THE CHEETAH BRIEF – 50TH EDITION
The revenue gap between the world’s largest law firms and the rest of the market is widening in 2026, and it’s playing out in aggressive lateral hiring. Latham & Watkins has announced at least 18 lateral partner hires in the first seven weeks of the year—up sharply from five during the same period in 2025—adding talent across capital markets, M&A, private equity, structured finance, litigation, privacy, and communications, including former FCC commissioner Geoffrey Starks. Other major Am Law 50 firms such as Sidley Austin, White & Case, and Paul Hastings are similarly accelerating lateral strategies, reinforcing what industry observers describe as an increasingly segmented market where the largest firms continue to gain scale and market share.
MARKET MOVEMENTS
A&O Shearman loses Boston life sciences partner, Nicole Daley, to White & Case
Orrick hires Hogan Lovells Global Energy practice lead, Amy Roma, in DC
Polsinelli recruits Mayer Brown lawyer, Arteen Mnayan, as California Land Use practice leader
With Funds Finance work in demand, Sidley snags Cadwalader partner, Leah Edelboim, in New York
FIRM SPOTLIGHT - COVINGTON & BURLING LLP
Covington & Burling is a Washington, D.C.–rooted “brain trust” law firm known for its strength in antitrust, litigation, white collar defense and investigations, corporate, IP, export controls, data privacy, cybersecurity, and regulatory work, with deep industry experience across sports, life sciences, tech, energy, media, and financial services. Founded in 1919 with a pioneering focus on regulatory law, the firm has long maintained close ties to federal agencies and counts numerous former government officials among its ranks. Covington is also a leader in sports law, representing major professional leagues and advising on antitrust, media rights, collective bargaining, and sponsorship matters, while emphasizing associate engagement through its Associate Advisory Committee and confidential ombudsperson program.
INDUSTRY INSIGHTS
Latham & Watkins, the second-largest law firm by revenue, has announced at least 18 lateral partner hires within the first seven weeks of the year, in several offices globally, with most of them in transactional, finance and other corporate practices
As Law Firm Space Race Heats Up in NY, Linklaters Expands Office Size by Nearly 50%. The firm is now at over 150,000 square feet in total for its New York presence
Effective Jan. 1, White & Case’s U.S. partners have been billing between $1,840 to $2,700 an hour, with counsel charging $1,790 and associate fees ranging from $940 to $1,710
DLA Piper's U.S. offices collectively increased gross revenue by 10% in 2025. Net income and profits per equity partner went up 19%.
Nemecek Joins Simpson Thacher to Lead New Capital Group
David Nemecek is leaving Kirkland & Ellis to join Simpson Thacher & Bartlett, where he will lead a newly formed capital structures solutions group and help launch the firm’s Dallas office. Nemecek, whose high-value debt finance and liability management practice reportedly generated nine figures in revenue, said he was drawn to Simpson’s vision of integrating liability management and Chapter 11 restructuring into a unified practice. His departure follows tensions at Kirkland after the firm scaled back parts of its liability management work amid client conflicts. Simpson leadership expressed confidence in balancing sponsor and borrower-side relationships, calling Nemecek a major addition as the firm expands its restructuring and capital solutions capabilities.
U.S. Legal Jobs Surge Amid AI and Firm Growth
U.S. legal employment continues to surge, adding jobs for the 18th consecutive month in January 2026, with total legal-sector employment reaching 1.24 million—a nearly 9% increase over five years. The sector is outpacing broader professional fields, with law firm mergers, revenue growth, and rising demand for attorneys driving expansion. Investors are increasingly funding litigation and taking stakes in law firms in states with relaxed ownership rules. At the same time, artificial intelligence is reshaping staffing: firms like Baker McKenzie and Clifford Chance are trimming business services roles, and surveys suggest AI could reshape junior staffing and traditional law firm hierarchies in the coming decade.
