THE CHEETAH BRIEF – 53RD EDITION
Big Law is entering a period of significant consolidation, with numerous Am Law 200 firm leaders openly expressing willingness to explore mergers in 2026. Firms like McGuireWoods, Nixon Peabody, and Ballard Spahr say their phones are ringing with interest, citing the need to build scale, competitiveness, and market share in an increasingly competitive environment. Completed combinations rose 18% in 2025, with experts expecting that trend to accelerate — particularly among large firms. That said, not everyone is on board; firms like Akin Gump and Baker Botts are focused on organic growth instead. Culture and talent, leaders say, matter more than size when it comes to finding the right match. Still, as client demands grow more complex and global, the pressure to consolidate may eventually prove difficult for even the most growth-averse firms to ignore.
MARKET MOVEMENTS
Paul Hastings hires securities litigation co-chair, Daniel Laguardia and partner, Patrick Hein, from A&O Shearman
Former SEC Deputy Director, Antonia M Apps, joins Paul Weiss as a partner in its New York litigation department
Mayer Brown adds 6-partner McGuireWoods litigation team in Houston (Yasser Madriz, Miles Indest and Jason Huebinger), DC (Meghaan Madriz, Wolfgang McGavran and Gregory Krock)
Weil taps Kirkland again, adding Andrew Nichol, the sixth partner to join the firm this year, to further build its PE practice
FIRM SPOTLIGHT - DEBEVOISE & PLIMPTON LLP
Debevoise & Plimpton is a prestigious New York-based law firm founded in 1931, with a rich history and a global reputation for handling complex transactions and high-stakes disputes. The firm's largest practice is its corporate department, known for leading M&A, private equity, and cross-border transactions for some of the world's most prominent companies and financial institutions. On the litigation side, Debevoise boasts one of the country's top white-collar practices, a strong international arbitration group, and a stellar intellectual property team. Beyond legal work, the firm is equally invested in its people — offering associates a mini-MBA program through Columbia Business School, an internal career counselor, and robust professional development resources.
INDUSTRY INSIGHTS
Haynes and Boone marked another record year in 2025, with revenue up 17.8% and profits per equity partner up 11.4%, propelled by high demand across a broad range of practices, and strategic and significant lateral partner hiring in key practices.
Arnold & Porter gross revenue grew by 1.8% to $1.21 billion in 2025, after a “slower” start to the year within the firm’s transactional and regulatory practices. The firm’s average profits per equity partner increased by 0.7% to $1.649 million last year, as the number of equity partners at the firm stayed relatively flat with around 310 partners.
Hogan Lovells announced record-breaking financial results from 2025, a third consecutive year of record growth for the firm, reporting $3.285 billion in gross revenues, up 10.8% from previous year and $3.52 million in profits per equity partner.
Norton Rose Fulbright Launches Data Center Practice Group
Norton Rose Fulbright has launched a 15-partner, roughly 150-lawyer data center and digital infrastructure group to meet surging client demand driven by the AI boom. The group offers end-to-end legal support — from site selection and land acquisition through permitting, financing, and M&A — positioning the firm as a one-stop shop in a space where clients increasingly want a single, integrated team rather than juggling multiple firms. Partners say the work has accelerated rapidly, new entrants are flooding the market, and the firm is already winning deals on the strength of its geographic reach and cross-practice coverage. With demand continuing to climb, the firm is also actively adding talent to keep pace. The move reflects a broader Big Law trend, as firms race to build dedicated data center practices capable of keeping up with the extraordinary speed at which the digital infrastructure industry is evolving.
Cravath Partner Leaves to Launch Boutique Firm
Benjamin Gruenstein, an 18-year veteran and equity partner at Cravath Swaine & Moore, has departed to launch Gruenstein Law, an investigations and enforcement boutique in New York. The former federal prosecutor will focus on government and internal investigations, regulatory enforcement, white collar crime, and complex civil litigation. His decision was driven by a desire to fulfill a longtime entrepreneurial goal, the end of his four-year tenure as the firm's litigation hiring partner, and an interest in leveraging AI tools to deliver greater efficiency through a lean team model. He is the eighth Cravath partner to leave so far in 2026.
