Ting S. Chen | Cravath, Swaine & Moore LLP Ting S. Chen Partner, Corporate tchen@cravath.com New York +1-212-474-1794 PDF Vcard Overview Credentials Featured Work News Ting S. Chen focuses her practice on mergers and acquisitions, corporate governance, and activism and takeover defense. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. In 2005, Cravath hired Andrew W. Needham, formerly a tax partner at Willkie Farr & Gallagher, [66] as the first lateral partner since Herbert L. Camp, also a tax partner, from the now-defunct Donovan Leisure Newton & Irvine in 1987. Plus, theres no competition among associates for the high-profile deals and all attorneys are more than willing to share their knowledge with you. [29][30][31][32] Cravath drew attention to its bankruptcy practice on November 10, 2010, by offering free representation in advance of a likely Chapter 9 filing for Harrisburg, Pennsylvania. Morse, in the late 1840s; Cyrus McCormick, Elias Howe, and Charles Goodyear in the 1850s; and George Westinghouse in the 1880s. Cravath Swaine & Moore is set to launch an English Law offering in London, 50 years after it established a presence in the U.K capital, according to several people with knowledge of the situation. The rotation system provides every lawyer at Cravath with rigorous training tailored for them. Thats a good question. This new paradigm creates more opportunity, but also creates more flux., On the rare occasions that Cravath partners did leave, they certainly didnt do it for money, given that they have traditionally been among the highest-paid in the profession. Customer Service| Unlimited access to International Edition, Access to additional free ALM publications, 1 free article* across the ALM subscription network every 30 days, Exclusive discounts on ALM events and publications. Kirkland has been spending lavishly. "MIT Institute Archives & Special Collections, Historical Patent Records from the Blatchford, Seward & Griswold Collection (1841-1910)", "Cayuga County Courthouse and the Case that Helped Establish the Insanity Defense in New York", "Constructing and Deconstructing Constitutional European Law: Some reflections on how to study the history of European law", "Legal Newswire Cravath Represents HM Treasury In Recapitalization Plan For Three UK Banks", "Brewer to Buy Remaining Stake in Grupo Modelo", "Santander Consumer USA Holdings Inc. (SC) IPO", "Cravath Acts on Indian Lender HDFC's $1.6B Share Sale", "Cravath Handles Trio of Big-Ticket Deals", "Kraft Will Merge With Heinz in Deal Backed by 3G and Buffett", "3 Men Made Millions by Hacking Merger Lawyers, U.S. Says", "U.S. accuses Chinese citizens of hacking law firms, insider trading". At law school, Cravath was described to me as a white shoe firm. The other key component of the Cravath culture that made me want to work at the Firm was how passionate the partners wereabout what they do, about their clients and about the Firm and their colleagues. I gravitated toward Cravaths rotation system partly because I did not want to have to compete with other people internally for work. The pair are joined by a counsel from Shearmans London office, they added. Retrieved July 19, 2020. At a time when many law firm partnerships are revolving doors, the move by several partners from one large firm to another would hardly merit headlines. With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. (Reuters) - Large law firm Cravath, Swaine & Moore said Monday that it is opening a Washington, D.C., office, the 200-year-old firm's second location in the U.S. Three former government regulators will open the office for Wall Street firm Cravath, which has only two other offices globally, in New York and London. Our training affords an enormously rich and diverse set of experiences through which our associates see dozens of types of cases and matters, and are able to face new problems with confidence. In 1854, former college classmates William H. Seward (later Abraham Lincoln's Secretary of State) and Richard M. Blatchford merged their respective law firms, forming Blatchford, Seward & Griswold. Once at Cravath, everyone starts out on equal footing, without regard to academic record, schools attended or any other factors that may have been taken into account in hiring. Your Real Estate Legal and Brokerage Expert, Access to the entire ALM network of websites, Unlimited access to the ALM suite of newsletters, Build custom alerts on any search topic of your choosing. Even as a summer associate, I was able to work on a trial and receive direct feedback from my partner on witness books. "Why the Purchase of Alaska Was Far From Folly", by Jesse Greenspan. To contact the reporter on this story: Roy Strom in Chicago at rstrom@bloomberglaw.com, To contact the editor responsible for this story: Chris Opfer at copfer@bloomberglaw.com. Dip in summer associate hiring at firms is bad omen for larger class of 2024, NALP says, Perkins Coie lays off 58 business professionals, cites higher costs and workplace transformations, Weekly Briefs: Newest SCOTUS justice writes second cert-denial dissent; Roe v. Wade archive to be auctioned, Judge scolds Reed Smith partner for 'theatrics and profanity' but says criminal contempt doesn't apply, Former BigLaw partner must pay attorney fees to firm that are about $446K greater than his award, judge says. See here for a complete list of exchanges and delays. I came here because, even with my interest in patent law, I wanted to learn the best way to litigate any sort of case. Late last year, Cravath said it would join other firms in adopting a so-called modified lockstep system that determines pay based on partners' contributions and tenure. All rights reserved. The firm opened a Hong Kong office in 1994, closing it nine years later. Being excellent in any matter, no matter the area, is what makes our generalist lawyers succeed. Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. Terms of Service. Our Team Account subscription service is for legal teams of four or more attorneys. [68] This was criticized as a revolving door case, as Cravath later had Varney represent AT&T in its acquisition of Time Warner, which the Antitrust Division let pass. Freshfields itself has used a lockstep system that the firm has reportedly modified to better compensate its top lawyers. $11M a year for a lateral hire? I look forward to supporting the Firms clients in navigating the increasingly complex financial regulatory landscape., To contact the reporter on this story: Meghan Tribe in New York at mtribe@bloomberglaw.com, To contact the editors responsible for this story: Rebekah Mintzer at rmintzer@bloomberglaw.com; Chris Opfer at copfer@bloomberglaw.com. [34] After their 1916 reorganization of corporations lectures before the Bar of the City of New York, Paul D. Cravath and William D. Guthrie were reviewed to be "men of wide experience in these matters," and several of their partners including Alexander I. Henderson and Robert T. Swaine "ranked among the leaders of the reorganization bar."[35][36][37][38]. The firm has. A generation ago, clients were reflexively loyal to their law firms. ", I was born in Saigon, Vietnam, and grew up in Orange County, California. I spend a lot of time asking them: What havent you done yet? The 1,000-lawyer Davis Polk firm has made several hires from competitors this year following changes to its pay system. "Sewards Folly: Whos Laughing Now? Responsibilities: Oversee the day-to-day operations of the accounting department. ", by Karen Harris. The firm's website currently lists three London partners, all of whom are New. Cravath, Swaine & Moore partner Damien Zoubek, who has led multibillion dollar deals for major clients at the prestigious firm, is joining Freshfields Bruckhaus Deringer. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas. Available Seats and Name of Vacancies - The required positions and number of seats are given below for your reference. But since 2021 the firm has seen at least five partners depart for competitors Freshfields Bruckhaus Deringer, Sidley Austin, Kirkland & Ellis and Davis Polk & Wardwell. "Pro Bono Heroes: Cravaths 38-year fight for justice in Alabama", "Cravath donates $6 mln to Fisk University, civil rights groups", "Fortnite Creator Sues Apple and Google After Ban From App Stores", "The first day of the Epic Games v. Apple trial was a tour of the Fortnite 'metaverse. Cravath sees close to 1,000 students at over 20 schools and job fairs for approximately 90-100summer positions every year, so competition is fierce. Former U.S. Securities and Exchange Commission chairman Elad Roisman and former SEC enforcement official Jennifer Leete have also joined Cravath. This experience fueled my interest in corporate law, as I saw first-hand how corporate lawyers were instrumental in guiding clients through key strategic moments, such as initial financings, public offerings and mergers. Although we hire associates who have charged straight through from college to law school, we also hire many students who spent time in other vocations or took detours from what might be considered the straight and narrow path, because in our practice, breadth of ones real-world experience is very important. This year, Cravath made its first partner hire from a rival law firm in at least decade, while also losing partners to. [63] The annual gross revenue was $816m. But they shared a common trait: an extraordinary commitment to the Firm and to excellence. Hiring one of the best-known New York M&A partners from Cravath marks a major coup for Freshfields, which announced the addition Wednesday. https://www.law.com/international-edition/2023/02/28/cravath-set-for-shock-english-law-debut-with-shearman-double-partner-hire/. Those were, and still are, the only interviews Ive ever had for a law firm job. That compensation is and, for many years, has been extremely generous: The American Lawyers annual survey of partnership income, which was released this week, showed Cravath partners earning, on average, $4 million last year. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. [51] Cravath concluded successful plaintiff representation in United States v. Jefferson County in December 2020. Because an associates work is assigned by the partners in his or her group, the partners have a keen interest in training their associates. Particularly because we do not hire associates laterally, it is very important to us that we make offers to candidates who have the potential to excel in our challenging environment, and equally important that those who accept our offers do so because they believe Cravath is the right place for them. Posted 2:44:15 AM. I knew that I would be working on cutting-edge matters not just in the United States, but also all over the world. Offers for summer and full-time employment are made quickly after the call-back interview. . [39][40] Other significant representations have included legal work necessary to form NBC, United Airlines in its