THE CHEETAH BRIEF – 35th EDITION
Ropes & Gray has reaffirmed its commitment to a single-tier partnership model while announcing a new class of 21 equity partners, distinguishing itself from many Big Law peers that have adopted two-tier structures. Firm chair Julie Jones said the decision followed a rigorous, months-long review that included partner surveys, client input, and comparative studies of peer firms. Ultimately, the firm concluded that a unified, single-tiered partnership best supports client outcomes, talent retention, and firm culture. Despite recent partner departures to competitors, Ropes & Gray—ranked No. 7 on the Am Law 200—remains committed to equity-only promotions, selective lateral hiring, and a collaborative culture that forgoes origination credit. The new partner class, effective November 1, spans multiple practice areas across offices in Boston, New York, San Francisco, and Chicago.
MARKET MOVEMENTS
Debevoise boosts New York PE offering with Goodwin partner duo, Krishna Skandakumar and Natalia Kubik.
Latham hires Gibson Dunn partner, Todd Trainer, in San Francisco.
Cleary brings aboard funds partner, John Mahon, from Proskauer in Washington D.C.
Paul Hastings expands energy M&A team in Houston with Baker Botts partner, Erin Hopkins.
FIRM SPOTLIGHT - CRAVATH, SWAINE & MOORE LLP
Founded in Pittsburgh in 1877, Reed Smith LLP rose to prominence through its close ties to industrial giants like Andrew Carnegie, Mellon, Heinz, and Frick, establishing deep roots in the Steel City before expanding globally through a series of mergers. Now a full-service international firm with over 1,600 attorneys, Reed Smith is recognized for its litigation strength and multidisciplinary approach across sectors such as life sciences, healthcare, media and entertainment, energy, and finance. The firm represents more than half of the world’s 100 largest companies and is known for its leading practices in insurance recovery, labor and employment, and international arbitration. Reed Smith also emphasizes professional development through robust training initiatives, including its competency-based career development program, Reed Smith Associate Advantage, and Reed Smith Campus, underscoring its commitment to cultivating the next generation of legal talent.
INDUSTRY INSIGHTS
According to digital brokerage firm Embroider, AI adoption among legal professionals increased from 22% in 2024 to 80% in 2025
Dealmaking in the fourth quarter of 2025 shows no signs of abating, with at least two announced "mega" M&A deals valued at more than $10 billion in the past week and at least a dozen deals valued at more than $1 billion. In the same timeframe, Law.com Radar also tracked at least one new IPO, one new SPAC, and six debt offerings over $500 million
According to polling numbers provided to Law.com from the Healthcare Private Equity Conference in New York last week, the largest concerns for PE investors in health care were macroeconomic factors (45%), followed by competition for transactions (26%), AI influencing transactions (19%) and the impact of private credit dry powder (10%)
Apple Challenges EU’s Digital Markets Act in Landmark Court Battle
Apple is challenging the EU’s Digital Markets Act before the bloc’s top court, arguing that the law breaches fundamental rights and unfairly designates its iOS, App Store, and iMessage as “gatekeeper” services. The company claims the DMA’s interoperability rules violate its intellectual property protections and could force it to share technology for free. Already fined €2.3 billion under the framework, Apple’s case could significantly impact how Europe regulates Big Tech—potentially weakening or reinforcing the EU’s authority over digital markets. The outcome is expected to set a major precedent for the balance between innovation and regulation in the tech industry.
Big Law Lobbying Revenue Strong in Q3 Despite Shutdown Concerns
Lobbying revenue remained strong for major law firms in the third quarter of 2025, with Brownstein Hyatt Farber Schreck setting a new quarterly record at $18.94 million and Hogan Lovells posting an 8% increase from Q2. Akin Gump and K&L Gates saw slight dips but still reported robust demand, particularly in areas like trade, AI, defense, and health care. Firms attributed their success to continued client engagement around tariffs, federal appropriations, and defense legislation. However, the ongoing government shutdown, which began October 1, poses uncertainty for fourth-quarter results, as firms assess whether lobbying momentum can be sustained through year-end.
