2026 Vault Rankings Results

Ben Thomson, LawFuel contributing editor

Updated – June 2026

Key Takeaway: Cravath, Swaine & Moore is the most prestigious law firm in the United States for the eleventh consecutive year, topping Vault’s 2026-2027 Law 100 released on 8 April 2026. The survey drew on votes from more than 20,000 associates. The top four firms did not move. The real story sits below them: Paul, Weiss fell from No. 8 to No. 13 and dropped out of the top 10 altogether, while every firm that struck a deal with the Trump White House lost ground.

Updated 26 June 2026. Originally published June 2024.

Cravath did the expected thing and won again. Eleven years at the top of the Vault 100 is the sort of streak that stops being news, which is why the interesting reading this year is everywhere except the No. 1 line. Vault surveyed more than 20,000 associates between 22 October 2025 and 23 January 2026 and asked them to rate firms other than their own.

The associates returned Cravath, Wachtell and Skadden to the same top three they have held since 2016, then took a swing at the firms that spent the year negotiating with the White House.

The Vault 100 ranking is based on scores from over 20,000 law firm associates surveyed earlier this year.

Eric Stutzke, SVP & General Manager of Vault, commented on Cravath’s continued dominance: “Cravath continued its position as the most prestigious firm according to associates in our survey, as the firm continued to set a high bar across compensation and in the quality of lawyering across multiple practice areas.”

Associates referred to Cravath as “the gold standard,” cementing its prestigious status. While Cravath maintained its top spot, there was some movement within the top 10 firms.

Vault’s methodology incorporates extensive feedback from associates on factors like firm culture, compensation, work-life balance, and training. Firms that score well in these areas are seen as more desirable workplaces, giving them an edge in recruiting efforts, especially with students and laterals prioritizing quality of life.

Who are the top 10 most prestigious law firms in 2026-2027?

1. Cravath, Swaine & Moore (no change)
2. Wachtell, Lipton, Rosen & Katz (no change)
3. Skadden (no change)
4. Latham & Watkins (no change)
5. Sullivan & Cromwell (up 1)
6. Kirkland & Ellis (down 1)
7. Davis Polk & Wardwell (no change)
8. Gibson Dunn (up 3)
9. Milbank (no change)
10. Simpson Thacher & Bartlett (no change)

Nine of the ten were in last year’s top 10, which is roughly what you expect from a metric where reputation is sticky and moves slowly. Prestige is a lagging indicator of how partners and laterals already feel, which is exactly why the one eviction this year is worth attention. For the longer view, our 30 most prestigious law firms list and our guide to how the rankings actually work put this in context.

Why did Paul Weiss fall out of the top 10?

Paul, Weiss was the only top-10 firm pushed out entirely, sliding five places from No. 8 to No. 13. It did not fall alone.

The five top-10 firms that cut deals with the Trump administration, Skadden, Latham, Kirkland, Milbank and Simpson Thacher, all saw their average prestige scores drop. Associates do not set partner strategy, but they do fill in the one survey that ranks the people who do, and this year they used it.

We covered why the Trump pressure landed hardest on Paul Weiss and Skadden’s $100 million settlement to dodge the executive-order hammer when the deals were struck. The Vault scores are the bill arriving.

Which firms climbed the Vault 100?

Gibson Dunn was the big winner, jumping three spots to No. 8 and taking the slot Paul Weiss vacated. Sullivan & Cromwell gained a place to No. 5, leapfrogging Kirkland & Ellis, the world’s largest firm by revenue, which slipped to No. 6. Around 60 percent of Vault 100 firms saw their average prestige scores rise year on year, so the squeeze on the Trump-deal cohort stands out against a generally rising field.

What do the practice area and regional rankings show?

Wachtell held No. 1 in General Corporate and Mergers & Acquisitions. Kirkland kept its grip on Private Equity, Banking & Financial Services and Bankruptcy/Restructuring. Cooley took the new Life Sciences category alongside Emerging Companies & Venture Capital, and Covington led White Collar & Investigations plus the new Government Relations category.

