THE CHEETAH BRIEF – 33rd EDITION
Kirkland & Ellis has quietly changed its partner promotion strategy, opting not to issue a public announcement for its 2025 class—a notable departure from its long-standing tradition of publicizing hundreds of promotions each October. The move follows growing scrutiny over the firm’s large number of nonequity partner promotions, many of whom leave within a year or two. With about two-thirds of Kirkland’s 1,600 partners in nonequity roles, sources suggest the firm wants to avoid the negative attention tied to high turnover and inflated class sizes. Recruiters note that while this step is unusual, Kirkland’s influence could make it a broader industry trend, especially as other firms manage similar dynamics between nonequity and equity roles. However, experts caution that most firms are unlikely to follow suit, as public partner announcements remain an important recognition tool for rising associates.
MARKET MOVEMENTS
Wilmer has rehired Marik String, who was senior adviser to Secretary of State Marco Rubio and was a Trump-Vance presidential transition team member
Covington expands public policy practice in Brussels by hiring Wolfgang Maschek, formerly of Squire Patton and Boggs
Orrick adds two more Cadwalader partners, Mike Gonzalez in Washington, D.C., and Doug Arborio in Charlotte, bringing the total number of Cadwalader hires to 10 partners
Mayer Brown adds Goodwin private equity rising star, Tessa Agar, to London Bench
FIRM SPOTLIGHT - MORRISON FOERSTER
Morrison Foerster, founded more than 140 years ago in San Francisco, has evolved into a global firm with a strong presence across the U.S., Europe, and the Pacific Rim, including over 40 years in China. Known for its deep expertise in intellectual property, finance, life sciences, technology, and litigation, the firm serves major financial institutions, Fortune 100 companies, and leading innovators in sectors such as AI, fintech, and sustainability. Recognized among the top firms for Emerging Companies & Venture Capital, Intellectual Property, and Privacy & Data Security by Vault, MoFo offers comprehensive legal support for startups, patent protection, and regulatory compliance. Beyond client service, the firm invests heavily in associate development through programs like Ready to Launch, Wetmore Bridge, and MoFo Next, emphasizing mentorship, career progression, and rewards for excellence, pro bono work, and diversity efforts.
INDUSTRY INSIGHTS
Lateral partner moves in the Am Law 200 totaled 2,306 moves through August of this year, up from 2,099 through August 2024, according to SurePoint data
92% of summer associates were not planning to interview with other firms, and 91% were either planning to receive a full-time employment offer or had already received one from the firm
Just 6% of directors said their boards plan to add racially diverse directors in 2025—compared to 13% in 2024 and 9% of directors to add gender diverse candidates versus 21% in 2024
Among a ranking of 25 law firms based on announced deal value by principal adviser, the top 10 firms owned a total of 95.4% of the market for M&A deals in the first three quarters of 2025
U.S. Law Firms Retreat from DEI Reporting Amid Political Pressure
A new report from Lamp House shows a sharp divide in responsible business reporting between U.S. and U.K. law firms. Among 150 firms analyzed, the Am Law 50 saw a 30% drop in responsible business scores from 2024, while U.K. firms recorded a 12% increase. The decline among U.S. firms comes amid political pushback and scrutiny from the Equal Employment Opportunity Commission (EEOC), which requested details on diversity, equity, and inclusion (DEI) policies earlier this year. As a result, 86% of U.S. firms have reduced public reporting, and many have removed DEI language from their websites, favoring terms like “inclusion” instead. Industry leaders say political pressures have made firms more cautious about publicizing DEI efforts, though internal support for inclusive workplaces and pro bono commitments remains strong.
Italy’s ‘CR7 Rule’ Fuels Private Equity and Big Law Boom
Italy’s so-called “CR7 rule,” introduced in 2017 to attract wealthy foreign investors with a flat tax on overseas income, has helped transform the country into a magnet for millionaires and private equity leaders—many drawn to its luxury and mid-market sectors. The influx of wealth has fueled record PE activity, prompting law firms like Ropes & Gray to launch in Milan, while others, including Kirkland and Skadden, continue to serve Italian clients from London or New York to preserve higher fee rates. Despite lower billing potential, Italy’s growing market and deep-rooted business culture are increasingly drawing Big Law’s attention, as global firms balance economic opportunity with the need for local expertise.
