Cravath, Swaine & Moore Gets a New Leader
Summary: A leadership change has happened at Cravath, Swaine & Moore with a new presiding partner being elected by the firm’s 89 partners.
Her previous clients include Time Warner in various matters including an unsolicited proposal that was later withdrawn from 21st Century Fox, defense against Carl Icahn, and its merger with AOL. Other clients she has advised for several times are Precision Castparts through a $37 billion acquisition by Berkshire Hathaway, Dreamworks Animation in a pending acquisition by Comcast for $4.1 billion, and the formation of Oriental Dreamworks.
Cravath is a relatively small firm compared to its Wall Street rivals that have over 1,000 lawyers. Only a few of their 472 lawyers work outside the New York location, but the firm still holds a strong position as a ranked firm. The firm advised on a record-breaking $927 billion in deals last year, but their revenue only grew 2.9 percent. Profits per partner rose 5.6 percent to $3.56 million.
However, being a smaller firm limits the amount they can pay their biggest revenue generators. One of their top attorneys, Scott Barshay, left for Paul, Weiss, Rifkind, Wharton & Garrison in April. Paul Weiss is able to pay double what the top partners at Cravath receive with bonuses and other incentives.