Cravath, Swaine & Moore LLP > New York, United States > Firm Profile

Cravath, Swaine & Moore LLP > The Legal 500 Rankings

Antitrust > Civil litigation/class actions: defense Tier 1

Cravath, Swaine & Moore LLP has a full service global antitrust offering, with extensive experience acting as defense counsel in bet-the-company and multijurisdictional litigation concerning consumer class action and single plaintiff suits, as well as government enforcement actions. ‘World-class strategist’ Christine Varney chairs the antitrust practice. Gary Bornstein focuses on commercial disputes primarily antitrust, M&A and securities litigation with recent work involving allegations of anticompetitive behavior in the distribution of mobile apps and the modem chipsets business. Kevin Orsini has significant trial and lead counsel experience in class actions. Evan Chesler is recognized for his appearance in numerous cases in the federal and state courts across the country, representing clients in government and internal investigations related to the technology, pharmaceuticals, manufacturing and financial services sectors. Peter Barbur handles large and significant cases, including the successful dismissal for American Express of a civil lawsuit alleging provisions in its merchant agreements violated antitrust laws. All the above-mentioned counsel are based in New York. Former FTC Commissioner, Noah Joshua Phillips, joined the firm’s Washington DC office in October 2022. Katherine Forrest departed from the firm in January 2023.

Dispute resolution > Financial services litigation Tier 1

Cravath, Swaine & Moore LLP is a recognized financial services litigation firm with deep experience across antitrust, securities and consumer class actions. The firm represents major banks including JPMorgan, American Express and Citigroup on matters involving antitrust enforcement actions, putative class actions and residential mortgage-backed securities. With increasing activity in the fintech sector, the firm has demonstrated capacity in this area, continuing to represent Dfinity in class action securities litigation concerning the system’s governance tokens and whether these qualify as securities subject to government regulation. The litigation practice is co-led by Gary Bornstein and Kevin Orsini. Daniel Slifkin is also a key name to note for his experience in antitrust and securities claims. Meanwhile, Michael Paskin and Lauren Moskowitz are recognized for their focus on representing large financial institutions in financial product matters including RMBS. Moskowitz is also noted for her activity in bankruptcy proceedings. All lawyers named are based in New York.

Dispute resolution > General commercial disputes Tier 1

Led by Gary Bornstein and Kevin Orsini, the litigation team at Cravath, Swaine & Moore LLP represents both defendants and plaintiffs in a wide range of commercial disputes in the technology, financial services, media, pharmaceuticals and retail sectors. The team’s broad experience covers breach of contract, fraud, breach of fiduciary duty, tortious interference and unfair competition. The team also works closely with the firm’s corporate arm, helping clients structure business arrangements and practices in order to avoid future litigation. Evan Chesler brings extensive trial experience across numerous industries, notably representing Elon Musk in his $13 billion stockholder derivative action. David Marriott and Lauren Moskowitz are both noted for their versatility and trial experience, regularly representing some of the firm’s most high profile clients. All individuals mentioned are located in New York.

Dispute resolution > Leading trial lawyers Tier 1

Evan Chesler – Cravath, Swaine & Moore LLP. Cementing his legendary status as a top US litigator, New York-based Evan Chesler is among only a handful in the nation who regularly and successfully tries bet-the-company cases across a broad range of practice areas and industries. The veteran achieved a monumental trial win in April 2022, representing Tesla CEO Elon Musk and the directors board in a matter concerning the acquisition of SolarCity, defeating a stockholder derivative action seeking $13 billion in damages. Chesler also secured a precedential Ninth Circuit decision for Starz Entertainment in July 2022, a ground-breaking decision regarding the interpretation of the Copyright Act. Daniel Slifkin – Cravath, Swaine & Moore LLP. Continuing to establish his reputation for handling complex and novel litigation, Daniel Slifkin regularly appears before state and federal courts throughout the US, having represented financial powerhouses JPMorgan and Vivendi in high-stakes securities matters. A recent standout matter involved representing the Tesla board of directors and CEO Elon Musk, securing a complete trial victory in a $13 billion stockholder derivative action related to the company’s acquisition of SolarCity. Slifkin is located in the firm’s New York office. David Marriott – Cravath, Swaine & Moore LLP. With a forté that includes IP, securities and antitrust, employment, and other business disputes, New York-based David Marriott has tried numerous high-profile cases in recent years, including representing Qualcomm before the US International Trade Commission in litigation against tech giant Apple. In a case which concerned the first vertical merger challenge brought by the Federal Trade Commission in 40 years, Marriott secured an unprecedented trial win for Illumina in September 2022, defending Illumina’s $8 billion acquisition of cancer treatment company GRAIL. Robert Baron – Cravath, Swaine & Moore LLP Kevin Orsini  – Cravath, Swaine & Moore LLP

