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Simpson Thacher added a Latham energy deals partner in Houston, Latham grabbed a capital markets partner from A&O Shearman, and Gibson Dunn pulled a health regulatory partner from Ropes & Gray in DC. The lateral market for dealmakers is running hot, with roughly 580 partner moves so far this year. Lewis Brisbois is managing the fallout from a cyberattack that shows how hackers are now targeting Big Law through social engineering.

On the markets side, EQT agreed to buy Intertek for £9.3 billion in the latest major exit from the London Stock Exchange and activist TOMS Capital is pressing Devon Energy to sell. On the credit side, creditors including Blackstone, Apollo, and FS KKR take control of Thoma Bravo’s Medallia. New Fed Chair Kevin Warsh held rates steady but sent a hawkish signal, with half of FOMC officials penciling in a rate hike this year.

Now, on to what matters for your practice today.

Today’s Talking Points

-Simpson Thacher / Latham / Gibson Dunn Add Partners in Energy, Capital Markets, and Health Regulatory

-Lewis Brisbois Hack Highlights Cybersecurity Threat to Big Law / Hot Lateral Market for Dealmakers

-EQT Buys Intertek for £9.3B / TOMS Capital Presses Devon Energy / Fox Acquires Roku for $22B

-Medallia Creditors Wipe Thoma Bravo's $5B / Clearlake Raises $14.8B / Convertibles Boom for AI Firms

-Trump Settles Mary Trump Lawsuit / Universities Fight Financial Aid Class Action / Bayer Roundup to State Court

-Fed Holds Rates, Warsh Signals Hawkish Path / Trump Signs Iran Memorandum / BOE Holds at 3.75%

Talent Strategy

Latest Moves

Winston Taylor named five new office managing partners as the firm takes shape after completing its transatlantic merger, including a former Jan. 6 prosecutor.

What today's moves tell us: Energy and capital markets practices in Houston are drawing investment from multiple firms, health regulatory is expanding in DC, and the pace of partner hiring across transactional groups points to sustained deal flow expectations.

Operations and Strategy

Cybersecurity is climbing the risk register for Big Law, and the lateral market for transactional talent shows no signs of cooling.

Lewis Brisbois is managing a cyberattack that shows how hackers are shifting from phishing emails to social engineering when targeting large law firms. Groups like Silent Ransom are focusing on the legal sector. Previous targets include Orrick and Fox Rothschild. The incident is a reminder that firms holding sensitive deal, litigation, and client data face a growing threat landscape that goes beyond standard email phishing.

The lateral market for dealmakers is running at pace, with roughly 580 partner moves this year. Banking and finance is the top sector, followed by technology and energy, both linked to the national data center boom. Big Law energy tax specialists are also under pressure as they guide wind and solar projects through a July 4 IRA "begin construction" deadline, with Norton Rose Fulbright partner Keith Martin saying "We feel like doctors with overcrowded waiting rooms."

Practices

Corporate M&A and Private Equity

Dealmakers and sponsors are working through a full pipeline across geographies keeping corporate practices busy with acquisitions, change of control from sponsors to creditors, and activist investor campaigns. EQT's £9.3 billion take-private of Intertek marks another major exit from the London Stock Exchange, continuing a pattern of PE firms capitalizing on undervalued UK-listed assets. In Italy, Credit Agricole is weighing a larger stake in Banco BPM as cross-border banking M&A picks up. Activist pressure is building: TOMS Capital is pressing $50 billion-listed Devon Energy to accelerate asset sales or pursue a full sale, and Cruiser Capital is calling for Ashland to sell itself. On the Private Equity/Private Credit world, creditors including Blackstone, Apollo, and FS KKR are taking control of Medallia from Thoma Bravo, wiping out the entire $5 billion investment.

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Capital Markets and Restructuring

The public capital raising window remains open across structures and geographies. The convertible bond market is booming as AI companies seek capital without the dilution of traditional equity raises. Lenovo raised $2 billion from a seven-year convertible. Hong Kong's IPO market has priced more than $20 billion this year, up over 75% on 2025 levels, and India's National Stock Exchange filed for what could be one of the country's largest-ever IPOs, unlocking value for backers including Morgan Stanley and Temasek. European defense is also in the mix, with KNDS tankmaker's board meeting Thursday to decide on one of the continent's most watched IPOs. For fund managers and corporate boards, the variety of structures in play, convertibles, IPOs, strategic M&A, signals sustained demand for high-end capital markets advisory.

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Litigation and Regulatory

Courts and regulators are busy across multiple fronts this week. Vermont became the latest state to limit PE involvement in healthcare, and Rhode Island adopted new rules requiring lawyers to verify AI-generated work. A federal judge returned Bayer's proposed $7.25 billion Roundup settlement to Missouri state court. The Senate Judiciary Committee is set to vote on six Trump judicial nominees, including Matthew Schwartz of Sullivan & Cromwell for the 2nd Circuit. Five universities, Cornell, Penn, Georgetown, Notre Dame, and MIT, asked the 7th Circuit to block a ruling exposing them to potentially billions in class action damages over allegations they colluded to reduce student financial aid.

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Where the Work Sits

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The M&A pipeline is generating mandates across geographies. EQT's £9.3 billion take-private of Intertek, Credit Agricole's potential move on Banco BPM, and Fox's $22 billion acquisition of Roku all require complex advisory work spanning competition review, due diligence, and financing. The activist campaigns at Devon Energy and Ashland will create immediate demand for governance defense, strategic review, and potential sell-side advisory.

Capital markets practices are busy on multiple fronts. The convertible bond boom driven by AI capital needs, Hong Kong's active IPO window, and the NSE India filing all point to sustained demand for securities, listing, and fund formation work. Medallia's creditor takeover and Bayer's Roundup settlement both add restructuring and mass tort mandates to the mix.

Litigation and regulatory teams have a full calendar. The financial aid class action involving five major universities tests the boundaries of antitrust in higher education and could create exposure running into the billions. The Bayer Roundup return to state court resets a $7.25 billion settlement, and the Trump judicial nominee votes including Sullivan & Cromwell's Matthew Schwartz for the 2nd Circuit will shape the appellate bench that hears many of these cases.

Global Markets

Clients are digesting new Fed Chair Kevin Warsh's hawkish debut. Warsh held rates at 3.5%–3.75% and used a shortened policy statement focused solely on price stability. Warsh announced five task forces to review the Fed's operating framework, including one on AI and productivity. As a result, the 10-year yield rose to 4.46%, the S&P 500 fell 1.2%, and the VIX jumped 12%. In practice, executives weighing large transactions now face higher financing cost assumptions and a less predictable rate path. On the geopolitical front, Trump signed an interim memorandum with Iran extending the ceasefire and outlining sanctions relief, with a formal signing in Geneva on Friday and the Bank of England held at 3.75% in a split vote.

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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.