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Trading places: Freshfields makes Paul Weiss AI hire as Latham and Simpson Thacher boost corporate and finance

New York City, US, cityscape

Freshfields has continued its US expansion with a partner hire from Paul Weiss to co-head its artificial intelligence practice.

The firm has brought over New York partner Anna Gressel to jointly lead the practice alongside Giles Pratt, the London partner who also heads the firm’s global IP, data and technology practice.

Gressel was promoted to the partnership at Paul Weiss in January this year after joining the firm as a counsel in 2023. She brings experience representing AI labs and tech developers in internal and regulatory investigations and disputes, as well as advising on a wide range of legal, regulatory, and reputational issues relating to AI.

‘AI is a transformative force that is reshaping industry, just as electricity and the internet reshaped industry in prior generations,’ said Freshfields US managing partner Sarah Solum. ‘Anna is one of the most sought-after advisors in the rapidly evolving field of AI regulation, whose deep technical knowledge and experience across sectors further strengthens our industry-leading AI and data practice.’

Gressel added: ‘I am thrilled to join Freshfields’ premier tech team, particularly as the legal, regulatory, and geopolitical risks presented by AI are becoming increasingly complex for global corporations.’

She continued: ‘Our clients’ need for sophisticated AI-focused legal counsel is expanding rapidly, and I am excited to continue supporting companies in innovating while staying ahead of regulatory and reputational risk.’

Elsewhere, Latham & Watkins has bolstered its M&A and private equity practice with its hire of private equity GC Max Klupchak as a partner into its Houston office.

Klupchak joins Latham from mid-market PE firm Sterling Group, where he spent a decade as general counsel after leaving Kirkland & Ellis as an associate in 2015.

Klupchak is ranked in the Legal 500’s 2025 GC Powerlist for Texas, and while at Sterling he was responsible for all fund, GP, compliance and portfolio matters, as well as M&A deals.

‘Max is a dynamic lawyer with a deep understanding of the private equity ecosystem in Texas and throughout the US, and we are thrilled to welcome him to the firm,’ said Latham Houston office managing partner Nick Dhesi. ‘His experience with middle-market deals and the industrials and manufacturing sectors, in particular, enhances our leading private equity practice not only in Texas, but across the firm.’

Klupchak added: ‘Having worked alongside Latham for many years as a client, I have seen how the firm is uniquely positioned to provide a collaborative approach and vast practice that are second to none. I am excited to join the team and look forward to contributing to the firm’s ongoing success and growth.’

In New York, Simpson Thacher has bolstered its banking and credit practice with the hire of Sam Saunders from Kirkland.

Saunders brings particular expertise in the development and financing of energy and infrastructure projects, with experience advising across the full life cycle of projects and assets, from early-stage joint ventures through project development and financing to restructuring and bankruptcy.

He spent nearly two years at Kirkland, joining the firm as a partner in March 2024 after leaving Sullivan & Cromwell as a special counsel after nearly a decade at the firm.

‘Sam’s deep experience in banking and credit as well as energy and infrastructure directly overlaps with sectors where we are actively expanding’, said Simpson Thacher banking and credit practice co-chair Brian Steinhardt. ‘As sponsor and strategic clients increasingly invest in these areas, his arrival will enhance our ability to provide sophisticated, market-leading advice as investors navigate complex financing matters.’

In Chicago, Clyde & Co has hired insurance disputes partners Ronald Ohren and Jonathan Ebner from Baker McKenzie.

Ohren was at Baker McKenzie for more than three decades, and served as chair of the firm’s North America litigation and government enforcement group’s insurance practice, while Ebner spent nearly 20 years at Baker McKenzie, making partner in 2014.

The hires are the latest in a spate of stateside expansion for Clydes, which saw the firm open in Texas in January, with North American board chair Eilieen King Bower telling Legal Business at the time that disputes would be a key focus for US growth.

Commenting on the latest additions, Bower said: ‘These hires reflect our ongoing commitment to strengthening our insurance capabilities in the US. Ronald and Jon bring a wealth of global legal experience and a proven record of success that will directly benefit our clients.’

Boies Schiller Flexner has hired a pair of partners in New York, bringing over restructuring partner Robert Gordon from regional firm Herrick Feinstein, as well as IP partner Frederick Lee, who most recently served as vice president and assistant chief counsel at The Walt Disney Company.

Lee plans to eventually relocate to BSF’s Los Angeles office, the firm said in a statement.

Earlier in his career, Lee spent seven years as an associate at the firm’s New York office. He went on to take a string of in-house roles, including at blockchain tech company Hiro Systems, where he led the first ever offering of a digital token to be qualified by the US Securities and Exchange Commission in 2019. At Disney, he served as global head of product legal for the company’s streaming offices, building on his earlier experience as global head of legal for artificial intelligence work at Amazon’s Prime Video.

Gordon, meanwhile, has wide-ranging experience across complex and high-value restructurings, including representing the Official Retiree Committee in the restructuring of the Commonwealth of Puerto Rico – the largest public sector debt restructuring in US history.

‘We are excited to welcome Bob and Freddie to the firm,’ said chair Matthew Schwartz in a statement. ‘Bob strengthens our offering for clients involved with investment disputes, particularly in the distressed debt and restructuring space; and Freddie returns to BSF with deeply relevant experience in the issues impacting technology, media, and entertainment companies today.’

In Houston, Vinson & Elkins has made a pair of lateral hires, bringing over corporate partner Chris Bennett and funds partner Samara Shepherd.

Bennett joins from Weil after moving to the firm from Simpson Thacher in 2023, while Shepherd joins from Kirkland, where she made partner in 2021.

Meanwhile in the Midwest, Cozen O’Connor has announced plans to merge with Minneapolis firm Moss & Barnett, adding more than 50 lawyers in a combination set to go live on 1 January 2026.

Finally, the co-chairs of Seyfarth Shaw’s immigration practice have led a team of nearly 30 lawyers and staff to Vialto Law, the legal arm of UK-headquartered immigration firm Vialto Partners.

The team includes two partners, Mahsa Aliaskari and Jacob Cherry, who co-chaired Seyfarth’s immigration practice from Los Angeles and New York respectively, with new hires joining Vialto in cities around the country including Atlanta and Boston.

‘This integration underscores Vialto’s investment in defining the future of global work.’ said Vialto global immigration practice head Sharan Kundi. ‘By bringing in some of the best people in the profession, we’re better positioned than ever to help clients navigate change, manage risk, and unlock the opportunities of working across borders.’

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LB100 2025

Main table

LB’s 2025 ranking of the top 100 UK-headquartered firms in the world, ranked by revenue

The £40bn club: LB100 push revenues to new high

LB100 2025: UK’s 100 largest law firms add £3bn to top line as smaller firms outpace global giants on growth

The LB100’s stars and stragglers: breaking down the numbers

Behind the LB100’s headline figures, closer analysis of the data provides deeper insight into the varying fortunes of the UK’s top law firms – shining a light on where momentum is being built, and where it’s being lost

LB100: why global reach is the differentiator for insurance firms as growth slows

Insurance-focused firms see turnover dip as global focus pays dividends for bigger players

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LB100 2025: The largest UK-headquartered firms in the world by revenue

The full table of stats and data from the 2025 LB100 report, which ranks the top 100 UK-headquartered law firms by revenue.

Click on the table headers to sort, and sort by 2025 ranking to reset the table.

For our top-level analysis of this year’s results, see The £40bn club: LB100 push revenues to new high.

For a closer look at the data, see The LB100’s stars and stragglers: breaking down the numbers.

And for more on the LB100, check out our coverage of last year’s results.

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The UK Green Ambassadors setting the standard for sustainability leadership

Work takes up a large part of our lives – and in the legal world, those hours can be especially long and intense. So it stands to reason that feeling good about the work you do matters.

Increasingly, lawyers are looking for more than billable targets or prestigious mandates; they’re seeking purpose. Among the next generation in particular, there’s a clear shift from simply working hard to working meaningfully. And when lawyers find that sense of purpose – when their values and their work align – arguably, they don’t just feel better about what they do, they often do it better, too.

That spirit of purpose is exactly what defines our UK Green Ambassadors. Each of them demonstrates that sustainability leadership doesn’t stop at the client brief or the courtroom door. Whether through pro bono projects, mentoring, community initiatives, or driving change within their firms or the industry at large, these lawyers are using their skills and influence to make a tangible difference.

Their work reminds us that meaningful impact often happens not just through the law, but around it – in the choices, conversations, and commitments that shape a more sustainable profession.

Purpose in practice

For many of our UK Green Ambassadors, sustainability isn’t a side interest or an extracurricular – it’s integral to how they define their role as lawyers. Purpose isn’t an afterthought; it’s a catalyst.

David Hunter, senior counsel at Bates Wells, sees the law as a powerful lever for tackling the climate and biodiversity crises, and as a lawyer, he is able to use his influence to drive progress: ‘I want to make a positive contribution through my work and seeking to address the climate and biodiversity crises through the influence I have as a lawyer seems to me the most effective way to do that.’

