The Top Five Banking & Financial Services Law Firms

In Vault’s 2025 prestige rankings, the following firms ranked in the top five for Banking & Financial Services: Kirkland & Ellis; Davis Polk & Wardwell LLP; Latham & Watkins; Cravath, Swain & Moore LLP; and Skadden. 

Kirkland & Ellis

Associates looking for the big in BigLaw will find it at the prestigious firm Kirkland Ellis, which ranks No. 1 in Vault’s Banking & Financial Services practice area rankings. The firm was founded in Chicago in 1909, and today, it is the No. 1 firm in Chicago and the Midwest according to Vault’s 2025 regional prestige rankings. Over the years, the firm expanded to 19 locations (11 U.S. offices) and ranks No. 2 in Texas, No. 3 in Southern California, No. 5 in Boston and Northern California, No. 6 in Washington, DC, and No. 9 in New York. In addition to its top Banking & Financial Services ranking, the firm is No. 1 in five other Vault practice areas: Bankruptcy/Restructuring, General Corporate Practice, Private Equity, and Products Liability. Moreover, it ranks No. 2 for Energy, Oil & Gas; General Commercial Litigation; M&A; and Tax. It holds the No. 3 position for Intellectual Property, the No. 4 place for Antitrust and Real Estate, the No. 5 spot for Appellate Litigation, Environmental Law, and Securities/Capital Markets, and three other top 10 Vault practice area rankings. Altogether, The firm staffs 3,500 attorneys in 60 practice areas. Kirkland lawyers engage in respectful, professional interactions and receive market compensation. Kirkland also provides robust training, which contributes to wonderful exit opportunities for associates, many of whom go to other prestigious firms. Experienced Kirkland attorneys tend move into government or in-house roles. High performers who stay will likely make nonequity partner, but making equity partner is not likely, and the promotion process at the highest level is described as a black box.

Davis Polk & Wardwell LLP

The No. 2 firm for Banking & Financial Services in Vault’s prestige rankings, Davis Polk Wardwell ranks No. 1 in Securities/Capital Markets, No. 4 in Bankruptcy/Restructuring and Tax, No. 6 in General Corporate Practice, No. 7 in Securities Litigation, No. 8 in M&A, No. 9 in Private Equity, and No. 10 in White Collar Defense & Internal Investigations, as well as in three other top 20 practice areas. Davis Polk has been practicing law in the United States since 1849 and established an overseas presence in 1973 when it opened its London office. Today, the firm has seven international and three U.S. offices, and it ranks No. 3 and No. 12 in Vault’s regional rankings for its New York headquarters and Northern California office in Menlo Park, CA, respectively. The 1,000 attorneys who call Polk Davis home are assigned work through a central staffing system, which helps ensure its fair distribution. Junior associates can expect substantive work, which prepares them for long-term counsel roles at the firm or excellent exit opportunities with clients. The time line for moving from counsel to partner can be long and depends on multiple factors, making the process opaque, but partnership is reported to be an option. Associates describe the firm as polite and professional, and they feel no pressure to socialize outside of work. In addition, with the expectation that they will be responsive to client needs, Davis Polk attorneys do not need to worry about meeting a billable hour requirement.

Latham & Watkins

The No. 3 firm for Banking & Financial Services, Latham & Watkins holds 25 top 15 Vault practice area rankings, 14 top 25 Vault quality-of-life rankings, and 7 top 10 Vault regional rankings. Notably, it is No. 2 firm for Antitrust, Clean Tech/Renewable Energy, Project Finance, and Securities/Capital Markets. In addition to its Vault Banking & Financial Services ranking, it is the No. 3 firm for Energy, Oil and Gas; Environmental Law; Law, Media, Entertainment & Sports; and Private Equity. It is the No. 5 firm for Bankruptcy/Restructuring, General Corporate Practice, International, M&A, Real Estate, and Tax in Vault’s 2025 prestige rankings. Junior associates have the opportunity to take assignments from a number of Latham’s esteemed practice areas, enabling them to find their place among the 3,000 other attorneys who work in one of its 29 offices. Attorneys must meet a 1,900-hour billable requirement in an environment in which mentorship is prioritized and the colleagues are very capable and friendly. The promotion track is clear, and exit opportunities are plentiful.

Cravath, Swaine & Moore LLP

Another firm that enables junior associates to explore multiple practice areas, Cravath ranks No. 4 for Banking & Financial Services in Vault’s prestige rankings. Compared to the other firms in the top five, Cravath is small, with 530 attorneys working in New York and London. Nevertheless, Cravath is the elite among elite, landing in the No. 1 spot in the Vault Law 100. It is also the No. 1 firm in Vault’s Securities Litigation practice area and New York regional rankings. The industry standard for compensation is often referred to as the Cravath Scale, and Cravath attorneys receive top-notch pay without the need to meet a billable hour requirement. Subsets of attorneys work closely together on several assignments, which leads to friendships and contributes to an overall collegial environment. In addition, the firm sponsors functions that increase the opportunities to socialize. Recently, the firm expanded the number of counsel roles and introduced a non-equity partnership tier, thereby increasing the opportunities for those who want to stay at the firm instead of taking advantage of the many opportunities a Cravath resume provides.

Skadden

The last of the heavy hitters in Vault’s Banking & Financial Services top five rankings, Skadden is certainly not the least among law firms. In addition to its No. 5 Banking & Financial Services placement, the firm holds a top five placement in Vault’s Tax (No. 1); M&A, Products Liability, Project Finance, and Securities/Capital Markets (No. 3); General Corporate Practice and Private Equity (No. 4); and Antitrust (No. 5) prestige rankings. It is the No. 3 firm in the Vault Law 100 and holds nine top 10 regional rankings (in every region where the firm has an office and is ranked by Vault). It was the first firm to break $1 billion in annual revenue and continues to be among the most successful law firms in the world. Attorneys describe the culture as friendly and warm. The firm is particularly welcoming to laterals and clerks, ranking No. 5 among Vault’s Best Firms to Work for Integration of Laterals and Clerks. The future for Skadden attorneys is bright. Skadden lawyers can move in-house or into government positions, or they can stay long term in a counsel position while waiting for a partnership position to open up. With an 1,800-hour billable requirement that can be met with pro bono hours, the incentive to stay is strong.

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All top five firms for Banking and Financial Services rank among the top 10 in the Vault Law 100. With the exception of Cravath, the firms are large, and all five firms offer abundant opportunities for aspiring attorneys interested in banking, financial services, and a host of other practices. Several of these firms enable early career attorneys to try several practices before selecting a legal specialty, some offer unlimited billable credit for pro bono opportunities, and all have an international presence.

To identify the qualities of the firms that align best with your professional and personal goals, please look at the Vault profiles for each of these firms. These profiles offer insider quality-of-life information on the firms based on the attorneys’ anonymous responses to the Vault Annual Survey.

In addition to the Vault profiles of these and other large and midsize firms, please look at the Practice Area Resource Center. Specifically, check out the Q&As that describe the life of Banking & Financial Services attorneys at 12 different firms. In addition, see the Regional and Summer Program Resource Centers for data on highly ranked firms in different regions of the United States and firm summer programs, respectively.

Best wishes on your legal job search from all of us at Vault Law!