Biglaw

Did The Pandemic Break The Cravath System?

Is Cravath about to go on a lateral hiring spree?

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Well, the pandemic changed a lot in Biglaw. The biggest firms saw increased profitability, but that came at a cost — notably more billable hours for associates. This sparked fierce competition in the lateral associate market. Firms looking to retain their talent pool started throwing money at associates in the form of special bonuses. When that didn’t prove enough incentive, raises ruled the Biglaw market.

But how does this whole background play at Cravath?

Remember, Cravath fancies itself different than the rest. The Cravath system is legendary in these parts and it’s all about home-grown talent. In describing their own hiring process, Cravath’s website boasts explicitly that they do not hire attorneys tainted by other Biglaw firms:

Particularly because we do not hire associates laterally, it is very important to us that we make offers to candidates who have the potential to excel in our challenging environment, and equally important that those who accept our offers do so because they believe Cravath is the right place for them.

And before they eventually matched the Davis Polk scale, we speculated that, in order to keep mid-senior associates at the firm, Cravath might go above market for those über valuable associates — just like they did in 2018. Of course, they didn’t make that play. But it doesn’t mean they’re doing nothing.

An eagle-eyed Above the Law tipster spied a job opening at the firm for Attorney Talent Recruitment Manager. Hmmmm, the role “will be involved in many aspects of recruiting, with a focus on lateral attorney hiring.”

That is definitely a new turn for Cravath. More details on the position’s lateral focus:

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Lateral Hiring

  • Managing the recruitment of all lateral attorneys in both our New York and London offices;
  • Collaborating with Firm management to identify lateral attorney needs, drafting job descriptions, and liaising with search firms and candidates to identify candidates who align with the needs of the Firm;
  • Cultivating and maintaining strong relationships with leading search firms and conveying the Firm’s hiring needs;
  • Communicating with stakeholders on status of market pertaining to lateral searches and providing regular updates as it relates to compensation, benefits, Cost of Living Adjustment and market trends;
  • Reviewing applications, coordinating interviews, facilitating reference checks, offering decisions and terms and executing offer letters;
  • Regularly reviewing and updating search firm agreements based on updates to Firm policies or competitive market trends;
  • Verifying placement fees and processing payments;
  • Collaborating with the Legal Personnel team and the Office of the General Counsel on the conflicts checks process, and any other policy questions;
  • Collaborating with the Legal Personnel team to create a program for smooth integration of hires into the Firm; and
  • Conducting lateral attorney orientations.

Cravath has not returned our request for comment, so who knows exactly what a lateral hiring spree would even look like at the firm. So, it’s too early to start bombarding the firm with lateral associate resumes… but maybe start brushing them up, just in case.

Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).

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