The surprise decision by star dealmaker Scott Barshay to move his practice from Cravath, Swaine & Moore to Paul, Weiss, Rifkind, Wharton & Garrison is likely to shake up both firms’ financial results and M&A standings this year. The move also casts new doubts on the viability of Cravath’s lockstep model of compensation, an outlier in a market where rivals have a freer hand to invest in top talent.
By bringing on Barshay, Paul Weiss immediately boosts its M&A practice. The firm ranked 20th in global announced deals on the Bloomberg M&A advisory rankings last year, compared with Cravath’s second-place ranking, just after Skadden, Arps, Slate, Meagher & Flom. Meanwhile, the loss of such a prominent rainmaker is a blow to Cravath, even if its 50-partner corporate department retains a deep bench of talent. A significant number of clients are expected to follow Barshay.
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