Cravath, Swaine & Moore

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Cravath, Swaine & Moore LLP (known as Cravath; Template:Respell) is an American white-shoe law firm headquartered in New York City. The firm has additional offices in London and Washington, D.C. It was founded in 1819, and represents American and international industries in litigation, mergers and acquisitions and in antitrust cases. The firm also developed the Cravath System in common use at U.S. law firms for more than a century.

History

Cravath began in 1819 when Richard M. Blatchford opened his law office in New York City,<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> representing American industrialists as well as entities in the United Kingdom and Europe, such as the Bank of England, from 1826<ref>Template:Cite book</ref> through the 1873 Bank of England forgeries.<ref>Bidwell, George Forging His Chains S.S. Scanton & Company, 1888, page 255. Retrieved July 31, 2025.</ref> In 1854, former college classmates Blatchford and William H. Seward (later Abraham Lincoln's Secretary of State) merged their respective law firms, forming Blatchford, Seward & Griswold.<ref name="Lanman1876">Template:Cite book</ref><ref name="Swaine2012a">Template:Cite book</ref>

Blatchford served in the New York State Assembly, and as U.S. Minister to the State of the Church. His son, Samuel, later a partner at the firm, served as a federal district court and appeals court judge. Samuel was appointed to the United States Supreme Court in 1882, serving for 11 years until his death; he was the first person to serve at all three levels of the judiciary. Seward was both Governor and Senator from New York,<ref>Template:Cite news</ref> who supported the 1865 passing of the Thirteenth Amendment, and negotiated the 1867 purchase of Alaska from Russia in a transaction that his opponents derisively called "Seward's Folly" and "Seward's Icebox",<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> though since noted as a "bargain basement deal".<ref>Template:Cite news</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Paul Drennan Cravath joined the firm in 1899 and devised the "Cravath System," combining a distinct method of hiring, training, and compensating lawyers. His name was added to the firm name in 1901 and, in 1944, after a series of name changes, the Cravath, Swaine & Moore name was established and has not been altered since.<ref name="ENC.com">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

The Bar of the City of New York was reorganized in 1916 by partners Paul D. Cravath and William D. Guthrie.<ref name="PerezWillett1995">Template:Cite book</ref><ref>Template:Cite book</ref><ref name="ByrneCravath1917">Template:Cite book</ref><ref name="Jr.2014">Template:Cite book</ref>

From 1950, Cravath managed the first U.S. IPOs of European companies,<ref name="Stephenson2003">Template:Cite book</ref><ref>Template:Cite journal</ref> and continues to represent EU firms into the 21st century.<ref name="FNLondon">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Cravath has remained a relatively small firm<ref name="IBTimes">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> of about 500 lawyers, located primarily in its New York office, with a few dozen in its London office, opened in 1973, and in Washington, DC, opened in 2022.<ref>Cravath Launches D.C. Office With Former SEC, FDIC Leaders, by Meghan Tribe, Bloomberg Law, 6 June 2022.</ref> The firm opened a Hong Kong office in 1994, closing it nine years later.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

In 2015, Cravath was the victim of what the firm described as a "limited breach" of its computer network, which The New York Times connected to a 2016 court case against three Chinese hackers who had made more than $4 million from insider information about merger deals.<ref>Template:Cite news</ref><ref>Template:Cite news</ref>

In March 2019, the New-York Historical Society Museum & Library debuted an historical installation illustrating the firm's legal milestones across two centuries, including obtaining patents for both the telegraph and the sewing machine, organizing NBC, and securing equal access to locker rooms for women sports reporters.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The same year, Fisk University launched Cravath Scholars to assist high-achieving students from the Nashville, Tennessee college with scholarships and pre-law internships in New York.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In 2021, the firm donated $3 million to Fisk from the firm's attorneys' fees for United States v. Jefferson County.<ref name=Reuters/>

Notable clients and cases

Seward's 1808 defense of William Freeman for the murder of John G. Van Nest helped establish the insanity defense.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Cite book</ref> In 1847, Seward & Blatchford challenged the constitutionality of slavery, in Jones v. Van Zandt.<ref>The Works of William H. Seward, Volume 1, William Henry Seward, Redfield, USA, 1853, page 476. Retrieved June 16, 2019.</ref><ref name="Rodriguez1997">Template:Cite book</ref> From its early years, the firm represented domestic and international banks, industrialists,<ref name=ENC.com/><ref name="Friedman2005"/><ref name="Swaine2012b"/> and American inventors, including Samuel F.B. Morse, in the late 1840s; Cyrus McCormick, Elias Howe, and Charles Goodyear in the 1850s; and George Westinghouse in the 1880s.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref name="Friedman2005">Template:Cite book</ref>

