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The Cravath System

Submitted by Clark Cunningham on Tue, 04/27/2010 - 13:43
Author(s)
Henderson, William
Author(s)' contact information

Publication (if known)
http://lawprofessors.typepad.com/legal_profession/2008/07/part-ii-how-mos.html
Year
2008
Country
United States
Abstract
The "Cravath System” purports to hire the best graduates from the best law schools and provide them with the best training.The New York firm of Cravath Swaine & Moore created and refined this system during the early 20th century. The emphasis on educational credentials was initially an attempt to establish a distinctive brand of legal services that could differentiate the firm from other Wall Street competitors. Now, ironically, it has become a uniform industry practice utilized by every large law firm that claims to provide first-rate services. Virtually all firms mimic the Cravath system without understanding its logic. If a firm neglects a key element--e.g., investing in associates--the model generates no competitive advantage.
Edited from several postings on The Empirical Legal Studies Blog and The Legal Profession Blog.
Status
Published electronically only
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