Wachtell, Lipton, Rosen & Katz is a prominent law firm locate in New York City. Herbert Wachtell, Martin Lipton, Leonard Rosen, and George Katz founded the firm in 1965. It has for some time been the most profitable large law firm in the world on a per-partner basis according to the American Lawyer's annual AmLaw 100 Survey. The firm also ranks at the top of other various surveys, including the Vault.com Associates Survey and was ranked as the #1 Most Prestigious Law Firm to Work For by the AveryIndex. Wachtell is generally considered one of the most difficult law firms at which to be hired: summer classes at Wachtell number in the low dozens and are composed of the strongest applicants from top law schools. Its associates are generally paid substantially more than associates at any other firm in the country. The firm is smaller, and has a lower associate-to-partner ratio, than its peer firms, such as Cravath, Swaine & Moore.