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Gibson Dunn and Sullivan & Cromwell topped the M&A league tables in H1 2026, advising on roughly $500B worth of deals as AI-related transactions drove much of the activity. Proskauer added a global finance partner in Paris from Freshfields, and Macfarlanes became the first major UK firm to raise NQ salaries this year.
On the client side, global M&A topped $2.5T in H1 at a record pace with no signs of slowing down in the US, Europe and Asia regions. PIMCO warns of private credit confidence gap. Google took two antitrust hits in Europe totaling nearly $7B, OpenAI floated giving the US government a 5% stake, and Kroger agreed to acquire Giant Eagle for $1.65B. US jobs came in soft at 57K, well below the 115K estimate driving the market to rise expectations of a rate cut.
BigLaw Markets will take the day off tomorrow Friday, July 3, and return to normal schedule on Monday, July 6, first with the Rolodex edition reporting on Big Law laterals and executive moves, and followed by the mid-day edition of BigLaw Markets.
Now, on to what matters for your practice today.
Today’s Talking Points
-Gibson Dunn and S&C top M&A tables on AI deal surge / Proskauer adds Paris finance partner from Freshfields
-Macfarlanes first UK firm to raise NQ pay in 2026 / Ashurst Perkins Coie merger goes live with 500 cross-referrals
-Global M&A hits $2.5T record in H1 / Foreign buyers raid UK companies at record pace
-Google faces EUR 4.1B ECJ fine plus $2B Klarna antitrust damages / OpenAI proposes 5% US government stake
-PE exit timelines stretch as PIMCO warns of private credit confidence gap / Gulf funds invest $53.9B in H1
-Kroger/$1.65B Giant Eagle deal / Schneider Electric/$3.1B Cognite acquisition / FedEx sells logistics unit for $1.4B
-US adds just 57K jobs in June, missing estimates / Warsh offers no rate guidance at Sintra / USMCA non-renewal
Talent Strategy
Latest Moves
Proskauer hired Fabrice Grillo as a partner in its global finance practice in Paris from Freshfields.
McDermott Will & Emery hired Olena Tokman as a partner in its investment management practice.
What today's moves tell us: The lateral market is quieter today, but Paris remains a draw for US firms building European platforms, and the league table data confirms that the firms winning the biggest deals are the same ones investing in talent.
Operations and Strategy
AI deals are rewriting the league tables, UK firms are testing pay benchmarks, and cross-border mergers are generating early results.
Gibson Dunn and Sullivan & Cromwell strong capital markets and M&A teams topped Bloomberg Law's M&A league tables in H1 2026, advising on roughly $500B worth of deals. The rankings were driven primarily by work on SpaceX and xAI's combination, along with deals involving OpenAI and Anthropic. Kirkland, Latham, and Wachtell rounded out the top five. The AI deal pipeline, including upcoming IPOs, is expected to continue driving activity and rewarding firms with deep benches.
The hottest new position in Big Law is director of artificial intelligence, but demand far exceeds supply. According to Bloomberg Law, at least 16 top firms, including Latham, Gibson Dunn, and Pillsbury, are looking to hire more than 25 employees to build AI strategies, with salaries ranging from $200K to $400K. The real bottleneck is the thin pool of candidates that fill the required 10+ years of AI experience with a legal practice background.
In the UK, Macfarlanes became the first major firm to raise NQ salaries in 2026, bumping pay to GBP 150,000. And Ashurst Perkins Coie's merger is now live, with co-chairs Karen Davies and Brian Eiting reporting 500 cross-referrals since the merger was announced.
Practices
Corporate M&A and Private Equity
Dealmakers are watching a historic first half. Global M&A topped $2.5T in H1, a record pace driven by mega deals where boards moved with conviction on strategic transactions. Robert Little, Gibson Dunn’s global co-chair of M&A said: “The first half showed buyers with conviction moving decisively as strategic imperatives outweighed the caution that had held deals back.”
Foreign buyers are acquiring UK targets at a record-shattering pace, with $192B in bids already this year, and activist investors stepped up campaigns in H1, pushing more companies toward strategic reviews and asset sales. At the same time, PE sponsors are struggling to generate returns on the typical investment timeline after a binge at low rates and high valuations, stretching exit timelines and slowing distributions. PIMCO warned that a private credit 'confidence gap' will expose weaker funds, and the CEO of BlackRock's troubled private credit fund is stepping down. Gulf sovereign wealth funds, by contrast, are on a tear, investing $53.9B in H1 despite the Iran war.
