Cravath, Swaine & Moore
Headquarters | Two Manhattan West New York City[1] |
---|---|
No. of offices | 3 |
No. of attorneys | 508[2] |
Major practice areas | General Corporate, M&A, Securities and Banking, Litigation, Tax, Trusts and Estates |
Key people | Faiza Saeed (Presiding Partner) |
Revenue | US$1.2 billion (2024)[3] |
Profit per equity partner | US$6.9 million (2024)[3] |
Date founded | 1819 |
Founders | Richard M. Blatchford William H. Seward |
Company type | Limited liability partnership |
Website | www |
Cravath, Swaine & Moore LLP (known as Cravath; krə-VATH) is an American white-shoe law firm headquartered in New York City, and additional offices in London and Washington, D.C. D.C. It was founded in 1819, and represents American and international industries in litigation, mergers and acquisitions and in antitrust cases. The firm also developed the Cravath System in common use at U.S. law firms for more than a century.
History
The firm's history began when Richard M. Blatchford opened his law office in New York City in 1819,[4] representing American industrialists as well as entities in the United Kingdom and Europe, such as the Bank of England, from 1826.[5] In 1854, former college classmates Blatchford and William H. Seward (later Abraham Lincoln's Secretary of State) merged their respective law firms, forming Blatchford, Seward & Griswold.[6][7]
Blatchford served in the New York State Assembly, and as U.S. Minister to the State of the Church. His son, Samuel, was later a partner at the firm, served as a federal district court and appeals court judge. Samuel was appointed to the United States Supreme Court, in 1882, by President Chester Arthur, serving for 11 years until his death; he was the first person to serve at all three levels of the judiciary. Seward was both Governor and Senator from New York,[8] who supported the 1865 passing of the Thirteenth Amendment, and negotiated the 1867 purchase of Alaska from Russia in a transaction that his opponents derisively called "Seward's Folly" and "Seward's Icebox",[9] though since noted as a "bargain Basement deal".[10][11][12]
Paul Drennan Cravath joined the firm in 1899, and devised the "Cravath System", combining a distinct method of hiring, training, and compensating lawyers. His name was added to the firm name in 1901 and, in 1944, after a series of name changes, the Cravath, Swaine & Moore name was established and has not been altered since.[13]
The Bar of the City of New York was reorganized in 1916 by partners Paul D. Cravath and William D. Guthrie.[14][15][16][17]
From 1950, Cravath managed the first U.S. IPOs of European companies,[18][19] and continues to represent EU firms into the 21st century,[20] with international clients including HM Treasury, Grupo Modelo, Santander, and HDFC Bank.[21][22][23][24]
Cravath has represented noted American inventors Samuel F.B. Morse, in the late 1840s; Cyrus McCormick, Elias Howe, and Charles Goodyear in the 1850s; and George Westinghouse in the 1880s.[25][26] Some current client relationships that began in the 1800s are with CBS, JPMorgan, and PricewaterhouseCoopers.[27][28][29] The firm has had a long record of clients in the US railroad industry beginning with the New York & Erie and Union Pacific railroads, and express delivery businesses such as Adams, Southern, and Wells Fargo.[30][31][32] Its 19th-century history includes the 1808 insanity defense of William Freeman for the murder of John G. Van Nest, the 1848 Jones v. Van Zandt challenge to the constitutionality of slavery, and the Pollock v. Farmers' Loan and Trust Company tax case of 1895.[33][34][35][36] Cases of mention before the Supreme, appellate and Chancery courts in more recent decades have been Kiobel v. Royal Dutch Petroleum Co., Westfed Holdings Inc. v. United States, and City of Providence v. First Citizens BancShares Inc. et al. Important litigation work with IBM has included two landmark antitrust cases.[37][38][39][40][41][42]
Cravath's bankruptcy practice gained recognition on November 10, 2010, by offering free representation in advance of a likely Chapter 9 filing for Harrisburg, Pennsylvania.[43] The firm's restructuring work traces back to clients such as Goodyear in 1921.[44]