This mindset is shared by others, including Alexandra Holsgrove Jones, ESG lead at TLT, who describes her sustainability work as transforming law from a rulebook into a force for change: ‘My engagement with sustainability has really helped me to see law not just as a resource but as a catalyst for and a driver of change.’

Eleanor Maciver, partner and patent attorney at Mewburn, brings a scientific perspective to her legal work. ‘As a scientist before I was a lawyer, I’ve always had a personal interest in sustainability,’ she explains. ‘By embedding sustainability into our operations and culture, I can influence not just our own footprint but also inspire clients and peers to take meaningful action.’ For Maciver, aligning professional expertise with environmental responsibility demonstrates how even specialist practices can drive real change across industries.

When lawyers lead with their values, they don’t just advise clients on what the law is, but they help shape what a better future could look like.

Leadership beyond the legal brief

Demonstrating leadership beyond the legal brief often means hands-on action for the Green Ambassadors, as they step outside typical legal boundaries to create tangible, real-world impact.

‘Real impact comes when we go beyond advice and actively lead positive change’, says Maria Connolly, head of TLT’s future energy team. She points to her firm becoming the first corporate partner of Belmont Estate, supporting nature restoration while embedding sustainability into corporate culture, and funding inclusive access to nature.

Connolly’s work as one of the founding members of the EWiRE network (Entrepreneurial Women in Renewable Energy) is another proof of that principle in action. Speaking about this, she stresses the importance of building communities: ‘Lead by example, build connections with like-minded individuals and organisations, and speak out to make a difference!’

As Maciver notes, ‘Lawyers are trusted advisors, and that trust gives us influence. If we only talk about sustainability in theory, we miss the chance to show what leadership looks like in practice. By walking the talk, we set an example that others can follow.’

Across the board, these Ambassadors lead not only with legal expertise but with advocacy, energy, and willingness to take responsibility for shaping the green transition.

Influencing the profession

Part of this responsibility is the recognition that lasting sustainability requires the legal profession itself to evolve.

Hunter is vocal about the need for law firms to ‘stop pretending we can continue with business as usual’ while claiming sustainability leadership. His efforts to challenge business-as-usual thinking are evident in his co-founding of the Legal Charter 1.5 and his push for discussions around advised emissions – a clear call for collective accountability and ambition, and an example of how legal professionals can use their platforms and be catalysts for industry-wide change.

Holsgrove Jones is also focused on embedding sustainability into the legal infrastructure: She has worked with the Chancery Lane Project on developing practical tools such as built environment climate clauses and sustainability solutions that can be applied throughout the entire building lifecycle.

Championing greener ways of working, she points out how robust tracking and reporting of emissions is essential to drive sustainability at scale, emphasizing, ‘You cannot reduce what you do not measure, and transparency about both your emissions and your mitigation strategies is key.’

At Mewburn, Maciver takes a similar view – that sustainability must be built into the very fabric of how firms operate. Leading her firm’s Net Zero Transition Plan, she has turned commitment into measurable results. ‘It wasn’t just a statement,’ she says. ‘It was a commitment backed by science, and seeing tangible reductions in our emissions has been incredibly rewarding.’ She also integrates sustainability into IP strategy, helping clients future-proof their innovations in line with evolving regulation and business models.

Meanwhile, at Shoosmiths, co-head of energy and infrastructure Chris Pritchett encourages lawyers to step up and be bold: ‘Challenge misinformation. Support those who regularly do. Step outside the echo chamber once in a while and speak truth to power.’

Our Green Ambassadors are shifting norms, shaping expectations and ensuring sustainability becomes the standard, not the exception. And they make it abundantly clear: innovation from within is essential for real change.

Inspiring the next generation

A powerful thread running through our Ambassadors’ stories is the desire to open doors for others. Sustainability isn’t just about protecting the planet – it’s about shaping a fairer, more inclusive future, and that starts with people.

‘If you develop a perspective that is climate and nature positive, that opens up a mindset which is also aligned with thinking more about justice and equality’, says Hunter.

For Pritchett, the motivation begins with his own children: ‘It really does start at home for me. We have this enormous responsibility to them and subsequent generations and, for often perfectly good reasons, this gets put second behind problems that are more immediate.’

He channels his personal commitment to future generations into mentoring women in sustainability and lending his voice to positive climate dialogue. ‘We must be aware we have a platform, whether it’s on our websites, LinkedIn, at conferences or in our personal lives.’

His work on REGEN’s ReWire mentoring scheme shows how encouragement and confidence-building can accelerate careers – and he admits the learning is mutual. ‘In truth, I think it’s likely I’ve learned far more from them than they have from me.’

Connolly’s advocacy for women in renewable energy reflects a similar purpose: positive conversations, mentoring and visibility that help talented people rise and stay in the sector.

Our Green Ambassadors are not only driving change themselves but they are empowering others to carry it forward.

Collective action, not perfection

A shared message among our Green Ambassadors is that progress is built together and built now. Sustainability isn’t a grand gesture or a flawless plan; it’s the everyday decisions that, when multiplied across an industry, create real scale.

Holsgrove Jones reminds us, ‘Collective action through simple measures can drive substantial change.’

While the work is urgent, Pritchett adds, ‘There’s always more to do, but perfect shouldn’t get in the way of better.’

Maciver also highlights the importance of open dialogue within the profession: ‘Our voice carries weight beyond our client work. Sharing ideas, joining industry initiatives, and speaking openly about what works – and what doesn’t – can shift mindsets. Sometimes, the most powerful change starts with a conversation.’

Leadership happens in everyday choices, and our Green Ambassadors are showing what’s possible. Their leadership is not abstract – it shows up in how they advise clients, mentor colleagues, challenge assumptions, and champion bold new ideas. They reject business-as-usual in favour of something braver, fairer and more future-focused. And in doing so, they demonstrate what’s possible when lawyers use their influence not just to interpret the world, but to help change it.

 

More Green Ambassadors:

United Kingdom 2026 Green Ambassadors

Submissions are open for our Europe and United States Green Ambassadors:

How we select Green Ambassadors

All submission information

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The LB100’s stars and stragglers: breaking down the numbers

Behind the LB100’s headline figures, closer analysis of the data provides deeper insight into the varying fortunes of the UK’s top law firms – shining a light on where momentum is being built, and where it’s being lost.

Here, we take a look at 2024-25’s standouts, as well as some of the firms for which the year was not quite so positive.

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Twelve LB100 firms posted double-digit increases for both revenue and profit per equity partner (PEP) this year. Of those, Linklaters is the only firm in the top 20 to make the cut – with 10.5% revenue growth and 15.8% PEP growth. Kennedys and Stephenson Harwood are the only other firms in the top 50 with double-digit growth in both metrics, with the remaining nine firms in the second 50 including Lewis Silkin, Birketts and Fladgate.

The fastest-growers by revenue in this year’s LB100 are firms with a very different profile to the traditional full service law firm model. With 50.6% growth, ‘platform law firm’ Setfords comes top, with personal injury practice Fletchers and pensions specialist Sackers coming second and third by revenue growth.

At the other end of the spectrum, the biggest percentage dip in revenue this year was 21.3% at claims firm Bond Turner. In total, even including firms with revenue figures estimated by LB, only eight of the LB100 saw turnover fall during 2024-25. This group includes City trio Travers Smith, BCLP and Fieldfisher.

When it comes to increasing partner profits, this year’s best performers include RWK Goodman – the firm formed by the 2022 merger of southwest firm Royds Withy King and London’s Goodman Derrick – which boosted PEP by almost 50% to £411,200. Four other firms enjoyed growth of more than 25%, including two which hit the £1m mark for the first time – Stephenson Harwood and Shoosmiths.

Looking at the LB100 by headcount highlights the huge disparity in size betweeh the mega-firms at the top and those lower down. With 5,268 lawyers and more than 1,300 partners, CMS is the biggest firm in the LB100. Its scale makes it nearly 80 times bigger than the smallest firm – Sackers – which has 67 lawyers and 27 partners.

But Sackers’ size serves it well when it comes to profit margin and profits per lawyer. The firm has the highest profit margin in the LB100 at 51% and is second only to Slaughter and May by profit per lawyer, with the caveat that Slaughters does not disclose profits and therefore its figures are estimated.

Allen & Overy, Freshfields, Clifford Chance and Linklaters also, unsurprisingly, put in a strong showing by profit per lawyer, with Macfarlanes holding its position as their most credible competitor.

For more LB100 coverage, including the full table of results, see The £40bn club: LB100 push revenues to new high

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US quartet lead on Kimberly-Clark’s $49bn acquisition of Tylenol-maker

Four top US firms have taken prominent roles on consumer goods giant Kimberly-Clark’s multibillion-dollar deal to acquire Kenvue – the former consumer healthcare division of Johnson & Johnson.

The two companies announced today (3 November) that they had reached a deal which values Kenvue – the manufacturer of Tylenol, the painkiller recently linked to autism by US President Donald Trump – at approximately $48.7bn.

