What do associates at major law firms care about more than money? Prestige. But it sure is hard to maintain that prestige when your firm has spent the last year tying its brand to Trump — all while insisting it was heroically attempting to save itself from his unconstitutional executive orders — a narrative that hasn’t exactly stopped the reputational damage from setting in and may have permanently damaged how the market (and the future talent pipeline) sees the firm.
The new Vault 100 rankings have arrived, and after several firms kissed Trump’s ring, perceptions appear to have shifted — and not in the most flattering direction. Prestige, it seems, has its limits.
In last year’s Vault 100 rankings, Cravath — the firm that brought the associate salary scale all the way up to $415,000 back in February 2022 — managed to retain its number 1 spot, while Wachtell Lipton held steady in second place. Was Cravath able to keep its cachet as the most prestigious Biglaw firm in the country in this year’s Vault rankings?
Of course it was. Cravath has now claimed the top spot in the Vault 100 for more than a decade (11 years), which is a remarkable milestone. There was some movement when it came to the most elite firms in the rankings — including one Trump-allegiant firm getting the boot from the Top 10 entirely. That said, here are the Top 10 Most Prestigious Law Firms, based on Vault’s Annual Associate Survey for 2027.
- Cravath Swaine & Moore
- Wachtell Lipton Rosen & Katz
- Skadden
- Latham & Watkins
- Sullivan & Cromwell
- Kirkland & Ellis
- Davis Polk & Wardwell
- Gibson Dunn
- Milbank
- Simpson Thacher
This is the ninth year in a row that the majority of these firms have been in the Top 10. As you can see, however, there were not only some fluctuations in rank among them, but one firm is also missing from the usual suspects, while a new one has entered to take its place. It’s worth noting that each of the five firms in the Top 10 that made deals with Trump — Skadden, Latham, Kirkland, Milbank, and Simpson Thacher — saw their average scores drop. SullCrom switched places with Kirkland, and Gibson Dunn is back in the Top 10 now that Paul Weiss, the very first firm to bow to Trump, has been kicked to the curb. The firm now finds itself at No. 13 after an eight-year stint at the top.
Three other firms in this ranking made deals with Trump — A&O Shearman, Cadwalader, and Willkie Farr — and only A&O Shearman managed to see a rankings jump (thanks to a megamerger), while the other two saw their rankings drop. In fact, Cadwalader had the largest drop of all firms (8 spots), thanks to partners fleeing the firm in the wake of its Trump deal.
On the flip side of the coin, as we predicted, the firms that are fighting the Trump administration in court are being rewarded with rankings gains. Jenner & Block had the greatest increase of all, moving up 17 spots. Also moving up are WilmerHale (2 spots), Perkins Coie (4 spots), and Susman Godfrey (4 spots, and now in the Top 20 of the ranking).
That outcome on the Vault prestige rankings shouldn’t raise any eyebrows. We noted last year that these decisions were unlikely to be consequence-free, and the latest rankings bear that out. Making deals with Trump was an absolutely horrible idea. Associates have now said their piece, and the message is clear: some reputational mistakes stick, and dedication to the rule of law is the most prestigious currency in the legal profession right now.
Click here to see the rest of Vault’s prestige rankings.
Congratulations to all of the Biglaw firms that made the latest edition of the Vault 100 rankings. How did your firm do this time around? Email us, text us at (646) 820-8477, or tweet us @atlblog to let us know how you feel.
Vault’s Top 100 Law Firms For 2027 [Vault]
Staci Zaretsky is the managing editor of Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Bluesky, X/Twitter, and Threads, or connect with her on LinkedIn.
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