Selected Press:
Global M&A topped $2.5T in H1, a record pace as mega deals and board confidence drive strategic transactions.
Foreign buyers raid UK companies at a record-shattering pace, with $192B in bids already in 2026.
Kroger agrees to acquire Giant Eagle for $1.65B in cash and assumed liabilities.
Schneider Electric buys Cognite for $3.1B to expand industrial AI and data software.
FedEx sells logistics unit to CMA CGM for $1.4B as it refocuses on core delivery operations.
PIMCO warns private credit confidence gap will reveal weaker funds as the cycle matures.
Gulf sovereign wealth funds invest $53.9B in H1, on track for a busiest-year record despite war disruptions.
Antitrust, Regulatory, and Technology
General counsel, compliance teams, and outside counsel are tracking a busy week for antitrust enforcement and AI governance. Google's dual defeats in Europe, totaling nearly $7B, signal that EU enforcers and courts are willing to impose and sustain large-scale damages for market dominance abuse, giving other platform targets reason to prepare. OpenAI's proposal to hand the US government a 5% equity stake opens new territory in how AI companies structure relationships with regulators and could set a template others follow.
The EU's move to water down climate rules for data center construction shows how the AI buildout is forcing regulatory trade-offs in real time. Alibaba's $600M settlement for illegal drug sales is a reminder that compliance failures in cross-border commerce carry large price tags, and the federal judge blocking Colorado's drug price cap on Amgen's Enbrel will be closely watched by pharma clients and state attorneys general alike.
Selected Press:
ECJ upholds EUR 4.1B Google Android fine, ending the search giant's appeal of the EU's largest antitrust penalty.
Swedish court orders Google to pay nearly $2B to Klarna in antitrust damages for unfairly favoring its own shopping service.
OpenAI proposes 5% US government equity stake and suggests other leading AI developers do the same.
EU considers easing climate rules to accelerate data center construction as AI infrastructure demand rises.
Alibaba pays $600M to settle US allegations over illegal drug and pharma equipment sales.
Federal judge blocks Colorado's price cap on Amgen's Enbrel, ruling irreparable harm in the first state-level drug pricing test.
Where the Work Sits
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The record $2.5T M&A pace in H1, record foreign bids for UK targets, and stepped-up activist campaigns are generating high-end mandates across M&A advisory, corporate governance, and capital markets. Dealmakers who helped clients close the biggest transactions in H1, particularly in AI-linked deals, are well positioned as upcoming IPOs and strategic combinations continue to build pipeline. Activist campaigns, in particular, create layered advisory needs: board defense, strategic review, and potential sell-side work if the company moves toward a transaction.
Google's dual antitrust losses, the Alibaba settlement, and the Enbrel price cap ruling are keeping antitrust, regulatory compliance, and litigation practices busy. The ECJ and Swedish court decisions alone open follow-on damages claims and structural remedy work for Google, and they signal heightened enforcement risk for other platforms.
OpenAI's proposed government equity stake, the EU's climate rule rollback for data centers, and Meta's cloud business launch are creating work for technology transactions, government affairs, and regulatory advisory teams. AI governance is moving from abstract policy debate to concrete deal structuring and compliance frameworks.
Global Markets
Clients and decision-makers feel confidence after growth in M&A activity and a full IPO pipeline, but are also weighing a mixed macro picture heading into the July 4th weekend. The June jobs report missed badly at 57K, roughly half of the 115K forecast, and prior months were revised down by 74K, signaling the labor market is cooling faster than expected. Fed Chair Warsh used his Sintra debut to say inflation risks have eased but offered no rate guidance. The White House's decision not to renew USMCA with Canada and Mexico adds trade uncertainty, shifting to annual reviews instead. Manufacturing remains in expansion territory but is losing momentum at 53.3 PMI, down from a 4-year high.
Selected Press:
US adds just 57K jobs in June, well below 115K estimates, with prior months revised down by 74K.
Warsh offers no forward guidance at Sintra, says inflation risks have eased but gives no signal on rate direction.
US declines to renew USMCA with Canada and Mexico, opting for annual reviews of the trade pact.
Manufacturing PMI eases to 53.3, down from a 4-year high as order growth slows.
That’s the rundown. Thanks for staying with us as many are trying to get away for the lengthened weekend.
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.
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