Cravath vs. DPW/STB Forum

[Anonymous User]

Really grateful for these choices. Wanted to ask if Cravath is still a cut above the other firms wrt to corporate work. I’m interested in public company M&A primarily, and possibly capital markets. I definitely liked the people at DPW the most, with STB a close second. I’ve read through older posts and it sounds like, in this group of firms, Cravath was a no-brainer for public company M&A (and general corporate work) 5-10 years ago, but I’d love to know if that’s changed in recent years, both in terms of perception (asking mainly for exit opps lol) and actual deal flow.

TLDR, is it worth choosing Cravath over DPW/STB, where I’d most likely be happier? Thanks y’all

[LBJ's Hair]

no. DPW, STB, and Cravath are all Band 1 M&A -- they're all great. (maybe Cravath was super duper amazing a decade ago or w/e, but they're not anymore. Scott Barshay left for PW.)

if you don't think you're a culture fit for Cravath, don't go there.

(perhaps someone will argue that Cravath is still better in "public market M&A" vs "private equity M&A." I have no idea, wouldn't think that's the sort of distinction that would/should matter for a 2L that otherwise feels like he/she is a better culture fit at DPW/STB)

[Anonymous User]

Really grateful for these choices. Wanted to ask if Cravath is still a cut above the other firms wrt to corporate work. I’m interested in public company M&A primarily, and possibly capital markets. I definitely liked the people at DPW the most, with STB a close second. I’ve read through older posts and it sounds like, in this group of firms, Cravath was a no-brainer for public company M&A (and general corporate work) 5-10 years ago, but I’d love to know if that’s changed in recent years, both in terms of perception (asking mainly for exit opps lol) and actual deal flow.

TLDR, is it worth choosing Cravath over DPW/STB, where I’d most likely be happier? Thanks y’all

Absolutely not. I’d actually say DPW is a stronger firm than Cravath these days rather than the reverse.

[Anonymous User]

Fit is much more important. Cravath is obviously amazing, but it really isn't that "special" anymore. They lost quite a few M&A folks in the past five years - Barshay left for PW, like the above poster said, and Schiele and Davis jumped to Kirkland. And in the CSM/DPW/Skadden/STB/S&C/PW tier, I'm pretty sure Cravath has the lowest PPP, except for Skadden (which is like 4 times bigger). PPP is definitely a gameable metric, but it does serve as an indicator that Cravath is solidly in that pack (as opposed to Wachtell, which is sui generis).