Jeff Karpf marks the beginning of Cleary's new phase
Cleary Gottlieb Steen & Hamilton, one of the most prestigious law firms globally, is experiencing a period of significant growth and innovation. The firm, known for its supportive and collaborative culture, is attracting lateral partners and maintaining a diverse workforce.
In the past year, the firm has achieved record revenues and profits, driven by demand in the private markets. This growth is evident in key locations such as London and New York. The private sector is seeing a surge in activity, with growth in private funds, private equity transactions, private finance, private credit, and private restructuring.
The capital markets are also thriving, despite geopolitical uncertainty. The IPO market is opening up in the US, debt markets are strong, and financing markets are growing. However, companies must navigate complex regulatory landscapes, particularly regarding Environmental, Social, and Governance (ESG) issues and climate change. In some regions, like California in the US and Europe, the approach to ESG and climate is more proactive, pushing for greater disclosure and risk management.
Cleary Gottlieb Steen & Hamilton is adapting to this changing landscape by embracing technology. The firm has partnered with Legora, an AI platform for the legal sector, to improve its services. Over 1,500 staff members have received training on the platform, and clients appreciate the efficiency it brings in drafting agreements and certificates, and going through large volumes of documents.
Jeff Karpf, who will become the managing partner of Cleary Gottlieb Steen & Hamilton on January 1, 2022, is committed to advancing innovation in artificial intelligence. He plans to partner with Stanford Law School’s Frontier Technology Lab (liftlab) to conduct cutting-edge research on AI's role in legal practice. The focus will be on enhancing lawyers' capabilities while preserving critical human judgment, and evolving training programs to use AI to augment lawyer learning and client service delivery.
Litigation is identified as a major area of opportunity for growth, particularly in the areas of class action, securities litigation, shareholder activism, and consumer antitrust. Karpf acknowledges that companies still need capital and financing, regardless of market instability.
Cleary Gottlieb Steen & Hamilton has a long history of attracting and retaining diverse talent. Karpf's appointment as managing partner signals continuity with the firm's traditions, but also a willingness to innovate in response to client demands. Karpf, who has been with the firm for over three decades, is committed to maintaining the firm's culture, which he describes as decent and collaborative.
In summary, Cleary Gottlieb Steen & Hamilton is thriving in a challenging global environment, driven by growth in the private markets, a proactive approach to technology, and a commitment to diversity and collaboration. The firm's strategic partnerships, such as with Legora and liftlab, are positioning it well for the future.
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