Big Law Business

Being a summer associate at a law firm can be tricky. On the one hand, you want to be remembered; on the other hand, you don't want to be remembered for the wrong reasons. On today's episode of our podcast, On The Merits, we hear from Kate Reder Sheikh, a partner in the associate practice group at Major, Lindsey & Africa, about the pitfalls that summer associates can fall into—from over-imbibing at company functions to trying too hard to get face time with a partner. She says, in the legal world, "there probably are such things as stupid questions," especially when they're being asked of a busy partner with a high billing rate. Reder Sheikh told Bloomberg Law editor Jessie Kokrda Kamens that those most likely to fall into these traps are students who are so-called "K-through-J.D.," or who went straight from undergrad to law school. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Dozens of law firms have sought to de-emphasize, or outright kill, their diversity initiatives since the Supreme Court's 2023 affirmative action decision—and especially since Donald Trump retook office this year and started issuing punitive executive orders that mention them. However, one firm is now doing the opposite. Susman Godfrey announced last week it would expand its annual prize awarded to law students of color, even though this program was specifically called out by Trump in his executive order targeting the firm. Bloomberg Law reporter Tatyana Monnay wrote about the firm's move and why it was taking this step now. She joins our podcast, On The Merits, to talk about what Susman Godfrey did and why its confidence may have been boosted by a federal judge's chilly reaction to Justice Department arguments against the firm. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

We're starting to see the impact of a string of deals reached over the last two months between President Donald Trump and top law firms. Some firms appear to be moving on—and even thriving—after pledging hundreds of millions of dollars in free legal services on causes backed by the White House to avoid punitive executive orders like those Trump has lobbed at others. At least three firms that made deals are primed to cash in on Saudi Arabia's plan to invest $1 trillion in the US, thanks to their ties to a leading sovereign wealth fund: Latham & Watkins, A&O Sherman, and Kirkland & Ellis. Cadwalader Wickersham & Taft, meanwhile, is seeing the downside of doing a deal with Trump. A string of partners have headed for the exit since the firm's agreement with Trump was announced, including some who left because of their opposition to the deal. Justin Henry joins fellow Bloomberg Law reporter Roy Strom on this episode of our podcast, On The Merits, to talk about these two developments and about why it's still too soon to say whether law firms that acquiesced to the president made the right move. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

The Trump administration's attacks on law firms are having ripple effects on the general counsel whose companies employ those firms. Top attorneys at many large companies may be considering whether to switch the firms they use as outside counsel, according to Bloomberg Law reporter Brian Baxter. In some cases, GCs don't want to work with a firm that's under attack from President Donald Trump; in other cases, they may feel uncomfortable that the firm struck a deal with the White House. On this episode of our podcast, On The Merits, Bloomberg Law editor Jessie Kokrda Kamens speaks with Baxter about what GCs are telling him and why they may be ready for a change. Kamens also speaks with Sara Kropf, partner at the firm Kropf Moseley Schmitt, about which types of companies are most likely to want to switch firms and why actually doing this is much harder than it seems. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Shortly after law firms started striking deals for free legal services with the White House, Bloomberg Law reporter Meghan Tribe appeared on our podcast, On The Merits, to talk about how much ambiguity there was around what the firms were agreeing to and how these agreements would be enforced. Now, Tribe and her colleague Brian Baxter have seen a copy of one of these deals but many unanswered questions remain. However, we do have more concrete insight into the separate deals firms struck with the Equal Employment Opportunity Commission. Tribe rejoins the On The Merits podcast to talk about what she uncovered and about the details of the EEOC deals. She also discusses whether the firms that struck deals may have made a mistake, or whether it's too soon to say. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

