The release of the Vault 100 rankings for 2025 has generated significant attention within the legal industry, highlighting which firms are seen as the most prestigious by their peers. According to the most recent data, Cravath, Swaine & Moore has once again claimed the top spot, maintaining its longstanding reputation for excellence in compensation and the quality of lawyering across multiple practice areas.
Eric Stutzke, SVP & General Manager of Vault, emphasizes that Cravath’s consistent leadership in the rankings is attributed to its high standards and competitive compensation packages. As noted by Vault, associates frequently refer to Cravath as “the gold standard,” underscoring its influential role in setting associate salary scales and overall prestige within the field. This sentiment is echoed on the Vault rankings website.
Despite Cravath’s firm hold on the number one position, there was notable movement within the rest of the Top 10 for 2025. Wachtell, Lipton, Rosen & Katz secured the second spot, followed by Skadden, Latham & Watkins, and Sullivan & Cromwell rounding out the top five. Kirkland & Ellis, which had previously outranked Davis Polk & Wardwell, switched places with it this year. Similarly, Paul, Weiss, Rifkind, Wharton & Garrison traded positions with Simpson Thacher.
Overall, the firms listed in the Top 10 for 2025 are:
- Cravath, Swaine & Moore
- Wachtell, Lipton, Rosen & Katz
- Skadden
- Latham & Watkins
- Sullivan & Cromwell
- Kirkland & Ellis
- Davis Polk & Wardwell
- Paul, Weiss, Rifkind, Wharton & Garrison
- Simpson Thacher
- Gibson Dunn
Interestingly, within the broader top 20, Milbank has shown a notable rise, moving up four spots to land at No. 13. Given its influential role as the initiator of the 2022 salary wars, it remains to be seen if Milbank will manage to break into the Top 10 in future rankings.
For more detailed rankings, including the top firms by region and practice area, visit the Vault rankings page.