Dispute resolution > M&A litigation: defense Tier 1

Cravath, Swaine & Moore LLP in New York is known for its ‘subject matter expertise, professionalism‘ and its lawyers are described as ‘highly competent, professional, effective and respectful‘. The firm’s work spans individual, class and derivative actions arising from planned or hostile transactions, and its litigators are frequently hired in instances where the firm’s M&A team did not handle the initial deal. Gary Bornstein and Kevin Orsini are the lead partners. Bornstein acted for Atlas Air Worldwide Holdings, Inc. in multiple stockholder actions concerning its pending $5.2bn acquisition by an investor group led by Apollo. Robert Baron and Justin Clarke handled a challenge to the pending $1.9bn acquisition of investment bank Cowen Inc. by TD Bank Group. Up-and-coming partner Rory Leraris continues to build on her impressive track record.

Dispute resolution > Securities litigation: defense Tier 1

Cravath, Swaine & Moore LLP in New York is known for ‘subject matter expertise, professionalism and extraordinary service’, and clients describe the practice as ‘professional, expert, and highly respectful of process, people and the law’. Co-heads of the litigation department Gary Bornstein and Kevin Orsini are key members of the securities litigation practice, which is highly regarded for the work of its standout partners Daniel Slifkin, Antony Ryan and Karin DeMasi. ‘Their knowledge of the law and securities litigation specifically is unmatched’, remarks one client. The firm’s presence in new and emerging areas of the market is shown by the work of Orsini and Ryan in the defense of Robinhood Markets in high-profile “meme stock” litigation, in which it has won the dismissal of two of three tranches of claims brought against the company. Ryan and Rachel Skaistis are representing Qualcomm in a shareholder class action securities suit in California, and Bornstein is working with Ryan in the defense of Deutsche Telekom in putative class action and derivative litigation. Emerging partner talents Lauren Rosenberg, who worked with Ryan and Orsini in the class action defense of Dfinity USA Research, and Lauren Moskowitz are key members of the practice.

Environment > Environment: transactional Tier 1

The environmental team at Cravath, Swaine & Moore LLP is based in New York and advises large domestic and multinational companies and their boards of directors on the environmental and sustainability aspects of large cross-border M&A deals. The group also handles a range of other deals, including divestitures, shareholder engagement and financings such as green bonds, while in the non-transactional space, it advises clients on compliance and disputes. Matthew Morreale heads the team and is a key name for transactions, as well as environmental‑related proceedings and investigations; he also handles environmental, social and governance (ESG) matters, regulatory and climate change issues, and environmental and toxic tort litigation. Senior attorney Annmarie Terraciano offers similar experience and is well versed in deals in the chemicals, mining, energy, pharmaceutical and consumer goods sectors, among others.

Finance > Capital markets: debt offerings

Cravath, Swaine & Moore LLP has a history of headline and high-value transactions, including market-firsts and novel structures. It has an impressive mix of investment grade, high-yield, convertible and exchangeable debt deals. The firm has close connections to a number of blue-chip issuers and top-tier underwriters. It represented the underwriters in 10 notes offerings by JPMorgan totalling $38.9bn and advised the underwriters on the $2.9bn registered senior notes offering of ConocoPhillips. Craig Arcella and Andrew Pitts are big names in the market, including in investment grade and high-yield debt offerings. William Fogg, Stephen Burns and Scott Bennett are also key names, along with Nicholas Dorsey. Michael Mariani is increasingly prominent.

