A top rainmaker will become Cravath's first female presiding partner
Faiza Saeed. Photo provided by Cravath.
A top rainmaker who co-leads the mergers and acquisitions practice at Cravath, Swaine & Moore will become the law firm’s first female presiding partner.
Faiza Saeed will take over the job in January, according to a press release (PDF). She will serve as deputy presiding partner until she replaces C. Allen Parker, who held the job for three years. The New York Times DealBook blog, Law.com (sub. req.) and the Wall Street Journal (sub. req.) have stories.
Fewer than 20 of the 200 largest law firms have women in key leadership roles, according to statistics cited by the Wall Street Journal.
“Of course every firm would like to see more diversity and more women,” Saeed told the Wall Street Journal. “We certainly feel that way. We’ve been very focused on it.”
Parker will continue to represent clients after he leaves his leadership role.
Cravath raised associate pay to $180,000 effective July 1, setting the stage for associate salary increases at many other BigLaw firms. Some believed its lockstep compensation system would have to be revised to retain top partners after dealmaker Scott Barshay left for Paul, Weiss, Rifkind, Wharton & Garrison in April.
