Cravath Swaine & Moore announced Thursday it has hired Federal Trade Commission deputy director Daniel K. Zach as a partner in the law firm’s litigation department.
Zach will also be a member of the firm’s antitrust practice and advise clients on mergers, business practices and litigation, according to a statement from Cravath.
He joined the Wall Street cabinet after 15 years with the FTC. Zach was until recently Deputy Director of an agency division overseeing healthcare mergers and acquisitions and managing antitrust investigations. His work at Cravath won’t be limited to healthcare, Zach said in an email.
“It’s no secret Cravath takes on some of the most complex and important antitrust matters,” Zach said. âMy job at the FTC was important and challenging for me, so it took something very special to tempt me. “
Cravath, which hires few new partners each year, is one of the largest law firms in the United States and is known as a leader in compensation. In 2020, the firm of more than 500 lawyers made nearly $ 825 million in gross revenue. Its partners earned an average of more than $ 4.5 million last year, according to data from AmLaw.
It “will enhance Cravath’s ability to advise our clients in navigating today’s dynamic antitrust environment,” firm partner Faiza J. Saeed said in the statement.
The New York-based company, founded more than 200 years ago, announced in early December that it would change its lump sum compensation model, in which partners are paid only on the basis of seniority. The move opens the door to higher compensation for some of its partners, after other notable lawyers were poached by firms like Freshfields Bruckhaus Deringer and Kirkland & Ellis.
Cravath was one of the last large companies to use the lockstep model.
In November, Cravath raised the bar for year-end rewards for associates by announcing bonuses of $ 115,000 for senior associates, a 15% increase from 2020.
Several companies like Cleary Gottlieb and Boies Schiller Flexner quickly joined forces. Davis Polk & Wardwell then outperformed the company with a one-time special bonus of $ 23,000, which Cravath matched a day later.