Finance > Capital markets: global offerings

Cravath, Swaine & Moore LLP‘s huge reputation extends worldwide, despite having just two offices in New York and London. It advises on many of the most complex and high-value deals in the capital markets arena, and across the debt, equity and hybrid securities segments. The firm attracts engagements from many European issuers and international underwriters, notably recently advising Nestlé on its $4bn 144A/Reg S notes offering and representing the underwriters in an aggregate of $12.9bn of notes issued by Credit Suisse. Andrew Pitts, co-head of capital markets for North America, had another impressive year in 2022 with a string of headline deals for overseas issuers. Nicholas Dorsey impresses in high-value offerings, while Craig Arcella also comes highly recommended.

Finance > Commercial lending

Cravath, Swaine & Moore LLP is most distinguishable for its market-leading lender tailored advice, which is primarily sourced from the firm’s New York office and is supplemented by expertise on borrower matters, particularly in relation to working capital facilities, multicurrency, asset-based financings, leveraged spin-offs and direct lending transactions. Leadership of the practice is divided between managing partner George Zobitz, focused on complex syndicated loan and direct lending transactions, Tatiana Lapushchik, noted for her recent involvement in the acquisition of CMC Materials by Entegris through the arrangement of $3bn worth of senior secured credit facilities, and Stephen Kessing, a key name among financial institutions, corporate borrowers and private equity sponsors. Also active, Matthew Kelly stands out for his representation of administrative agents, lead arrangers and bookrunners. Michael Goldman retired from the practice in 2022.

Finance > Fintech

Cravath, Swaine & Moore LLP is well regarded for its expertise at the intersection of technology and finance. The New York-based team offers a strong combination of transactional and regulatory expertise and is regularly used by major banks and fintech companies. The firm is also noted for its ‘understanding of complicated blockchain technology and how to translate this into legal advice‘. Transactional support, including capital markets and M&A is a clear sweet spot for the firm, but the lawyers are also regularly involved in high profile securities related disputes, such as its support to Dfinity in a class action securities litigation concerning its Internet Computer Project master governance tokens. On the corporate side, the firm advised Afterpay on its $29 billion takeover by Block by way of a scheme of arrangement. David Kappos  leads the highly rated team, which includes corporate partner Scott Bennett, who has ‘a superb understanding of blockchain technology‘, and banking regulatory head David Portilla.

Labor and employment > Employee benefits, executive compensation and retirement plans: transactional Tier 1

Cravath, Swaine & Moore LLP has in-depth experience of handling complex M&A spanning multiple jurisdictions, along with managing divestitures involving major companies. The group boasts an impressive client list that covers industries ranging from life sciences to media and entertainment, including major names such as Amazon, Johnson & Johnson, and IBM. The head of the New York based group, Eric Hilfers, is highly experienced in providing executive compensation and benefits counsel in connection with M&A, as showcased by his key role in representing Amazon in its $8.45 billion acquisition of MGM. Amanda Hines Gold joined the firm from Morrison Foerster in September 2022, bringing vast expertise in drafting and negotiating severance, along with administering equity incentive plans. Jonathan Katz specializes in advising domestic and international entities in corporate joint ventures and private equity transactions, while Matthew Bobby focuses on complex spin-offs and IPOs, as underlined by his assistance to Johnson & Johnson during the separation of its subsidiary- Consumer Health.