Kirkland & Ellis is leading for Kimberly-Clark with a 26-partner team spread across its offices in New York, Washington DC, Chicago, Texas, and California.

The team includes M&A partner Kim Hicks, a founding partner of Kirkland’s Austin office, and New York corporate duo Edward Lee and Steven Choi, alongside a range of specialists covering practices including debt finance, capital markets, antitrust, employment, tax and real estate.

According to the release announcing the deal, Kimberly-Clark is also being advised on “certain legal and healthcare regulatory matters” by Gibson Dunn and Arnold & Porter.

Kenvue, meanwhile, is being advised by Cravath Swaine & Moore, which is fielding a 13-partner team from its New York headquarters. Corporate partners Robert Townsend, George Schoen, Michael Mariani, and Jin Ky Baek are leading the team, with support from finance partners George Zobitz, Matthew Kelly and Douglas Dolan.

Kenvue, which was spun off from Johnson & Johnson in 2023, also owns household name brands such as Band-Aid, Benadryl, Listerine and Neutrogena. The company has recently been in the spotlight after Trump claimed that the use of Tylenol by pregnant women increases the risk of autism in their children.

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Morgan Lewis opens in Riyadh with A&O co-managing partner

Morgan Lewis has opened a new office in Riyadh, with the new hires including A&O Shearman’s Saudi Arabia co-managing partner, Sultan Almasoud (pictured).

The M&A and capital markets partner is part of a six-lawyer team launching Morgan Lewis’ new outpost, and joins as office managing partner and Saudi practice lead.

Sanjarbek Abdukhalilov, another corporate partner, has also joined from A&O Shearman, while disputes lawyer Saeed Alqahtani who was previously senior counsel at Al Tamimi & Company, joined the firm in September as of counsel.

The team will be supported by existing Morgan Lewis partners: Middle East and Africa international arbitration practice head Sara Kolieilat-Aranjo, Middle East practice co-lead Ayman Khaleq, and finance partner Sourabh Bhattacharya.

The new office builds on the firm’s existing presence in the region, following its launches in Dubai in 2013 and Abu Dhabi in 2019, and helps the firm position itself to advise on work connected to Saudi Arabia’s Vision 2030 strategy.

Morgan Lewis now has offices in all three of the major hubs in the Gulf region.

‘Saudi Arabia has long been a vital part of our firm’s global practice, and our physical presence in Riyadh reflects a deepened investment in the country, its people, and its future,’ said firm chair Jami McKeon.

Almasoud’s practice includes advising on mergers and acquisitions, IPOs, and corporate restructuring across sectors such as AI, digital infrastructure and data centres.

He has previously represented large family conglomerates and sovereign wealth funds, and worked as part of a legacy Shearman & Sterling team that advised NEOM Company on its $8.4bn green hydrogen and green ammonia plant in 2023.

The Vision 2030 strategy is focused on accelerating foreign investment and driving long-term economic growth. A raft of firms have opened offices in the region, betting on investment and innovation providing a stable footing for generating mandates.

Last month Reed Smith announced it was opening in Saudi Arabia, following Pinsent Masons, King & Spalding, Akin, BCLP, Simmons & Simmons and Freshfields, which all opened offices in Saudi Arabia this year.

The influx follows a 2023 liberalisation of regulations in the Kingdom, which permitted overseas firms to open offices without a local partner as long as various conditions are met.

The departures of Almasoud and Abdukhalilov are the latest in a flood of departures from A&O Shearman since the the merger between legacy Allen & Overy and legacy Shearman was announced in 2023. The number of partner departures since the announcement has surpassed 170, according to data analysed by Legal Business.

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McDermott continues post-merger expansion with DLA London hire

McDermott Will & Schulte has hired financial services regulatory partner Karen Butler from DLA Piper, as the firm continues to build out its capabilities in London.

A Legal 500 leading partner for financial services: non-contentious/regulatory, Butler joined DLA Piper in 2022 from Reed Smith, where she had made partner in 2020.

She also previously worked at firms including King & Wood Mallesons, Linklaters and Clifford Chance, and her practice covers a broad range of financial services matters, from the Financial Services and Markets Act and the Markets in Financial Instruments Directive to regulations around corporate governance, conduct and anti-money laundering.

She is joining McDermott’s transactions group, and global transactions head Harris Siskind described her arrival as a ‘significant strategic enhancement’ to the team.

London managing partner Aymen Mahmoud added: ‘We are thrilled to welcome Karen to our London team. Her reputation for excellence and her deep-seated knowledge of the local and European regulatory framework will be invaluable to our clients operating in and out of the UK. Karen’s collaborative approach and technical skill make her a fantastic addition to our growing London office.’

Butler’s hire is one of a handful the firm has made since the $3bn merger of McDermott Will & Emery and Schulte Roth & Zabel this August. In September the firm brought finance partner Ira Schacter from Cadwalader into its New York office, following up later in the month with the hire of Owen Jones from PE real estate firm Tristan Capital Partners for its London real estate finance team.

In London, the combination saw legacy McDermott add legacy Schulte’s top-tier hedge funds practice to its platform. This funds expertise also handed the firm a Legal 500 ranking in non-contentious financial services, with partner duo Polly O’Brien and Jim McNally among the key names coming over on the Schulte side.

Last week, the firm also announced its first post-merger promotions round, with a record 74 partners made up around the world. Of these, two were in London: litigator James Dobias, and cybersecurity and digital regulation specialist Pilar Arzuaga.

Commenting on her hire, Butler said: ‘I am incredibly excited to join McDermott Will & Schulte. The firm’s integrated global platform and its clear commitment to growing a top-tier transactional and regulatory practice provide the ideal environment for me to serve my clients.’

For more, see The $3bn McDermott Will & Schulte merger: four things the data tells us.

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‘Absolutely crazy’ or ‘evolution’? GCs and partners react to Labour’s Employment Rights Bill

‘We are committed, like the government is, to growth and to employ more people,’ says Nigel Paterson, general counsel at Currys. ‘But we think that essentially this is an overcorrection in quite a few aspects, where they are penalising everyone for the sins of a few.’

Paterson’s view sums up the concerns of many partners and in-house counsel, who caution that the government’s flagship Employment Rights Bill could have ‘unintended consequences’ for UK business.

Last week, the House of Lords pushed for amendments to the bill, particularly on the changes to unfair dismissal rights, zero-hours contracts, and trade union legislation, pushing the negotiations into parliamentary ‘ping-pong’ between the Lords and the Commons. 

The government touts the bill as ‘the biggest upgrade to employment rights in a generation’, and its own impact assessment costs the impact on businesses out at £5bn.

Its scope is vast. Amendments have exceeded 300 pages, and the reforms address everything from unfair dismissal rights and zero-hour contracts to the the gender pay gap, collective redundancy rights, sick pay, and the enforcement of employment rights.

Unfair dismissal rights

One of the more contentious aspects of the bill is the introduction of day-one unfair dismissal rights. Currently, employees need to serve a minimum of two years at their employer before they can claim unfair dismissal. The introduction of an ‘initial period’ of employment, where a light-touch dismissal process applies, is still being pushed by the Lords, who claim that giving employees day-one rights will inhibit hiring. 

Partners Colin Leckey from Lewis Silkin and Andrea Finn from Simmons & Simmons agree that this is one of the most significant changes.  

Finn (pictured right), who is ranked as a leading partner in the Legal 500 Employers rankings, explains: ‘The change in unfair dismissal rights shifts the balance of protection in the workplace in a fundamental way. In practical terms, what that means is employers will need to be much more thoughtful about their recruitment processes, because they will have much less flexibility to say we made a bad decision.’ 

Leckey agrees that the changes will be ‘hugely impactful’, while Paterson comments: ‘The issue is, if you make it more expensive to dismiss people, the decision to take them on board in the first place is a more difficult one to make.’ 

Zero-hours contracts

The Commons has proposed the introduction of the right to guaranteed hours for workers on zero-and low-hours contracts. The changes will mean that any worker who exceeds the minimum hours set out in their contract during a certain reference period will have the right to further hours.  

Currys’ Paterson (pictured right) explains that for a retailer, this aspect of the Bill will cause the most difficulties.  

‘The government hasn’t yet defined what constitutes a low-hours contract,’ he says. ‘But essentially, an employer will be required to offer anyone on a low-hours contract an enhanced hours contract.’

This, he explains, is a particular issue for companies in the retail sector, where seasonal work often means that employees are working much longer hours over certain holiday periods. Paterson comments: ‘This is a real problem; it destroys our flexibility.’

Trade union legislation

Under several reforms to the trade union legislation, the government has proposed to repeal the Strikes (Minimum Service Levels) Act 2023, strengthen trade unions’ right of access in the workplace, as well as introduce a duty for employers to inform their workers of the right to join a trade union.  

For an employment law head at a large global organisation, who asked to remain anonymous, for a unionised company like his, these changes are set to have the biggest impact. 

‘I understand why the government has implemented the changes, but essentially, all of the controls that allow businesses to protect themselves or at least prepare for industrial action have been taken away. That gives very powerful weapons to the trade unions, in terms of collective bargaining recognition but also wage negotiation.’ 

