The Top Five Securities/Capital Markets Law Firms

The top five law firms in 2025 Vault’s Securities/Capital Markets prestige rankings are Davis Polk & Wardwell LLP; Latham & Watkins; Skadden; Cravath, Swaine & Moore LLP; and Kirkland & Ellis.

Davis Polk & Wardwell LLP

Founded 175 years ago, Davis Polk & Wardell is the very Best Law Firm for Securities Capital Markets. It is also ranked No. 2 in Vault’s Banking & Financial Services; 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 practice area rankings. The firm is headquartered in New York, where it ranks No. 3 in Vault’s regional rankings. Hardworking candidates with the type of personality to work successfully with longstanding, important, and high-profile clients find themselves in a professional environment with 1,000 other elite attorneys. Although the firm does not impose a billable hour requirement, associates can expect to bill at least 2,000 hours per year, and they can count on leaning into the stellar reputation of the firm to find in-house opportunities. The pathway to partnership is long and getting longer, but counsel positions are available, and attorneys in senior positions may transition to partner.

Latham & Watkins

Sitting at No. 2 in Vault’s Securities/Capital Markets rankings, Latham & Watkins is also the No. 2 firm in Vault’s Antitrust, Clean Tech/Renewable Energy, and Project Finance rankings. Overall, this 3,000-attorney firm ranks in the top 15 of 25 practice areas in which the firm earned a ranking score. Comprising 29 offices worldwide, Latham also secures top Vault rankings in seven ranked regions: Southern California (No. 1); Northern California (No. 2); Chicago (No. 3); Texas (No. 3); Washington, DC (No. 3); Boston (No. 4); and New York (No. 7). These prominent placements in regional and prestige rankings contribute to Latham & Watkins’ No. 4 position in the Vault Law 100. Unsurprisingly, hiring is competitive, and successful candidates join a firm culture with high standards for both work product and respectful behavior. For their dedication to complex BigLaw matters, Latham & Watkins’ attorneys receive market-rate BigLaw salaries and bonuses for hitting the 1,900-hour billable requirement. In such a large firm with 3,500 first-rate lawyers, partnership will elude many rank-and-file attorneys, but counsel and non-equity partnership roles are available for the long term, and the exit opportunities are excellent.

Skadden

The No. 3 firm for Securities/Capital Markets is also the No. 3 firm in the Vault Law 100 rankings. Skadden holds other high rankings in practice areas in which many firms in this list are also ranked. It is the No. 1 firm for Tax law; the No. 2 firm for Securities Litigation; the No 3 firm for M&A, Products Liability, and Project Finance, as well as Securities/Capital Markets; the No. 4 firm for Private Equity and General Corporate Practice; and the No. 5 firm for Antitrust and Banking & Financial Services. Unique among the top five firms for Securities/Capital markets, it ranks among the top five firms for Integration of Laterals & Clerks. Notably, it landed at No. 15 in Vault’s Best Law Firms for Pro Bono rankings. In fact, associates can credit an unlimited number of pro bono hours to their 1,800-hour billable requirement. Associates describe the Skadden culture as inclusive and warm. Formal partnership in the firm is available only at the equity level, but recently, an increasing number of long-term counsel roles have been established. Coming from an exceptional law firm (No. 11 in Vault’s Selectivity quality-of-life rankings), Skadden attorneys can find desirable positions in-house and in the government.

Cravath, Swaine & Moore LLP

The No. 1 Vault 100 law firm has earned notoriety for setting the compensation scale for the industry. It is the No. 4 firm for Securities/Capital Markets in Vault’s prestige rankings, and it holds six other top five Vault practice area rankings: Securities Litigation (No. 1); General Commercial Litigation, General Corporate Practice, and Tax (No. 3); and Banking & Financial Services and M&A (No. 4). It is the top-ranked firm in New York (No. 1 in Vault’s regional rankings), where it is headquartered. The firm has another office in Washington, DC, and an office in London. It employs fewer than 750 lawyers. Because these attorneys work together on multiple matters, camaraderie develops naturally. In addition, firm-sponsored happy hours and other get-togethers contribute to the friendly atmosphere. Considering the status of Cravath, lawyers have many opportunities to move to other positions outside the firm. Moreover, the firm has opened up non-equity partnership and counsel roles, so promotion within the firm is an increasingly realistic option, although making equity partner remains difficult. To be among the best of the best, Cravath attorneys work hard and long hours, with many billing from 2,500 to 3,000 per year. Notably, however, there is no billable hours requirement, and the work is substantive and reported to be evenly distributed among attorneys.

Kirkland & Ellis

With 60 practice areas (18 practice areas in Vault’s top 10 rankings), 3,500 attorneys, and 29 locations, Kirkland & Ellis is a legal leviathan. The No. 5 firm in Vault’s Best Firms for Securities/Capital Markets, Kirkland holds other impressive prestige rankings: Bankruptcy/Restructuring, Banking & Financial Services, General Corporate Practice, and Products Liability (No. 1); Energy, Oil & Gas, General Commercial Litigation, M&A, Tax (No. 2); Intellectual Property (No. 3); Antitrust, Real Estate (No. 4); Appellate Litigation and Environmental Law (No. 5). In addition, it holds high quality-of-life rankings. Notably, it is No. 11 for Business Outlook, No. 12 for Formal Training, and No. 16 for Career Outlook. It has captured eight top 10 regional rankings (No. 1 in Chicago and the Midwest). Clearly, attorneys at Kirkland enjoy a promising future. With the training and experience they receive at Kirkland, attorneys can go in-house, take government positions, or move to other firms with the full support of the firm through its career development program. Kirkland attorneys also offers counsel and non-equity partnership opportunities, but equity partnership is an unlikely destination for most associates. Kirkland attorneys enjoy top-flight pay and can work remotely without logging a set number of billable hours. At this large firm, communities are established with professional and cordial coworkers, and the firm regularly sponsors events to encourage socializing.

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The top firms for lawyers in Securities/Capital Markets include two of the largest BigLaw firms, Latham & Watkins or Kirkland Ellis; a firm with a relatively low headcount, Cravath; and two firms with approximately 1,000 and 1,500 attorneys, respectively: Davis Polk and Skadden. All these firms have a high corporate law profile, making them highly desirable landing spots for new and lateraling attorneys.

These firms differ, however, in meaningful ways. The amount of pro bono work available and number of pro bono hours that are billable, number of hours billed and required for bonus, training available, perks, and remote work options vary. Therefore, we encourage attorneys interested in securities/capital markets to spend time exploring not only the top five firms described herein but also firms in the Vault Law 100 and Vault’s Best Midsize Law Firms to Work For rankings. Moreover, we suggest that early career attorneys look at firms with high Vault rankings in the locations that interest them and in quality-of-life rankings. To evaluate and compare firms, attorneys can review associates’ descriptions of the firm culture, quality of work, compensation, training, and other important contexts as reported in Vault profiles. In addition, we invite you to explore Vault’s Practice Area and Regional Resource Centers, as well as Vault Law blogs for tips on job searching, interviewing, and making the most of your legal career.

Best of luck with your legal job search from all of us at Vault Law!