At the close of the American Civil War,<ref name=ENC.com/> the firm also represented several U.S. railroads, including New York & Erie and Union Pacific railroads, and express delivery businesses such as Adams, Southern, and Wells Fargo.<ref name="Swaine2012b">Template:Cite book</ref><ref name="Martin1997">Template:Cite book</ref><ref name="AbbottAbbott1872">Template:Cite book</ref> The firm's mergers and acquisitions (M&A) activity escalated during the late 19th century, commencing long-term associations on Wall Street.<ref name="Friedman2005"/> In 1895, the landmark Pollock v. Farmers' Loan and Trust Company tax case was won by the firm.<ref>Template:Cite book</ref>

In 1935, the firm represented the A.L.A. Schechter Poultry Corporation in a challenge to the National Industrial Recovery Act.<ref>Template:Cite journal</ref> Cravath lawyers secured a unanimous Supreme Court victory.<ref>A.L.A. Schechter Poultry Corp. v. United States, 295 U.S. 495 (1935).</ref> The Supreme Court agreed with the firm that the NIRA codes violated the constitutional separation of powers by impermissibly delegating legislative power.<ref>Schechter Poultry Corp., 295 U.S. at 535, 551.</ref>

Some current client relationships began in the 1800s, including with CBS, JPMorgan, and PricewaterhouseCoopers.<ref name="Skrabec2007">Template:Cite book</ref><ref>Template:Cite book</ref><ref name="AllenMcDermott1993">Template:Cite book</ref> International clients include Goldman Sachs, Barclays,<ref name=FNLondon/> HM Treasury,<ref>Template:Cite news</ref> Santander<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> and HDFC Bank.<ref>Template:Cite news</ref>

During the 1960s, Cravath lawyers wrote the U.S. Supreme Court brief on behalf of the Congress of Racial Equality’s Freedom rides protesting segregated buses, and were called upon by President John F. Kennedy to help form the Lawyers’ Committee for Civil Rights Under Law.<ref>"A Proud History", "Philosophy", Cravath, Swaine & Moore LLP. Retrieved June 16, 2019.</ref> In 1966, the firm helped launch litigation that would become Miranda v. Arizona,<ref>"Ep. 5 - Corporate law in NYC", Pre-Law, Baylor University, October 17, 2018. Retrieved June 16, 2019.</ref> which established that states cannot interrogate suspects without informing them of the right to counsel, now implemented as the Miranda warning issued by police to criminal suspects taken into custody.

In 1971, as The Washington Post prepared to publish the Pentagon Papers, Cravath reformed the publisher as a public company that was structured to protect editorial freedom.<ref>The Pentagon Papers: Making History at the Washington Post by Katharine Graham, Knopf Doubleday Publishing Group, 1971, page 16. Retrieved November 29, 2021.</ref> The firm also defended Time Inc. against Israeli General Ariel Sharon, and CBS against U.S. Army General William Westmoreland in 1984.<ref>Hornblower, Margo "Sharon v. Time Magazine" The Washington Post, November 14, 1984. Retrieved July 11, 2025.</ref> In 1989, the firm argued before the U.S. Supreme Court on behalf of African American and women firefighters in Birmingham, Alabama. The case was a catalyst for the Civil Rights Act of 1991.<ref>"Pro Bono Heroes: Cravath’s 38-year fight for justice in Alabama" by Jenna Greene, Reuters, July 1, 2021. Retrieved December 1, 2021.</ref>