What’s missing?

Lewis Silkin’s Leckey (pictured right) agrees that while the bill represents a huge change, the biggest issue for employees’ rights is the overwhelmed Employment Tribunal.  

‘The biggest problem we have at the moment is that the Employment Tribunal system is in absolute chaos. Unless you properly fund and reform the Employment Tribunal system, that chaos is going to continue, and that is completely unaddressed by this bill.’

He continues: ‘The changes are a reflection of the agenda of the party that’s in power, rather than necessarily something that goes directly to tackling the most fundamental employment issues of the age.’ 

This sentiment was echoed by the anonymous employment law head, who cut to the point: ‘Without fixing that underlying mechanism for employees to go along and actually get justice, then it doesn’t really matter what rights you give them.’ 

Responses

‘It is becoming much more expensive in the UK to employ people, and for a government with a growth agenda, this bill is somewhat counter to that,’ says Paterson, although he concedes, ‘I think that it is an upgrade if you’re in a job. Whether it will help grow the economy and bring more people into employment, I think the jury will be out on that.’

The employment law head took a much stronger tone, ‘I think it’s absolutely crazy from a government that says they want to do is prioritise growth but have not really come up with any kind of pro-growth policies, despite their own assessments being that this Employment Bill is going to have a 5 billion negative impact on GDP.’ 

However, Simmons & Simmons’ Finn strikes a more optimistic tone. ‘It’s evolution rather than revolution’, she says. ‘Ultimately, the legislation is intended to give employees protection. What one wants to do is change behaviour and change processes, rather than having employees rely on enforcement. The best case is that employers look at this and go ‘we need to change our process’.’ 

However, she questions, ‘Does it, on the one hand, increase protection, but on the other hand, make it more difficult to get a job?’ 

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‘I’ve never seen anything like it’ – what’s driving Hong Kong’s IPO boom?

‘In my 31 years of practice, I’ve never seen a pipeline this active,’ says Slaughter and May partner John Moore, on the boom in activity in Hong Kong’s capital markets.

As a veteran of the Hong Kong scene, with decades of experience at firms including Morrison Foerster, Herbert Smith and Sullivan & Cromwell, as well as a six-year stint at Goldman Sachs, Moore is as well-placed as any to comment – and he describes current market conditions as ‘exceptional’.

‘While capital markets are inherently cyclical, the current momentum is exceptional, not just in volume but in the unique combination of factors propelling the market forward.’

According to a recent report from KPMG, Hong Kong is set to take the crown as the top global market for initial public offerings by the end of 2025, and as of 30 September, there were just shy of 300 active IPO applications in the pipeline, not including confidential filings.

And activity levels are so high that many firms are operating at full capacity, with partners in the market talking of banks being turned away by as many as 10 firms with no scope to take on more listings.

The factors behind Hong Kong’s rise

This activity has been driven in large part by regulatory reforms aimed at stimulating the market. ‘This rebound, I think, is primarily due to the A-H IPOs,’ says Sherlyn Lau (pictured), the deputy head of Sidley’s China corporate and finance practice, referring to a policy allowing companies listed on the mainland to post a secondary listing in Hong Kong.

Previously, listing on the Hong Kong exchange meant trading at a discount, according to several partners; however, recent floats have seen companies valued at a premium, which has encouraged more firms to look to the territory to access international capital.

Since the pandemic China has seen a decline in companies listing on its exchanges, and the government has introduced new stringent regulation for foreign IPOs. As a result, there is now a queue of companies that are looking to Hong Kong as a more straightforward solution, according to Lau.

‘Hong Kong is perceived as more friendly to Chinese companies, as it avoids the latent risk of potential de-listings that can arise in the US, where regulatory and geopolitical tensions have contributed to a more uncertain environment for Chinese issuers,’ Moore adds.

The last few years have seen many firms, predominantly US-based practices, scale back their presence in China and Hong Kong, citing geopolitical tensions, strict data privacy laws, and other regulatory challenges, and one partner told Legal Business: ‘We’ve had a number of clients who have been quite candid about their preference not to work with US firms.’

‘US firms tinker with their offering in the region more than many of the UK’s firms,’ Herbert Smith Freehills Kramer’s Matt Emsley says. ‘Commitment is important, especially when it comes to capital markets.’

The firms in the driving seat

When it comes to the law firms taking the lion’s share of the work, the biggest IPOs of the year to date have involved a mix of top UK and US firms, including HSFK, Kirkland & Ellis, Linklaters, Slaughters and Latham & Watkins (see details below).

HSFK has been operating in Hong Kong since 1982, and Emsley himself has been operating in the region for over two decades, experience which inevitably offers particular insight into market dynamics. ‘Strong players will look to bring established market knowledge and experience to different situations,’ he says, while also acknowledging that there are ‘very active players in the capital markets on both the US and UK side,’ Emsley adds.

The pace of deal activity in recent months has also meant that some law firms have been able to push up their rates, according to two partners who say clients with ‘deeper pockets’ have become less cost-sensitive due to a desire to go to market quickly. The partners added that some companies have been pressing for ‘aggressive timetables’ to list because of a rumour that was circulating that the Chinese government could introduce a market cap threshold to access a secondary listing.

‘Any active players in the market at present are being selective in terms of deals they’re taking on because there’s a real demand out there,’ Emsley says, ‘and only so much capacity in the market.’ This naturally raises the question of whether firms are looking to expand. Emsley believes that many firms will be looking to recruit, but acknowledges the challenges: ‘Deal flow has ramped up so quickly that inevitably there are only so many people in the market who can do this work – it’s quite specialised,’ he adds.

Partners also say that Hong Kong’s market is becoming more representative of China’s overall economy; while it was formerly dominated by listings of  banks, insurance companies and consumer brands, Sidley capital markets partner Meng Ding (pictured) notes the recent trend of agricultural and AI companies coming to market.

Benita Yu, the senior partner of Slaughters’ Hong Kong office also points to an appetite among international investors for China investment. ‘People are recognising the real value in Chinese companies and the genuine investment opportunities they present,’ she says. ‘This has boosted confidence in the market, and since March, we’ve seen international capital beginning to flow back into the local markets.’

‘The Hong Kong bets are a bet on China,’ Alasdair Steele, an ECM partner at CMS says, echoing Yu’s analysis that the boom is partly driven by international capital eyeing large returns in Chinese companies.

Lessons for London

The contrast between Hong Kong and London is stark, with the first half of 2025 seeing the weakest listing figures in three decades, and in recent years the UK Government has been attempting to stimulate the kind of market revival Hong Kong is experiencing with regulatory reform,

Earlier this month the Government announced that Latham capital markets partner Mark Austin has been appointed to set up and lead a taskforce overseeing the digitisation of the UK financial markets. This comes on the back of plans announced by the Treasury in the summer to reform prospectus requirements and introduce a system to allow private companies to take advantage of public markets.

The UK and Europe have a pipeline of companies, but ‘whether the international companies come to market [in London] depends on taking a perspective of where the UK is going in terms of growth,’ Steele says.  ‘If the money and the companies aren’t there, the regulatory changes are irrelevant. It’s too early to say,’ he says. For now, capital market partners in London will be looking on at their busy colleagues in Hong Kong with envy.

The biggest Hong Kong IPOs of 2025 to date: international advisers

Contemporary Amperex Technology (CATL): HK$41bn
Kirkland & Ellis for CATL, Linklaters for the joint sponsors and underwriters

Zijin Gold International: HK$25bn
Latham & Watkins for Zijin, Slaughter and May for the joint sponsors and overall coordinators

Jiangsu Hengrui Pharmaceuticals: HK$11.4bn
Cleary Gottlieb and Pillsbury for Jiangsu, HSFK for the joint sponsors

Zhejiang Sanhau Intelligent Controls: HK$10.7bn
Clifford Chance for Zhejiang, Linklaters for the joint sponsors and overall coordinators

Foshan Haitian Flavouring: HK$10.6bn
Clifford Chance for Foshan, Paul Hastings for the joint sponsors, overall coordinators, joint global coordinators, joint bookrunners and joint lead managers

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Revolving Doors: Simpson Thacher swipes Kirkland PE partner as MoFo bolsters fintech

Simpson Thacher has built on recent hires in its corporate and finance practices with its hire of M&A private equity parner Nick Appleton into its London office.

In the summer the firm added securitisation partner Richard Hanson from Cadwalader, before hiring two funds partners, Sam Brooks and Joanne Mak, from Macfarlanes and Kirkland & Ellis respectively.

Appleton also joins from Kirkland, where he spent eight years, joining in 2017 and making partner in 2023. With a practice focused on high-profile PE transactions and leveraged buyouts, Appleton brings a ‘wealth of experience advising top-tier financial sponsors on strategically significant M&A deals,’ said James R. Howe, co-head of Simpson Thacher’s European M&A group.

‘We’re confident he’ll be an asset to our European corporate practice,’ Geoff Bailhache, co-head of the firm’s European M&A group, added.