In 2015, Cravath was the victim of what the firm described as a "limited breach" of its computer network, which The New York Times connected to a 2016 court case against three Chinese hackers who had made more than $4 million from insider information about merger deals.[45][46]
Cravath has remained a relatively small firm of about 500 lawyers, located primarily in its New York Office, with a few dozen in its London office, opened in 1973, and in Washington, DC, opened in 2022.[47] The firm opened a Hong Kong office in 1994, closing it nine years later.[48]
In March 2019, the New-York Historical Society Museum & Library debuted an installation highlighting the firm, which illustrates legal milestones across two centuries, including obtaining patents for both the telegraph and the sewing machine, organizing NBC, and securing equal access to locker rooms for women sports reporters, exhibited "through a collection of unique documents, photographs, and prints."[49]
Notable clients and cases
In 1847, the firm (then Seward & Blatchford) brought the Jones v. Van Zandt challenge to the constitutionality of slavery.[50]
In 1935, the firm represented the A.L.A. Schechter Poultry Corporation in a challenge to the National Industrial Recovery Act.[51] Cravath lawyers secured a unanimous Supreme Court victory.[52] The Supreme Court agreed with the firm that the NIRA codes violated the constitutional separation of powers by impermissibly delegating legislative power.[53]
In the 1960s, Cravath lawyers wrote the U.S. Supreme Court brief on behalf of the Congress of Racial Equality’s Freedom rides protesting segregated buses, and were called upon by President John F. Kennedy to help form the Lawyers’ Committee for Civil Rights Under Law.[54]
In 1966, the firm helped launch litigation that would become Miranda v. Arizona,[55] which established that states cannot interrogate suspects without informing them of the right to counsel, now implemented as the Miranda warning issued by police to criminal suspects taken into custody.
In 1971, as The Washington Post prepared to publish the Pentagon Papers, Cravath reformed the publisher as a public company that was structured to protect editorial freedom.[56] The firm also defended Time Inc. against Israeli General Ariel Sharon, and CBS against U.S. Army General William Westmoreland in 1984.[57] In 1989, the firm argued before the U.S. Supreme Court on behalf of African American and women firefighters in Birmingham, Alabama. The case was a catalyst for the Civil Rights Act of 1991.[58]
In November 2014, Cravath acted as legal advisor in a deal backed by 3G Capital and Berkshire Hathaway Inc. that would create the third-largest food and beverage company in North America.[59][60]
Cases before the Supreme, appellate and Chancery courts across the 20th and 21st centuries include Esquire v. Walker, later Hannegan v. Esquire, Inc., at the U.S. Supreme Court, with Esquire prevailing, in 1946, against the attempted censorship of its magazine by the two Postmasters General;[61][62] a 13-year landmark antitrust case on behalf of IBM;[63][42][64] Netscape's 2003 antitrust suit against Microsoft, which secured a $750 million settlement;[65] Unilever's $3.7 billion acquisition of Alberto-Culver;[66][67] Kiobel v. Royal Dutch Petroleum Co.;[68] Westfed Holdings Inc. v. United States;[69] Ohio v. American Express;[70] and United States v. Jefferson County.[71]
In 2018, the firm advised Disney in its acquisition of 21st Century Fox.[72] It litigated for Epic Games in Epic Games v. Apple,[73][74] and for its subsequent challenge to Apple's compliance plan.[75] During the 2020s, Cravath also represented Illumina in its $7 billion acquisition of Grail, defeating antitrust challenges from the FTC and the European Commission, then for Illumina's 2023 spin off of the biotechnology subsidiary.[76] The firm represented The Williams Companies at trial and as appellate court counsel, securing judgments of over $600 million in M&A litigation against Energy Transfer for a failed merger.[77]
Rankings and awards