M&A/corporate and commercial > M&A: large deals ($1bn+) Tier 1

One of the preeminent law firms in the US for transformative M&A, Cravath, Swaine & Moore LLP is regularly turned to by an impressive roster of global household name companies across an array of industries, including retail, technology, consumer goods, entertainment, energy and life sciences. Benefitting from a deep bench of antitrust experts, the New York-based firm is also well placed to advise on spin-offs and joint ventures, and fields a wealth of experience in hostile takeovers, proxy contests and shareholder activist campaigns. Presiding partner Faiza Saeed is a reference in the market, given her involvement in market-shaping M&A transactions, most notably in the media, tech and biotech spaces. Mark Greene  – head of the corporate department and the international practice – excels in cross-border M&A and private equity deals. Robert Townsend, who maintains a broad practice focused on M&A, corporate governance and activist defense, and George Schoen, who stands out for his track record in transactional work in the telecoms and media industries, are at the helm of the global M&A group. Leader of the EMEA M&A team Richard Hall is another name to note for multijurisdictional mandates. Ting Chen has taken a lead role in several high-value deals in the worlds of tech, media and entertainment spaces. Aaron Gruber and Keith Hallam are other key practitioners to note for activism defense, governance matters and M&A. Andrew Elken left the firm in August 2023.

Tax > International tax Tier 1

The New York-based tax department at Cravath, Swaine & Moore LLP designs tax-efficient structures for an array of US and cross border transactions, including, mergers, spin-offs, joint ventures, private equity fund formations, acquisitions and internal restructurings. Lauren Angelilli heads the practice and focuses on advising clients on the tax and structuring aspects of M&A, joint ventures and SPACs. Ronald Creamer Jr.  regularly counsels clients on the execution and IRS review of tax-efficient financing techniques and capital market strategies. Len Teti possesses expertise in connection with the execution of spin-offs and Christopher Fargo advises on tax issues in M&A transactions. Andrew Davis focuses his practice on private equity transactions as well as securities offerings, while Arvind Ravichandran advises on restructuring transactions and related financings. Stephen Gordon retired as a partner in 2022.

Tax > US taxes: non-contentious Tier 1

Cravath, Swaine & Moore LLP designs tax-efficient structures across a broad range of domestic and cross-border transactions, including M&A, spin-offs, joint ventures, private equity fund formations, and restructurings. The group is the first port of call for a number of multinational giants, such as Amazon, Unilever and IBM. Recent work involves clients operating in the healthcare, life sciences, aviation, energy, fintech and financial services sectors; fresh additions include Global Blood Therapeutics and Texas Capital. In a notable highlight, Stephen Gordon and Christopher Fargo were involved in the advice to AerCap Holdings N.V. on its $30bn acquisition of GE Capital Aviation Services from General Electric. The practice is led by Lauren Angelilli, whose further expertise covers SPACs, IRS audits, securities offerings and other financing transactions. Among other key individuals are Ronald Creamer and Leonard Teti, both of whom are noted for their cross-border capabilities and dealings with the IRS. Andrew Davis and Arvind Ravichandran are also key names in the team. All named individuals are based in New York.

Antitrust > Merger control Tier 2

Cravath, Swaine & Moore LLP handles merger counselling mandates, both pre- and post-notification, for major corporates in the US and internationally, as well as representing clients throughout high-stakes regulatory actions and litigation relating to mergers, offering deep agency expertise and strong connections with the firm’s market-leading corporate practice. The team advises clients in a wide range of industries, and continues to see success in clearing deals in industries facing significant regulatory scrutiny, including a high-profile victory for Illumina against the FTC challenge to its acquisition by GRAIL, a standout development for practice head Christine Varney , a ‘world class strategist’ and former FTC Commissioner. Elsewhere in the team, Maggie Segall is praised by clients as a ‘superstar’ and is prolific in securing clearances for high-value mergers, as well as advising clients on government investigations, while former FTC official Daniel Zach has great experience of merger litigation and successfully represented Louis Dreyfus Company against the DOJ’s challenge to the sale of subsidiary Imperial Sugar to US Sugar. Former FTC Commissioner Noah Joshua Phillips joined the firm as co-head of the antitrust practice in late 2022, expanding its regulatory expertise and resident in the firm’s Washington DC office. Lawyers are in New York unless otherwise stated.

