Law.com - Cravath Profits Fall 24 Percent

Law.com - Cravath Profits Fall 24 Percent
One of the gold standards of the legal profession has felt the impact of the current economic climate. The article attributes Cravath's problems, at least in part, to lack of geographic diversification. I think this shows a lack of understanding of the Cravath practice. Its clients are geographically diversified, and, for the most part, always have been even if the firm is basically located in New York. The real problem is the lack of Cravath's traditional business. As the article notes, Cravath does not have a bankruptcy practice.