THE CHEETAH BRIEF – 22nd Edition
Skadden, Wachtell, Sidley, and Covington played key roles in facilitating a historic merger between Union Pacific and Norfolk Southern, marking the largest railroad combination of the decade. The $250 billion cash-and-stock deal, in which Union Pacific will acquire Norfolk Southern (valued at $85 billion), creates the first-ever transcontinental railroad in the U.S. and is projected to deliver $2.75 billion in annual synergies. Legal teams from both firms provided comprehensive counsel across M&A, regulatory, antitrust, tax, and executive compensation matters. The transaction, unanimously approved by both companies' boards, is expected to boost American manufacturing and preserve union jobs. Pending Surface Transportation Board approval, the deal is targeted to close by early 2027.
MARKET MOVEMENTS
Paul Hastings grows energy M&A team in Houston with King & Spalding partner, Peter Hays.
Arnold & Porter opens Seattle office while recruiting four K&L Gates partners, Pallavi Wahi, Rosemary Alito, Annette Becker, and Patrick Madden.
DLA Piper (Chris Field), Goodwin (Travers Smith) bolster London private equity with partner hires.
Latham hires White & Case transactional tax partner, Estelle Philippi, in Paris.
FIRM SPOTLIGHT - GUNDERSON DETTMER STOUGH VILLENEUVE FRANKLIN & HACHIGAN, LLP
Gunderson Dettmer Stough Villeneuve Franklin & Hachigian has grown from a Silicon Valley boutique into a leading international law firm specializing in emerging growth markets, venture capital, and technology. Since its founding in 1995 during the tech boom, the firm has expanded globally with offices across the U.S., Latin America, and Asia, earning top industry recognition for its work with startups and venture capital funds. It advises clients at all stages of the business lifecycle and has facilitated major acquisitions by companies like Adobe, Meta, and Amazon. Known for its competitive bonuses and early adoption of flexible work policies, Gunderson Dettmer continues to distinguish itself as a go-to firm for high-growth, innovation-driven clients.
INDUSTRY INSIGHTS
Top 10 firms to make BIT Consulting’s Client Service A-Team: 1) DLA Piper 2) Littler 3) Kirkland 4) Ogletree Deakins 5) Cooley 6) Baker McKenzie 7) McGuireWoods 8) Morgan Lewis 9) Reed Smith and 10)Troutman Pepper Locke.
2025 GC pay report: Tech’s rising fortunes crowd out other industries, taking the first five spots in the rankings and seven out of the top 10 spots.
Hiring summer associates at New Jersey law firms has been on the rise since last year with 111 new hires in 2025, 11 more than 2024. The average number of hires per firm increased from 4.2 hires per firm 2024 to 4.8 in 2025.
As of June 17th, law school applications are up 19.3% overall compared to the same date last year with applications from Black students up 25%, applications from Hispanic/Latino and Asian students both up roughly 20%, applicants from Native Americans up nearly 23%, and white students up 18%.
INDUSTRY NEWS
A&O Shearman Delays Start Dates Amid Controversy
A&O Shearman, recently formed from the merger of Allen & Overy and Shearman & Sterling, is delaying the start dates for some incoming 2025 associates to January, offering them a repayable salary advance instead of a stipend to ease the financial burden. This move comes amid controversy over the firm's $125 million pro bono commitment to conservative causes, which drew internal criticism. While delayed start dates can signal financial tightening or future layoffs, the firm may simply be navigating post-merger adjustments. Still, it's a frustrating development for new associates eager to begin their legal careers.
AI Disrupts Big Law: Rethinking the Future of Legal Work
AI is rapidly reshaping the legal industry, with even Microsoft laying off lawyers as part of broader cost-cutting tied to AI investment. Law firms face similar pressures, as generative AI now performs tasks like contract drafting and legal research faster and more efficiently. This challenges the traditional billable hour model and raises questions about the future role of associates. While firms continue to hire new grads, slowing deal flow and rising client expectations signal the need for change. To stay competitive, firms must rethink associate roles, invest in tech and training, and shift focus from hours billed to results delivered. Those that embrace this shift will be better positioned to navigate economic uncertainty and lead in the evolving legal landscape.
