When Cravath talks, other law firms listen up and take notice. She said the following: “Cravath and status go hand in hand for the firm, which has consistently ranked at the top of the Vault Law 100 and in the top ten of various practice area rankings, including the top spot in General Corporate Practice. Cravath’s rating in the recent rankings drew the attention of Mary Kate Sheridan, senior law editor at Vault.
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The newest Vault rankings revealed that Cravath was able to maintain its reputation as the most distinguished Biglaw firm in the country. 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.Ĭravath, the firm that matched Milbank’s $190K associate salary scale three summers ago 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 for the first time in the history of the Vault rankings. However, at the end of the day, being a market leader in compensation can be sufficient to increase a company’s reputation. 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.
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