Morrison Foerster has hired financial services and fintech partner Dan Jones from Orrick in London. Jones, who joins from Orrick where he spent three years, brings a broad knowledge base when it comes to financial regulation as well as providing advice to clients ranging from start-ups to established institutions.

‘Dan’s practice aligns well with our global platform, and we expect his arrival, alongside the recent addition of Josh Kaplan, to establish MoFo as a destination practice for UK and EU financial services and fintech regulation,’ said Jeremy Mandell, co-chair of the firm’s financial services group.

Duane Morris has hired Legal 500 international arbitration leading partner Duncan Speller from Willkie Farr & Gallagher, as the firm makes a statement of intent in London.

Speller was co-chair of the international arbitration group at Willkie, and is ‘exactly the type of marquee talent we strive to attract to our firm’, said Duane Morris chairman and CEO Matthew Taylor.

He continued: ‘His experience and reputation will be a significant addition to our cross-border capability.’

Browne Jacobson has hired Colette Withey as partner into its North West corporate team. Withey moves over from EY Law, where she led the UK commercial and digital law team, and has two decades of experience advising on commercial arrangements and projects across a range of sectors.

Ilona Logvinova has joined Herbert Smith Freehills Kramer as the firm’s first chief AI officer to continue its implementation of AI and digital transformation. Logvinova previously led legal innovation and transformation at Cleary Gottlieb.

‘Ilona is already known for her expertise, and her extensive experience in digital transformation and innovation make her an exceptional fit for this newly-created role,’ Justin D’Agostino, the firm’s CEO said.

Also in London Payne Hicks Beach has hired insolvency and restructuring partner Craig Parrett from boutique bankruptcy firm Isadore Goldman, where he was a director since 2023.

Overseas, Jones Day has hired Christine Tran, a class actions defence litigator with over 17 years of experience into its Sydney office. Tran joins from Herbert Smith Freehills Kramer, and is one of only a handful of lawyers in Australia with trial experience in both shareholder and product liability class actions.

Investigations and disputes partner Jonathan Huth has joined Charles Russell Speechly’s litigation team in Dubai.

He joins from Howard Kennedy, where he led the firm’s Middle East practice. Prior to this, Huth was a senior in-house counsel at HSBC, in London and has also served as a senior trial attorney for the US Commodity Futures Trading Commission.

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‘We’ve never seen anything like this in modern times’ – Adobe’s Karen Robinson on AI risk, regulation and opportunities

‘We’ve never seen anything like this in modern times. The pace of AI development over the past few years and what’s coming next is exponential – there’s simply no way the courts can keep up,’ says Karen Robinson, associate GC for litigation and intellectual property at Adobe.

And she is well placed to make an assessment, with a career that includes nine years at Kirkland & Ellis, where she made partner in 2004, and two and a half years as a litigation counsel at Google before joining Adobe in 2012 as director of litigation.

In her current role, which she took up in 2024, Robinson is responsible for overseeing all aspects of the software giant’s IP, including trademarks, copyrights, patents, and marketing and advertising matters, while she also manages the global litigation portfolio.

While the EU has acted decisively in terms of AI regulation, with the EU AI Act coming in to force last year, the UK’s lighter touch approach has divided opinion. In a recent Legal Business and Thomson Reuters survey of more than 150 senior in-house lawyers, just 14% picked out the UK’s regulatory approach to AI as the best, compared to 52% for the EU.

However, Robinson believes the UK’s approach could pay off in the long term: ‘The UK can benefit from seeing how others have responded to AI regulations. It’s a great opportunity to take advantage of what those who have gone ahead have learned.’

While she is based in the US, she has been visiting London for to take part in working groups on AI and copyright led by the UK government’s technology and culture secretaries, including representatives from Adobe, Sony Music, Open AI, Amazon and Meta, and so far, her interactions with ministers have been positive.

‘The way we’ve seen the UK government lean in and really try to get this right has been encouraging,’ she says. ‘There are natural limitations to what the court and legal systems can provide, which is why this partnership with governments is going to be critical.’  

She believes the UK could benefit from bespoke frameworks reflecting the variety of AI technologies, noting that rules for large language models may differ from those for visual, video or audio tools – ‘so you’re not trying to cram the entire AI industry into a single set of rules’.

The government, which expects the UK AI market to grow to over $1trn by 2035, has tended to discuss AI in the context of ‘innovation and growth’ . Robinson is optimistic the government will also balance protecting creators with fostering innovation.

‘The government has suggested that no one’s going to be completely happy, and that’s an important message for all sides to share,’ she says. ‘In my experience with mediations, if everyone comes out vaguely disgruntled, it usually means we’ve landed in the right place.’

Still, Robinson argues that smaller content creators are frequently overlooked by commentators and legislators: ‘The conversation has become too focused on big tech and major rights holders, while overlooking the vast majority of creatives in the US.’

While many creators are resigned to having their work used as AI training data, Robinson highlights Adobe’s approach as more creator-friendly; the company’s Gen AI image generator Firefly is trained exclusively on licensed or copyright-expired material.

Another issue Robinson is passionate about is workplace diversity. At a time when DEI is facing fierce pushback from some quarters, she sees it as more vital than ever. Greater diversity across teams, she argues, is essential not only to reflect the plurality of users but also to anticipate and raise concerns and perspectives that might not be visible to others.

‘I know diversity is sometimes seen as a dirty word’, she says, ‘but you need a diverse body of data; it’s critically important, and things can go really, really bad if you don’t.’

The future of an AI-powered world may be uncertain, but uncertainty often brings opportunity, and Robinson believes enterprising lawyers will be well placed to benefit.

‘AI reminds me a lot of privacy law. When privacy first started emerging, nobody really had expertise in it – if someone said “I’ve been doing this for 30 years,” you’d think, really? Because 30 years ago, hardly anyone was even thinking about it. That created a great opportunity for young lawyers to get in at the ground level, build their expertise, and now you have people with 15 years of experience who are true experts.’

‘AI presents the same opportunity from a legal perspective. The law is still being developed, so you can get in early, help shape where it’s going, and build expertise along the way. For a developing lawyer, that’s incredibly exciting.’ 

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London partner promotions more than double as Latham makes up 40 firmwide

Latham & Watkins has promoted 40 new partners around the world, the firm announced today (30 October), with seven promotions in London – more than double last year’s number.

The total of 40 partners is up 67% on last year’s figure of 24, while the seven London partners mark an increase of more than 130% on last year’s three.

Of the seven, five join the firm’s core corporate and finance practices. Chris Cox and Harriet Stephenson join the M&A and private equity practice, Tamryn Gallagher and Julie Van der Meersche join the banking and private credit practice, and Jonathan Ritson-Candler joins the capital markets practice.

The remaining two London promotions are Brett Carr, joining the emerging companies and growth practice, and Calum Docherty, joining the data and technology transactions practice.

Across the rest of Europe the focus remains fixed on transactions, with Paris, Milan, and Frankfurt each welcoming a new partner in the M&A and private equity practice.

The bulk of the promotions were once again in the US, with eight partners made up in New York, six in Washington DC, four in Boston, eight across the firm’s California offices, and two each in Chicago and Houston.

Across the board, Latham has promoted 30 lawyers into the partnership across the US, up from 17 last year.

This year’s round saw the firm make up no partners outside of the US and Europe, in comparison to last year, when it made up one partner each in Riyadh and Tel Aviv.

‘Today is an important and exciting day for our firm as we recognize and celebrate an amazing group of lawyers,’ said chair and managing partner Rich Trobman (pictured).

‘They have contributed significantly to the growth, success, and culture of Latham, and their promotions highlight the incredible depth of talent we have at our firm.’

The promotions are effective as of 1 January 2026.

The firm has also promoted 56 associates to the role of counsel, up from last year’s figure of 27. Earlier in the year, the firm promoted 19 counsel to the partnership, five of which were in London.

The announcement follows recent promotions by McDemott, which made up 74 partners in its first post-merger round, and White & Case, which made up 45.

