THE CHEETAH BRIEF – 21st Edition
The first half of 2025 has seen a sharp rise in large-scale team moves among major law firms, signaling a shift from individual lateral hires to entire group acquisitions. These moves enable rapid expansion into new markets and bolster key practice areas. Highlights include Morgan Lewis hiring a 17-partner team from Kramer Levin in Paris, Reed Smith adding 13 partners from Morris, Manning & Martin in Atlanta, and Kirkland & Ellis bringing on a 13-partner group from King & Spalding across multiple U.S. offices. Other notable hires came from Holland & Knight, Mayer Brown, Paul Hastings, and additional smaller group moves across the industry, underscoring Big Law’s aggressive growth strategy.
MARKET MOVEMENTS
Perkins Coie hires former US Attorney, Tara McGrath, to San Diego white-collar practice.
Willkie expands Dallas private equity team with Akin (Jesse Betts and Jessica Hammond) and A&O Shearman (Nelson Meredith) partners.
Paul Weiss M&A partner, Kristiina Leskinen, heads to Paul Hastings.
Proskauer recruits Kirkland partner, Stefan Paulovic, to expand private capital deal expertise.
FIRM SPOTLIGHT - ROPES & GRAY LLP
Ropes & Gray is a global law firm with 14 offices across the U.S., Europe, and Asia, known for its client service and leadership in complex, regulated industries like private equity, asset management, healthcare, life sciences, and technology. Founded in Boston in 1865, the firm has grown to over 1,500 lawyers practicing in more than 70 areas. Its private equity practice is a standout, consistently earning top rankings from Vault, Chambers, and Law360, among others. Ropes also excels in asset management, litigation, and regulatory matters, with significant work in areas like data security and white collar defense. The firm fosters long-term relationships with its attorneys, offering programs like GO (Global Opportunities) and welcoming back over 50 returning lawyers since 2012.
INDUSTRY INSIGHTS
With capital equivalent to nearly 14% of annual revenue and no long-term debt, Hogan Lovells, a $3 billion-turnover firm is considered one of the best-capitalized in Big Law.
Law firms allocate more equity to some partners in efforts to retain top talent. Specifically, Latham & Watkins upped the top of its points scale to increase base comp for high performers while allowing more partners access to bonuses last year. Meanwhile, Paul Weiss has added more equity to the base pay of its top partners.
Freshfields and A&O Shearman advise on $7.8 billion Techem Deal, expected to be Germany’s largest so far in 2025
Legal research and litigation tech startup Callidus Legal AI announced that it has raised $10 million in a funding round with investment from Foley & Lardner
INDUSTRY NEWS
Sidley Austin Eyes Record Year Amid Lateral Growth and Life Sciences Boom
Sidley Austin is on track to surpass its record 2024 performance, fueled by strong demand in deal work and life sciences, as well as a busy year of lateral hiring. The firm grew revenue by 10% last year to nearly $3.5 billion and has already added about 50 lateral partners in 2025. Sidley ranked Number 16 globally for completed M&A deals in the first half of the year, advising on over $58.3 billion in transactions. Its latest hires include a four-lawyer life sciences team from WilmerHale in Boston, strengthening Sidley’s position in biotech and venture capital work. Firm leadership sees continued growth opportunities in restructuring, disputes, private equity, and life sciences, particularly with more complex, cross-border deals emerging from Asia, Europe, and India.
Big Law Gets Tougher on Lateral Vetting
As lateral partner hiring and compensation in Big Law becomes increasingly costly, law firms are adopting more rigorous and probing vetting processes for potential hires. Firms now ask detailed questions about client lists, originations, profitability, and the likelihood of clients moving with the partner, often early in the hiring process. This heightened scrutiny is driven by the financial risks tied to bringing on high-priced lateral partners, particularly in a competitive market where partner pay has skyrocketed. Some candidates now hire ethics counsel to navigate these delicate negotiations, as firms try to balance thorough due diligence with respecting confidentiality and fiduciary obligations. While most firms rely on formal lateral partner questionnaires (LPQs), a small minority still use informal vetting methods.