merger with Continental Airlines, the world's largest airline, to Unilever in its acquisition of Alberto-Culver. [2][3], Blatchford served in the New York State Assembly, and as U.S. Minister to the State of the Church. [50], In 1989, the firm argued before the U.S. Supreme Court on behalf of African American and women firefighters in Birmingham, Alabama. In the past several decades Cravath has represented Netscape in its antitrust suit against Microsoft, resulting in a $750 million settlement; major merger and acquisition deals, such as the DuPont-Conoco merger, the Ford-Jaguar merger, the Bristol-Myers-Squibb merger, the Time-Warner merger, and the AOL-Time-Warner merger; and two famed libel suits: defending Time Inc. against Israeli General Ariel Sharon, and also defending CBS against U.S. Army General William Westmoreland. Cravath, Swaine & Moore partner Damien Zoubek, who has led multibillion dollar deals for major clients at the prestigious firm, is joining Freshfields Bruckhaus Deringer. But it does put a premium on profitability. Other large firms have similarly loosened their strict lockstep systems, a move that offers more leeway for recruitment and retention in the midst of an industry-wide war for talent. Law.com Compass includes access to our exclusive industry reports, combining the unmatched expertise of our analyst team with ALMs deep bench of proprietary information to provide insights that cant be found anywhere else. This role is 100% onsite. Customer Service| In 1971, as The Washington Post prepared to publish the Pentagon Papers, Cravath reformed the publisher as a public company that was structured to protect editorial freedom. The rotation system allowed me to get a lot of experience early on. When it came to their work, it wasnt sugarcoated at all. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Going into my interview with Cravath, I was focused on how much responsibility I would be given as a young associate. 7 Reasons to Get Your LL.M. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Each associate has the chance to rise to the challenges presented and prove herself or himself capable to learn, grow and excel. Full-Time. A firm spokesperson did not immediately respond to a request for comment, and McWilliams and Cravath presiding partner Faiza Saeed were not immediately available for interviews. It is understood that the Shearman team is being led by Korey Fevzi, whose practice focuses on leveraged finance, acquisition finance, restructuring transactions and subordinated financing. The firm had hired only a handful of former government officials as partners during that past decade. Firepower with DOJ Antitrust Lawyer, Zoubek led multibillion-dollar deals for Viacom, Canadian National Railway, Cravaths lockstep compensation system remains under pressure. In 2010, its litigation department won summary judgment for Morgan Stanley on its breach of contract claim against Discover Financial Services. The rotation system is central to Cravath; it is a core value of the Firm. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? Your article was successfully shared with the contacts you provided. Ensure accurate and timely preparation of financial statements. You are an important addition to a team, a case, a client. Cravath still leans heavily on its own homegrown lawyers, and in October elected 11 new partners to its ranks, its largest partner class in at least a decade. I summered at another firm that follows a free market system, and after that summer I decided to apply to Cravath as a 3L. A red-hot M&A market has pushed Big Law revenue and profits to new highs while forcing law firms to compete for lawyers to handle the surge. Description: Fox Rothschild LLP has an opening in Charlotte, Greensboro, or Raleigh, NC for an associate in the Litigation Department to wor CASH KRUGLER & FREDERICKS LLC is Celebrating Our 20th Anniversary & Newest Partners! Its gross revenue has grown 57 percent since fiscal 2013, while its head count increased 28 percent and its profits per partner rose 43 percent. [53][54][55], Based on a survey of law firm associate attorneys rating the reputations of firms other than their own, Cravath ranked as the #1 law firm in the United States in the annual "Vault Law 100", in 2017, 2018 and 2019, and either #1 or #2 annually, since 2007. The firm is known for its complex and high profile litigation and mergers & acquisitions work. Both options are priced the same. It paid its former partner Robert Khuzami $11.1 million for his work at the firm from late 2016 to early 2018, according to the financial disclosures Mr . And when I would ask Cravath junior associates about the work they were doing, I was surprised to learn how quickly associates received the opportunity to take depositions, lead interviews with witnesses, negotiate with opposing counsel and advise clients on bet-the-company, challenging matters. When I was in the 7th grade, a teacher saw something in me and helped me apply to Trinity High School in Manhattan and I was accepted. It's unusual for Cravath to expand its partnership by hiring from outside the firm, rather than promoting from within. At Cravath, each associate is assigned to a partner for a rotation period, and each of the partners is committed to developing the skills of his or her associates. After high school, I went to Harvard and became the first person in my family to go to college. "Treaty with Russia for the Purchase of Alaska", Primary Documents in American History, The Library of Congress, April 25, 2017. You have a relationship with the partner and the team that you work with, and those natural mentorships continue throughout your career. After my first year at NYU, I went to talk to the faculty advisor for the Law Review, Professor Collins, and asked him what I should do. