What is it that associates at prominent legal firms care about more than money in the first place? Of course, there’s a lot of prestige involved. However, at the end of the day, being a market leader in compensation can be sufficient to increase a company’s reputation. In a stroke of good fortune, the much anticipated Vault 100 rankings have arrived to remind lawyers at the nation’s major law firms of which firms are considered to be the most distinguished.
Cravath, the firm that matched Milbank’s $190K associate salary scale three summers back with over-the-top monetary compensation for senior associates and that matched the generous new salary scale set by Davis Polk this summer, managed to retain its number one ranking in last year’s Vault 100 rankings, with Wachtell Lipton being edged out of second place by Skadden without precedent for the history of the Vault rankings. The newest Vault rankings revealed that Cravath was able to maintain its reputation as the most distinguished Biglaw firm in the country.
1. Cravath, Swaine, and Moore LLP
Cravath is the undisputed king of elite law firms, having essentially written the book on legal practice and professional training. The organization recruits unquestionably the finest of the best and maintains a professional climate based on mutual respect among its employees. In the company, those who do well under pressure, have a strong hard-working attitude, and are intellectually curious will do very well. Among Cravath’s many specialties are antitrust, banking and credit, capital markets, corporate governance, executive compensation and benefits, mergers and acquisitions, securities litigation, taxation and estate planning, trust and estate administration, and white-collar criminal defense. Each of Cravath’s practice areas has a strong international component, and more than one-third of the firm’s clients are headquartered outside of the United States of America.
2. Wachtell, Lipton, Rosen and Katz
Wachtell has extensive experience in the areas of mergers and acquisitions, strategic investments, takeovers and takeover defense, corporate and securities law, and corporate governance, among other areas of practice. They are responsible for some of the largest, most complex, and most demanding transactions in the United States and around the world, among other things. Firms that specialize in acquisitions and divestitures of public and private companies, handling sensitive investigative and litigation cases, as well as business restructurings, also advise boards of directors and senior management in crisis circumstances. They have a proven track record of developing innovative and ground-breaking solutions and developments that have had a significant impact on business and law.
3. Skadden
Skadden is a legal behemoth with expertise ranging from mergers and acquisitions to taxation. It is a perennial fixture among the most respected companies in Vault’s Top 100 ranking. Skadden lawyers are a gregarious lot that places high importance on teamwork and mentorship while also delving deeply into the most difficult of cases. Skadden Arps is one of the most successful and well-known legal companies in the world, with offices across the world. It was the first legal firm to record yearly revenue of $1 billion, and it is today regarded as an industry milestone. While the firm is most renowned for its mergers and acquisitions expertise, it is a truly elite player in every practice area, with over 1,700 lawyers spread around the globe.
4. Sullivan and Cromwell LLP
Although Sullivan and Cromwell are one of the most prominent law firms in the world, it takes a generalist strategy, which allows practitioners to collaborate across sectors and subgroups. S&C is devoted to assisting its lawyers in determining their future career options, and the firm places a heavy emphasis on mentorship and career advice. BigLaw powerhouse Sullivan and Cromwell have followed, on the off chance that not invented, the blueprint for legal success: it has expanded internationally and in response to the increasing cross-border M&A, restructuring, and finance transactional demands of the world’s largest corporate clients, including some of the world’s most well-known names in the business.
5. Latham and Watkins
When you are offered a position with Latham and Watkins, you realize you have made it in the legal industry. A global leader in dozens of practice areas, the company attracts the brightest and most accomplished individuals to join its ranks. Those looking for the freedom to shape their practice, as well as significant training and support, will be delighted with the offerings of this legal behemoth. Latham and Watkins are one of the largest legal companies in the world. Latham and Watkins have more than 3,000 attorneys in 30 locations across the world, and it works in each of the major jurisdictions in the United States, Europe, the Middle East, and Asia, as well as regularly representing corporations doing business in South and Central America and Africa. The firm is a global leader in corporate transactions, environmental law, financing matters, litigation and trials, and tax services, among other areas of expertise.
6. Kirkland and Ellis
Kirkland is a legal behemoth, both in terms of size and reputation, and it is the ideal firm for self-starters who are ready to seize the reins of their legal careers. Associates at the firm agree that their futures are bright because of the firm’s extensive training and the fact that the firm’s name appears on their resumes. Kirkland and Ellis, one of the world’s most prestigious law firms, is well-known for its work in corporate, intellectual property, litigation, mergers and acquisitions, private equity, and restructuring. In addition to having more than 2,900 attorneys, the firm is consistently ranked as one of the most successful in the world.
7. Davis Polk and Wardwell LLP
Davis Polk is a corporate law behemoth and a securities litigation powerhouse that ranks among the world’s most elite law firms. A hallmark of the firm’s professionalism is that it is staffed by attorneys with good hard working attitudes who are committed to supporting and mentoring one another. Davis Polk and Wardwell LLP have one of the strongest and most comprehensive corporate departments in the country, with outstanding teams in the areas of capital markets, mergers and acquisitions, finance, restructuring, and tax. In addition to its renowned antitrust practice, it also has strong intellectual property and white-collar criminal defense practices, as well as a strong common litigation practice.
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