Cravath, Swaine & Moore LLP: Law Firm Profile, Practice Areas, Offices, Careers and Hiring

^{Last Updated: October, 2026}

 

Cravath, Swaine & Moore LLP is a major U.S. law firm with roots dating to 1819 and offices in New York, London, and Washington, D.C. The firm is particularly associated with sophisticated corporate transactions, complex litigation, antitrust, capital markets, banking and finance, tax, executive compensation and benefits, and trusts and estates. For law students, Cravath is also notable for the “Cravath System,” including its rotation-based model for developing associates and its emphasis on direct partner supervision.

 

 

Firm Overview

 

Cravath traces its origins to March 22, 1819, when Richard Blatchford established a law office in New York City. The firm's historical lineage later joined with the practice associated with William Seward and Elijah Miller, and the New York and Auburn offices formally combined in 1854. In the early twentieth century, Paul Cravath developed the organizational and training principles that became known as the Cravath System and influenced the development of the modern American law firm.

Today, Cravath operates from three offices: New York, London, and Washington, D.C. The firm deliberately maintains a comparatively concentrated office structure rather than pursuing a large global-office network. Its practices nevertheless routinely involve cross-border transactions, disputes, and regulatory matters.

Law students and attorneys comparing Cravath with other major U.S. firms can also consult BCG Attorney Search's Top U.S. Law Firms — Sortable by Size, PPP, Revenue & Growth, which compiles law-firm size, profitability, revenue, and growth information from public sources.

 

History and Development

 

Cravath's history spans more than two centuries. In addition to its nineteenth-century roots, the firm's institutional significance is closely connected to Paul Cravath's approach to recruiting, training, compensation, and promotion.

The modern Cravath System continues to emphasize recruiting lawyers early in their careers, developing them through intensive training, rotating associates through different areas within their departments, and building partner-associate relationships around small teams. Cravath states that its partners generally come from the ranks of its associates.

A significant recent geographic development was the establishment of the Washington, D.C. office in 2022. Cravath launched the office with lawyers who had held senior positions at agencies including the Federal Deposit Insurance Corporation and Securities and Exchange Commission, strengthening the firm's regulatory, financial institutions, securities enforcement, and related capabilities. Its Washington operation subsequently expanded in antitrust and other regulatory areas.

 

Offices and Geographic Reach

 

New York

 

New York is Cravath's principal office and the center of much of its corporate, litigation, tax, executive compensation and benefits, and trusts and estates work. The office is located at Two Manhattan West in Hudson Yards and also serves as the principal location for law-student callback interviews.

For students targeting the New York BigLaw market, understanding the changing recruiting calendar is increasingly important. TLS's Law Student Recruiting Timeline: 1L Through Graduation explains how direct applications, pre-OCI activity, and school interview programs can interact.

 

London

 

Cravath's London practice handles cross-border corporate matters, including capital markets, mergers and acquisitions, financing, restructuring, and general corporate matters. New York corporate associates may rotate through London, with such assignments generally lasting 18 to 24 months. The office also includes lawyers permanently based in London.

Students and attorneys interested in international work should determine whether their intended practice would actually provide regular London or cross-border exposure rather than assuming that international matters are distributed uniformly throughout the firm.

 

Washington, D.C.

 

Cravath's Washington office has developed around regulatory and enforcement work, including antitrust, banking and financial regulation, securities matters, and investigations. Its founding group included former senior officials from the FDIC and SEC, and subsequent additions included former FTC Commissioner Noah Joshua Phillips.

For applicants, the Washington office therefore presents a materially different practice mix from New York and deserves office-specific research.

 

Major Practice Areas

 

Cravath organizes its lawyers principally among five departments—Corporate, Litigation, Tax, Executive Compensation and Benefits, and Trusts and Estates—while maintaining numerous specialized practices within those departments.

Corporate. Cravath's corporate platform includes mergers and acquisitions, private equity, banking and credit, capital markets, financial restructuring and reorganization, investment management and funds, derivatives, structured finance, corporate governance, CFIUS and national security, intellectual property and strategic technology transactions, emerging companies, venture capital and growth equity, financial institutions, cybersecurity and data privacy, environmental matters, and related practices.

