Good morning,

Quinn Emanuel founder John Quinn is stepping down from firm leadership at 74, handing the reins to the next generation as the firm marks its 40th anniversary. The lateral market stays busy: Simpson Thacher is building out an AI and cybersecurity bench, Paul Hastings added four London partners from Covington, and Mayer Brown launched a new capital solutions team in London aimed at private equity clients.

On the client side, eBay rejected GameStop's $55 billion bid, Nelson Peltz is circling Wendy's for a take-private, and OpenAI launched a $14 billion deployment venture with TPG and Bain Capital. U.S. inflation hit 3.8% in April, the highest in three years, while the dollar continues to slide against the renminbi.

Now, on to what matters for your practice today.

Today’s Talking Points

-Quinn Emanuel Leadership Transition / John Quinn Steps Down at 74

-Laterals in AI, Privacy, Restructuring / Paul Hastings London, Simpson Thacher Tech Team

-Mayer Brown Capital Solutions Launch / London Restructuring Talent War Intensifies

-eBay Rejects GameStop's $55B Bid / Peltz Explores Wendy's Take-Private

-OpenAI Deployment JV at $14B / Alphabet and Amazon Tap Overseas Debt for AI

-Texas Sues Netflix Over User Data / Meta Loses EU Copyright Case in Italy

-U.S. CPI Hits 3.8% / Dollar Slides as Petroyuan Risk Grows

Talent Strategy

What today's moves tell us: Firms are investing in AI and data privacy talent, expanding London platforms, and competing fiercely for restructuring bench strength.

-Simpson Thacher hired Matt Kelly to lead its AI practice and Kim Le to head its West Coast privacy and cybersecurity team.

-Paul Hastings added four partners in London from Covington: Lyndsey Laverack, Jade Williams-Adedeji, Jack Mayall, and Jose Maria Rodrigues.

-Latham & Watkins recruited Marco Caffuzzi to its New York real estate practice.

-Wilkinson Stekloff hired product liability partner William Geraghty for its new Miami office.

-Pillsbury brought on John Rockwell as a partner in Silicon Valley.

-Morgan Lewis hired two partners from Hunton in DC and New York.

-Manatt expanded its LA consumer protection team with a Tagvoryan hire.

In London, the restructuring talent war is running hot. Akin Gump hired three restructuring partners from Weil, Gotshal & Manges in April, including London co-head Neil Devaney. Bishop Rock Partners recorded 53 partner-level restructuring moves in the UK last year, up from 44 in 2023. Top London restructuring partners can now command $10-15 million annually.

Operational Strategy

Firm founders are managing succession, London offices are being retooled for private capital, and the ABA is rethinking its diversity standards under political pressure.

John Quinn is stepping down from leadership at Quinn Emanuel at 74, making him one of the few major firm founders to plan a clean exit while still active. He will stay on as a partner with a non-executive chair title. The transition comes as the firm celebrates its 40th anniversary and stands in contrast to peers like Wachtell's Marty Lipton (94, still involved) and Boies Schiller Flexner's David Boies, who stepped back in his mid-80s after years of false-start succession planning.

Mayer Brown launched a new capital solutions team in London, regrouping restructuring, finance, and litigation lawyers to build a deeper bench for private equity clients. The move signals how firms are retooling their London operations around sponsor-led work as European restructuring activity picks up.

The ABA is weighing a sweeping rollback of DEI-related accreditation rules for law schools. A key committee recommended scrapping the long-standing diversity requirement, currently suspended, citing warnings from the U.S. Department of Education to other accreditors.

Practices

M&A and Corporate

Two take-private plays are driving deal chatter.

eBay rejected GameStop's $55 billion cash-and-stock offer, calling it neither credible nor attractive. GameStop CEO Ryan Cohen struggled to explain how a company worth a fifth of its target would finance the deal. A hostile bid remains possible. Separately, Nelson Peltz's Trian Fund Management is seeking financing for a take-private of Wendy's after shares declined on weak traffic and rising beef costs. Wendy's shares rallied 25% premarket on the report.

