If you walk down Ninth Avenue toward the massive glass towers of Manhattan West, you’re looking at the new face of an old legend. For decades, the name Cravath Swaine & Moore New York was synonymous with a very specific kind of prestige: wood-paneled walls at Worldwide Plaza, a "lockstep" pay system that felt like a relic from a gentler century, and a culture so intense it was basically a monk-like devotion to the law. But honestly? That version of Cravath is mostly dead.
What’s left is something much more interesting.
The firm didn't just move its physical headquarters to Two Manhattan West in 2024; it moved its entire philosophy. People still talk about the "Cravath System" like it's a fixed set of rules from 1920, but the reality in 2026 is that the firm has spent the last few years tearing up its own playbook to survive a legal market that has gone absolutely scorched-earth.
The Manhattan West Pivot
The move was a massive deal. After 35 years at Worldwide Plaza, the firm took over 13 floors at Two Manhattan West. It’s not just about the floor-to-ceiling windows or the views of the Statue of Liberty. It’s about the "hubs."
The new office is designed for collaboration. Think marble spiral staircases and a reimagined library called "The Study." It’s a far cry from the siloed, hushed suites of the old days. Presiding Partner Faiza Saeed—who has basically become the architect of the modern media landscape by advising on every mega-merger from Paramount to Disney—pushed for a space that reflects how work actually happens now.
It’s less about staying in your office until 2 a.m. alone and more about constant, high-speed interaction. You've got to be fast. The market doesn't wait for "white-shoe" tradition anymore.
Why the "Lockstep" Died (And What Replaced It)
For a century, Cravath was famous for paying every partner in a specific "class" the exact same amount. It didn't matter if you brought in a $50 billion deal or spent the year writing memos; if you were a fifth-year partner, you got the fifth-year check.
📖 Related: Private Credit News Today: Why the Golden Age is Getting a Reality Check
That’s gone. Or at least, it’s heavily modified.
By 2024 and 2025, the firm realized that if they didn't pay their "stars" more, firms like Kirkland & Ellis would just keep poaching them with $10 million or $15 million paydays. So, they created a nonequity tier and expanded the pay bands.
They had to. You can’t keep the best talent on vibes alone.
- The New Scale: While the base for associates still starts at that familiar $225,000 mark (the "Cravath Scale" everyone copies), the top end for partners is now much more flexible.
- The Talent War: In late 2025 and early 2026, we saw firms like Paul Hastings and Milbank aggressively trying to out-bonus Cravath.
- The Result: Cravath still sets the market, but they aren't the only ones in the room anymore. They’ve become more "commercial," which is a polite way of saying they finally started caring about the money as much as the prestige.
The Cases Defining 2026
If you want to know what the firm actually does all day, look at Epic Games.
Cravath partner Gary Bornstein has been leading the charge against Google and Apple. In late 2025, they secured a massive Ninth Circuit win that basically told Google their app store behavior was illegal. This isn't just dry corporate law. It’s company-defining, industry-shifting litigation.
They also handled the Wiz acquisition by Google—a $32 billion monster—and the Paramount-Skydance merger. These aren't just deals; they are the structural supports of the 2026 economy. When you hear about "Cravath Swaine & Moore New York," don't think of dusty books. Think of the lawyers who decided whether or not you can use a third-party app store on your phone.
👉 See also: Syrian Dinar to Dollar: Why Everyone Gets the Name (and the Rate) Wrong
Realities of the "Cravath System" Today
People still use the term "Cravath System" to describe their training. It’s the idea that you rotate through different departments to become a "generalist" elite.
Does it still work? Sorta.
In a world where specialized boutiques are winning more business, being a generalist is harder. But the firm doubles down on it. They want their M&A lawyers to understand litigation and their tax lawyers to understand tech. It creates a specific kind of "Swiss Army Knife" lawyer that clients like J.P. Morgan and Amex are still willing to pay $2,000 an hour for.
The Numbers That Matter (2025-2026 Estimates)
Revenue is up. In 2024, they hit about $1.2 billion. Profits per equity partner (PEP) jumped over 13% to nearly $6.85 million. Those are "elite of the elite" numbers.
But it’s a pressure cooker.
The firm elected six new partners for the 2025 class, including stars like Isaac Beerman and Sarah Rosen. Getting to that level is harder than ever. You aren't just competing with your classmates; you're competing with a global market that expects 24/7 availability.
✨ Don't miss: New Zealand currency to AUD: Why the exchange rate is shifting in 2026
What Most People Miss
The biggest misconception is that Cravath is just a "New York" firm.
While the heart is at 375 Ninth Avenue, their influence is global. They opened a D.C. office recently to handle the massive surge in antitrust enforcement. If the DOJ or FTC comes for a company, Cravath wants to be the first call.
They’ve also had to deal with some turnover. Losing a tax partner to Paul Hastings in early 2026 was a rare "bruise" for the firm. It showed that even the gold standard isn't bulletproof.
How to Actually Work With (or At) the Firm
If you’re a client or an aspiring associate, the rules have changed.
- Don't expect the old-school stuff. They are technology-forward now. They are using AI for document review and streamlining discovery. They aren't Luddites.
- It’s about the "Boardroom" level. Cravath doesn't usually do mid-market stuff. They do the "save the company" litigation or the "change the industry" merger.
- The culture is still "Cravath." Even with the new office and the new pay structure, there is a legendary level of polish expected. Every memo is perfect. Every comma matters.
Moving Forward
If you're tracking the legal industry, keep an eye on how the firm handles the 2026 "Bonus Wars." As boutiques try to outspend the big players, Cravath’s response will tell us if they intend to remain the market leader or if the era of a single firm setting the "scale" is finally over.
To see where the firm is heading next, look at their recent hires in the D.C. antitrust space and their continued dominance in the tech-M&A sector. The physical move to Manhattan West was the symbolic end of one era; the shift in how they pay and train their people is the start of the next.