Cravath Swaine & Moore

The main residence of Veraton, Paul Cravath’s country estate, circa 1907. Source: “Veraton,” Old Long Island, Oct. 31, 2011.

Creating a baseline to measure the wealth, and building turmoil, of the current Gilded Age.


It is hard to imagine a more stark and tangible manifestation of the original Gilded Age than the large estates built along the Long Island Sound in the region that would later become known as the Gold Coast.  Yet, you may be surprised that such opulence was not limited to robber barons or captains of industry.  In fact, some of the very best real estate was owned by their lawyers.

Above is a photo of the main residence of Paul Cravath’s Veraton estate, which was built in 1905.  Shortly after completion, the lavish property was profiled in Town & Country magazine, which noted that Veraton “consists of over 600 acres of lawn, gardens, woodland, farmlands and paddocks. … The residence and outlying buildings are so placed that every advantage of beauty and utility has been obtained.”  See “One of Long Island’s Stateliest Homes,” Town & Country (Nov. 30, 1907) at 12.
Continue Reading The original Gilded Age lawyers (312)

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Success as a lawyer can come at the expense of personal relationships. Is it worth the price?


Few of my former partners in the global firm where I worked would understand my transition from a profits-first managing partner to a speaker and commentator on lawyer well-being.  How could this have happened?  Have I gone soft?  Quite the contrary—I remain on my mission to live a good life.

Before offering my views on law practice and lawyer careers, it’s useful for me to state my background upfront so that readers know my biases. For about three decades, I was a partner in a global law firm, practicing in a wide variety of business areas (frankly, wherever the clients led me).  For the last 15 years of that run, I was the full-time managing partner with firm-wide responsibility for the day-to-day business of the firm.  At the end of my third term as a managing partner (at age 62), I looked for another career and began teaching at a large university’s law school, where I started a legal clinic for startup and early-stage businesses.
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Will 2020 unleash a long-awaited wave of legal innovation?


Law firms offer a bundle of services tied tightly together, and most lawyers think of this bundle as a naturally integrated offering.  But innovators have long believed that the legal services bundle is actually composed of a series of largely unrelated capabilities, and the true flowering


Reflections on the connection between specialization and innovation


Your mother needs heart valve replacement surgery, and it’s time to choose between doctors. You will have to explain yourself to two siblings and a few other relatives, but as a practical matter the choice is in your hands. You interview two potential surgeons. Here’s what they have to say:
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