Mergers and Acquisitions. M&A is one of the firm's central transactional practices. Work may involve public-company combinations, private transactions, divestitures, joint ventures, board advice, takeover matters, and cross-border deals. Chambers' 2026 USA guide places Cravath in Band 1 for nationwide Corporate/M&A: The Elite.

Capital Markets and Finance. Lawyers advise issuers, financial institutions, and other market participants on debt and equity offerings, acquisition financing, banking matters, and related securities issues. For law students interested in corporate practice but uncertain about specialization, the firm's rotation structure can provide exposure to multiple transactional disciplines before a longer-term concentration develops.

Litigation. Cravath's litigation practices cover major commercial disputes, antitrust, securities litigation, intellectual property litigation, class actions, appellate work, arbitration, investigations and regulatory enforcement, M&A litigation, bankruptcy litigation, white-collar and anti-corruption matters, and other complex disputes.

Antitrust. Antitrust spans both transactional and litigation work, including merger clearance, government investigations, enforcement proceedings, and complex private litigation. The firm's Washington expansion has increased its regulatory capabilities in this area.

Tax. Tax lawyers work closely with transactional lawyers on the tax aspects of acquisitions, financings, restructurings, and other business transactions. Cravath's training model rotates tax associates among partner groups to expose them to different areas of the practice.

Executive Compensation and Benefits. This department works on compensation, benefits, ERISA, securities, tax, governance, and disclosure issues, particularly those arising in M&A and other corporate transactions.

Trusts and Estates. Lawyers advise private clients on estate planning, trusts, probate, charitable structures, tax, and related matters. The practice provides a different career path from the firm's large public-company transaction and litigation practices while remaining integrated with tax and corporate work.

 

Industries and Clients

 

Cravath identifies industry experience across financial services and insurance, technology, healthcare and life sciences, energy and infrastructure, media and entertainment, consumer products, industrials and chemicals, fintech, telecommunications, transportation, real estate and hospitality, retail, sports, professional services, and blockchain and digital assets.

The nature of the firm's matters means attorneys may work with major public companies, financial institutions, boards, investors, private companies, and other organizations on business-critical transactions and disputes. For students, this can translate into considerable exposure to how legal strategy interacts with finance, governance, regulation, and business decision-making.

 

Reputation and Legal Market Position

 

Cravath consistently receives prominent recognition in major law-firm rankings, but applicants should distinguish between rankings measuring reputation and those assessing individual practices.

Vault's 2026-2027 survey ranked Cravath No. 1 in the 2027 Vault Law 100, based on responses from more than 20,000 associates regarding the reputations of firms other than their own. The ranking was released in April 2026, and Cravath reported that this was its eleventh consecutive year at No. 1. Vault also ranked the firm highly in areas including securities litigation, antitrust, corporate practice, banking, commercial litigation, tax, M&A, private equity, and capital markets.

Chambers USA 2026 lists 30 ranked departments and 50 ranked individuals for Cravath and includes Band 1 recognition for areas such as nationwide Corporate/M&A: The Elite.

Rankings should nevertheless be treated as one part of firm research. Students and laterals should compare practice strength, staffing, training, office needs, workflow, and advancement opportunities alongside prestige.

 

Law Student Recruiting

 

Cravath says that each recruiting season it seeks a summer class composed of second-year students from law schools throughout the United States and Canada. It also accepts applications from third-year law students interested in joining after graduation and considers judicial clerks throughout the year.

For the 2028 2L Summer Associate Program, Cravath's current recruiting page states that applications are scheduled to open January 4, 2027, after applicants have complete first-semester transcripts. Recruiting calendars can change, so students should rely on the firm's current application page rather than assuming that traditional OCI timing will control.

Cravath's 2026 summer class represented 21 law schools, according to the firm, demonstrating that its summer hiring is not confined to a single handful of schools. The firm also reported substantial diversity in undergraduate institutions, academic majors, and prior work experience among that class.

