" ... pickings were slim." That's the reason a senior Cravath partner gave to Viva Chen of THE AMERICAN LAWYER why no new partners were named. The firm ruled out economic factors. It's an understatement to note that those who had applied for partnership had been spit in the face. The headhunters's phone lines are likely ringing off the hook with Cravath non-partners seeking out lateral opportunities.
In general, as THE ECONOMIST had warned several years ago in its article on the glut of professionals, it's increasingly difficult to be made partners. It's probably easier to be made in the Mafia. Chen also reports, for instance, that four were made this year at Cleary Gottlieb Steen & Hamilton versus eight in 2008.
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