The new partners are:

Europe

  • Brett Carr, emerging companies and growth, London
  • Chris Cox, M&A and private equity, London
  • Calum Docherty, data and technology transactions, London
  • Tamryn Gallagher, banking and private credit, London
  • Jonathan Ritson-Candler, capital markets, London
  • Harriet Stephenson, M&A and private equity, London
  • Julie Van der Meersche, banking and private credit, London
  • Michael Colle, M&A and private equity, Paris
  • Andrea Stincardini, M&A and private equity, Milan
  • Dominik Waldvogel, M&A and private equity, Frankfurt

United States

  • Shane Alexander, banking and private credit, Los Angeles
  • Savannah Burgoyne, white collar defense and investigations, Washington, D.C.
  • Shannon Cheng, M&A and private equity, Orange County
  • Shanta Chirravuri, M&A and private equity, New York
  • Michael Cromer, real estate, New York
  • Abigail Friedman, transactional tax, Washington, D.C.
  • Daniel Gherardi, securities and M&A litigation, Bay Area
  • Ryan Gold, capital markets, New York
  • Brad Guest, M&A and private equity, Washington, D.C.
  • Robin Gushman, antitrust and competition, Bay Area
  • Alisa Hand, executive compensation, employment and benefits, New York
  • Mike Hart-Slattery, investment funds, Washington, D.C.
  • Clayton Heery, M&A and private equity, Houston
  • Deborah Hinck, data and technology transactions, Boston
  • Christian Hollweg, emerging companies and growth, San Diego
  • David Johnson, antitrust and competition, Washington, D.C.
  • Sandy Kugbei, capital markets, New York
  • Lauren Lefcoe, M&A and private equity, Bay Area
  • Anne Malinee, complex commercial litigation, Washington, D.C.
  • Kaj Nielsen, capital markets, New York
  • Samuel Niles, capital markets, Boston
  • Alice Parker, M&A and private equity, Houston
  • Harris (Hai) Pham, banking and private credit, Los Angeles
  • Nathan Sandals, complex commercial litigation, Boston
  • Will Schildknecht, connectivity, privacy and information, Los Angeles
  • Samuel Steinman, real estate, New York
  • Jennifer Tian, investment funds, Chicago
  • Laki Triantafylidis, M&A and private equity, Boston
  • Aida Vajzovic, real estate, New York
  • Michael Zucker, transactional tax, Chicago

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Over half of UK GCs rethink ethics policies amid US attacks on ‘woke agenda’

More than half of UK GCs say their organisation has revised its stances on diversity, equity, and inclusion (DEI) and environmental sustainability in the face of heavy criticism from the US, according to new research.

Of these, more than a quarter (28%) say that their organisation has made ‘wholesale changes’ to its stances, or abandoned them entirely.

The findings come from a report commissioned by UK firm Freeths, which surveyed 250 GCs and chief legal officers across the technology, retail, hospitality and leisure, energy, and public sectors.

The responses show how businesses’ commitments to DEI and environment, sustainability, and governance (ESG) initiatives have shifted since US President Donald Trump took office and begin targeting those initiatives.

This was a key takeaway from the survey, with 32% of businesses saying criticism from the new administration has led to discussions about potential changes, 26% disclosing that it has led to specific changes, and 28% saying it has led to wholesale changes or abandonment of their current stances.

The report also found that 83% of GCs believe that ‘doing the right thing’ is too often considered secondary to profit in business decision-making.

At the same time, the responses highlights that the approach to DEI and sustainability has not been completely stifled by the shift in the political landscape across the Atlantic, and conversations about these topics continue in the corporate environment.

More than half (58%) of survey respondents said they felt comfortable flagging concerns around ethical best practice, while 32% said they consult with senior leaders about ethical concerns on a weekly basis.

Additionally, 85% of businesses reported declining business due to ethical concerns.

Introducing the Corporate Conscience Index, Freeths senior partner Philippa Dempster said: ‘This report examines how businesses are approaching ethical decision-making today, where conscience meets commercial reality, and where the gaps remain.’

She continued: ‘The lesson is clear: legal tactics, business strategy, and professional influence must always deliver advantage with fairness. That is the standard to which we should all be held.’

There have been numerous examples of businesses aligning with the Trump administration, with nine law firms publicly cutting deals with the administration to roll back their DEI commitments and provide free legal advice to causes the administration supports.

Others, however, remain committed to their stances. NatWest in particular is highlighted in the report for embedding its ESG targets into its executive pay structure. Fifteen percent of the long-term incentives in the company’s performance share plan depend on delivering climate and sustainability outcomes.

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‘Results validating the strategy’: Goodwin posts double-digit growth as ten-year plan kicks in

Goodwin has pushed revenue to a new record high after a year of double-digit financial growth, with the US firm also electing a new managing partner to take the reins in 2026.

The global firm saw revenue rise 12% to $2.7bn over the 12-month period to 30 September, with profit per equity partner up 20%. (The firm reported PEP of $3.62m for the 2024 calendar year).

Over the past year, the firm has pushed forward with a new ten-year strategic plan dubbed ‘Goodwin 2033’, and according to chair Anthony McCusker, the latest results are evidence that the strategy is already paying dividends.

McCusker, who has chaired the firm since October 2023, told Legal Business that the strategy is ‘more an evolution than a change’ from the firm’s approach over the last decade after the firm made some ‘hard decisions’ in the early 2010s to focus on core industry areas – healthcare, investment funds, life sciences, private equity, real estate and technology.

Though the firm declines to provide breakdowns for individual offices, McCusker said that London is ‘core to our success globally’, emphasising that Goodwin is practising in all six of its core industry areas out of the capital. ‘We felt we could lead in these industries that we thought had the best potential for growth,’ he said.

From next October, McCusker will work alongside a new managing partner, private equity specialist Joshua Klatzkin, who has been voted in after an election process held a year in advance to allow for a 12-month period during which Klatzkin will shadow current postholder Mark Bettencourt.

McCusker paid tribute to Bettencourt’s leadership, noting that revenue and net income have more than doubled and PEP has increased by 175% over his six years as managing partner. ‘When Josh takes over we will be a couple of years into the 2033 strategy and deep in the execution and implementation stage, so he can really hit the ground running,’ he added.

Goodwin recently topped the law firm rankings for M&A deal volume in Q3, with total deal values up by 115% on the corresponding quarter last year. McCusker also drew attention to the firm’s litigation practice, which grew by at least 9% for the fifth year running.

In London, recent partner hires have included Matthew Ayre, who was previously head of the leveraged finance team at Travers Smith, as well as former Kirkland & Ellis private equity partner Tom Roberts.

This May, the firm also took on HSBC’s head of legal market engagement Chris Grant as head of client value, and McCusker believes there is much more than just pricing when it comes to providing client value, with the firm seeking to embed itself deeply within its clients’ industries to become ‘not just vendor but strategic partner’.

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The best lawyers in Houston, Dallas and more, revealed in latest Legal 500 US elite rankings

More than 200 firms have been recognised in the latest batch of US elite rankings, unveiled by Legal 500 today (29 October), with a record 933 individual rankings across key markets in Texas and the Midwest.

The new rankings recognise lawyers from a total of 227 firms, including 204 that have never before been ranked by the Legal 500.

Distinct from the core Legal 500 US guide, which launched in June, the US elite recognises the top lawyers at firms outside of the global elite in markets across the United States.

The latest rankings following the launch of the project with the inaugural New York, Chicago and Washington DC rankings in February, the Boston, Miami and Charlotte rankings in April, and the Philadelphia, Atlanta and Ohio rankings in June.

The rankings cover a total of 19 practice areas, tailored to the strengths of each individual market and selected to highlight the most important and high-value work in each city.

The latest Legal 500 US elite rankings include:

Top performers

Dallas-headquartered Texas stalwart Jackson Walker was the best performing firm across the entire cohort, with 49 ranked lawyers across the Texas rankings, including ten in real estate transactions in Dallas, six in energy in Dallas, and five each corporate and M&A in Austin, corporate and M&A in Dallas, and energy transactions in Houston.

The firm was also the strongest performer across all of the Texas rankings, with Austin-headquartered McGinnis Lochridge in second place with 16 rankings across Austin and Houston, and third place shared between Dallas firms Bell Nunnally & Martin and Winstead PC, with 12 rankings each.

St Louis-founded UB Greensfelder scored highest in Missouri, with four rankings each in commercial disputes and corporate and M&A.  While in Indianapolis, two firms achieved the same feat: Indianapolis-founded Bose McKinney & Evans, and Taft Law, a Cincinnati-headquartered firm also among the top performers in Minneapolis.

Also at the top of the pile in Minneapolis were local firms Antony Ostlund and Ciresi Conlin, as well as San Francisco-headquartered Gordon Rees Scully Mansukhani (GRSM). Each of the firms had three rankings apiece in commercial disputes and corporate and M&A.

The rankings also included two new practice areas in Chicago, building on the commercial disputes and corporate and M&A rankings for that city released in February.

In banking and finance, Chapman and Cutler and Goldberg Kohn shared the top spot with four rankings each; specialist patent and IP firm Marshall, Gerstein & Borun was the best performer in intellectual property, also with four rankings.

Legal 500 is continuing to build out its US elite coverage, with rankings covering key markets across the country. Check the US elite page to learn more.

