Big Law Goes All-In on AI, Talent, and Deals
Law firms are increasingly turning to innovation and strategic expansion to compete in the rapidly evolving funds market. As traditional liquidity avenues like IPOs and M&A remain challenging, clients are seeking creative solutions such as secondaries, private credit and continuation funds. In response, firms are aggressively hiring fund formation and structured finance talent, despite fierce competition and rising compensation demands for experienced partners. At the same time, firms are investing heavily in artificial intelligence and proprietary technologies to streamline fund operations, enhance client service and position themselves as leaders in the next generation of private capital work.
MARKET MOVEMENTS
Brian Miner, a private equity attorney with deep experience in general partner M&A work, leaves Dechert for Paul Hastings in New York
Mayer Brown adds partner, Lauren Friedman, from King & Spalding to lead international arbitration practice in New York
Veteran D.C. regulatory lawyers, Jim Burns and Brant Brown, jump to O'Melveny & Myers LLP from Cleary
WilmerHale adds Arnold & Porter transactional partner, Ben Fackler, in San Francisco
FIRM SPOTLIGHT - NORTON ROSE FULBRIGHT
With more than 3,000 lawyers across six continents, Norton Rose Fulbright is one of the world's largest law firms, formed through a series of major mergers, including the 2013 combination of Norton Rose and Fulbright & Jaworski and the 2017 merger with Chadbourne & Parke. The firm advises corporations, financial institutions, and startups across industries such as energy, infrastructure, transportation, technology, life sciences, and healthcare, with a particularly strong reputation in energy, oil, and gas matters. Beyond its legal practice, Norton Rose Fulbright emphasizes employee well-being by offering wellness initiatives, mindfulness programs, health resources, and financial planning support for its lawyers.
INDUSTRY INSIGHTS
The latest raises come as Big Law firms have reported strong financial performance so far in 2026. With rebounding demand and increased billing rates, firms' revenue was up more than 13% in the first quarter compared to the same period last year, according to a Wells Fargo Legal Specialty Group survey released in April.
Am Law 200 lateral moves increased by 20% last year, and this year is also frenetic in lateral hiring in several areas, including funds, litigation, PE and liability management practices.
The current deals in media and AI headline this week’s deal watch in Big Law: 1) Fox (represented by Weil) bought streaming service Roku (represented by Goodwin) for $22 billion and 2) SpaceX (represented again by Gibson, Dunn) bought AI-coding startup Cursor (represented by Kirkland) for $60 billion
Thomson Reuters surveyed 1,816 professionals in legal, risk, compliance, tax, accounting and global trade industries. The survey found that 24% of mid-career professionals would change jobs within two years if AI failed to deliver on their priorities, including reclaiming time and finding greater meaning in their work. 14% are considering leaving their jobs within the next 12 months
Fish & Richardson Launches In-House Patent Prosecution AI Tool
Fish & Richardson P.C. has launched FishStream AI, an in-house tool built specifically to support patent prosecution work by streamlining early-stage tasks like prior art review and office action analysis. Developed internally after testing third-party tools, it was designed to better fit attorneys’ existing workflows and improve adoption. The AI handles document-heavy analysis so attorneys can focus on strategy, argument development, and client work, with early results showing faster and more robust prosecution strategies. The firm uses a human-in-the-loop model, keeping attorneys fully responsible for final work product, while the system operates securely within its enterprise environment and does not use client data for training.
Law Firm Satisfaction Improves Amid Ongoing Workplace Challenges
A new 2026 Law360 Pulse survey finds that most lawyers are generally satisfied with their careers, but happiness varies significantly by role. Equity partners report the highest satisfaction, while nonequity partners are the least satisfied overall, and associates are most frustrated by billable hour demands, leadership communication, and advancement opportunities. Overall satisfaction has ticked up slightly from last year but remains below 2021 levels, with stress continuing to rise, especially among associates and nonequity partners, and a notable gender gap showing higher stress among women. The survey also highlights concerns around mentorship, technology adoption, and declining perceptions of firm commitment to diversity and inclusion, even as most lawyers say they would still choose the legal profession again.
