Highlighted for its ‘practice depth, client focus, responsiveness, and negotiating skills’, Cravath, Swaine & Moore LLP represents a myriad of corporate issuers, including first-time issuers, as part of a broader client base consisting of large investment banks and other sponsors and underwriters. Such clients are represented in transactions and assisted with related covenant packages, and practitioners can also be noted for senior secured lending on the investor side. On the underwriter side, the group regularly represents initial purchasers in notes offerings, from unsecured subordinated notes to secured notes offerings involving Rule 144A. Located in New York, Craig Arcella and Andrew Pitts lead the group, accessible to a client base of corporations and financial services institutions alike. Arcella is a go-to member of the team for convertible bond offerings, while Douglas Dolan is highly active in the equity financing sphere. Joseph Zavaglia in New York is adept in IPOs and a range of capital markets transactions. William Fogg retired in March 2026.
Legal 500 Editorial commentary
Accolades
Client satisfaction: Lawyer & team quality
Client satisfaction: Billing & efficiency
Client satisfaction: Sector knowledge
Testimonials
Collated independently by Legal 500 research team.
- ‘Good practice depth, client focus, responsiveness, negotiating skills, and a deep understanding of issues, as well as strategic thinking. Good collaboration with regular company counsel and an ability to drive timeline.’
‘Joseph Zavaglia and Doug Dolan are outstanding lawyers in every way.’
Key clients
- Burford Capital
- Outbrain
- Various financial institutions
Work highlights
Represented the initial purchasers in the $2.1 billion high-yield senior secured notes and senior notes offering of American Axle used to partially finance their acquisition of Dowlais.
Represented Outbrain in its $637.5 million high-yield senior secured notes offering used to repay, in full, the bridge facility used to finance Outbrain's acquisition of Teads.
Represented the initial purchasers in connection with two 144A/Reg. S high-yield senior subordinated notes offerings totalling $4.65billion of TransDigm and in the concurrent $500million senior secured notes offering.
Lawyers
Leading partners
The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.
Next Generation Partners
Junior partners with significant recognition from clients and peers in the market and key roles on multiple matters.
Practice head
Craig F. Arcella; Andrew Pitts
Other key lawyers
Douglas Dolan; Joseph Zavaglia