THE CHEETAH BRIEF – 38th EDITION
Davis Polk & Wardwell announced a new program offering 1L students a $25,000 stipend for completing qualified pro bono or community-focused internships in summer 2026, with the payout delivered if they join the firm as 2L summer associates in 2027. The initiative, similar to a program offered by Kirkland & Ellis, reflects escalating competition among elite firms to secure top talent earlier in law students’ careers. Davis Polk’s scholarship applies to work performed at nonprofits, government agencies, or academic institutions, with offers contingent on first-semester transcripts. As firms navigate shifting requirements around scholarships and intensifying talent wars, recruiters note that attracting high-performing law students remains critical for maintaining top-tier client service.
MARKET MOVEMENTS
Paul Hastings rebuilds London tax offering with double partner hire of Jenny Doak from Weil and Catherine Richardson from Cadwalader
Hogan Lovells partner duo, Frederick Cristman and James Adams, join Mayer Brown in D.C.
Morgan Lewis Hires Gibson Dunn corporate attorney, Kari Krusmark, in Los Angeles
Pillsbury continues London build out with latest partner hire, Steven James, from MoFo
FIRM SPOTLIGHT - WILMERHALE LLP
WilmerHale is a leading international law firm with 1,100 lawyers across the U.S. and Europe, widely recognized for its strength in intellectual property, appellate, and securities litigation, as well as its deep expertise in life sciences and technology. Formed in 2004 through the merger of Boston-based Hale & Dorr and Washington, D.C.–based Wilmer Cutler & Pickering, the firm carries a long legacy of government service and landmark cases, including the Army-McCarthy hearings and the Watergate scandal. Its attorneys have argued over 140 cases before the U.S. Supreme Court and regularly represent industry leaders such as Apple, Pfizer, Boeing, and Intel. Beyond its client work, Wilmer is deeply committed to public service through its long-standing partnership with Harvard Law School’s Legal Services Center, providing extensive pro bono support to underserved communities.
INDUSTRY INSIGHTS
Demand rose 3.9% across the industry in Q3 on the back of a significant surge in transactional work, with M&A demand increasing 7.6%, general corporate rising 4.3% and real estate and tax rising 4.2% and 3.7%, respectively
Worked billing rates—rates that firms and clients agree to, as opposed to standard or “rack” rates—again rose 7.4% in Q3[AM1] , the same as in Q2 and a record-high, while productivity nudged up 0.4% as well
Top 10 firms in the EU specifically in 2025 include: 1) CMS 2) DLA Piper 3) Garrigues 4) Freshfields 5) Baker McKenzie 6) A&O Shearman 7) Linklaters 8) Clifford Chance 9) Bird & Bird and 10) Hogan Lovells
Technology has pushed overhead up by nearly 5% year-over-year, with legal tech and knowledge management spending having skyrocketed by more than 11% year-over-year in 2025
Charlotte’s Legal Market Surges
Rumors of Cadwalader’s merger search have drawn attention to Charlotte’s fast-growing legal market, which is being fueled by the city’s position as a major U.S. finance hub. Big Law firms like Proskauer and Orrick have recently opened offices and hired finance-focused partners, often from Cadwalader, as demand for finance talent remains strong. While the city’s heavy reliance on finance makes it sensitive to economic downturns, firms still view Charlotte as a strategic and lucrative market. Cadwalader’s significant Charlotte presence has become a key factor in its merger talks, including reported discussions with Alston & Bird, underscoring the city’s importance in the industry.
Top Firms Push Four-Day Office Returns
A Law.com analysis shows that top Am Law 50 firms are far more likely than the rest of the Am Law 100 to require lawyers to be in the office four days a week, a trend driven by their leverage, client optics, and a culture of in-person work. Lower-ranked firms are instead using flexibility as a recruiting tool. Attendance policies continue to mirror market conditions: firms tightened requirements only after demand cooled post-pandemic, and future shifts will depend on client needs and lateral hiring power in 2026. While partners generally favor more in-office time, enforcement remains difficult for rainmakers and senior lawyers who prefer hybrid arrangements, a group that includes not only younger attorneys but also older partners who embraced remote work during the pandemic.