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Top performing firms by ranking

Location Practice Firm Rankings
Austin Commercial disputes Reid Collins 6
Corporate and M&A Jackson Walker 5
Energy litigation McGinnis Lochridge 5
Energy litigation McElroy, Sullivan, Miller & Weber 5
Dallas Commercial disputes Bell Nunnally & Martin 6
Commercial disputes Lynn Pinker Hurst & Schwegmann 6
Corporate and M&A Jackson Walker 5
Energy (transactions and litigation) Jackson Walker 6
Real estate (transactional) Jackson Walker 10
Houston Commercial disputes Susman Godfrey 5
Corporate and M&A BoyarMiller 3
Corporate and M&A Bradley Arant Boult Cummings 3
Corporate and M&A Jackson Walker 3
Corporate and M&A Porter Hedges 3
Energy litigation Gibbs & Bruns 3
Energy litigation McGinnis Lochridge 3
Energy litigation Yetter Coleman 3
Energy transactions Jackson Walker 5
Indianapolis All Bose McKinney & Evans 8 (four each in commercial disputes and corporate and M&A)
All Taft Law 8 (four each in commercial disputes and corporate and M&A)
Minneapolis All Antony Ostlund 6 (three each in commercial disputes and corporate and M&A)
All Ciresi Conlin 6 (three each in commercial disputes and corporate and M&A)
All Gordon Rees Scully Mansukhani 6 (three each in commercial disputes and corporate and M&A)
All Taft Law 6 (three each in commercial disputes and corporate and M&A)
Missouri All UB Greensfelder 8 (four each in commercial disputes and corporate and M&A)
Chicago Banking and finance Chapman and Cutler 4
Banking and finance Goldberg Kohn 4
Intellectual property Marshall, Gerstein & Borun 4

 

The top lawyers in Philadelphia, Ohio, and Atlanta revealed in latest Legal 500 US elite rankings

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Black History Month: ‘It’s going to take strong law firms to ensure we don’t go backwards’

‘Progress has not been good enough,’ says Bridget Tatham, a Birmingham insurance partner at Browne Jacobson. ‘The fact there’s scrutiny and a spotlight on it can only be a good thing but we can’t hide behind it.’

According to the most recent data from the Solicitors Regulation Authority (SRA), the number of Black partners in the UK did not increase between 2015 and 2023, despite law firms’ efforts to improve DE&I over this period.

As this year’s Black History Month draws to a close, Legal Business spoke to partners about the progress they have seen and experienced throughout their careers, as well as the change that is still needed to drive representation in the legal profession forward, particularly at partner level.

‘If the data isn’t there, there’s no evidence’

The SRA research found that while the overall number of minority lawyers rose steadily between 2015 and 2023 to 19%, only 3% of full equity partners and 1% of salaried partners identified as Black.

The findings are in line with a separate report – The 1% Study – which was published in 2022 and revealed that only 90 out of 13,000 partners at firms with 10 or more partners identified as Black, despite 4% of the UK population falling into this category.

For Tatham, every bit as important as the number of Black lawyers working in law is where they are working. Pointing to the data from the SRA showing that the vast majority of Black, Asian and ethnic minority lawyers work in firms with fewer than 10 partners, she asks: ‘The question is why are we not representative as lawyers in corporate, international firms?’

‘We can’t simply say that [senior Black representation] is just going to take time,’ Tatham adds. ‘The reality is that there have always been talented Black professionals who, for various reasons – including systemic obstacles as well as overt racism – have not been given the opportunity to progress.’

In an industry where progression into the partnership is driven by working the right number of hours for the right clients, fair allocation systems are vital.

‘You have to look at if the allocation of work and access to clients is fair,’ says Karl Brown, a Bristol-based commercial property partner at Clarke Willmott. Brown emphasises the importance of all fee earners ‘having sufficient opportunity for client interaction regardless of background’, a criteria he claims is not always met.

A&O Shearman London pension partner Jessica Kerslake maintains that there have been improvements in the industry since she started her legal career 21 years ago, despite the latest figures indicating a slow down.

‘Things have changed significantly,’ insists Kerslake. ‘When I started out as a trainee in 2004, there were very few Black faces anywhere in the City.’

For Kerslake, the mere existence of DE&I metrics is indicative of improvement over time. ‘When I was a trainee in 2004, I don’t think there were any statistics,’ she says. ‘The data is incredibly helpful because you can have certain feelings [about the presence of discrimination] but if the data isn’t there, there’s no evidence.’ Breaking down the hours associates log therefore becomes an important part of analysing whether work is being allocated fairly, she explains.

‘It’s about challenging why you keep going back to the same person’

‘I think it is valuable to not be too guarded about these conversations. If there is a sense a partner hasn’t been giving opportunities fairly to junior lawyers, we should be able to ask why that is. It’s human nature to want to work with people who have done well in the past or who remind us of ourselves. It’s about challenging why you keep going back to the same person for work and asking, am I giving everyone an equal opportunity to showcase their skills?’

Tracking the numbers can allow firms to spot problems and address them. In 2020, legacy A&O announced that it had been working on improving its ‘stay-gap’ after data revealed that Black lawyers were leaving the firm over two years earlier in their careers than white peers. ‘We reviewed our exit interview process to make sure that people’s experiences were heard and to help identify ways we could improve,’ says Kerslake.

‘If you don’t know what the issue is, how can you correct it?’

Similarly, Browne Jacobson began voluntarily reporting its ethnicity pay gap in 2019, allowing the firm to analyse and challenge remuneration and promotion decisions. In 2019 the pay gap stood at 18.7% but by 2024 it had fallen to 16%. ‘Data drives action,’ Tatham notes, ‘if you don’t know what the issue is, how can you correct it?’

It’s an argument demonstrated by progress at A&O Shearman. In 2019, the firm’s reporting showed that no legacy A&O partners identified as Black. Today that percentage stands at 3%, with the percentage of associates identifying as Black doubling from 3% to 6%.

But it isn’t just about the numbers. As well as data-driven metrics, A&O Shearman is also trying to improve collaboration between associates and partners, as well as with clients, says Kerslake, to help develop the relationships needed for career progression.

One popular softer-skills option for firms is reverse mentoring. Over at Clarke Willmott, Brown says the firm’s scheme means ‘junior staff can share their experience to help shape and inform senior leadership, which is an important element for retention and progression.’

He points to the skills he gained from his own senior consultant mentor as ‘invaluable’ in building his career.

‘It can be taken as a given that, as a person rising up through the law firm, you’re aware of all the dos and don’ts,’ he says. ‘But if you’re from a background where your parents weren’t in the profession, you need someone to point out the parameters which you’re trying to aspire to.’

For Brown, representation won’t be properly improved unless there is an industry-wide solution. He founded the Bristol Property Inclusion Charter for the real estate sector in 2019, to boost collaboration in promoting diversity and opportunity and wants to see the legal industry work together more closely too.

Tatham goes further, referencing inclusion work Browne Jacobson has done with clients which improves experiences for mentees as well as deepening client relations.

However, she is concerned about global pressure on future DE&I initiatives in the legal profession given Trump’s actions in the US. ‘It’s going to take some very strong law firms to stick to their commitments regarding Black retention and the growth of Black talent to ensure that we don’t go backwards,’ she warns.

All three partners stress that the benefits of DE&I go beyond simply a ‘moral objective’.

‘There are strong business benefits to creating a broad range of opinion and expertise within the firm,’ says Brown.

‘The question is why are we not representative as lawyers in corporate, international firms?’

Attracting a more diverse workforce isn’t just about policies, values and culture though. As Kerslake comments: ‘All firms promote inclusive cultures, but if there are no Black people in positions of power, or anywhere that young lawyers can see, they’re going to question why that is.’

But this shouldn’t be about targets or tokenism. Speaking about her own partnership in pensions, Kerslake says their unique perspectives bring different things to the table which strengthens decision-making. ‘It’s about talent and merit rather than ticking a box. If you put someone in a position of responsibility that they’re not yet capable of dealing with, it’s damaging to the person, to the firm and to the inclusion efforts. There’s an abundance of Black talent and potential.’

‘Having high performing, talented Black partners that can inspire the next generation is incredibly important to give junior lawyers the confidence that their firm is a place where they can truly shine and where they will be judged by their performance and not the colour of their skin.’

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The end of the law firm partnership? How NI reform lays bare structural flaws and opens the door to private equity

The UK government’s proposed National Insurance reform is more than a tax tweak -it’s a reckoning for law firm partnerships. Stripping away the 7% income tax advantage for equity partners, the reform forces firms and partners to confront whether a structure that’s endured since the 19th century can invest, innovate, or compete in the 21st.

This could prove the catalyst for an industry-wide push to incorporation and throw open the doors for private capital’s advance into the legal sector.

The capital constraint problem

While the law firm partnership model breeds exceptional collegiality and aligns effort to reward, its defining feature – the ‘naked-in, naked-out’ approach – tends to foster chronic underinvestment. Annual full distribution of profit and nominal partner capital serve short-termism and starve firms of the resources and incentives to own assets, upgrade technology, or back new ventures outside the core traditional law practice.

Senior partners are understandably reluctant to fund projects whose returns they’ll never enjoy; junior partners tend to prefer cash today over capital tomorrow. As unincorporated businesses, UK partnerships reinvest only after tax, making every pound of investment costlier than for corporates who don’t pay tax until profits are distributed. If partnerships lose their NI tax advantage, investment becomes even less attractive forcing a hard look at alternatives.

The talent retention problem

Instead of building long-term capital, the partnership model unwittingly rewards exit over retention. Partners can walk away with no penalty for leaving and have no compelling financial reason to stay.

