Cravath Makes No New Partners; Economy Not to Blame, Lawyer Says
One of the most prestigious New York-based law firms made no new partners this year, and this wasn’t because of the difficult economy, one lawyer tells the Am Law Daily.
The reason why, this unidentified senior partner at Cravath Swaine & Moore says, is that “this year, no one met our standards.”
Only a small fraction of the 80 associates who joined the white-shoe firm as first-years in 2002 are still there, and some of the more promising associates went into investment banking back when the market was stronger, the legal blog recounts.
“For our firm, whether to make someone a partner is a thirty-year decision,” says Allen Parker, Cravath’s deputy presiding partner. “We never let the decision be influenced by short-term economic considerations.”
