THE CHEETAH BRIEF – 20th Edition
Despite geopolitical tensions and economic uncertainty, global M&A activity surged in the first half of 2025, with total deal value rising 33% year-over-year to $1.98 trillion—the strongest first-half showing since 2022. Mega deals drove much of the growth, with a record 78% increase in deals over $10 billion, even as overall deal volume fell 10%. U.S. targets accounted for 43% of deal activity, while Asia saw an 82% surge and Europe experienced a slight decline. Technology, financials, and energy led sector growth, with private-equity-backed deals also on the rise. Cross-border M&A climbed to $595.2 billion, the highest since 2022. Leading law firms included Latham and Goodwin, topping rankings for deal value and volume, respectively. Notable transactions included AbbVie’s $2.1 billion acquisition of Capstan, Tortuga Resorts’ $2 billion real estate deal, and Capgemini’s $3.3 billion purchase of WNS.
MARKET MOVEMENTS
Litigator Neel Chatterjee leaves Goodwin for King & Spalding.
A&O Shearman hires Linklaters leveraged finance partner, Diego Esposito, in Milan.
Weil lands DLA Piper entertainment transactions co-chair, David Markman, in LA.
Paul Hastings lands antitrust litigator, Joshua Soven, from Paul Weiss.
FIRM SPOTLIGHT - TORYS, LLP
Torys LLP is a prominent international law firm with offices across Canada and in New York City, offering full-service counsel in key corporate areas such as M&A, private equity, capital markets, tax, litigation, and more. Founded in Toronto in 1941 and expanded through a 2000 merger with a New York firm, Torys has built a strong reputation as a top Canada/U.S. cross-border firm. Its New York office, with 50 attorneys, provides seamless legal support on international transactions, particularly for major pension funds and blue-chip clients. Known for its culture of collaboration, legal excellence, and client-first values, Torys attributes its success to the strength of its enduring relationships.
INDUSTRY INSIGHTS
Latham, Wachtell, Kirkland, Freshfields and Paul Weiss lead law firm midyear M&A action, as deal value climbs 33% from 2024
Commercial Chapter 11 filings were down 15% in the first half of 2025
2025 class action settlements already top $21 billion, keeping pace with record-shattering levels of past three years
Pro bono work from 115 Am Law 200 firms totaled 5.12 million hours in 2024, down by a slight 0.58% compared with a total of 5.15 million hours in 2023 at 120 firms.
INDUSTRY NEWS
Arnold & Porter Bolsters D.C. Ranks with DOJ Veteran Amid Wave of Lateral Moves
Arnold & Porter has added Benjamin Mizer, former acting associate attorney general under the Biden administration, as a partner in its complex litigation practice in D.C., following the recent hire of former Attorney General Merrick Garland. The firm also welcomed Gary Schall in Boston as co-head of its emerging companies and venture capital group. Meanwhile, several other firms announced notable D.C. lateral hires, including Covington’s addition of national security expert Adam Szubin, Dunn Isaacson’s hire of Meryl Governski from Willkie, and Paul Hastings’ recruitment of antitrust litigator Joshua Soven from Paul Weiss.
Jenner & Block Continues to Expand Appellate Capabilities
Jenner & Block continues its aggressive lateral hiring streak this summer, most recently adding appellate litigator Peter Davis from Latham & Watkins to its Washington, D.C. office. Davis, who has represented major tech and entertainment clients in billion-dollar constitutional and regulatory appeals, is the latest hire in Jenner’s effort to build a top-tier appellate practice. He follows other major additions, including a five-lawyer mass torts team from Mayer Brown and former federal prosecutor Damian Williams from Paul Weiss. With rising demand for litigation services, Jenner is positioning itself as a powerhouse in mass torts and appellate law amid a complex and evolving legal landscape.
