THE CHEETAH BRIEF – 40th EDITION
Milbank will match the latest top-tier Big Law year-end and special bonus scales, reaffirming payouts ranging from $15,000 to $115,000 for associates and $6,000 to $25,000 special bonuses. In a memo, chair Scott Edelman emphasized the firm’s strong year and noted that bonuses will follow standard prorations and individual assessments for counsel. Other major firms—including Vinson & Elkins and A&O Shearman—quickly followed suit, announcing aligned bonus structures and early 2026 payment dates. The moves collectively signal that compensation stability remains a priority across the industry heading into 2025. Together, the announcements underscore how competitive associate retention has become among leading firms.
MARKET MOVEMENTS
Gibson Dunn hires fund finance head, Duncan McKay, as sponsors’ liquidity needs drive demand.
Snap (Snapchat) hires GC, Zachary Briers, from partner ranks at Munger Tolles, a firm that did $51M in work for Snap last year.
Perkins Coie (Ann Marie Painter and April Goff) and Holland & Knight (Bill Mureiko and Sarah Marks) lawyers head to Haynes and Boone.
Attorney, Jessica Presnall, who helped craft landmark NCAA settlement takes legal reins of the Southeastern Conference.
FIRM SPOTLIGHT - SKADDEN
Skadden, one of the world’s most profitable and globally recognized law firms, has built its reputation on pioneering M&A work and expanding into a powerhouse across nearly every major practice area. Founded in 1948 and shaped by legendary dealmaker Joe Flom, the firm rose to prominence through high-stakes takeover battles and landmark transactions, including some of the largest deals in U.S. history. Today, Skadden continues to dominate in M&A, litigation, and tax, earning top rankings across major legal directories. Beyond its commercial success, the firm maintains a deep commitment to pro bono work, contributing millions of hours over the past decade and integrating pro bono fully into its billable expectations. Its global footprint and deep bench of talent continue to position the firm as a leading force in the legal industry. The firm remains a benchmark for excellence.
INDUSTRY INSIGHTS
DLA Piper last year had 33% of its attorneys based in the U.S. but derived 56% of its firmwide revenue from those offices.
Kirkland & Ellis, which ranks No. 1 in profits and revenue in the Global 200, has over 1,600 partners—more than 570 of them equity partners—according to Law.com’s 2025 Global 200 rankings.
Law firms that have long advised private equity giants on mergers and acquisitions—and often bill more than $1,000 an hour for their services—are joining the industry’s latest treasure hunt: prying open the $13 trillion sitting in America’s 401(k)s.
Davis Polk; Wachtell; Netherlands-based De Brauw Blackstone Westbroek; Cravath, Swaine & Moore; and Skadden each had a hand in a $20 billion announced deal in the past week.
Massa F1 Loss-of-Earnings Case Set for Trial
Debevoise & Plimpton is representing Felipe Massa in a claim against Formula One Management, Bernie Ecclestone, and the FIA, alleging they concealed Nelson Piquet Jr.’s 2008 Singapore GP crash to avoid scandal, costing Massa the 2008 championship. The High Court rejected the defendants’ attempts to strike out or dismiss the case, allowing it to proceed to trial. Debevoise’s team, led by Christopher Boyne and Jeffrey Sullivan KC, instructed barrister Nick De Marco KC, while the defendants were represented by Herbert Smith Freehills Kramer, K&L Gates, and Horwich Farrelly.
Private Equity Sees Opportunity in Legal Industry Transformation
Law firms engaging with private equity reflect strategic opportunity, not distress. Market shifts—AI-driven service segmentation, evolving fee-sharing regulations, advanced pricing analytics, and partner succession needs—are creating new value. With billions already invested in legal tech, private equity sees a chance to back firms poised for growth. Forward-looking firms with strong brands, recurring revenue, and diverse practices are best positioned, marking a pivotal moment for transformation in the legal industry. These early discussions signal that the legal industry is at an inflection point, where proactive firms can shape the future rather than react to it.
