TOUGH TIMES FOR BIG LAW -- BY ELIZABETH WURTZEL, The Wall Street Journal

Grads turn down offers of $80,000 not to work for a year.

If things are tough at the law firm Cravath, Swaine & Moore, things are tough all over. Founded in 1819, Cravath is not really white shoe—too much rough-and-tumble—so much as it is black ink. Only the lean and mean machine that is Wachtell Lipton has higher per-partner profits than Cravath, which counts IBM and CBS among its loyal clientele.

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