Private Equity and Capital Markets

AI deployment is drawing sponsor capital, while dividend recaps are back in European credit.

OpenAI launched the OpenAI Deployment Company, a joint venture seeded with $4 billion and valued at $14 billion. TPG led the round, with Advent International, Bain Capital, and McKinsey contributing. The company will embed AI engineers in businesses and acquired consulting firm Tomoro (~150 engineers). Anthropic announced a similar partnership with Blackstone, Goldman Sachs, and Hellman & Friedman.

On the debt side, Alphabet and Amazon are tapping overseas bond markets to fund AI infrastructure. Alphabet is planning its first yen-denominated bond sale, Amazon is preparing a Swiss franc offering. Big Tech is expected to spend over $700 billion on AI infrastructure this year, up from $410 billion in 2025. In Europe, PE firms are using the junk bond market for dividend recaps as exit options narrow. S&P cut Befimmo's credit outlook to negative after the Brookfield-backed REIT announced a EUR 475 million bond sale with EUR 75 million earmarked for a dividend.

Litigation and Data Privacy

State AG actions and cross-border copyright claims are generating fresh mandates.

Texas sued Netflix, accusing the streaming company of secretly collecting and monetizing user data, including from children, while using addictive features to boost engagement. Netflix denied the claims. In Europe, Italy's top court backed requiring Meta to compensate publishers for using news snippets online, a ruling that could reshape platform liability across the EU. Meanwhile, the D.C. Circuit will hear a challenge to the Trump administration's bid to access sensitive taxpayer information held by the IRS.

Where the Work Sits

The eBay-GameStop rejection and the Wendy's take-private pursuit mean M&A advisory teams stay busy on both defense mandates and sponsor-led deal structuring. If Cohen pushes a hostile bid, proxy fight and litigation work follows. Wendy's will need financing, due diligence, and regulatory clearance advisors.

The OpenAI and Anthropic deployment ventures are creating high-end mandates across fund formation, JV structuring, IP licensing, and data governance. The $700 billion AI infrastructure buildout is feeding capital markets teams on overseas bond offerings and cross-border financing. European dividend recaps are generating leveraged finance and credit advisory work, with ratings downgrades adding restructuring risk.

Data privacy litigation is expanding on two fronts: state AG enforcement (Texas v. Netflix) and EU platform liability (Meta copyright ruling in Italy). Both create matters for privacy, regulatory, and commercial litigation teams. The D.C. Circuit case over IRS data access adds government investigations work. The 5th Circuit rehearing on the Pregnant Workers Fairness Act creates labor and employment mandates for in-house and outside counsel.

Inflation at 3.8% and the weakening dollar create cross-border advisory demand around FX hedging, trade compliance, and sanctions. Firms with practices in international trade, energy regulation, and Middle East-focused finance will see steady client activity as the geopolitical picture stays complicated.

Global Markets

Inflation is back above trend, the dollar is losing ground, and trade policy is in flux as Trump juggles tariffs, energy prices, and a China visit.

U.S. consumer prices rose 0.6% in April, pushing annual inflation to 3.8%, the highest since May 2023 and above expectations. Rising energy costs drove much of the increase, while wage growth fell behind inflation for the first time in three years. The data complicates the Fed's rate path and adds pressure on corporate margins.

On trade, the Trump administration is finalizing executive orders to lower tariffs on beef imports and considering a federal gas tax suspension. Nvidia CEO Jensen Huang is not among the executives joining Trump in China. The dollar continues to slide, with China pushing for renminbi gains. Deutsche Bank warned about the rise of the 'petroyuan' as the Iran war scrambles oil markets and creates openings for alternatives to the dollar. Treasury Secretary Bessent is exploring currency swap lines with Middle East allies to shore up dollar demand.

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.