Key Takeaways
- • Scott Bennett, co-leader of Cravath's venture capital & growth equity and digital assets practices, joined Sidley Austin as head of its technology capital markets practice, marking at least the tenth partner Sidley has hired from external firms in New York this year.
- • Bennett brings significant fintech and crypto credentials, having co-led Cravath's representation of BitGo in its 2026 IPO and advised on Robinhood's IPO and a $3.4 billion capital raise for the online broker.
- • Cravath has experienced at least nine partner departures in 2026, a marked shift for the historically stable 207-year-old firm that rarely lost partners in prior decades; departures have targeted Davis Polk & Wardwell, Paul Hastings, Willkie Farr & Gallagher, and in-house roles.
- • Sidley's aggressive lateral hiring strategy demonstrates a competitive push into technology capital markets and venture capital practices, with Bennett joining David Perkins (hired one year prior from Cravath's private equity practice) as part of a broader talent acquisition effort.
- • Cravath's partner instability coincides with structural changes including the introduction of nonequity, salaried-partner tiers, though the firm has offset departures by recruiting six partners from external law firms and government positions since early 2025.
Summary
Sidley Austin strengthened its technology capital markets capabilities by hiring Scott Bennett from Cravath, Swaine & Moore, underscoring intensifying competition for specialized legal talent in fintech and venture capital sectors. Bennett assumed the role of head of Sidley's technology capital markets practice in the firm's New York office, bringing expertise in venture capital, growth equity, and digital assets. His move represents at least the tenth lateral partner hire Sidley has made from competing firms in New York during 2026.
Bennett's recruitment carries particular strategic weight given his track record in high-profile capital markets transactions. He co-led Cravath's representation of cryptocurrency custody platform BitGo in its 2026 initial public offering and previously advised on Robinhood's IPO, as well as a $3.4 billion capital raise for the fintech broker. These credentials position Sidley to strengthen its competitive position in technology-focused M&A and capital raising work, sectors experiencing elevated activity amid fintech consolidation and digital asset adoption.
The Bennett hire compounds a broader pattern of partner attrition at Cravath, which has experienced at least nine partner departures in 2026 alone. This exodus marks a notable departure from the firm's historical stability; Cravath, founded in 1819, historically retained partners at rates significantly higher than industry peers. Recent departures have dispersed to rival firms including Davis Polk & Wardwell, Paul Hastings, and Willkie Farr & Gallagher, as well as to in-house corporate roles. Bennett's departure follows David Perkins' hire by Sidley approximately one year earlier, when Perkins left Cravath's co-led private equity practice.
Structural changes at Cravath appear connected to the departures. The firm has reportedly introduced a nonequity, salaried-partner tier in recent years—a model long standard at competitors but historically avoided by Cravath. While the firm has offset losses through its own lateral recruitment of six partners from competing law firms and government since early 2025 (including Nicole Argentieri, former head of a U.S. government office), the net effect suggests an institutional shift in partnership stability and compensation models.
Bennett's recruitment carries particular strategic weight given his track record in high-profile capital markets transactions. He co-led Cravath's representation of cryptocurrency custody platform BitGo in its 2026 initial public offering and previously advised on Robinhood's IPO, as well as a $3.4 billion capital raise for the fintech broker. These credentials position Sidley to strengthen its competitive position in technology-focused M&A and capital raising work, sectors experiencing elevated activity amid fintech consolidation and digital asset adoption.
The Bennett hire compounds a broader pattern of partner attrition at Cravath, which has experienced at least nine partner departures in 2026 alone. This exodus marks a notable departure from the firm's historical stability; Cravath, founded in 1819, historically retained partners at rates significantly higher than industry peers. Recent departures have dispersed to rival firms including Davis Polk & Wardwell, Paul Hastings, and Willkie Farr & Gallagher, as well as to in-house corporate roles. Bennett's departure follows David Perkins' hire by Sidley approximately one year earlier, when Perkins left Cravath's co-led private equity practice.
Structural changes at Cravath appear connected to the departures. The firm has reportedly introduced a nonequity, salaried-partner tier in recent years—a model long standard at competitors but historically avoided by Cravath. While the firm has offset losses through its own lateral recruitment of six partners from competing law firms and government since early 2025 (including Nicole Argentieri, former head of a U.S. government office), the net effect suggests an institutional shift in partnership stability and compensation models.
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