Good afternoon,
Sidley Austin pulled its second raid on Clifford Chance this year. This time Sidley broguth a five-partner finance team from the Magic Circle firm in New York and Washington. Simpson Thacher added top Cravath litigator Timothy Cameron, while Cooley's litigation practice has doubled revenue since 2018. The DOJ's new antitrust boss privately views merger reviews as a tax on dealmaking, and enforcement suits are stalling.
On the client side, capital markets advisors across Big Law and Wall Street are expecting a Q2 profit boost driven by a SpaceX-led equity issuances. JPMorgan plans to target small company deals as it exapnds its M&A market share. A former Goldman Sachs banker pleaded guilty to insider trading on tips from BigLaw lawyers, and the FCA charged a former Goodwin Procter deals lawyer with insider dealing.
Now, on to what matters for your practice today.
Today’s Talking Points
-Sidley Raids Clifford Chance for Five-Partner Finance Team / Simpson Thacher Lands Cravath Litigator Cameron
-Paul Weiss Deals Partner Spelman Jumps to Akin / DLA Piper, Seyfarth Add Partners
-Cooley Litigation Revenue Doubles / DOJ Antitrust Boss Opposes Blocking Mergers
-JPMorgan Plans to Target Small-Company Deals as Part of M&A Push
-SpaceX Falls Below $2T After Nasdaq Debut / Wall Street Banks Eye ECM-Driven Q2 Boost
-Goldman Banker Pleads Guilty to Insider Trading on Lawyer Tips / FCA Charges Ex-Goodwin Lawyer
-23andMe Settles Data Breach for $46.75M / Oklahoma Sues Allstate
-US Renews Iran Strikes / Oil Stays Elevated / Airline Fuel Costs Up 84%
Talent Strategy
Latest Moves
Sidley Austin hired a five-partner finance group from Clifford Chance in New York and Washington, led by Lee Askenazi, who co-led CC's US global financial markets team. The group includes three structured finance partners and a tax partner. This follows Sidley's January hire of three CC partners, including two who are suing their former employer over $5.8 million in clawed-back pay.
Simpson Thacher hired veteran litigator Timothy Cameron from Cravath Swaine & Moore in New York.
Megan Spelman rejoined Akin as a corporate partner in New York from Paul Weiss.
DLA Piper hired debt finance partner Andre Teixeira in Washington.
Seyfarth Shaw hired real estate partner Kristin Rice-Gonzalez in Chicago.
Squire Patton Boggs hired a top lawyer from House Democrats' Epstein probe to co-lead its congressional investigations practice.
What today's moves tell us: Structured finance and securitization talent is in demand as Sidley's latest Clifford Chance raid shows. Litigation talent keeps moving, with Simpson Thacher adding a top Cravath trial lawyer. Paul Weiss lost a deals partner to Akin as the corporate rosters keep shaping up, and debt finance hires at DLA Piper reflect ongoing credit market activity.
Operations and Strategy
Litigation growth, a shifting DOJ stance, and AI-driven disruption are reshaping how firms compete.
Cooley's litigation practice has grown headcount by 40% since 2018 and doubled its revenue, fueled by East Coast expansion and growing government scrutiny of tech clients including Nvidia and Uber. The firm represented Jenner & Block when Trump signed executive orders targeting law firms.
The DOJ's antitrust approach under Stanley Woodward is shifting deal dynamics. Woodward has privately called merger reviews a tax on dealmaking and merger suits are stalling under his leadership, which could shorten review timelines and give boards more confidence to pursue large transactions which law firm leaders read this as future growth in the M&A practice, but a potential decline for antitrust groups.
Sharp Big Law leaders are reading the JPMorgan push into mid-market deals as a signal to explore coverage expansion into that piece of the market.
Practices
Capital Markets and M&A
Capital Markets groups across Big Law and Wall Street are expecting their best quarter as a SpaceX-led equity issuances drove revenues. Dealmakers are watching the DOJ's softer merger stance as a signal that execution risk on pending deals is softening, giving boards more confidence to pursue large transactions. UniCredit is moving closer to control of Commerzbank in a deal that would reshape European banking, and Oregon is seeking a 60-day delay on the Paramount transaction.