M&A during the late 20th century includes representing DuPont, in its merger with Conoco;<ref>Kamen, Al "Conoco Takeover Battle: Hottest Brand Going for 200 Attorneys" The Washington Post, August 9, 1981. Retrieved August 15, 2025.</ref><ref>"History’s Biggest Merger: Du Pont-Conoco" Time, July 20, 1981, Retrieved August 15, 2025.</ref> Ford, in its acquisition of Jaguar;<ref>Prokesch, Steven "Ford to Buy Jaguar for $2.38 Billion" The New York Times, November 3, 1989. Retrieved August 15, 2025.</ref> Bristol-Myers, in its merger with Squibb;<ref>Brooks, Nancy Rivera "Bristol-Myers, Squibb Agree to Merge: $12-Billion Stock Swap Would Form 2nd-Largest Drug Firm" Los Angeles Times, July 28, 1989. Retrieved August 15, 2025.</ref> and Time Inc., in its merger with Warner,<ref>"TIME BUYS WARNER FOR $14 BILLION" The Washington Post, July 24, 1989. Retrieved August 15, 2025.</ref> also later advising the merged company in the 2000 AOL-Time-Warner merger,<ref>"Sullivan and Cravath among advisers on AT&T's $85bn Time Warner takeover" Law.com, October 23, 2016. Retrieved August 15, 2025.</ref> as well as for its later sale to AT&T.<ref>de la Merced, Michael J. "Who's Behind the Deal Between AT&T and Time Warner" The New York Times, October 22, 2016. Retrieved August 15, 2025.</ref><ref name=Variety/>

Cases before the Supreme, appellate and Chancery courts across the 20th and 21st centuries include Esquire v. Walker, later Hannegan v. Esquire, Inc., at the U.S. Supreme Court, with Esquire prevailing, in 1946, against the attempted censorship of its magazine by the two Postmasters General;<ref>"The Esquire Case: A Lost Free Speech Landmark" by Samantha Barbas, University at Buffalo School of Law December 1, 2018. Retrieved November 29, 2021.</ref><ref>Esquire v. Walker by Jean Preer, Prologue Magazine, Spring 1990, Vol. 23, No. 1.</ref> a 13-year landmark antitrust case on behalf of IBM;<ref>Template:Citation</ref><ref name="HallClark2002">Template:Cite book</ref><ref>Template:Cite news</ref> Netscape's 2003 antitrust suit against Microsoft, which secured a $750 million settlement;<ref>"New York Story: Evan Chesler" Lawdragon, March 5, 2006. Retrieved July 11, 2025.</ref> Unilever's $3.7 billion acquisition of Alberto-Culver;<ref> "Wall St duo advise on $3.7bn acquisition of haircare co" Law.com. Retrieved July 11, 2025.</ref><ref>"Alberto Culver settles lawsuit over Unilever bid" Reuters, November 29, 2010. Retrieved July 11, 2025.</ref> Kiobel v. Royal Dutch Petroleum Co., in which Cravath defended Royal Dutch against charges of human rights abuses including forced exile, extrajudicial killing, crimes against humanity, and torture or cruel, inhuman, and degrading treatment.<ref>Template:Cite court</ref><ref>Kelly, Michael J. ''Prosecuting Corporations for Genocide''. Oxford University Press. pp. 45–48</ref> Westfed Holdings Inc. v. United States, a challenge against the federal government's passage and imposition of the Financial Institutions Reform, Recovery and Enforcement Act ("FIRREA") ;<ref>Template:Cite court</ref> Ohio v. American Express, which successfully preserved an American Express "anti-steering" practice that prevented merchants from promoting credit cards with lower transaction fees and informing customers of different credit cards;<ref> Dewey, Katrina "Redemption Road: Cravath's Supreme Court Victory for American Express" Lawdragon, March 5, 2006. Retrieved July 11, 2025.</ref> and United States v. Jefferson County, an employment discrimination case in Alabama police and fire departments.<ref name=Reuters>"Cravath donates $6 mln to Fisk University, civil rights groups" by Arriana McLymore, Reuters, June 15, 2021. Retrieved December 1, 2021.</ref>

In November 2014, Cravath acted as legal advisor in a deal backed by 3G Capital and Berkshire Hathaway Inc. that would create the third-largest food and beverage company in North America.<ref>Template:Citation</ref><ref>Template:Citation</ref> In 2018, the firm advised Disney in its acquisition of 21st Century Fox.<ref name=Variety>Littleton, Cynthia "SEC Filing Reveals New Details on Disney-Fox Deal, and How Comcast Got Rejected" Variety, April 19, 2018. Retrieved July 11, 2025.</ref> It litigated for Epic Games in Epic Games v. Apple,<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> and for its subsequent challenge to Apple's compliance plan.<ref>Feiner, Lauren "Why Epic’s lawsuit against Apple just won’t quit" The Verge, May 28, 2024. Retrieved July 11, 2025.</ref>