Students preparing applications may also find LawCrossing's guide to what employers look for on a law-student resume useful for evaluating how clearly academic performance, writing ability, leadership, and substantive experience appear on their materials.

 

Callback Interviews

 

Cravath describes its callbacks as free-flowing conversations with partners and associates rather than a rigid question-and-answer format. The firm says employment decisions are made quickly following callbacks; its current FAQ tells candidates they can generally expect a status decision within one to four days.

Candidates should nevertheless view published timelines as guidance rather than guarantees because individual recruiting situations may differ.

 

Summer Associate Program

 

Cravath intends its summer program to resemble the experience of a first-year associate rather than rely heavily on simulated assignments.

Summer associates select or divide their time among Corporate, Litigation, Tax, Executive Compensation and Benefits, and Trusts and Estates. Before the summer, the firm gathers information about department, matter, team, and partner preferences and uses those preferences when making assignments. Each summer associate works with a partner responsible for assigning work and providing feedback and also receives an associate mentor.

The firm states that summers receive real work rather than projects created only for the summer program. Depending on the department and active matters, assignments can involve transactions, litigation, legal research, drafting, and client-related work. Summer associates may split between two departments, and requests to spend part of the summer in London can be considered depending on office needs.

As of October 2026, Cravath's recruiting page lists summer associate compensation at $4,327 per week. Because summer compensation can change with market conditions, applicants should verify the current figure for their recruiting cycle.

For broader context when comparing programs, LawCrossing's Inside BigLaw Summer Programs: Comprehensive Review Database discusses the role of summer programs in training, evaluation, and full-time hiring.

 

What Cravath May Look for in Candidates

 

Cravath's recruiting materials say there is no single Cravath “type,” while identifying qualities such as intelligence, creativity, energy, dedication, and commitment to excellent work. It also says it begins with law students who have an established record of success and demonstrated talent.

Applicants therefore may want to demonstrate:

• Strong academic and analytical ability.
• Clear, precise writing and communication.
• Genuine intellectual interest in the firm's work.
• Evidence of initiative and responsibility.
• Ability to work effectively on small teams.
• Comfort receiving intensive feedback.
• A persuasive explanation for the chosen department and office.
• Interest in developing broadly through the rotation system rather than immediately narrowing into a highly specialized niche.

 

No single characteristic guarantees an interview or offer, and hiring considerations can vary by recruiting cycle.

 

Interview and Callback Preparation

 

Candidates should understand what makes Cravath structurally different from firms using free-market staffing or immediate specialization. A generic answer about “prestige” is unlikely to demonstrate much firm-specific research.

BCG Attorney Search's Ultimate Guide to Law Firm Interview Preparation & BigLaw Interview Tips provides additional preparation strategies for law-firm interviews.

Questions candidates should be ready to discuss include:

1. Why are you interested in Cravath rather than another large New York firm?
2. What appeals to you about the Cravath rotation system?
3. Why are you interested in Corporate, Litigation, Tax, Executive Compensation and Benefits, or Trusts and Estates?
4. What experience on your resume best demonstrates how you approach difficult analytical problems?
5. Tell me about a time you received demanding feedback and how you responded.
6. What type of legal matter would you most like to work on and why?
7. What do you hope to learn during your first several years in practice?
8. Why is New York, Washington, D.C., or London relevant to your career goals?

 

Applicants should also review attorney biographies and recent matters involving their intended department before the interview.

 

Attorney Career Opportunities

 

Cravath's associate-development model differs from firms that hire large numbers of laterals into narrowly defined practice slots. The firm states that it primarily hires associates at the beginning of their legal careers, directly after law school or clerkships.

That does not mean laterals are categorically excluded. Cravath's current application page provides a route for non-clerk associate applications and asks candidates to identify the relevant practice area. The firm's lawyer biographies also include examples of attorneys who joined after practicing elsewhere.

At senior levels, Cravath has also made selected external hires, particularly where distinctive regulatory or governmental experience strengthened a practice. Its Washington office is a prominent example.

