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Duane Morris is raising the bar for lateral partner revenue in London, signaling a shift from volume hiring to targeting partners with bigger books. Gibson Dunn is building out its cross-border M&A bench after hiring Sebastian Fain from Freshfields, who has already landed on a $9B Merck deal.

On the client side, OpenAI filed confidentially for an IPO targeting this fall, GSK is buying cancer drug developer Nuvalent for $10.6B, and PE software buyouts have collapsed to their lowest level since the pandemic as AI uncertainty freezes deal committees. Blackstone is marketing a $2B collateralized fund obligation to sell down PE fund stakes, in what could be one of the largest such deals in years.

Now, on to what matters for your practice today.

Today’s Talking Points

-Tax and Wealth Hires at Paul Weiss, Holland & Knight / Litigation and VC Laterals at Latham, DLA Piper

-Duane Morris Raises Revenue Bar for London Laterals / Clifford Chance Formalises Local Partner Tier

-Gibson Dunn Builds Cross-Border M&A with Ex-Freshfields Hire / Big Law Rainmaker Pay Hits New Highs

-OpenAI Files for IPO / GSK-Nuvalent $10.6B Deal / PE Software Buyouts Collapse to Pandemic Lows

-Blackstone Markets $2B Collateralized Fund Obligation / Private Credit Flows Slow

-H-1B Visa Fee Struck Down / Blanche Nominated as AG / Pentagon Blacklists Alibaba and Baidu

-Iran-Israel Ease Strikes / Treasury Market Signals Rates Too Low / China Exports Surge 19%

Talent Strategy

Latest Moves

-Paul Weiss hired tax partner Daniel Zygielbaum in Washington, DC.

-Holland & Knight hired wealth and tax partner Elizabeth Garlovsky in Chicago.

-Latham & Watkins hired complex commercial litigation partner Shayne Henry in Austin.

-DLA Piper hired emerging growth and venture capital partner Abrar Hussain in Palo Alto.

-K&L Gates hired asset management and investment funds partner Edward Baer in San Francisco.

-Taft hired a three-partner group from Stinson in Denver: Robert Botts Jr., Zane Gilmer, and Selena Samale.

-King & Spalding added two finance partners from Proskauer in New York: Andrew Bettwy and Jinyoung Joo.

-Gibson Dunn recruited former Senate counsel Matthew Owen as partner for litigation and congressional investigations in DC.

What today's moves tell us: Tax, wealth, and fund formation hires reflect firms positioning for increased advisory demand around estate planning, fund structuring, and cross-border tax work. Litigation and venture capital additions in Austin and Palo Alto track client activity in tech-heavy markets.

Operations and Strategy

Firms are recalibrating lateral economics and partnership structures to compete for top talent while protecting profitability.

Duane Morris has raised revenue targets for incoming lateral partners and wants to be "more aggressive" in London, where it has been hiring from Willkie Farr and Clyde & Co. The shift from volume hiring to targeting partners with bigger portable books signals that mid-market firms are no longer willing to subsidize the ramp-up period for laterals entering a competitive market like London.

Clifford Chance appointed seven lawyers to its new local partner rank as it overhauls its partnership structure. The firm is targeting PEP of over $5M by 2032, roughly double its most recently reported $2.7M. The move follows a pattern across Magic Circle firms of creating intermediate tiers to manage equity dilution while retaining talent.

Gibson Dunn is investing in its M&A bench. Sebastian Fain, who spent 18 years in M&A across Wachtell and Freshfields, joined to co-head cross-border M&A and has already landed on a $9B Merck deal and the $1.2B Ventyx Biosciences sale to Eli Lilly. Big Law compensation for rainmakers continues to climb, with firms offering record guaranteed packages for up to three years.

Practices

M&A and Capital Markets

Dealmakers are watching a split market. Life sciences M&A is active, with GSK, Roche, Johnson & Johnson, and Incyte all striking deals this cycle. Cross-border transactions remain steady, with Ingredion's $3.6B acquisition of Tate & Lyle and Orange's $4.9B buyout of its JV partner in MasOrange. On the IPO side, OpenAI's confidential IPO filing sets up what will be one of the most closely watched public offerings in years, with capital markets lawyers, regulatory counsel, and governance advisors already engaged across multiple banks and underwriters. Bending Spoons also filed for a Nasdaq IPO at a $22B+ target. Bond issuance is brisk: Amazon raised $10B in the largest-ever Canadian-dollar sale, while Tencent is seeking $4B and Universal Music Group is raising $1.2B days after rejecting Pershing Square's approach.

