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One of Cravath Swaine & Moore’s longest-serving members of management stood down at the end of last month as part of a wider-ranging shake-up of senior roles at the US firm.
Litigation department head Rich Clary, group leader for five years, stood down on 20 September in favour of Sandra Goldstein. Prior to taking over as litigation group head Clary had been litigation group managing partner for nine years and before that, hiring partner for litigation for five years.
Clary became known for a succession of high-profile matters while simultaneously running Cravath’s litigation department. Highlights included acting for Credit Suisse in its $40bn Enron-related securities class action, for the banks in litigation relating tothe failed merger between Huntsman and Hexion Specialty Chemicals and the outside directors of Citigroup in connection with sub-prime related litigation.
“I didn’t cut back on my cases and fee-earning in all that time,” admitted Clary. “The firm’s view has always been that any management role should be over and above the practice of law.”
Goldstein, whose clients include Time Warner, Barnes & Noble and Xerox, was formerly Cravath’s litigation group managing partner, a position now taken by partner Bob Baron.
Cravath has also seen change at the top of its corporate department with John White taking over from Allen Parker as head of the group. Parker, Cravath’s deputy presiding partner, continues in that role.
White returned to Cravath in 2008 after a stint at the the US Securities and Exchange Commission from March 2006 to December 2008 where he served as director of the division of corporation finance.