Laterals should therefore investigate the actual opening, department, class-year treatment, and role rather than assuming Cravath's hiring model resembles that of another BigLaw firm.

BCG Attorney Search's How Large Law Firms Process Lateral Applications: The Definitive Guide to BigLaw Hiring provides additional background on how major firms evaluate lateral needs and applications.

Attorneys considering a move may also review LawCrossing's Lateral Attorney Moves: Strategic Guide to Switching Firms in 2026 when thinking about timing, specialization, and market positioning.

 

Career Development and Training

 

The rotation system is the defining feature of Cravath's associate-development model.

Associates choose one of five departments when they join. Within Corporate, Litigation, and Tax, they then work with individual partners or small partner groups before rotating to another group. The firm's recruiting FAQ describes rotations as occurring approximately every 18 months, although timing can depend on department and individual development.

Cravath says the objective is to develop broadly trained lawyers who understand multiple areas within their departments rather than become narrowly specialized immediately.

Formal development also includes:

• An associate advisor for incoming lawyers.
• Partner mentoring as lawyers advance.
• Department-specific training.
• Continuing legal education.
• Litigation skills programs.
• Corporate training taught by partners, senior lawyers, and experienced associates.
• Regular feedback and career-development discussions.

 

Because teams are generally lean, the model can also create substantial partner interaction and early responsibility.

 

Partnership and Advancement

 

Cravath states that its partners come from the ranks of its associates and that associates continue rotating until they are considered for partnership. The firm describes partnership decisions as based on an associate's record of accomplishment rather than simply an immediate staffing need in one practice.

The partnership operates with significant collective participation: the firm says partners meet regularly to review firm business and major decisions, including partner elections, are made by consensus.

Cravath also uses senior roles other than partner, including of counsel positions. Recent firm announcements show attorneys being promoted to both partner and of counsel roles.

Candidates should not infer a particular probability of making partner from the structure itself. Advancement depends on performance, professional development, and firm-specific decisions over many years.

 

Compensation and Benefits

 

Cravath states that associate compensation is lockstep and that the firm does not maintain a minimum billable-hour requirement. According to its recruiting FAQ, billable hours are not used to determine associate salary or bonuses.

This should not be interpreted as meaning workloads are light. Vault's current associate commentary characterizes the firm as demanding and reports that associates work substantial hours despite the absence of a formal billable minimum.

Cravath's published lawyer benefits currently include medical, dental, and vision coverage, four weeks of annual vacation, disability coverage, family-building benefits, paid child-care leave, retirement and flexible-spending programs, transportation benefits, and other programs. It also describes case-by-case part-time arrangements and a lawyer re-entry program.

Applicants comparing offers should confirm the compensation and benefits applicable to their class year, office, and start date.

 

Work Environment and Culture

 

Culture is inherently subjective, so applicants should distinguish between Cravath's institutional descriptions and independent associate commentary.

Cravath describes its rotation system as collaborative because work flows through assigned partners rather than requiring associates to compete internally for assignments. It also emphasizes small teams, partner involvement, and collective rather than individual incentives.

Vault's current survey similarly reports extensive substantive work, significant partner access, and strong training while also describing demanding workloads.

For candidates, the central question is therefore not simply whether Cravath has a “good” or “bad” culture. A more useful question is whether a structured rotation model, lean staffing, high expectations, and intensive partner interaction fit the way the candidate wants to learn and practice.

 

Pro Bono and Community Involvement

 

Cravath states that pro bono matters are treated as regular firm work and supervised by partners. Associates may volunteer for pro bono matters, and summer associates are also encouraged to participate.

Examples described by the firm include work involving civil rights, domestic violence survivors, hospitalized children, wrongfully convicted individuals, discrimination matters, and transactional assistance for nonprofit organizations.

For junior attorneys, this work can also provide opportunities for client contact, advocacy, and responsibility that complement commercial assignments.