Cravath is the top ranked firm in the Vault Law 100.[78] Based on a survey of law firm associate attorneys rating the reputations of firms other than their own, Cravath ranked as the No. 1 law firm in the United States in the annual "Vault Law 100", in 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024 and either #1 or #2 annually, since 2007.[79][80][81][82] In 2016 Chambers and Partners ranked Cravath in the top tier among U.S. law firms for Banking & Finance, Capital Markets (Debt & Equity), Corporate/M&A (The Elite), Environment (Mainly Transactional), Media & Entertainment (Corporate), Securities Litigation, General Commercial Litigation (The Elite) and Tax.[83]
Hiring
Under the Cravath System, the firm is known for a focus on hiring associates straight from law school with an emphasis on grades, then, over years of apprenticeship rotations, introducing hires to corporate law practice.[84] Under this philosophy, lateral hires are rare, with some exceptions. In 2005, Cravath hired Andrew W. Needham, formerly a tax partner at Willkie Farr & Gallagher,[85] as the first lateral partner since Herbert L. Camp, also a tax partner, from the now-defunct Donovan Leisure Newton & Irvine in 1987. Camp, however, had previously been a Cravath associate and may therefore be considered to not be a true lateral hire because he started his career there. Before that, Roswell Magill, a former Treasury Department official, became a Cravath tax partner in 1943. In 2007, the firm brought in Richard Levin from Skadden, Arps to boost its new bankruptcy practice.[86] In 2011, Cravath hired Christine A. Varney, a former U.S. Assistant Attorney General for the Antitrust Division for the Obama Administration.[87] This was criticized as a revolving door case, as Cravath later had Varney represent AT&T in its acquisition of Time Warner, which the Antitrust Division let pass.[88] In 2013, the firm hired David Kappos, who served as the Under Secretary of Commerce for Intellectual Property and Director of the United States Patent and Trademark Office.[89][90]
In addition, the system includes lockstep compensation on a published scale, which has tended to be consistent with the scale paid by most leading US law firms, and is known (for historical reasons) as the "Cravath Scale".[91]
Amid clashes at some college campuses, following the onset of the 2023 Israel-Hamas war; on November 1st, 2025, Cravath was among more than two dozen law firms that submitted a letter to 14 American law school deans, denouncing anti-Semitism, Islamophobia, and racism, and advising those mentoring future law graduates of entrenched workplace policies against harassment or discrimination at their firms.[92] Previously, the firm was also among 17 global law firm signatories to a public statement denouncing growing anti-Semitic attacks in the U.S. that was published in The American Lawyer on May 27, 2021.[93][94]
See also
- List of Cravath, Swaine & Moore employees
- Cravath System
- List of largest law firms by profits per partner
- List of largest law firms by revenue
References
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Prosecutors did not identify the two law firms, or five others they said the defendants targeted. But one matched the description of New York-based Cravath, Swaine & Moore LLP, which represented Pitney Bowes in its 2015 acquisition of Borderfree Inc, one of the mergers in question. The indictment said that by using a law firm employee's credentials, the defendants installed malware on the firm's servers to access emails from lawyers, including a partner responsible for the Pitney deal. Cravath declined to comment. In March, Cravath confirmed discovering a "limited breach" of its systems in 2015.
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- ^ Cravath Hires Tax Partner, Its First Lateral in Decades
- ^ Cravath starts a bankruptcy practice
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Further reading
- Oller, John (2019) White Shoe: How a New Breed of Wall Street Lawyers Changed Big Business--and the American Century[1]
- Swaine, Robert T. (2007) [1948]. The Cravath Firm and Its Predecessors: 1819-1947. Clark, NJ: Lawbook Exchange. ISBN 978-1-58477-713-7.
- Stewart, James (24 September 2012). "A Law Firm Where Money Seemed Secondary". The New York Times.
- Stewart, James (1983). The Partners: Inside America's Most Powerful Law Firms. New York: Simon & Schuster. ISBN 0-671-42023-2.
- Blatchford, Richard M. "Handwritten papers by, and other collection titles mentioning Richard M. Blatchford, from the 1860s". www.loc.gov. The Library of Congress. Retrieved March 17, 2016.