Above the Law report
This is what Travis Whitsitt, Vault’s law editor, had to say about Cravath’s placement in the latest rankings: “Cravath is the standard against which all other firms measure themselves, with the firm securely atop the Vault Law 100 year after year and also within the top 10 of multiple practice area rankings. Cravath moves, and other firms follow. The firm has established industry standards on hiring and compensation for years, and even when it isn’t the first to move, Cravath’s decision to join influences the market—as with this year’s compensation and special bonus announcements. After all, every associate is well aware of the meaning of the term ‘Cravath scale.’”
Cravath continues to remain the namesake for salaries because of its prestigious pull, with survey respondents referring to the firm as an “industry trend setter” and a “compensation leader.”
Although Cravath stayed on top, this year, there was some movement when it came to the Top 10 in the Vault rankings. Here are the Top 10 Most Prestigious Law Firms based on Vault’s Annual Associate Survey for 2023
- Cravath, Swaine & Moore
- Wachtell, Lipton, Rosen & Katz
- Skadden, Arps, Slate, Meagher & Flom
- Davis Polk & Wardwell
- Latham & Watkins
- Sullivan & Cromwell
- Kirkland & Ellis
- Simpson Thacher & Bartlett
- Paul, Weiss, Rifkind, Wharton & Garrison
- Gibson Dunn & Crutcher
This is the fifth year in a row that these firms have been in the Top 10, but as you can see, there were some fluctuations in rank among them. Davis Polk — which has become known for its big-money raises and bonuses in recent years — gained three places and moved into the No. 4 spot (up from No. 7 last year), with SullCrom and Kirkland losing ground behind it (down two spots and one spot, respectively). Just outside the Top 10, at No. 11, we find Milbank, the firm that kicked off the 2022 salary wars and made a double-digit leap in the Vault rankings because of it (up from No. 23 last year).
https://abovethelaw.com/2022/07/vault-100-rankings-the-most-prestigious-law-firms-in-america-2023/
