THE CHEETAH BRIEF – 44TH EDITION
In 2026, corporate legal departments face a complex landscape shaped by AI litigation, regulatory shifts, and major antitrust battles. Federal court rulings in 2025 clarified—but didn’t settle—whether using copyrighted material to train AI models counts as fair use, while discovery in AI cases is expected to grow more aggressive. Antitrust scrutiny of tech giants continues, with ongoing cases against Google, Amazon, Apple, and probes into Nvidia and Microsoft. M&A activity is expected to rise due to lower interest rates, abundant private equity capital, and lighter regulatory oversight. Meanwhile, the EEOC and NLRB, now fully operational, are poised to shift employment law under the Trump administration. High-profile legal chief roles at companies like Meta, Apple, Target, and Walmart are also in flux, marking a year of strategic legal and executive change.
MARKET MOVEMENTS
Cravath national security partner, Benjamin Joseloff, heads for Davis Polk
Paul Hastings adds life sciences regulatory partner duo, Lynn Mehler and Philip Katz, from Hogan Lovells
Marc Mukasey closes boutique to co-lead Seyfarth Shaw’s trial practice in New York
Haynes and Boone adds data center partner duo, Jeffrey Moerdler and Stephen Friedberg, in NYC from Mintz
FIRM SPOTLIGHT – DAVIS WRIGHT TREMAINE LLP
Founded in 1908, Davis Wright Tremaine is a national law firm with more than 560 attorneys across 11 U.S. offices, serving clients from startups to Fortune 500 companies. Originating in Seattle, the firm built a strong West Coast presence before expanding nationwide to markets including Washington, DC, New York, and Chicago. It is best known for its leading media and entertainment and First Amendment practices, representing major clients such as Netflix, Apple, Spotify, and Meta, while also maintaining strengths in litigation, IP, employment, and environmental law. The firm has played a role in landmark cases, including high-profile defamation and copyright matters, reinforcing its reputation in complex litigation. DWT also emphasizes innovation through collaborative problem-solving, legal solution architects, and technology-driven tools that enhance client service.
INDUSTRY INSIGHTS
According to Thomson Reuters’ 2026 State of the Legal Market report, 35% of corporate GCs planned to increase spending in Q3 2025, while 22% expected to decrease it—resulting in a net spend of 13%, down from 19% earlier in the year and 23% in 2021
Data from the Law School Admission Council reveals the class of 2027 was composed of approximately 75% first-generation law students, 23% first-generation college graduates, and 42% students from historically underrepresented minority backgrounds
Kirkland led all firms in principal announced deal value, for at least the second year in a row in 2025, according to data from the London Stock Exchange Group, , with $730.8 billion in value across 744 deals
Goodwin topped the tables in principal deal volume in 2025 with 945 deals
Law Firms’ Trump Deals Face 2026 Scrutiny
In 2025, nine major law firms struck controversial deals with the Trump administration, pledging a combined $940 million in pro bono work in exchange for relief from executive or regulatory pressure. The agreements fractured the legal industry and sparked resignations and client unease, amid uncertainty over whether the firms’ work—some reportedly for the Commerce Department—fits traditional pro bono definitions or the stated commitments to veterans, combating antisemitism, and improving the Justice Department. As lawsuits seek disclosure of the deals and firms remain largely silent, pressure is expected to intensify in 2026 for greater transparency, even as ethics experts say the long-term professional consequences remain unresolved.
The Big Law Race to Own AI Legal Work
A small group of elite law firms has dominated legal work for AI and tech companies over the past decade, led by Latham & Watkins, Fenwick & West, Perkins Coie, and Quinn Emanuel, according to Pirical data through November 2025. These firms have built deeply embedded relationships advising companies like Meta, Microsoft, and Alphabet across deals, litigation, and AI-related matters. As AI has matured, legal demand has shifted from early-stage transactional work to complex regulatory, antitrust, and IP disputes, allowing litigation-focused firms to gain ground and signaling that the AI legal boom is still accelerating.