Instead of building long-term capital, the partnership model unwittingly rewards exit over retention

In the past, tight-knit partnerships created bonds of loyalty that constrained exits. Today, market forces, rising pay, and competition make firm-hopping rational – and rampant. Even traditional bastions of partnership stability like Cravath, Wachtell, and Slaughter and May are losing partners, as eye-watering rival pay packages test the model’s limits.

The contrast with private equity structures makes the partnership model’s weaknesses even starker.

Comparison with the PE model

The irony is acute: as data from Edwards Gibson found partner moves in London hit a record 548 in 2024, many departing lawyers are the very advisers counselling private equity clients on long-term value creation and capital structures. PE professionals defer gratification through carried interest, vest over years, and face real financial loss if they leave. Law firm partners, by contrast, face few consequences for jumping ship and have little chance to build compounding wealth within their firm.

Law firm partnership compensation resets annually: value created and consumed each year, with no mechanism to defer gratification or accumulate capital. Private equity structures do the opposite. PE partners build substantial capital accounts with multi-year lockups. Carried interest vests over five to 10 years, tying compensation to long-term fund performance. A PE partner who switches firms forfeits millions in unvested carry. Clawback provisions claw back overpayments if later investments underperform. Law firm partners face no such constraints.

Law firm partners leave because staying costs them the opportunity to earn more elsewhere, with virtually no financial penalty for mobility

PE executives stay because leaving costs them millions. Law firm partners leave because staying costs them the opportunity to earn more elsewhere, with virtually no financial penalty for mobility.

This system institutionalises a free-agent culture in law firms where high earners threaten departure and veto strategic decisions to extract higher rewards – eroding partnership bonds still further and risking management paralysis precisely when long-term collective leadership is essential.

The employee incentive problem

Partnerships also lag on talent incentives. Without true equity, share options, or profit-sharing, they cannot match the career-long upside now common at corporate, ALSP, or PE-backed competitors – who use ‘sweet equity’ and management incentive plans to bind young stars for the long haul.

The NI changes remove a key defence of the status quo

Sophisticated PE investors in law firms understand this instinctively. To exit a law firm investment profitably in three to seven years, they must retain the next generation who’ll replace departing senior partners. Corporate structures offer visible paths to wealth creation and clear exits; partnerships counter with indefinite promotions, opaque process and one-year reward horizons.

The search for solutions

Sceptics say no partnership will accept the short term hit to distributions needed to build capital – why surrender certain income for uncertain gains?

Yet pressure is mounting. The NI changes would remove a key defence of the status quo. Rising partner mobility, technology and AI investment demands that dwarf the capacity of the current model to meet them and relentless PE interest in the legal sector are driving creative solutions.

One model: satellite platforms where firms co-invest with external capital in high-growth practices, offering laterals profit shares, capital growth on exit, and operational independence – without restructuring the core partnership.

Another: minority investments to finance incorporation and reconcile intergenerational equity – particularly attractive for firms with substantial non-legal business lines alongside traditional practice.

And lastly: hybrid models that seek to replicate the capital growth models of PE partnership clients while retaining the partnership structure.

The question is no longer ‘if’ partnerships must evolve, but ‘how’

The partnership model won’t disappear overnight. But its monopoly is ending. Well-capitalised corporate challengers backed by private equity are advancing into the sector with structures designed to retain talent and enable long-term investment. And any move towards more corporate structures will inevitably speed that advance since it makes firms more investible.

The question is no longer ‘if’ partnerships must evolve, but ‘how’ – and whether firms will act proactively or wait for the market to force their hand.

The greatest irony? Lawyers engineering these transformations for clients may finally have to engineer them for themselves.

David Morley is co-founder of Dejonghe & Morley, a consultancy focused on connecting law firms with private capital solutions. He previously served as manging partner and senior partner of legacy Allen & Overy and as managing director and head of Europe for global investment group Caisse de dépôt et placement du Québec (CDPQ).

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McDermott promotes 74 to partnership in first post-merger round, adding two London partners

McDermott Will & Schulte has made its first round of partner promotions since its $3bn merger went live, with 74 lawyers made up globally and two in London.

The two new London partners are Pilar Arzuaga (pictured left) and James Dobias (pictured right), both from legacy McDermott Will & Emery, and in the firm’s regulatory and litigation departments respectively.

‘A huge congratulations to Pilar and James on their well-earned promotions to the partnership’, said London managing partner Aymen Mahmoud. Both have built exceptional practices, driven by deep expertise and a relentless commitment to client service.’

Partner promotions are up nearly 35% on last year’s combined figures, when legacy McDermott made up 43 new partners, and legacy Schulte Roth & Zabel made up 12.

The London total, meanwhile, is up on last year, when legacy Schulte promoted one partner in London (funds partner Amy MacDonagh), and legacy McDermott promoted none (having promoted three partners in London in its 2023 round).

To put the London numbers into perspective, 34 partners were made up in New York, 6 in Washington DC, and 5 in Miami. London’s figure of two puts it on a par with the firm’s Milan and Los Angeles offices.

The regional split of this year’s promotions was similar to previous years. The US took the overwhelming majority of promotions, with 65 – nearly 88% of the total, compared with just over 87% last year. Seven of this year’s new partners were promoted in the firm’s European offices, compared with six last year.

The breakdown by practice area was also similar to last year’s, with 37 made up in transactions – fully half of the total, compared with 38% last year. Litigation held steady at 20% of the total, with 15 partners this year compared to 11 last year.

The firm’s flagship health and life sciences practice made up four new partners this year, down from nine last year, while promotions in the regulatory practice surged from just one last year to six this year.

‘Celebrating our people is core to who we are, ‘ firm chair Ira Coleman said in a statement. ‘These new partners embody the bold thinking, client focus, and leadership that power our culture.’

Global transactions practice group head Harris Siskind added: ‘Our enhanced resources are second to none, especially in private credit, regulatory, and investment funds. We’re doubling down on the areas where clients need us most, with integrated teams that deliver unmatched value.’

The new partners are:

Europe

  • James Dobias, litigation, London
  • Pilar Arzuaga, regulatory, London
  • Laura Stammwitz, regulatory, Frankfurt
  • Oscar Arcà, transactions, Milan
  • Nicolò Perricone, transactions, Milan
  • Thomas Diekmann, transactions, Munich

United States

  • Morgan Pollard, health and life sciences, Atlanta
  • Rosalyn Broad, health and life sciences, Austin
  • Ashley Brzezinski, intellectual property, Boston
  • Natasha Dobrott, litigation, Boston
  • Asseret Frausto, litigation, Boston
  • Aly Francini, transactions, Boston
  • Emilie O’Toole, litigation, Chicago
  • Soffia Kuehner Gray, private client, Chicago
  • Terrence Brennan, transactions, Chicago
  • Garrett Kurtzweil, transactions, Chicago
  • Katie Yonover, transactions, Chicago
  • James Grossman, litigation, Dallas
  • Raja Chatterjee, transactions, Dallas
  • Jack Haake, transactions, Dallas
  • Ariel Beverly, employment, Los Angeles
  • Cathy Ren, health and life sciences, Los Angeles
  • Jack Beauchamp, transactions, Miami
  • Brad Burcroff, transactions, Miami
  • Nick Dilts, transactions, Miami
  • Brandon Elliot, transactions, Miami
  • Stephen Pedersen, transactions, Miami

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Kirkland’s new Boston hires lead as Novartis seals $12bn Avidity Biosciences acquisition

Kirkland & Ellis’s  recently hired Boston team has scored a key role advising Avidity Biosciences on its $12bn acquisition by Swiss pharma giant Novartis.

The team, which joined earlier this year from Skadden, is advising San Diego-based RNA therapeutics developerAvidity opposite Covington & Burling for Novartis.

The transaction is due to complete in the first half of 2026, with Novartis taking the group’s Antibody Oligonucleotide Conjugates (AOCs) platform for RNA therapeutics, as well as three late-stage neuroscience programs for neuromuscular diseases.

Meanwhile, as part of the transaction, Avidity will separate its early-stage precision cardiology programmes into a new company, SpinCo.

Covington is advising Novartis, with a team led by corporate practice head and M&A co-chair Catherine Dargan and M&A partner Mike Riella, both in Washington DC, as well as New York-based M&A partner Alicia Zhang.

Meanwhile, the Kirkland team advising Avidity includes Boston corporate partners Graham Robinson, Laura Knoll, Greg Schuster and Merric Kaufman, as well as New York capital markets partners Jennifer Lee and Tamar Donikyan.

Robinson, Knoll, Schuster and Kaufman joined Kirkland in May and June of this year from Skadden, where Robinson headed that firm’s Boston office.

The new team has enjoyed a successful few months since joining Kirkland. In June, Robinson, Knoll and Kaufman advised Sage Therapeutics on its $795m sale to Supernus Pharmaceuticals.

This is not the first time the team has navigated an acquisition by Novartis: while at Skadden, Robinson, Kaufman and Schuster acted for German biotech company MorphoSys AG in its €2.7bn acquisition by Novartis.

The deal is the second biggest pharmaceutical transaction of 2025, following Johnson & Johnson’s acquisition of Intra-Cellular Therapies for $14.6bn, which completed in April of this year.

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