Key Takeaways
- • Sidley Austin hired partner Ellen Park from Cravath Swaine & Moore to join its capital markets practice in New York, marking the tenth partner departure from Cravath in 2026 and underscoring an aggressive lateral hiring campaign by Sidley.
- • Park and Scott Bennett, who joined Sidley as head of its technology capital markets group the prior week, previously collaborated at Cravath on high-profile capital markets deals including Robinhood's $1.9 billion IPO (2021), Galaxy Digital's SEC listing, and BitGo's $2.08 billion IPO in early 2026, the first cryptocurrency IPO of the year.
- • Sidley's management committee chair Yvette Ostolaza confirmed the firm's strategic focus on expanding capital markets capabilities, with Park working with existing Sidley clients upon joining.
- • Park, who joined Cravath as an associate in 2017 and made partner in January 2026, specializes in advising corporate issuers, investors, and financial institutions on IPOs, venture capital and growth equity transactions, and debt and equity offerings.
- • The departures represent a notable erosion of Cravath's traditionally low partner attrition, as Sidley executes a sustained build-out of venture capital and technology-focused capital markets expertise.
Summary
Sidley Austin has accelerated its talent acquisition from rival firm Cravath Swaine & Moore with the hire of partner Ellen Park, extending a lateral recruitment campaign that has drawn ten partners from the historically stable Wall Street institution in 2026 alone. Park's appointment as a capital markets partner in New York follows the week-prior arrival of Scott Bennett, who joined Sidley as head of its technology capital markets group, signaling coordinated expansion across complementary practice areas.
Park and Bennett bring combined institutional knowledge of Cravath's venture capital and growth equity practices, having worked together on major capital markets transactions. Their collaborative track record includes advisory roles on Robinhood's $1.9 billion IPO in 2021, Galaxy Digital's SEC listing, and more recently BitGo's $2.08 billion IPO, which marked the first cryptocurrency IPO of 2026. Additionally, both advised Goldman Sachs on the underwriter side for various IPO engagements, demonstrating deep relationships with institutional clients across capital markets activity.
Park's expertise spans corporate issuers, investors, financial institutions, and other parties navigating IPOs, venture capital and growth equity transactions, and debt and equity offerings. She joined Cravath as an associate in 2017 and achieved partner status in January 2026, making her elevation to Sidley partner just months into her partnership at Cravath. According to Park, Sidley has demonstrated "strategic and intentional" capability-building "in a sustained and thoughtful way," signaling confidence in the firm's execution on capital markets expansion and client service.
Yvette Ostolaza, Sidley's management committee chair, emphasized the firm's deliberate focus on expanding key practice areas amid sustained activity in capital markets. Park integrates with existing Sidley client relationships, suggesting the hire targets both revenue opportunity within the current client base and adjacency expansion in technology and venture-backed securities markets. The departures from Cravath—traditionally immune to senior-level attrition—reflect broader competitive pressure in legal services as major firms pursue aggressive geographic and practice-area consolidation.
Park and Bennett bring combined institutional knowledge of Cravath's venture capital and growth equity practices, having worked together on major capital markets transactions. Their collaborative track record includes advisory roles on Robinhood's $1.9 billion IPO in 2021, Galaxy Digital's SEC listing, and more recently BitGo's $2.08 billion IPO, which marked the first cryptocurrency IPO of 2026. Additionally, both advised Goldman Sachs on the underwriter side for various IPO engagements, demonstrating deep relationships with institutional clients across capital markets activity.
Park's expertise spans corporate issuers, investors, financial institutions, and other parties navigating IPOs, venture capital and growth equity transactions, and debt and equity offerings. She joined Cravath as an associate in 2017 and achieved partner status in January 2026, making her elevation to Sidley partner just months into her partnership at Cravath. According to Park, Sidley has demonstrated "strategic and intentional" capability-building "in a sustained and thoughtful way," signaling confidence in the firm's execution on capital markets expansion and client service.
Yvette Ostolaza, Sidley's management committee chair, emphasized the firm's deliberate focus on expanding key practice areas amid sustained activity in capital markets. Park integrates with existing Sidley client relationships, suggesting the hire targets both revenue opportunity within the current client base and adjacency expansion in technology and venture-backed securities markets. The departures from Cravath—traditionally immune to senior-level attrition—reflect broader competitive pressure in legal services as major firms pursue aggressive geographic and practice-area consolidation.
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