 

Diversity and Inclusion

 

Cravath's diversity and inclusion efforts are overseen by a Diversity Committee and include recruiting and student outreach, mentoring, affinity groups, a Women's Initiative, work/life programming, and external partnerships.

The firm's current affinity groups include groups focused on African American/Black, Asian/Pacific Islander, first-generation, Hispanic/Latinx, Jewish, LGBTQ+, Middle Eastern/North African, South Asian, and veteran attorneys, as well as a Women's Initiative and Working Parents Group. The groups are intended to support mentoring, relationship-building, and professional development.

Cravath also participates in events and recruiting programs involving law-school student organizations across a range of backgrounds.

 

Who May Be a Good Fit?

 

Cravath may warrant closer consideration from candidates who value:

• High-stakes corporate, litigation, and regulatory matters.
• Substantial exposure to partners and small teams.
• Broad training before narrow specialization.
• A structured rotation system.
• New York-centered BigLaw practice with selected London and Washington opportunities.
• Sophisticated cross-border work.
• Formal training combined with learning through active matters.
• Early substantive responsibility.

 

Conversely, candidates who want to specialize in a narrow subpractice immediately should investigate how that preference would interact with Cravath's rotation philosophy.

Candidates should also talk with current associates about workload, staffing, feedback, and day-to-day practice rather than making a decision based primarily on rankings.

 

Questions to Ask Before Joining Cravath

 

1. How are rotations selected for associates in my department?
2. How much input does an associate have in choosing the next partner group or practice area?
3. What does a typical team look like on matters in this group?
4. At what stage do associates normally begin communicating directly with clients?
5. How is feedback delivered during a rotation?
6. How are associates staffed when several matters become active at the same time?
7. What distinguishes associates who progress successfully toward partnership or other senior roles?
8. How does work differ among the New York, Washington, and London offices?
9. What mentoring relationships continue after an associate rotates away from a partner?
10. How are pro bono matters staffed alongside commercial work?
11. How does the firm integrate lawyers who join after beginning their careers elsewhere?
12. What aspects of the practice have changed most during the past several years?

 

Key Takeaways for Law Students

 

Law school applicants: Cravath illustrates the type of employer for which law-school academic performance, writing ability, and access to major-firm recruiting can matter. Applicants interested in BigLaw should consider employment outcomes and recruiting access when evaluating schools.

1Ls: Build the strongest transcript possible, develop legal writing skills, obtain meaningful summer experience, and begin researching firms before the increasingly early 2L recruiting cycle.

2Ls: Watch Cravath's direct application calendar rather than relying solely on OCI. For the 2028 summer class, the firm currently plans to open applications on January 4, 2027.

3Ls: Cravath states that it welcomes applications from outstanding third-year students interested in joining directly after graduation, although hiring needs and availability vary.

Summer associate candidates: Understand the rotation system, choose departments thoughtfully, research current matters, and use the summer to evaluate whether Cravath's staffing and training model suit your preferred way of practicing.

 

Key Takeaways for Attorneys

 

Junior associates: Cravath's structured training and rotation model can be particularly significant early in a career, but laterals should determine how prior experience will be credited and integrated.

Midlevel associates: Practice fit becomes increasingly important. Investigate whether your experience aligns with an actual departmental need and how the rotation system would apply.

Senior associates: Ask specifically about title, advancement expectations, class-year treatment, staffing, and the relationship between specialized experience and Cravath's generalist training philosophy.

Counsel-level attorneys: Cravath uses of counsel and other senior-lawyer roles, but opportunities are likely to be highly practice-specific.

Partner-level candidates: Cravath's traditional model emphasizes internally developed partners, although selected lateral partner hiring has occurred, particularly where specialized regulatory or governmental experience supports a strategic practice need.

 

Frequently Asked Questions

 

What Is Cravath, Swaine & Moore LLP Known For?

 

Cravath is especially associated with major corporate transactions, M&A, capital markets, banking and finance, complex litigation, antitrust, tax, executive compensation and benefits, and trusts and estates. It is also known for the Cravath System of associate training and rotations.

 

How Large Is Cravath?

