Talent War in Big Law: Lateral Hiring Surge Meets Litigation & Bankruptcy Pivot
Amid rising energy prices and global uncertainty, Big Law firms are preparing for potential economic slowdown by leaning on a familiar strategy: pivoting toward countercyclical practices like litigation and bankruptcy, reallocating talent, and focusing business development on more stable sectors. While overall deal volume has declined and concerns about a recession are growing, firm leaders remain cautiously optimistic and are not yet pulling back on hiring or operations. Instead, they are staying flexible—continuing lateral hiring, monitoring market conditions, and relying on diversified practice areas to offset potential downturns, even as geopolitical tensions and economic volatility create an unpredictable landscape.
MARKET MOVEMENTS
Weil taps Kirkland (Sara Allow), DLA Piper (Alec Campbell) for funds, tax practices
Dechert deepens trial bench by hiring 3 litigators, Melissa Taylormoore, Scott Lerner and Tara Lee, from White & Case in D.C.
King & Spalding hires CFO, Jim Richardell, from Hogan Lovells
Davis Polk adds Skadden LA leader, Jason Russell, opening new Southern California office
FIRM SPOTLIGHT - PAUL HASTINGS LLP
Paul Hastings has evolved from a small Los Angeles firm founded in 1951 by three Harvard Law graduates into a leading global law firm with a strong presence across the Americas, Asia, Europe, and the Middle East. Known for its strengths in finance, M&A, private equity, litigation, employment, tax, and real estate, the firm serves major global corporations, investment banks, and asset managers across a wide range of industries. It has built its growth organically while earning top industry rankings and recognition for its profitability and prestige. In addition to its legal work, Paul Hastings is notable for its strong commitment to philanthropy, supporting over 140 charitable organizations and matching employee donations annually.
INDUSTRY INSIGHTS
Winston & Strawn grew revenue by about 8% in 2025, to $1.369 billion. Profits per equity partner increased by 15% to more than $4 million. The firm also grew revenue per lawyer by 8.3%, to $1.476 million; net income by 6.4% to $436.5 million; and average compensation for all partners by almost 9%, to $2.036 million
Ropes & Gray revenue grew by 9.4% and revenue per lawyer rose 8.3% in 2025 to $2.524 million. Revenue totaled $3.737 billion in 2025, up 9.4% compared with $3.417 billion in 2024. The firm's total lawyer head count for 2025 inched up by 1% to 1,481 on a full-time-equivalent basis.
Sidley Austin grew revenue by about 9% last year, to roughly $3.74 billion. The firm also boosted average profits per equity partner by about 15.7% in 2025, nearly reaching $6 million. Sidley improved its revenue per lawyer, growing 5.2% to roughly $1.83 million. Total non-equity compensation grew by 34.7% to $631.4 million. Overall, average compensation for all partners was up by 8.5% to $3.13 million.
Hunton Andrews Kurth revenue grew by nearly 10% in 2025 to $960.95 million, and profits per equity partner swelled by more than 25%. Revenue per lawyer was $1.32 million, reflecting growth of 11.3% when compared with $1.18 million the prior year. Net income was $305.23 million, up 14.3% when compared with $267.14 million in 2024. With 9% fewer equity partners, profits per equity partner were $2.63 million, a jump of 25.6% when compared with $2.09 million the year before.
Orrick Adds Cadwalader Finance Talent as Merger Nears
Orrick Herrington & Sutcliffe is continuing to expand its structured finance practice with the addition of Cadwalader Wickersham & Taft capital markets partner Suzanne Bell and London special counsel William Bibby. Their move follows Orrick’s earlier hire of a large CLO and asset-backed lending team from Cadwalader and comes as Cadwalader advances toward a planned merger vote with Hogan Lovells expected in 2026. The hires reinforce Orrick’s focus on finance as a core growth area, while Cadwalader leadership noted that some departures ahead of the merger were anticipated and not materially disruptive.
Davis Polk Launches LA Office with Skadden Partner Hire
Skadden litigator and Los Angeles office head Jason Russell is leaving the firm to join Davis Polk & Wardwell, where he will establish the firm’s first Los Angeles office. Russell, a long-time Skadden partner with a commercial litigation practice that includes sports clients such as the NBA and NFL, has been with the firm since the mid-1990s. His move is part of Davis Polk’s broader expansion in California, following several recent West Coast hires in San Francisco across finance and litigation practices.
