhattan amid the rise of Wall Street and the expansion of Erie Canal commerce. In the 19th century it advised financiers tied to Cornelius Vanderbilt, J.P. Morgan, and Jay Gould on railroad consolidations and trust structures. During the Progressive Era and the tenure of Theodore Roosevelt it engaged with matters relating to Sherman Antitrust Act enforcement and litigated before the United States Supreme Court. In the 20th century the firm played roles in corporate reorganizations connected to Standard Oil, Federal Reserve System, and Securities Act of 1933 issuances, advising banks like Chase Manhattan Bank and corporations such as General Electric and AT&T. Post-World War II activities included securities litigation, merger work with clients like IBM and Ford Motor Company, and counsel in regulatory matters involving the Securities and Exchange Commission and Federal Trade Commission. Into the 21st century the firm has participated in high-profile matters involving Enron, Lehman Brothers, AIG, and cross-border transactions touching European Union regulators and People's Republic of China authorities.

Practice Areas and Notable Cases

The firm operates prominent practices in Mergers and Acquisitions, Securities Regulation, Antitrust Law, Tax Law, Litigation, and Intellectual Property. It has represented major corporate clients in landmark deals and disputes: advising Goldman Sachs and Morgan Stanley on IPOs linked to Apple Inc. and Alphabet Inc., representing Philip Morris International and Altria Group in regulatory contests, and counseling ExxonMobil and Chevron in energy sector transactions. In antitrust and litigation the firm has litigated before the United States Court of Appeals for the Second Circuit and the United States Supreme Court in cases implicating clients like Microsoft and AT&T. It has handled bankruptcy-related matters for Lehman Brothers creditors and restructuring for General Motors, and represented private equity firms such as Blackstone Group and Kohlberg Kravis Roberts in leveraged buyouts and tender offers regulated by the Securities Exchange Act of 1934. Intellectual property matters have involved clients like Pfizer and Bristol-Myers Squibb in patent disputes litigated in the United States District Court for the Southern District of New York. The firm has also advised sovereigns and state-owned enterprises in cross-border financings with connections to International Monetary Fund programs and European Central Bank interventions.

Firm Structure and Governance

The firm follows a limited partnership model centered in New York City with governance by a managing partner and executive committee. Equity partners and non-equity partners are organized by practice groups covering transactional, litigation, tax, and regulatory arenas. Compensation and promotion cycles have historically been set by partner committees influenced by senior litigators and corporate partners, and the firm engages with external institutions such as the American Bar Association and bar associations in New York (state). Its internal governance has navigated professional responsibility standards set by the New York State Unified Court System and malpractice frameworks in state and federal courts, including oversight in matters that reach the United States Court of Appeals for the Second Circuit.

Culture, Recruiting, and the "Cravath System"

The firm is widely associated with the "Cravath System," a model of recruitment, training, and compensation that influenced firms across United States and United Kingdom legal markets. The system emphasizes hiring top graduates from law schools such as Harvard Law School, Yale Law School, Columbia Law School, University of Pennsylvania Law School, and Stanford Law School for entry-level associate roles, intensive on-the-job training, and lockstep or performance-based compensation leading to partnership consideration. Cultural markers include elite recruiting at events affiliated with organizations like National Association for Law Placement, summer associate programs tied to academic calendars of Georgetown University Law Center and New York University School of Law, and a focus on billable-hour expectations that intersect with ethics opinions from the New York State Bar Association. The firm's alumni network spans government roles in administrations of Franklin D. Roosevelt, Ronald Reagan, Barack Obama, and appointments to the United States Court of Appeals and the United States Department of Justice.

Offices and Global Presence

Headquartered in Manhattan with principal office near Park Avenue and Grand Central Terminal, the firm maintains a limited number of international offices to serve cross-border clients in finance hubs such as London and has counseled on matters involving European Commission competition law and Asian Development Bank financing. Its transactional work often implicates regulators in European Union member states, coordination with counsel in Hong Kong, Singapore, and representation in arbitrations before institutions such as the International Chamber of Commerce and International Centre for Settlement of Investment Disputes.

Notable Alumni and Partners

Prominent alumni and partners have included judges, government officials, and corporate leaders: partners who became judges on the United States Court of Appeals for the Second Circuit, officials at the United States Department of the Treasury, former counsel to presidents in the White House, and general counsels at firms like Citigroup, JPMorgan Chase, and IBM. Other notable figures have held posts at institutions such as Harvard University, Columbia University, New York University, and served on corporate boards of Verizon Communications and Pfizer. The firm's alumni network also encompasses diplomats affiliated with the United States Department of State, academics at Yale University and Stanford University, and advisors in international fora including the World Bank and the International Monetary Fund.

Category:Law firms based in New York City