NY leader converts to LLP status
Legal Week Global reports
April 07, 2003 at 08:03 PM
2 minute read
Cravath Swaine & Moore has become the latest elite New York firm to convert to limited liability partnership (LLP) status as US firms adapt to the post-Enron market.
The firm announced to staff and clients on 26 March that Cravaths would assume LLP status from 8 April.
Cravaths presiding partner Robert Joffe told Legal Week Global: "There is a combination of factors behind the decision. Law firms in New York have only had the LLP option available to them for nine years and it has taken time for the courts and clients to get used to the idea. And there is no question that the high level of litigation [aimed at advisers] following Enron and Andersen has been a factor," he added.
Cravaths' move follows the decision this year of rival Sullivan & Cromwell to become an LLP, with leading New York firms Cleary Gottlieb Steen & Hamilton, Simpson Thacher & Bartlett, Davis Polk & Wardwell and Shearman & Sterling all understood to be assessing a similar move.
The LLP issue has been an issue for the US legal market following the inclusion of Texas' Vinson & Elkins in a multi-billion dollar Enron shareholder suit last year.
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