Wall Street firm Cravath Swaine & Moore is the latest US firm to announce new partnership promotions for 2007, promoting four of its associates to the partnership.
The promotions follow a record year for Cravath. Average profit per equity partner rocketed 20 per cent to $2.7m (£1.5m) according to year-end financials for 2005.
The new promotions will take effect on 1 January 2007, the same day that management at Cravath will be officially overhauled. Evan Chesler will succeed Robert Joffe as presiding partner, while Allen Parker will oversee day-to-day management as deputy presiding partner (as reported on www.thelawyer.com, 12 October).
After the promotions, 91 partners can now enjoy the second-highest PEP in the US, after those at Wachtell Lipton Rosen & Katz.
Corporate associates Craig Arcella, Andrew Thompson and Damien Zoubek and litigation associate Teena-Ann Sankoorikal were all made up.
Cravath officially operates a generalist system where associates practise in most areas within corporate or litigation, but sources report that Arcella has expertise in banking whilst Zoubek and Thompson have extensive M&A experience.
It is understood that M&A and litigation will be key areas for focus for the firm in the coming months, and the new spate of promotions would reinforce that strategy.
Cravath follows Cleary Gottlieb Steen & Hamilton, Latham & Watkins, Wilson Sonsini Goodrich & Rosati and Paul Hastings Janofsky & Walker in announcing its partner promotions before the end of the year.