Finance > Capital markets: equity offerings

Cravath, Swaine & Moore LLP has an outstanding record in big-ticket equity offerings for domestic and international issuers. The firm is rated for both issuer and underwriter engagements and has a wealth of senior talent that operates across the debt and equity offering spheres. It is especially well known for industrial IPOs and has further strength in financial services and insurance offerings. With fewer IPOs in the market, the capital markets team has worked more intensively with M&A colleagues, particularly in relation to corporate separations and spin-offs. It represented the underwriters in two registered offerings of depositary shares representing preferred stock of The PNC Financial Services Group, totalling $2.25bn. William Fogg and Andrew Pitts have outstanding reputations, along with Nicholas Dorsey and Scott Bennett. Michael Mariani and Daniel Haaren are also increasingly prominent. Douglas Dolan has been promoted to partner.

Finance > Capital markets: high-yield debt offerings

Cravath, Swaine & Moore LLP is a longstanding leader in high-yield debt, with an especially strong record in underwriter-side engagements. It managed a series of impressive deals in 2022, including advising the initial purchasers on the $1.54bn 144A/Reg S high-yield senior secured notes offering by CHS/Community Health Systems. Joseph Zavaglia, head of leveraged finance at the firm, is noted for his major focus on high-yield debt transactions. Craig Arcella, co-head of finance, is another prominent figure in underwriter-side high-yield debt engagements. Andrew Pitts, William Fogg and Scott Bennett are also key members of the capital markets group, all of whom have a track record in high-yield debt matters.

Media, technology and telecoms > Media and entertainment: litigation Tier 2

The New York-based team at Cravath, Swaine & Moore LLP handles antitrust, IP and securities disputes for a variety of clients including major broadcasting and digital gaming companies. In addition, investigatory expertise at the firm allows them to advise media companies facing investigation or to conduct internal investigations on behalf of media companies when issues such as sexual harassment or sexual misconduct are alleged. The practice is jointly led by experienced lawyers Gary Bornstein  and Kevin Orsini , the former is known for his cross-examination expertise while the latter is currently representing Light & Wonder, Inc. in several individual and putative class action lawsuits concerning automatic card shufflers. Further recommended is Wes Earnhardt, who advocated on behalf of Starz Entertainment in a case against MGM Domestic Television Distribution in which his arguments pertaining to the scope of copyright protection won praise from peers in the legal industry. Antitrust litigator Katherine Forrest departed the firm in January 2023.

Media, technology and telecoms > Technology transactions Tier 2

Cravath, Swaine & Moore LLP is praised for bringing ‘significant experience that uniquely adds traditional intellectual property and commercial data licensing and privacy to provide full service, experienced counsel on modern issues‘. The firm’s market leading M&A practice invariably leads to a significant amount of corporate transactional support, with deals such as advising CyrusOne on its $15 billion takeover by KKR and Global Infrastructure Partners.  The firm’s capacity for more pure technology transactional matters can be seen in its advice to IBM on its agreement with McDonald’s to accelerate the development and deployment of its Automated Order Taking technology in a deal which involved the acquisition of McD Tech Labs. IP co-head David Kappos  combines well with global co-head George Schoen to form a compelling offering. Corporate partner Keith Hallam is another key name within the team.

Media, technology and telecoms > Telecoms and broadcast: transactions Tier 2

Cravath, Swaine & Moore LLP advises on the full range of transactions across the telecoms and broadcast space, focusing on the corporate aspect of business-critical M&A and financing mandates for major companies and investors active in the sector. The firm’s market-leading M&A practice is well-equipped to represent clients on complex, high-value, cross-border transactions, with further strengths in tax, corporate governance, and intellectual property. The New York-based practice is co-headed by Robert Townsend III, whose extensive expertise in all types of M&A and corporate governance has resulted in a track record of advising on a number of high-profile telecoms deals. Also active in this space is Andrew Elken, whose recent work includes advising Rogers Communications on its pending C$26bn acquisition of Shaw Communications, and representing Cyrus in its $15bn acquisition by KKR and Global Infrastructure Partners.