During the 2020s, Cravath represented Illumina in its $7 billion acquisition of Grail, defeating antitrust challenges from the FTC and the European Commission, then for Illumina's 2023 spin off of the biotechnology subsidiary.<ref>Cornell, Joe "Illumina Completes Spin-Off Of GRAIL" Forbes, June 26, 2024. Retrieved July 11, 2025.</ref> The firm represented The Williams Companies at trial and as appellate court counsel, securing judgments of over $600 million in M&A litigation against Energy Transfer for a failed merger.<ref>"Energy Group Of The Year: Cravath" Law360, February 13, 2025. Retrieved July 11, 2025.</ref> The firm represented the special committee of the board of directors of Paramount Global in its merger with Skydance Media,<ref>"Cravath, Swaine & Moore LLP" Vault Law, Retrieved August 13, 2025.</ref> to form Paramount Skydance Corporation on August 7, 2025.<ref>"David Ellison to lead combined company after Paramount-Skydance merger closes" Reuters, August 4, 2025. Retrieved August 13, 2025.</ref>

Rankings

Cravath has ranked as the #1 law firm in the United States in the annual "Vault Law 100", in 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, and either #1 or #2 annually, since 2007.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>"Vault's Top 100 Law Firms For 2019", Vault, June 20, 2018. Retrieved June 9, 2019.</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The firm ranked 49th in The American Lawyer's "Am Law 200" in 2025,<ref name=LAW.com>"Cravath, Swaine & Moore LLP", Law.com. Retrieved April 18, 2025.</ref> which lists the firm by revenue and profits per lawyer, compensation and other criteria.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Hiring

{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}} Under its Cravath System, developed in the early 20th century, the firm is known for focusing its hiring of associates on new law school graduates, with a strong emphasis on grades, then immersing them in corporate law practice over years of apprenticeship rotations.<ref>Template:Cite journal</ref> Lateral hires were rare under the Cravath System, prior to 2020.<ref>Thomas, David "Cravath makes another partner hire, tapping FTC antitrust official" Reuters, December 16, 2021. Retrieved August 22, 2021.</ref><ref>https://www.ft.com/content/c64a1fd3-3084-46b4-8273-69b2dfeb9332 "Faiza Saeed, the Cravath leader modernising a venerable law firm"] Fortune, December 9, 2021. Retrieved August 22, 2021.</ref> In 2005, the firm hired Andrew W. Needham, formerly a tax partner at Willkie Farr & Gallagher,<ref>Cravath Hires Tax Partner, Its First Lateral in Decades</ref> as the first lateral partner since Herbert L. Camp, also a tax partner, from the now-defunct Donovan Leisure Newton & Irvine, in 1987. Camp, however, had previously been a Cravath associate and may therefore be considered to not be a true lateral hire because he started his career there. Before that, Roswell Magill, a former Treasury Department official, became a Cravath tax partner in 1943. In 2007, the firm brought in Richard Levin from Skadden, Arps to boost its new bankruptcy practice.<ref>Cravath starts a bankruptcy practice</ref> In 2011, Cravath hired Christine A. Varney, a former U.S. Assistant Attorney General for the Antitrust Division for the Obama Administration,<ref>Template:Cite news</ref> which Public Citizen later criticized as a revolving door case when Varney represented AT&T in its acquisition of Time Warner.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In 2013, the firm hired David Kappos, who served as the Under Secretary of Commerce for Intellectual Property and Director of the United States Patent and Trademark Office.<ref>Template:Cite news</ref><ref>Template:Cite news</ref>

Amid clashes at some college campuses, following the onset of the 2023 Israel-Hamas war; on November 1st, 2023, Cravath was among more than two dozen law firms that submitted a letter to 14 American law school deans, denouncing anti-Semitism, Islamophobia, and racism, and advising those mentoring future law graduates of entrenched workplace policies against harassment or discrimination at their firms.<ref name=hiring>Template:Cite news</ref> Previously, the firm was also among 17 global law firm signatories to a public statement denouncing growing anti-Semitic attacks in the U.S. that was published in The American Lawyer on May 27, 2021.<ref>"Big Law Leaders Pen Letter Denouncing Anti-Semitic Attacks" Law.com. Retrieved July 11, 2025.</ref><ref>Zieve Cohen, Sam "Law firm leaders call out silence around rising antisemitism" Jewish Insider, May 27, 2021. Retrieved July 11, 2025.</ref>

See also

References

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Further reading

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