THE CHEETAH BRIEF – 25th Edition
In the past week, deal activity remained dominated by large-scale transactions despite an overall slowdown in volume, with 13 deals exceeding $1 billion—including the $10.5 billion acquisition of CommScope’s connectivity and cable solutions business by Amphenol, advised by Latham, Wachtell, and Simpson Thacher. This reflects a 2025 trend of fewer but higher-value deals, favoring “dominant market leaders” with strong reputations in mega transactions. Q3 2025 is tracking 36% higher in total deal value than last year, at $476.3 billion, but with deal counts down 34%. Factors driving mega deals include market consolidation, private equity deployment, and strategic sector moves. Alongside major M&A, the week also saw IPOs, SPAC mergers, and significant debt offerings across sectors, further underscoring a shift toward fewer but more impactful market moves.
White & Case finance partner, Sudhir Nair, jumps to DLA Piper.
Weil recruits two more IP litigators, Chris Henry and Gaby LaHatte, from Latham.
Kirkland snags veteran Skadden antitrust partner, Maria Raptis.
Hughes Hubbard adds new CIO, Neeraj S. Rajpal, from Proskauer,
FIRM SPOTLIGHT - EISNER LLP
Founded in 1999, Eisner LLP is a full-service business and entertainment law firm with offices in Los Angeles and New York. The firm offers expert guidance to businesses and individuals across entertainment, media and the arts, corporate matters, real estate, and litigation. Known for delivering high-quality and efficient legal services, Eisner works closely with each client to meet their unique needs. Its diverse clientele includes start-ups, top media and entertainment companies, investment firms, brands and influencers, REITs, banks, and high-net-worth individuals and family offices. With a reputation for strategic insight and personalized attention, Eisner, LLP helps clients navigate complex legal challenges and achieve their goals.
INDUSTRY INSIGHTS
Worked rates—those billing rates that clients agreed to, as opposed to standard or “rack” rates measured before any discounting—rose by 7.4% in Q2 according to Thompson Reuters.
The Legal Trends Report found that for law firms, bankruptcy was the practice area with the highest average hourly billing rate while Juvenile Law has the lowest.
The 2023 Cybersecurity Tech Report from the ABA found that spam filters are the most commonly used security tool in law firms, with 80% of firms using them. Other common tools include software firewalls (76%), anti-spyware (71%), and mandatory passwords (70%).
According to Clio’s reporting, 71% percent of clients would prefer to pay a flat fee for their entire case and 51% would prefer to pay a flat fee for individual tasks within their case. However, hourly billing remains the most common method, offered by 71% of firms.
INDUSTRY NEWS
NMBL Sues Norton Rose Over Failed Innovation Partnership
NMBL Technologies, maker of the legal workflow tool Proxy, has sued Norton Rose Fulbright in Illinois state court, alleging the firm misled it about a partnership deal tied to launching a Chicago office and should pay over $15 million in damages. NMBL claims Norton Rose promised to invest in Proxy and related innovation efforts, giving co-founder and former Chicago office leader Daniel Farris a key role in shaping the firm’s strategy, but failed to deliver on business plans, investment commitments, and client referrals, causing NMBL to lose major customers and revenue. Norton Rose, which previously sued NMBL in Texas for breach of contract, argues the product failed to attract client interest and that NMBL misrepresented its capabilities.
Big Law Turns to Share Value as New Talent Metric
As competition for Big Law talent intensifies, more firms are emphasizing the value and growth of partner shares or points—alongside traditional metrics like profits per equity partner—as both a compensation tool and a recruiting lever. Share value, calculated by dividing profits by the number of shares in circulation, is increasingly seen as a key indicator of firm performance and long-term profitability, though comparisons between firms remain difficult due to differing systems and allocations. Firms such as Paul Hastings and Davis Polk highlight significant share value growth to attract laterals, while consultants note that share systems help manage pay expectations and market growth, even if they don’t replace PPP as the dominant industry benchmark.
