Cravath, Swaine & Moore: What Law Students Should Know

When people talk about BigLaw, they are usually describing something that looks like Cravath. Vault #1 for years. The firm whose name is literally the salary scale. Two offices, roughly 500 attorneys, and a reputation that precedes it in every interview room in the country.

But Cravath is also genuinely different from other elite firms in ways that matter for your career. Here is what you need to know.

The Basics

• Vault Rank: #1
• Headquarters: New York
• Offices: New York, Washington DC
• Size: ~500 attorneys
• Founded: 1819, one of the oldest firms in continuous operation in the U.S.
• Starting Salary: $225,000 (they literally set the scale)

What They Are Known For

Cravath is a generalist firm that competes at the top of virtually every practice area it touches. Corporate and M&A are the backbone, they advised on some of the largest deals of the last decade. Litigation is equally prestigious, with a trial practice that actually goes to trial more than most BigLaw firms.

Tax is a quiet powerhouse. If you want to do tax at a firm where the tax group is not an afterthought, Cravath is one of the best options.

The firm deliberately stays small. They do not have 30 offices. They do not have 3,000 attorneys. They believe that being smaller lets them be more selective about the work they take and the people they hire.

The Cravath System

This is the thing that actually makes Cravath different from its peers, and most students do not fully understand it until they start.

At most BigLaw firms, you join a practice group on day one and stay there. At Cravath, junior associates rotate through multiple practice areas during their first several years. You might spend six months in M&A, then move to litigation, then try banking. The idea is that you develop a broad skill set before specializing.

The rotation system also means you work with different partners and senior associates, which gives you a wider network within the firm. The downside: you do not get to pick your group right away, and some rotations will be in areas you have no interest in.

This system has been copied by a handful of other firms, but Cravath's version is the most formalized and the most committed. If you are someone who wants to try multiple things before deciding, this is a major selling point. If you already know you want to do PE deals and nothing else, it might feel like a detour.

Culture and Hours

Cravath's culture is intense but collegial. The firm has a genuine lockstep compensation system, your pay is based on your class year, period. There is no internal competition over origination credits or client billing. This creates an environment where associates are incentivized to help each other rather than compete.

Hours are high. This is a firm that works on the biggest, most complex matters in the world. 2,000+ billable hours is standard. But the work is genuinely interesting and the staffing model means you are typically working on fewer matters with more responsibility, rather than being spread across a dozen small tasks.

Summer Program

Cravath's summer class is small, typically 80-100 summers across both offices. The program is well-organized and has a near-100% offer rate in most years.

Summers rotate through practice areas, consistent with the Cravath system. You get real work, not manufactured summer projects. The social programming is what you would expect from a Vault #1 firm.

Compensation

Cravath sets the scale. $225,000 base for first-years with a $21,000 bonus (year-end plus special). Total first-year comp: approximately $246,000.

Every raise, every bonus announcement, it starts at Cravath, and then the rest of the Am Law 100 matches within days. You will never be behind market here because you are the market.

Who Should Apply

Cravath is looking for candidates from top law schools who have strong academics and genuine intellectual curiosity. They value people who are comfortable not knowing exactly what they want to practice yet, because the rotation system requires flexibility.

If you want a firm where the training is structured, the work is at the highest level, the compensation is definitionally at market, and you are willing to work very hard in exchange, Cravath is the standard against which every other firm measures itself.