The Cravath, Swaine & Moore workplaces in Manhattan, New York Metropolis, US REUTERS/Andrew Kelly
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(Reuters) – Massive regulation agency Cravath, Swaine & Moore stated Monday that it’s opening a Washington, DC, workplace, the 200-year-old agency’s second location within the US
Three former authorities regulators will open the workplace for Wall Road agency Cravath, which has solely two different workplaces globally, in New York and London.
Ex-Federal Deposit Insurance coverage Company chairman Jelena McWilliams will function the brand new DC workplace’s managing companion. Former US Securities and Alternate Fee chairman Elad Roisman and former SEC enforcement official Jennifer Leete have additionally joined Cravath.
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A agency spokesperson didn’t instantly reply to a request for remark, and McWilliams and Cravath presiding companion Faiza Saeed weren’t instantly obtainable for interviews.
Saeed stated in an announcement that the opening of the brand new workplace will assist the agency’s shoppers navigate “an growing advanced and lively regulatory setting.”
It is uncommon for Cravath to increase its partnership by hiring from exterior the agency, fairly than selling from inside.
Cravath in February 2021 made its first companion rent from a rival regulation agency in no less than a decade and introduced on two extra companions later that yr. The agency had employed solely a handful of former authorities officers as companions throughout that previous decade.
Cravath was one of many final massive corporations to stick to a “strict lockstep” pay coverage that rewarded companions based mostly on seniority. Late final yr, Cravath stated it will be a part of different corporations in adopting a so-called modified lockstep system that determines pay based mostly on companions’ contributions and tenure.
Different massive corporations have equally loosened their strict lockstep methods, a transfer that provides extra leeway for recruitment and retention within the midst of an industry-wide conflict for expertise.
Legal professionals not often depart Cravath for different corporations. However since 2021 the agency has seen no less than 5 companions depart for opponents Freshfields Bruckhaus Deringer, Sidley Austin, Kirkland & Ellis and Davis Polk & Wardwell.
In line with American Lawyer knowledge, Cravath final yr topped $1 billion in gross income, and its companions generated common earnings of $5.8 million.
(NOTE: This story was up to date to precisely describe the brand new workplace as Cravath’s third present location.)
Learn extra:
Cravath abandons strict pay mannequin, becoming a member of most regulation agency friends
Freshfields lures Cravath dealmaker in newest loss for Wall St agency
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Reporting by Jacqueline Thomsen
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