Selected Press:

GSK to acquire Nuvalent for $10.6B, its largest deal in years, expanding its oncology pipeline.

-Ingredion to buy Tate & Lyle for $3.6B cash at a 60% premium.

-OpenAI filed confidentially for an IPO, targeting a listing as soon as this fall.

-Amazon raised $10B in the largest Canadian-dollar bond sale on record.

Private Equity and Structured Finance

Sponsors and fund managers are navigating a market where software buyout valuations have become difficult to underwrite, while structured products around fund stakes are growing fast. PE software acquisitions fell to $50B in the first five months of 2026, down from $88B in the same period last year and the lowest since 2020, as AI disruption makes it difficult for investment committees to model post-AI business values. At the same time, Blackstone is marketing a $2B+ collateralized fund obligation that bundles LBO fund stakes into bonds, with the CFO market expected to reach $30B+ in new volume this year, up 50% from 2025 per Evercore. This creates mandates across structured finance, fund formation, and capital markets advisory.

Selected Press:

-Software PE buyouts collapse to $50B, lowest since the pandemic, as AI uncertainty freezes deal committees.

-Blackstone markets $2B+ collateralized fund obligation bundling LBO fund stakes into bonds for investors.

-Private credit flows slow sharply as lending activity cools across the sector.

Regulatory, Trade, and Litigation

Executives and general counsel are tracking a busy regulatory calendar. A federal judge struck down the Trump administration's $100K H-1B visa fee as an unauthorized tax, a decision that matters for healthcare and tech employers relying on skilled foreign workers. The Pentagon added Alibaba, Baidu, and BYD to its Chinese military-linked blacklist, which will trigger compliance reviews and investment screening work. Tariff refunds are entering Phase 2 at the Court of International Trade, with $166B in tariffs deemed illegal by the Supreme Court and complex "liquidated" duties now on the table. Meta is seeking contempt against NSO Group for violating a permanent injunction on WhatsApp targeting.

Selected Press:

-Federal judge strikes down $100K H-1B visa fee as unauthorised tax.

-Pentagon adds Alibaba, Baidu, and BYD to Chinese military-linked blacklist.

-Tariff refunds Phase 2 at Court of International Trade: $166B in tariffs, complex liquidated duties next.

-Meta seeks contempt order against NSO Group for violating WhatsApp injunction.

-Trump nominates Todd Blanche as Attorney General; Senate confirmation fight ahead.

Where the Work Sits

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Life sciences M&A is generating high-end advisory and regulatory work. The GSK-Nuvalent $10.6B deal, along with Roche, J&J, and Incyte transactions, points to sustained deal flow for healthcare M&A, due diligence, IP licensing, and FDA regulatory practices. Cross-border deals like Ingredion-Tate & Lyle add UK-US transactional and antitrust work.

The collapse in PE software buyouts is shifting advisory demand. Fund managers still need counsel on portfolio company valuations and AI-related risk assessment, even when deals are not closing. Structured finance work is picking up instead: Blackstone's $2B CFO deal and the broader growth of the collateralised fund obligation market to an expected $30B+ this year create mandates for structured products, capital markets, and fund formation lawyers.

Regulatory and trade practices are busy. The H-1B fee ruling generates immigration advisory work for employers. The Pentagon blacklist expansion triggers sanctions screening and compliance reviews for any company with exposure to Alibaba, Baidu, or BYD. Phase 2 tariff refunds create billable trade and customs work for importers navigating complex liquidated duty claims.

Global Markets

Geopolitical risk pulled back slightly after Iran and Israel agreed to ease strikes, but the $31 trillion Treasury market is telling the Fed that rates are not high enough, and Citadel Securities sees risk of a forced rate hike. Clients are weighing whether this creates a narrower window for strategic M&A and refinancing. China's exports surged 19.4% in May (driven by AI tech and semiconductor shipments), with US-bound exports jumping 35.4%, the strongest in five years. Executives and board directors are watching inflation data (CPI Wednesday) and how quickly the geopolitical ceasefire translates into lower energy and shipping costs for their businesses.

Selected Press:

-Iran and Israel agree to ease strikes; Trump says peace talks on track.

-Treasury market signals to Warsh's Fed: US rates aren't high enough.

-China exports surge 19.4% in May; US-bound exports jump 35.4%, strongest in 5 years.

That’s the rundown. See you next where law meets the markets.

-The BigLaw Markets Team

*DISCLAIMER: BigLaw Markets analyzes publicly available information, filings, press releases, and news stories published by reputable media sources to deliver newsletters that highlight the drivers of demand for legal services.