Law Firms
Cravath Plans to Grow, Starting With ‘08 Summer Class
Posted Apr 30, 2008, 12:57 pm CST
By Martha Neil
Recession? What recession? The current economic downturn apparently hasn't been particularly painful at one of New York's most exclusive BigLaw firms, which is planning to expand its summer associate class this year by more than 75 percent.
There will be 161 summer associates at Cravath Swaine & Moore this year, compared to 91 last year, reports the AmLaw Daily. The larger summer class is part of a long-term expansion plan for the firm, according to managing partner Evan Chesler.
"We don't hire laterally, so it's not that complicated," says Chesler. "If you're sitting at the Cravath firm and make the decision that over time you want to be somewhat larger than you are, you start where you must start, which is the recruiting of the summer class."
As this growth plan suggests, the firm has been doing fine financially, according to the most recent AmLaw 100 survey results released yesterday. Last year, profits per partner were $3.3 million, and its gross revenue rose went up by 11 percent.