Dispute resolution > Corporate investigations and white-collar criminal defense Tier 3

With ‘the broadest possible experience in all facets of government investigations’, Cravath, Swaine & Moore LLP is sought out by corporations, executives, and board of directors for its strengths in crisis management, enforcement actions, and white-collar litigation. Thanks to its offices in New York, London, and Washington DC, the firm is ideally situated to assist multinational clients on cross-border investigations and compliance issues. John Buretta, who handles internal investigations and civil litigation for clients in industries such as banking, communications, and technology, leads the practice. ‘Practiced and polished attorney’ Rachel Skaistis focuses on representing management in the context of investigations, as well as FCPA and False Claims Act matters, amongst others. Evan Chesler and Benjamin Gruenstein are further key practitioners within the group. All named attorneys are based in New York.

M&A/corporate and commercial > Shareholder activism Tier 3

Cravath, Swaine & Moore LLP utilises its team's familiarity with the playbook of key activist investors such as Corteva, Ancora, Corvex, Elliott, Starboard, Third Point, and ValueAct to successfully navigate campaigns when representing large conglomerates such as The Walt Disney Company. Co-head of the firm’s global M&A practice Robert Townsend focuses on all types of M&A, corporate governance matters and activist defense. The multi-disciplinary team works with clients from a diverse range of sectors such as including leisure, entertainment and gas. Mark Greene is a key practitioner and is head of the firm’s corporate department, alongside firm presiding partner Faiza Saeed, who recently led a case in which the group acted for Hasbro, Inc. in its successful proxy contest against Alta Fox Capital Management LLC.

Media, technology and telecoms > Media and entertainment: transactional Tier 3

The corporate expertise at Cravath, Swaine & Moore LLP enables the firm to handle high-value acquisitions such as Amazon’s recent $8.45bn acquisition of MGM, closed in March 2022, in which the practice represented the acquirer. The team also frequently advises the likes of Yell Holdco Limited and Quibi Holdings on banking matters, restructurings and winding down processes. Faiza Saeed  leads the practice from New York and has extensive experience of crisis management and M&A- in a recent highlight she represented Disney in a support agreement with Third Point.

Dispute resolution > Appellate: courts of appeals / Appellate: supreme courts (states and federal) Tier 4

Cravath, Swaine & Moore LLP routinely appears before state and federal appellate courts across the country, where it represents both appellants and appellees in complex IP, securities, antitrust and class action-related cases, among others. The group is often involved in appeals for which it handled the preceding trial litigation, but it also picks up a significant volume of new mandates at appellate level. Litigation co-head Gary Bornstein is noted for his focus on antitrust, M&A and securities work; he co-steers the practice alongside Kevin Orsini–both are based in New York.

Intellectual property > Patents: litigation (full coverage) Tier 4

Intellectual property is an integral practice area at Cravath, Swaine & Moore LLP, with a team of IP practitioners who are adept at handling matters involving patents, trade secrets, copyrights, and trademarks, as well as commercial litigation related to IP matters including antirust claims. In addition to national IP work, the team is capable of advising on global strategy, and benefits from close collaboration with other departments in the firm, including corporate and broader commercial litigation. Keith Hummel  and David Kappos co-chair the practice out of the firm’s New York office, regularly acting on complex patent litigation. In the same office, Sharonmoyee Goswami is integral to the team, as the go-to attorney for Alarm.com and often representing Abiomed.

Finance > Financial services regulation Tier 5

Cravath, Swaine & Moore LLP’s bank regulatory offering is led by David Portilla, and handles matters encompassing matters relating to banking, cryptoasset, digital currency and M&A transactions. The firm’s reach was further enhanced by the opening of a new office in Washington DC led by Jelena McWilliams, who joined in July 2022 from her previous role as the chairman of the Federal Deposit Insurance Corporation. In August 2022, Elad Roisman  joined the firm from the SEC, bringing with him extensive knowledge of reporting and disclosure obligations and corporate governance.