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Cravath

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Weil Partners See Exit as Opportunity After Aiello Joins Cravath
business26 days ago

Weil Partners See Exit as Opportunity After Aiello Joins Cravath

Weil, Gotshal’s corporate chair Michael Aiello is leaving for Cravath, but insiders describe a sense of relief rather than mourning: Aiello was highly influential and highly paid, yet viewed as a roadblock to growth and recruitment. Departures like Sachin Kohli and other hiring frictions underscore a push for broader expansion. Weil aims to move forward with a bigger, entrepreneurial platform, turning the leadership change into an opportunity rather than a setback while remaining busy with substantial workload.

Weil’s Corporate Chair Packs Up With Team for Cravath in Major Lateral Shake-Up
business27 days ago

Weil’s Corporate Chair Packs Up With Team for Cravath in Major Lateral Shake-Up

Michael Aiello, Weil Gotshal’s corporate chair, is leaving with a roughly half-dozen M&A partners to Cravath, Swaine & Moore. Weil frames Cravath as a smaller platform, while it pursues an aggressive growth strategy and has added numerous lateral partners, signaling a significant shift in internal power dynamics for Weil as Cravath touts culture and collaboration.

business1 year ago

Cravath and BigLaw Firms Align on Year-End and Special Bonuses

Cravath has announced both year-end and special bonuses for its associates, matching the bonus scale set by Milbank. These bonuses will be distributed in December across their New York, D.C., and London offices without specific billable hours requirements. This move is expected to influence other major Biglaw firms to follow suit in their bonus offerings.

Biglaw Firms Compete for Top Compensation in Global Legal Industry
law2 years ago

Biglaw Firms Compete for Top Compensation in Global Legal Industry

Following Cravath's announcement of salary raises and bonuses, many Biglaw firms have matched their compensation scale, but others have remained silent. Jeff Lowe of Jeffrey Lowe Partners predicts that there may be more surprises in the coming weeks as firms compete with each other. He expects at least the top 50 firms and possibly further into the top 100 to match Cravath's scale, but notes that as you move down the Am Law 100, there is less money available for compensation.

Cravath Surpasses Milbank Scale with Associate Raises
business2 years ago

Cravath Surpasses Milbank Scale with Associate Raises

Cravath has announced raises for its associates, matching the scale set by Milbank for junior associates and surpassing it for midlevel and senior associates. The new salary scale will take effect on January 1, with raises ranging from $5,000 to $20,000. Cravath has also announced year-end bonuses that match Milbank's numbers. As a leader in compensation, Cravath's move is expected to prompt other Biglaw firms to react.

Cravath Implements New Partner Tier to Enhance Compensation and Retain Top Legal Talent
business2 years ago

Cravath Implements New Partner Tier to Enhance Compensation and Retain Top Legal Talent

Cravath, Swaine & Moore has introduced a salaried partner tier, joining other Wall Street law firms in restructuring their pay models to adapt to changing market dynamics. The move allows the firm to retain and promote exceptional talent while freeing up cash for top partners. The creation of non-equity partner tiers has become more common as firms seek to attract and retain talent and provide flexibility in compensation. Cravath's decision follows reports that peer firm Paul, Weiss, Rifkind, Wharton & Garrison is considering adopting a similar tier in 2024. The move away from lockstep compensation and single-tier partnerships is driven by competition in the hiring market. Cravath, known for its top-tier deals practice, has made other significant changes, including loosening its lockstep pay model and opening new offices.