on a survey of law firm associate attorneys rating the reputations of firms other than their own, Cravath ranked as the #1 law firm in the United States in the annual "Vault Law 100", in 2017, 2018 and 2019, and either #1 or #2 annually, since 2007. and the 2017 Above The Law Power 100 and Office 100. In 2016 Chambers and Partners ranked Cravath in the top tier among U.S. law firms for Banking & Finance, Capital Markets (Debt & Equity), Corporate/M&A (The Elite), Environment (Mainly Transactional), Media & Entertainment (Corporate), Securities Litigation, General Commercial Litigation (The Elite) and Tax. Cravath was ranked 52 in The American Lawyer's Am Law 200 in 2019, which lists the firm by revenue and profits per lawyer, compensation and other criteria. The annual gross revenue was $816m. Revenue per lawyer was $1.572m and profits per partner were $4.620m. In 2015, Cravath had been ranked eight by profits per partner. Hiring Under the Cravath System, the firm is known for focusing its hiring on associates straight from law school, with a strong emphasis on grades, then over years of apprenticeship rotations, immersing them in details of every aspect of corporate law practice. Under this philosophy, lateral hires are rare, with some exceptions. In 2005, Cravath hired Andrew W. Needham, formerly a tax partner at Willkie Farr & Gallagher, as the first lateral partner since Herbert L. Camp, also a tax partner, from the now-defunct Donovan Leisure Newton & Irvine in 1987. Camp, however, had previously been a Cravath associate and is therefore not considered a true lateral because he started his career there. Before that, Roswell Magill, a former Treasury Department official, became a Cravath tax partner in 1943. In 2007, the firm brought in Richard Levin from Skadden, Arps to boost its new bankruptcy practice. In 2011, Cravath hired Christine A. Varney, a former U.S. Assistant Attorney General for the Antitrust Division for the Obama Administration. This was criticized as a revolving door case, as Cravath later had Varney represent AT&T in its acquisition of Time Warner, which the Antitrust Division let pass. In 2013, the firm hired David Kappos, who served as the Under Secretary of Commerce for Intellectual Property and Director of the United States Patent and Trademark Office. In addition, the system includes lockstep compensation on a published scale, which has tended to be consistent with the scale paid by