In the high-stakes world of corporate law, maintaining an image of exclusivity is considered vital by many top firms, and Cravath, Swaine & Moore was no exception. For a long time, Cravath’s strategy was to recruit and train fresh law graduates, completely rejecting the idea of lateral hires from other corporate law firms. But, the rapidly changing business landscape and the toll taken by the pandemic have led to certain deviations from this “Cravath way”.
In 2021, as a sign of this change in strategy, Cravath had started seeking a recruitment manager with a special focus on lateral hires, opening the gates for experienced professionals considering a transition to the firm. This development signalled a significant shift from Cravath’s long-standing hiring practices.
Recent reports suggest that the shift is more extreme than initially imagined. Cravath now seems to be considering temporary-to-permanent positions, a concept far removed from their traditional hiring methods. This offers an unprecedented opportunity to work at one of the world’s top law firms, albeit the conditions surrounding the role are still unclear. Questions abound, for instance, on whether these temporary roles will enjoy the same benefits and billing rates as full associates.
The fact that applications for this role have now opened for permanent positions further shows how deeply the norms of the legal profession have been shaken in the face of the pandemic and its aftermath. As the legal industry continues to evolve, these changes at Cravath may well serve as an instructive example for other firms – the adaptation of an industry stalwart to the new normal. For professionals seeking entry into these top-tier firms, the present times could indeed bring some fortunate changes.
For more details, the original report by Kathryn Rubino at Above the Law is available here.