Anonymous User wrote:So much misinformation on TLS.
Yes, Cravath has many type A personalities.
No, it's not only for people who want prestige.
Yes, there's a preference for lower deal leverage as some have alluded to, which creates more work (and hours), BUT also better training and experience. I'm confused by the people who argue that there's more hours, but equal exit opportunities. What do you think the associates are doing while they work more hours? They're gaining more experience, which means more ways to sell themselves for new jobs. It's quite common for first year associates to have their own securities and financing deals by the end of their first rotation. Less common in M&A, but there are superstars who do also. It creates more stress (a downside) but better lawyers (upside). It's not sustainable for MOST, hence the high attrition, but it does make you better, faster.
Yes, it's not for people who know that they want to specialize. You're forced to rotate.
Who cares about grade selectivity. If you're picking a firm because of that, then you're pretty insecure, and have your priorities mixed up.
No, it's not a one size fits all firm.
Yes, its summer associates work harder relative to other summer programs. Cravath wants to give its summers a real taste of what it's like to work there, before they commit their immediate futures to the firm.
Don't go to Cravath if you want to do IPOs or PE. It doesn't do much of that. Public M&A though? I'd argue no firm has done better than Cravath this year, Wachtell included.
I was a summer at Cravath. I agree with all of this. Though there are some IPOs, it's just not a focus. I worked on two separate ones my summer, one for the underwriters (far more common for Cravath) and one for the company. It was just me and a first year, and when the first year went on a vacation halfway through I was the one preparing the next draft of the amended S-1.
I chose the firm because I genuinedly do think that at the end of the day, you do get great experience. To illustrate this, there are usually never more than two associates per deal, the only exception perhaps being an M&A megadeal, which'll have multiple partners on it, too. The firm has every incentive to make sure you can perform, because they can't sub you out for anybody else and you'll be in that group no matter what until the end of your rotation. It wasn't surprising to see first years in the group doing some interesting, high-level things, but more of a norm. Having said that, sure, if you do nothing but a niche field for 7 years, yes, I do think that you'll know things a Cravath associate won't. But for early experience, and for getting brought up to speed fast, I think Cravath can hold its own. And if you decide you truly love one of your rotations, you can always head somewhere else and do that full time.
Yeah, they don't pretend to be a lifestyle place. But I don't think there are any real lifestyle firms period given this sort of corporate work, and especially not any that'll train you like this. If the rotation system isn't your thing, I get that and you shouldn't come. But if rotations are something you do buy into, then the firm does offer some real benefits.