THE CHEETAH BRIEF – 29th Edition
Mega M&A deals are making a comeback, with Anglo American’s proposed $53 billion merger with Teck and Union Pacific’s $85 billion bid for Norfolk Southern signaling renewed appetite for large-scale transactions. Latham & Watkins, Kirkland & Ellis, and Goodwin are among the firms leading these headline-making deals, with Kirkland topping global M&A rankings by deal value in early 2025. Europe, particularly Germany, is emerging as a hotspot, driven by infrastructure and sustainability investments, as seen in Stada’s €10 billion acquisition and Partners Group’s $7.8 billion Techem takeover. This resurgence echoes the mega-deal frenzy of the 1990s and 2000s, defined by landmark transactions such as Vodafone-Mannesmann, AOL-Time Warner, and Dow-DuPont, underscoring how bold, transformative deals continue to reshape industries and test the legal giants behind them.
MARKET MOVEMENTS
Greenberg Traurig recruits Latin America practice head, Matt Squires, from Wilson SonsiniAkin launches Chicago office with Mayer Brown laterals, Wendy Gallegos and Jason Wagenmaker.
Orrick picks up eight CLO partners from Cadwalader in the UK (David Quirolo, Daniel Tobias, Claire Puddicombe, and Alexander Collins) and US (Gregg Jubin, Joe Beach, Nate Spanheimer and Skyler Walker)
Reed Smith boosts London corporate bench with Proskauer partner, Andrew Houghton
Skadden hires Sequoia Capital Chief Policy Officer, Don Vieira, as tech policy head
FIRM SPOTLIGHT - FENWICK & WEST
Founded in 1972 by four attorneys who foresaw Silicon Valley’s rise as a global tech hub, Fenwick & West has grown into a leading law firm with nearly 600 attorneys across seven offices, including California, Seattle, New York, Washington, DC, and Boston. Renowned for its work with technology and life sciences companies, Fenwick represents more than 1,500 venture-backed businesses—over 100 of them unicorns—and 350 public companies worldwide. The firm is consistently ranked among the top in emerging companies, venture capital, IP, M&A, and capital markets, advising major clients such as Cisco, Coinbase, Databricks, Meta, and Amazon. Known for precedent-setting litigation, landmark financings, and high-profile transactions, Fenwick also fosters a unique free-market system that gives associates autonomy in shaping their careers, supported by firmwide collaboration and dedicated practice management.
INDUSTRY INSIGHTS
The following national law firms ranked in the top 10 of the 2025 midlevel associates survey that examines 12 aspects of job satisfaction: 1) O’Melveny; 2) Blank Rome; 3) Morgan Lewis; 4) Gibson Dunn; 5) Akin; 6) Winston & Strawn; 7) Munger, Tolles, and Olson; 8) McDermott; 9) Patterson Belknap; and 10) Baker & Hostetler
Of the roughly 3,308 associate responses catalogued in the Midlevel Associates Survey, more than 100 associates made mention of law firm deals with the Trump administration, how the president’s actions have impacted the legal profession in general, or concerns over DEI
Nearly 20% more tort cases were filed in federal courts in 2023 and 2024, compared to the prior two years, according to Lex Machina’s Tort Litigation Report 2025
Firms throughout the Am Law 200 are adding partners and making investments this year in litigation Litigation practice demand grew 2% in the second quarter, according to the Law Firm Financial Index.
INDUSTRY NEWS
Ropes & Gray Sticks to Single-Tier Model
Ropes & Gray stands out among Am Law 100 firms for maintaining a single-tier, all-equity partnership model and forgoing origination credits, emphasizing collaboration over individual client ownership. While many peers have added non-equity tiers to attract rainmakers and expand laterally, Ropes remains highly selective, focusing on cultural fit and long-term commitment rather than splashy hires. Its New York office has grown significantly, though the firm has also seen departures to competitors like Kirkland. Despite these challenges, Ropes’ $3.4 billion revenue, strong private equity practice, and reputation for teamwork and stability continue to make it a destination for top talent.
Murdoch Family Strikes $3.3B Succession Deal
A decades-long Murdoch family dispute has been resolved in a $1.1 billion buyout deal that cements Lachlan Murdoch’s control of the media empire. Sullivan & Cromwell, Skadden, Cravath, Weil, and Gibson Dunn all advised on the complex settlement, which saw Lachlan purchase the shares of his older siblings Prue, Liz, and James, while a new trust was created for him and his younger sisters Grace and Chloe. The resolution, which ends years of litigation over attempts to rewrite the family trust, ensures the empire—including Fox News, The Wall Street Journal, and The New York Post—remains under conservative leadership aligned with Rupert and Lachlan’s vision.
