Big Law Faces a Talent Shift as AI and Strategic Hiring Reshape the Industry
New data from Firm Prospects reveals that nearly 12% of the Big Law class of 2024 has already left their first firm within their first two years of practice, underscoring rising early-career associate mobility. Kirkland & Ellis led the market in both overall hiring and first-year lateral recruiting, while New York and Washington, D.C., remained the top destinations for new associates. The report also found that most Am Law 50 hires did not come from the nation's top-ranked law schools, highlighting evolving recruiting strategies across Big Law and a broader approach to sourcing talent.
MARKET MOVEMENTS
Kirkland & Ellis launches Dallas restructuring group with two Jones Day partners, Dan Prieto and Amanda Rush
Paul, Weiss, Rifkind, Wharton & Garrison LLP hires ex-Ropes & Gray LLP capital markets partner, Rachel Phillips
White & Case LLP M&A dealmaker, Keith Hallam, jumps to Freshfields in New York
Former Wachtell, Lipton, Rosen & Katz co-Chair William Savit, along with five-partner corporate litigation team, moves to Gibson Dunn in major Big Law shakeup
FIRM SPOTLIGHT - WILLKIE FARR & GALLAGHER LLP
Willkie Farr & Gallagher LLP is a global law firm with approximately 1,300 attorneys across the U.S. and Europe, recognized for its strong presence in New York and its broad capabilities across nearly 45 practice areas. The firm is a leader in corporate, M&A, private equity, litigation, insurance, antitrust, cybersecurity, and entertainment law, serving clients across a wide range of industries. Founded in 1888, Willkie has built a long-standing reputation for legal excellence while fostering a collaborative culture that emphasizes professional development, strong pro bono work, and a commitment to civic impact.
INDUSTRY INSIGHTS
Among a sample of 55 large law firms, equity partner headcount saw a compound annual growth rate of 0.4% between 2020 and 2025, while non-equity partner headcount rose at a rate of 6.8% annually over the same period, according to Gretta Rusanow at Citi's law firm group.
A majority of Big Law firms surveyed earlier this year are not currently planning to leverage private capital investments, but experts note that a rapidly shifting technology landscape and an ever-widening talent war may cause firms to feel differently about tapping into outside investment as time progresses. The Law.com survey data shows that 63% of Am Law 100 firms who responded to the question have no plans to leverage private capital, a figure that rose to 69% of Am Law 200 firms who responded. Meanwhile, only 2% of Am Law 100 firms said they are actively weighing their options while 3% of Am Law 200 firms stated the same.
About 40% of Am Law 100 firms that responded to a Law.com survey question about billing rates said they would likely go up 10% or more this year, compared to 35.6% who said they went up by that margin last year. (About 46.7% said they’d increase between 7% and 9%, similar to 2025).
Milbank LLP is continuing to lead the way on bonuses, confirming Monday it has issued a round of special bonuses ranging from $6,000 for the class of 2026 and 2025 associates to $25,000 for the class of 2021 associates and beyond. Special counsel will also receive a $25,000 payout, according to a Milbank representative.
Kirkland & Ellis Bets Big on AI Infrastructure Growth
The rapid expansion of AI infrastructure is fueling demand for real estate expertise in Big Law, with Kirkland & Ellis aggressively hiring partners to support the surge in data center development and financing. The firm has added 12 real estate partners over the past year and recently launched a 600-lawyer "real assets" group that combines real estate, infrastructure, energy, and corporate practices to handle increasingly complex AI-related transactions. As investment in data centers accelerates, firms are expanding cross-disciplinary teams and competing for top real estate talent to capitalize on one of the legal industry's fastest-growing markets.
Big Law’s New Approach to Lateral Partner Hiring
As lateral partner hiring accelerates across Big Law, firms are becoming more strategic about bringing in top talent, especially within already-established practices. Rather than simply chasing large books of business, firms are focusing on “surgical” hires that add new capabilities, strengthen client relationships, and complement existing teams without creating internal conflicts or cultural challenges. Leaders emphasize that the most successful lateral hires are those who enhance the firm’s platform while aligning with its existing partners, clients, and long-term growth strategy.