Selected Press:
Wall Street banks expect Q2 profit boost from SpaceX-led equity capital markets surge.
Hedge funds gained 7.2% in their best H1 since 2021.
SpaceX falls below $2T market cap following Nasdaq-100 debut; analysts see 47% upside.
BlackRock to launch Nasdaq-100 ETF, challenging Invesco's dominance.
UniCredit nears control of Commerzbank in cross-border banking M&A.
Oregon asks court to delay Paramount deal for 60 days while it reviews records.
White Collar, Investigations, and Regulatory
Two insider trading cases this week both involve lawyers or information from lawyers, highlighting compliance risk at the intersection of dealmaking and confidential information. In the UK, the FCA charged a former Goodwin Procter deals lawyer with five counts of insider dealing, and a former Goldman Sachs banker who founded AI startup AppliedAI pleaded guilty to trading on tips from attorneys at firms advising on mergers. General counsel and risk managers at banks and law firms are watching both cases as they review information-barrier protocols.
Selected Press:
Former Goldman Sachs banker and AI startup CEO pleads guilty to insider trading using tips from BigLaw M&A lawyers.
FCA charges ex-Goodwin Procter lawyer with five counts of insider dealing tied to an acquisition.
Lawmakers probe Commerce Secretary Lutnick's ties to a Cantor Fitzgerald deal.
ABA seeks Bannon and Epshteyn communications in suit over Trump firm executive order attacks.
Litigation and Data Privacy
Data breach settlements and state AG enforcement are generating defense and plaintiff-side mandates. The 23andMe settlement in bankruptcy court covers 6.9 million customers whose genetic and personal information was exposed, and Oklahoma's lawsuit against Allstate for underpaying damages claims adds to a growing docket of state actions against insurers.
Selected Press:
23andMe reaches $46.75M data breach settlement in bankruptcy, covering 6.9M customers.
Oklahoma sues Allstate, alleging insurer systematically underpays damages claims.
New York bans smart glasses from courthouses across the state starting July 20.
Where the Work Sits
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Sidley's structured finance raid on Clifford Chance and the broader pattern of finance hires point to growing mandates in securitization, fund finance, and structured credit. Firms are building benches to serve sponsors and institutional investors executing complex transactions as AI-related capital needs push more issuers into private placement and structured markets.
The two insider trading cases — one involving a former Goldman Sachs banker trading on lawyer tips, the other a former Goodwin Procter deals lawyer charged by the FCA — are generating white collar defense, internal investigation, and compliance advisory work. Firms representing both the individuals and the institutions involved face parallel mandates across the US and UK.
Capital markets practices are benefiting from the SpaceX-driven ECM surge and a DOJ that is pulling back from aggressive merger challenges. M&A teams should expect shorter review timelines and more confident boards, while antitrust practices shift from enforcement defense to deal clearance advisory.
Data privacy work continues to grow through breach settlements like 23andMe, litigation finance disclosure requirements in Ohio and Uber's arbitration terms are creating regulatory and disputes work for firms advising funders and corporate defendants.
Global Markets
Clients are watching the latest US-Iran military exchange and its effect on energy prices as they reassess near-term deal economics. The US renewed strikes against Iranian targets after attacks on ships in the Strait of Hormuz, and oil remains near two-week highs. Airline fuel costs are up 84% year-over-year, squeezing margins for transportation clients and adding cost pressure across sectors and potentially lenghtening law firm collection cycles.
Selected Press:
US renews strikes against Iran after Hormuz attacks; oil stays near two-week highs.
Airline fuel costs up 84% YoY, with US airlines spending $6.66B on jet fuel in May.
European retail sales rise 0.2% in May, rebounding from April’s decline.
Le Pen plots 2027 French presidential comeback after shortened ban from public office.
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.
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