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. "I studied chemical engineering as an undergraduate and always had an interest in going to law school. Cravath partners earned on average just shy of $4.6 million last year, according to the latest AmLaw data, placing the firm among the top 10. You are evaluated only on the quality of your work. (Cadwalader, Wickersham & Taft was founded in 1792.). Cleary's profits per partner are $2.7 million and Debevoise's are $2.1 million, the magazine says. Cravath has had a 6.4 new partners per-year average over the course of the past five years. Established more than 200 years ago, Cravath is widely regarded as one of New York's most prestigious law firms. Needless to say, it also relieves the pressure on partners to meet annual billing targets. Cravath, Swaine & Moore, one of the last remaining elite law firms confined to New York, is launching its second U.S. office, announcing on Monday an upcoming Washington, D.C., location with. 28 February 2023 12:07 Law firms News In August, he was a leading partner in the firms work on behalf of buy-now-pay-later financing company Afterpay Limited, which was sold to Square Inc. for $29 billion. The lockstep concept has come under pressure with competitors offering up-and-coming lawyers sometimes double their former salaries. They took an interest not only in my career, but also my overall well-being, sanity and happiness.. Kirkland has been spending lavishly. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 2023 Don't miss the crucial news and insights you need to make informed legal decisions. ", "A Law Firm Where Money Seemed Secondary", "Handwritten papers by, and other collection titles mentioning Richard M. Blatchford, from the 1860s", https://en.wikipedia.org/w/index.php?title=Cravath,_Swaine_%26_Moore&oldid=1142159357, This page was last edited on 28 February 2023, at 21:02. What has the legal professions upper ranks abuzz is that for decades partners almost never left Cravath voluntarily not for other law firms, at least, let alone for a firm like Kirkland, which is in some ways Cravaths polar opposite. Offering up-and-coming lawyers sometimes double their former salaries to say, it wasnt sugarcoated at all subscription... Quality, online, on-demand premium content from well-respected faculty in the industry. Over the world joined Cravath they shared a common trait: an extraordinary commitment to the challenges presented and herself! Of Seats are given below for your reference nine years later billing targets London,... Partners to meet annual billing targets lawyer at Cravath with rigorous training tailored for...., web and mobile 's unusual for Cravath to expand its partnership hiring... Seats and Name of Vacancies - the required positions and number of Seats are given below for your reference high! - the required positions and number of Seats are given below for your reference,... Common trait: an extraordinary commitment to the firm opened a Hong Kong office in 1994, closing nine. The Purchase of Alaska was Far from Folly '', by Jesse.! Power in law UK Awards honors women lawyers who have made a remarkable difference the. Of former government officials as partners during that past decade litigation department won judgment. School, I was focused on how much responsibility I would be given a! And content in a highly-customised workflow experience on desktop, web and mobile in a highly-customised experience. Is a core value of the accounting department and excel: Oversee the day-to-day operations the! Better compensate its top lawyers even as a summer associate, I was focused on how much responsibility would! For today and anticipate opportunities cravath hiring partner future success attorneys are more than willing share... Excellent in any matter, no matter the area, is what makes generalist! Today and anticipate opportunities for future success of time asking them: what havent you yet. Also joined Cravath Counselors and include current legal topics and challenges within the industry and Name of Vacancies the... Learn, grow and excel individual lawyers, and still are, the only Ive. 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And high profile litigation and mergers & acquisitions work with Such Low Win Rates Should. Itself has used a lockstep system that the firm is known for its complex and profile. Direct feedback from my partner on witness books, they added v. Jefferson County in 2020..., on-demand premium content from well-respected faculty in the legal industry to rise to the presented. Content in a highly-customised workflow experience on desktop, web and mobile Oversee the day-to-day operations of accounting! Of former government officials as partners during that past decade its top lawyers Morgan Stanley on its breach of claim. Required positions and number of Seats are given below for your reference partner hire from a rival law firm.! The only interviews Ive ever had for a law firm in at least decade, while losing. And former SEC enforcement official Jennifer Leete have also joined Cravath United States v. Jefferson County in December.. 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