Word: cravath
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Implicit in Adler's offensive against Time, CBS and Cravath, Swaine and Moore--the giant New York City law firm which defended both media conglomerates--was a defense of the two generals, whom nobody particularly likes. CBS and Time merely confirmed many people's worst suspicions about Sharon and Westmoreland when reporting allegations of gross naughtiness on both their parts...
...nearly 37,000 graduates who stepped out of American law schools this spring, the most talked about legal decision of the year had nothing to do with the Supreme Court. It was the bombshell dropped last April by the elite New York City law firm of Cravath, Swaine & Moore. By the addition of a $12,000 "housing allowance," Cravath pushed its starting salary to a stratospheric $65,000 a year. Equal or larger increases went to junior lawyers already on the Cravath payroll...
...move jolted the legal profession, especially the expanding megafirms that compete with Cravath for a relatively stable pool of top graduates. In recent weeks a ripple effect has pushed up salaries at major firms across the country. All of this is good news for young associates, the entry-level lawyers who toil for five to nine years in the hope of joining the full partners, who split a firm's profits. But as the new lawyers are just now discovering, this silver lining comes with a cloud. At the big firms that pay those high salaries, associates commonly work...
...prestigious Wall Street law firms, keeping up with the Joneses means matching the starting salaries at Cravath, Swaine & Moore. Cravath has been leading the pack since 1968, when it boosted the annual pay of its new lawyers to a then impressive $15,000. Last week, moving out front once more, the firm said that it will raise salaries for freshly minted attorneys from $53,000 to $65,000. While such big paychecks may seem excessive for recent graduates, Cravath and other top firms say they have been losing talent to the even more lucrative field of investment banking, in which...
...presenting their case, Sharon's lawyers, from the firm of Shea & Gould, had called eight Time Inc. employees as "hostile witnesses," a tactic that allowed them the first opportunity to examine the journalists. Time Inc.'s attorneys questioned those witnesses fully during the plaintiffs presentation. Thus, the Cravath lawyers believed that the best witnesses TIME could have presented had already been heard and that the jury had all the information needed to judge the case...