Kasowitz Benson Torres has been knocked out of the latest edition of the Vault 100 most prestigious law firm rankings, despite having made it into the list last year. The firm had squeaked into the list at number 99 a year ago, but has been replaced in the 2019 rankings by Wiley Rein, which had been off the list since 2013. The Kasowitz firm fell from the list largely because associates viewed its connection with President Donald Trump a liability. Last year’s vote was taken before Marc Kasowitz was named the president’s personal lawyer.

Life at the top

At the other end of the scale, Cravath, Swaine & Moore took the number one position for the third straight year, maintaining its lead over Wachtell, Lipton, Rosen & Katz. Associates said Cravath is the ‘gold standard’ and ‘the  crème de la crème.’ The rankings are based on points awarded by nearly 20,000 associates surveyed annually to rate firms other than their own on prestige. Judging prestige includes making the headlines, good or bad, landing big deals, winning settlements, or scoring court victories. Cravath won survey last year because it broke a nearly decade-long stranglehold on associate salaries. It was the first to raise starting salaries to $180,000 from $160,000 where they had been stuck for nine years. Skadden, Arps, Slate, Meagher & Flom and Sullivan & Cromwell took the next four slots. Latham & Watkins hit number 5, up two spots, which is a continuing story of raising its standing in rankings since 2010 when the firm was badly hit by the financial crisis..

Practice and location ranked

The Vault also asked associates to select the strongest firms in specific areas of practice. Cleary Gottlieb was No. 1 for antitrust. Top for banking and financial services are Davis Polk & Wardwell, Cravath, and Skadden. In securities, Skadden was on top. Location is also ranked - with regional winners including Wachtell in New York, Covington & Burling in Washington DC, Kirkland in Chicago, Gibson Dunn in Southern California, King & Spalding in Atlanta, Ropes & Gray in Boston, and, Vinson & Elkins in Texas.