Long-standing firm Cravath, Swaine & Moore has seen a steady flow of partners leaving their ranks blurring its distinction from other New York firms frequently experiencing partnership reshuffles. The recent exits, including three in January, could potentially serve as evidence for Cravath entering a critical phase.
During interviews with managers of other firms, recruiters, and observant industry followers, there was a recurring theme of questioning traditional talent retention ways and hiring strategies of Cravath. One underpinning factor is the firm’s lack of expansion and growth, despite modifying its traditional model, which has supposedly curtailed some exits. The critique extends to an observer who said, “The tweaking of their model may have stopped some people from leaving, but they don’t seem to be leveraging the other aspect of breaking lockstep to expand and grow.”
Adding to these changes, the retirement of Evan Chesler, a longtime litigation leader at Cravath, at the end of 2023 continues to prompt questions about succession planning within the firm.