In a memo distributed to all the firm’s employees-and obtained by The Washington Post and NEWSWEEK –presiding partner Samuel Butler conceded that the decision to take on Credit Suisse was “a matter of great moral consequence.” But he defended the move, saying the participation of Cravath was the fastest way to get a “satisfactory resolution” for the Holocaust survivors. Stephen Gillers, a professor of legal ethics at New York University Law School, praised the memo and the long meeting as “highly unusual introspection.” And because Cravath is a top firm, (;‘filers added, its actions could be precedent-setting.
Elan Steinberg, executive director of the World Jewish Congress, was less impressed by Cravath’s professions of high-mindedness. The idea that the firm is “doing this for altruistic motives is baloney,” he said. “They are doing this to make a buck.” Butler himself admits his firm will profit handsomely from its efforts: “We thought of donating our fees to charity, but that wouldn’t do the victims any good,” he said. For Cravath, it would seem, good deeds are not their own reward.
