THE CHEETAH BRIEF – 36th EDITION
Latham & Watkins is capitalizing on Germany’s post-austerity infrastructure boom, seeing a sharp rise in high-value mandates as the country injects €1 trillion into infrastructure and defense under Chancellor Friedrich Merz. The firm has advised on 23 infrastructure transactions worth €11.5 billion so far this year—a 40% increase from 2024—as global investors like Apollo pour money into Europe’s energy and infrastructure markets. Led by Stefan Rieger, Latham is positioning itself as the premier firm for high-end infrastructure and energy work, offering a full-service approach that spans M&A, project development, and financing. Despite bureaucratic hurdles, Rieger sees Germany’s funding conditions as spurring creativity, with opportunities for firms to partner with the government and leverage public investment for private growth.
MARKET MOVEMENTS
Strategically expanding its financial services team, Squire Patton adds K&L Gates partner, Heather Rees, in Dallas.
Weil recruits national security lawyer, Antonia Tzinova, from Holland & Knight.
Davis Polk adds Goodwin capital markets partner, Jared Fine.
Lowenstein Sandler snags Reed Smith insurance partner, Arthur Armstrong.
FIRM SPOTLIGHT - REED SMITH 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
In 2024, the Am Law 100 grew in total lawyer headcount by nearly 8%
Fear of a 15% tax on partner earnings is unsettling London’s law firms, with some reconsidering their LLP structures—and even their U.K. location—as they await clarity from the Treasury
Though virtual deposition rates have fallen from pandemic highs of 85-90%, the sustained 60-70% rate as of late 2025 indicates that remote work is permanently changing the industry
Law firms with the most racially diverse partners: 1. White & Case (20%) 2. Goodwin (19.94%) 3. Covington (15.59%) 4. Reed Smith (15.14%) 5. Gowling (14.29%) 6. Linklaters (13.74%) 7. BCLP (12.5%) 8. A&O Shearman (11%) 9. Baker McKenzie (10.9%) 10. Ropes & Gray (10%)
M&A in the Crypto Era: Navigating Tokens, Tax, and Legal Complexity
The crypto and blockchain sector, often called a “living laboratory,” is transforming how mergers and acquisitions are handled. Tokens—not traditional equity—often drive value, creating unique challenges around valuation, incentives, and fiduciary duties. Lawyers must navigate complex structures, tax implications, and securities laws, especially when tokens are used as acquisition currency. The rise of digital asset treasury companies (DATs), which hold large crypto reserves, adds further regulatory complexity. As the sector evolves, legal frameworks must continually adapt to its rapid innovation and unique transactional issues.
Willkie Strengthens Restructuring Practice with Bennett Hire
Willkie Farr & Gallagher has strengthened its restructuring practice by hiring Ryan Blaine Bennett, a former Kirkland & Ellis partner, to chair the U.S. group. Bennett, known for his experience with private equity sponsors, borrowers, and distressed situations across multiple industries, joins a team already co-chaired by Brett Miller and Debra Sinclair. The hire reflects Willkie’s strategy of growing through both lateral groups and individual partners to maintain a top-tier restructuring platform, particularly in private equity, while expanding in the U.S. and Europe. Bennett’s move underscores the firm’s long-term, strategic approach to talent and market positioning, supported by advisory guidance from communications firm C Street.