In litigation, Quinn Emanuel stayed No. 1 in General Commercial Litigation, Williams & Connolly held Appellate Litigation, and Cravath topped Securities Litigation. Regionally the anchors did not move: Wachtell in New York City, Covington in Washington DC, Cooley in Northern California.

Does prestige still track the money?

Not as neatly as it used to. Wachtell lifted profits per equity partner 35 percent to $12.2 million, the first Am Law 100 firm to clear that bar, while No. 1 Cravath grew PEP a more modest 5.2 percent to $7.2 million and has reportedly lost nine partners year to date in 2026. Cravath built its name on setting the associate pay scale that the rest of BigLaw still chases, and prestige bought with that scale is slow to erode.

But when your nearest rival is paying partners nearly double and your own are leaving, the gap between being most admired and being most lucrative becomes a recruiting problem. Our BigLaw pay guide tracks who actually pays what.

Why do the Vault rankings matter for recruitment?

Because law students and laterals treat them as a shortlist. A high Vault rank still moves On-Campus Interview decisions and lateral interest, which is why firms guard their placement and read the practice-area tables closely. In a market where talent is the scarce input, a five-place drop is not vanity, it is a recruiting headwind. See the firms behind the rankings on the LawFuel Power Law Firm list.

6 Key Factors Affecting Vault Law Rankings

Among the key factors that contribute to a law firm’s prestige in Vault’s rankings are:

1. Peer reviews from associates: Vault’s rankings are primarily based on surveys of associates working at law firms, who are asked to rate firms other than their own in terms of prestige. This peer review from insiders is a crucial component in determining a firm’s prestige ranking.
2. Compensation and salary scale: Firms that are leaders in associate compensation, like Cravath setting the standard with high salaries, tend to score higher in prestige rankings. Compensation is seen as a reflection of a firm’s prestigious status.
3. Quality of work and high-profile deals/cases: Firms that handle significant M&A transactions, high-stakes litigation, and other prestigious matters are viewed as more prestigious by associates. The caliber and complexity of the work contributes to perceptions of prestige.
4. Firm reputation and legacy: Long-established firms with strong historical reputations, like Cravath, Wachtell, and others in the “V10”, tend to rank highly due to their enduring prestigious status in the legal industry. Prestige is seen as “sticky” and hard to change quickly.
5. Practice area strength: Vault also ranks firms based on prestige within specific practice areas like M&A, litigation, bankruptcy, etc. Excellence in a particular field enhances a firm’s overall prestige.
6. Associate satisfaction and quality of life: While not the primary driver, factors like work-life balance, mentorship, and firm culture that impact associate experience are considered in Vault’s broader assessment of law firm prestige and desirability.

So in essence, peer perception, compensation leadership, high-profile work, historical reputation, practice area dominance, and associate satisfaction all feed into Vault’s calculation of a law firm’s overall prestige ranking.

Vault Rankings & Recruitment

The Vault rankings can also play a key role in recruitment campaigns. The rankings provide transparency into compensation scales across firms.

Top-ranked firms tend to be market leaders in associate pay and firms use this compensation data to ensure their pay remains competitive for recruitment purposes.

Highly-ranked firms are better positioned to recruit laterals seeking to join prestigious firms, particularly with the Vault ranking factors like training, mentorship, diversity, and work-life which work to boost associate satisfaction scores.

Law students heavily rely on the Vault rankings when deciding which firms to apply to during campus recruitment. It is very clear that law firms ranked highly overall and in specific practices have a significant advantage in attracting top law school talent and as the war for talent grows more intense, so too does the impact of key ranking data like the Vault law firm rankings.

For the next set of moves across BigLaw pay, prestige and the business of law, subscribe to the LawFuel newsletter.

Read More –