 

Cravath is a major international law firm but intentionally operates with a much smaller office network than many global competitors. Current Vault materials place its lawyer population in the 500-to-750 range for 2026. Because headcount changes, candidates should consult current firm and industry data before relying on a precise number.

 

Where Does Cravath Have Offices?

 

Cravath currently maintains offices in New York, London, and Washington, D.C.

 

What Practice Areas Is Cravath Known For?

 

Its principal departments are Corporate, Litigation, Tax, Executive Compensation and Benefits, and Trusts and Estates. Specialized practices include M&A, private equity, capital markets, banking, restructuring, antitrust, securities litigation, investigations, intellectual property, and numerous regulatory areas.

 

Does Cravath Hire Summer Associates?

 

Yes. Its recruiting program is focused principally on second-year law students, and its current site says applications for the 2028 2L Summer Associate Program will open January 4, 2027.

 

How Does Cravath Recruit Law Students?

 

Cravath recruits students from law schools across the United States and Canada and uses direct applications and interviews in addition to law-school recruiting activity. Recruiting methods and schedules can change from one cycle to another.

 

What Should I Know Before Interviewing With Cravath?

 

Candidates should understand the Cravath System, the firm's rotation structure, their preferred department, the relevant office, and recent matters in the practice they are targeting. Cravath describes callbacks as conversational meetings with partners and associates.

 

Does Cravath Have a Billable-Hour Requirement?

 

Cravath's current recruiting FAQ states that it does not have a minimum billable-hour requirement and that hours are not used in determining associate salary or bonuses.

 

Does Cravath Hire Lateral Attorneys?

 

Yes, although the firm's model differs from many firms with large lateral-associate programs. Cravath says it primarily hires associates early in their careers, while its current recruiting materials also provide a route for other associate applications. Senior external hiring has occurred selectively in areas such as regulatory and antitrust work.

 

What Is the Cravath System?

 

The Cravath System is the firm's approach to recruiting, training, staffing, compensation, and advancement. A central component is rotating associates among partners or partner groups within a department so that lawyers develop broad experience before partnership consideration.

 

 

Relevant Top-Law-Schools.com Forum Discussions

 

• Cravath Callback Forum — Firm-specific discussion of Cravath callback and offer timing.
• Screener to Callback to Offer Ratio — OCI and Pre-OCI — Discussion involving Cravath and other major firms in the changing pre-OCI recruiting environment.
• A Guide to the Mechanics of OCI, Callbacks, Etc. — Broader TLS discussion of screeners, callbacks, and offers.
• OCI Bidding Strategy — Discussion of firm selection, bidding, and interview strategy during OCI.

 

Forum discussions reflect individual users' experiences and should not be treated as official statements of Cravath recruiting policy.

 

Sources / Research Notes

 

• Cravath — Our Story — Founding history and development of the firm.
• Cravath — Offices — New York, London, and Washington, D.C. offices.
• Cravath — Practices — Departments, practice areas, and industry coverage.
• Cravath — Recruiting — Law-student, 3L, and judicial-clerk recruiting.
• Cravath — How to Apply — Summer application timing, associate applications, and summer compensation.
• Cravath — Summer Program — Assignments, departments, and summer-class information.
• Cravath — Recruiting FAQ — Callback timing, rotations, billable-hour policy, pro bono, and clerkship information.
• Cravath — The Cravath System — Associate training, internal advancement, and firm structure.
• Cravath — The Rotation System — Rotations and partnership development.
• Cravath — Mentoring & Training — Mentoring, CLE, and department training.
• Cravath — Benefits and Programs — Lawyer benefits and flexibility programs.
• Cravath — Pro Bono — Pro bono participation and associate opportunities.
• Cravath — Diversity & Inclusion — Diversity committee and initiatives.
• Vault — Cravath, Swaine & Moore LLP — Vault rankings and firm information.
• Chambers USA — Cravath, Swaine & Moore LLP — Ranked practices and lawyers.
• BCG Attorney Search — Cravath, Swaine & Moore LLP — BCG Attorney Search law firm profile.