The legal industry is in a state of tremendous flux after just 100 days of the second Trump administration, with the biggest law firms in the country under attack and the Department of Justice's independence in question. Three Bloomberg Law reporters covering three different beats teamed up to write a story chronicling everything that's been happening in the legal world since Donald Trump retook office earlier this year and where we might be heading in the months to come. Those three reporters—Roy Strom, Justin Wise, and Suzanne Monyak—join our podcast, On The Merits, to talk about what they learned in their reporting and why it took all of them to tell this story. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Many students at elite law schools end up working in Big Law for at least a spell. The Trump administration's attacks on the industry, and deals with some of its top players, are making the choice of where to start their careers much more complicated. Students are stuck between two very uncertain options: go to a firm that struck a deal with the White House, despite concerns about a lack of principles; or, go to a firm that's fighting Trump in court, despite concerns about the firm remaining financial stable. Bloomberg News reporter Claire Ballentine wrote about how students are making these tough choices and she speaks with Bloomberg Law editor Jessie Kokrda Kamens on this episode of our podcast, On The Merits. Ballentine talks about how some law students are organizing to help each other make a decision and how the massive debt loads many of them shoulder are factoring in. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Judge James Boasberg began the process of holding Trump administration officials in contempt of court last week as he struggles to get them to follow his orders around the deportation of alleged Venezuelan gang members. That contempt process was halted a few days later by an appellate court, but Boasberg's actions raised questions about how it might play out if he or another federal judge did eventually fine or attempt to jail recalcitrant executive branch officials. Could Justice Department lawyers get arrested? Would the U.S. Marshals Service be arresting them? And what if the president orders it not to? On today's episode of our podcast, On The Merits, Rutgers University law professor David Noll walks us through how these contempt proceedings might work and what the personal consequences would be for Justice Department lawyers caught up in an escalating standoff. Noll also talks about how judges may be able to get around a President who orders US Marshals to stand down: deputizing local police officers. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Like a run on a bank, law firms can quickly collapse if a few rainmakers pick up and take their books of business elsewhere—a vicious cycle that's hard to stop once it gets going. That's the takeaway from a law review article by Yale professor John Morley. He says a partner exodus can happen quickly because there's a huge financial incentive not to be one of the last partners remaining at a firm. That dynamic is on many partners' minds right now as they debate whether to fight the White House's punitive executive orders. For this episode of our podcast, On The Merits, Morley spoke with Bloomberg Law reporter Roy Strom about how these so-called "runs on the partnership" can play out and about which types of firms are the most vulnerable to a catastrophic implosion. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Law firms are striking deals with President Trump to avoid getting hit with a punitive executive order, and all of these deals include pledges of tens of millions of dollars in pro bono legal work. In this quickly changing landscape, it appears that the biggest law firm in the country, Kirkland & Ellis, is considering one of these commitments to the White House. However, the details of how these deals will work in practice are scant to nonexistent. How will the legal work be tracked? What qualifies as a conservative client? Can the White House reject certain clients as not conservative enough? And does this mean these firms will now turn away liberal-leaning pro bono clients? On today's episode of our podcast, On The Merits, Bloomberg Law reporters Justin Henry and Meghan Tribe dig into the questions surrounding these law firm deals and ask whether this ambiguity is by design. They also talk about what it means that a firm as big as Kirkland is now choosing to negotiate with the White House rather than fight it in court. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

"I cannot imagine a worse deal than the one that Skadden came away with." That's the opinion of one of the law firm's own associates, Rachel Cohen. The Chicago-based finance lawyer has grabbed the spotlight by criticizing Skadden and Paul Weiss for reaching agreements with President Donald Trump as he targets Big Law through a series of executive orders. She's also slammed others for staying quiet, even as three major firms fight Trump directives in court. "The industry is not uniting," said Cohen, who is set to officially leave the firm later this week. "We have to be proactive here and we've not seen that from anyone except for associates." Late last week, President Trump said that, to avoid being targeted by a punitive executive order, Skadden, Arps, Slate, Meagher & Flom agreed to provide $100 million worth of pro bono services to causes Trump supports. This is $60 million more than was offered in a similar deal struck by the firm Paul Weiss weeks earlier. Even before this, Cohen had already put in her resignation, which will take effect later this week. More than 1,500 Big Law associates anonymously signed an open letter criticizing the industry's response to Trump's attacks. Cohen chose not to remain anonymous. Now she's calling on Big Law associates to go on a "recruitment strike" and refuse to do any recruitment for their firms until partners take a stronger stance against Trump. On this episode of our podcast, On The Merits, Cohen speaks with Bloomberg Law editor Jessie Kokrda Kamens about her reaction to the Skadden deal and about what power associates have in this ongoing battle between Big Law and the White House. "Associates are the workhorses," she said. "And the partners certainly do not want to be responsible for the work that they historically farm out to associates." Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

The US legal industry was already in a tough spot before President Donald Trump started attacking Big Law firms. Gloomy economic conditions and tariff-related uncertainty quickly tanked law firm leaders' expectations for a rebound that followed Trump's election. They're looking to stay off the president's target list in a wave of executive orders, while navigating a slowdown in deals activity and across practice groups. "From cautiously optimistic to cautious." That's how Gretta Rusanow described the mood shift she's seen in recent weeks among managing partners at some of the country's biggest law firms. Rusanow, the leader of Citigroup's law firm advisory group, says firms are feeling much more bearish now than at the end of last year. There's potential for an economic contraction, she says, and the fact that the huge revenue growth of prior years is now looking more like an aberration. Even as the country's elite firms come off of a record year for revenue and profits. Rusanow joins our podcast, On The Merits, to talk about why 2025 likely won't see the industry outperform its average growth numbers. She also tells Bloomberg Law reporter Roy Strom that any overachieving that does happen this year will likely flow toward just a handful of the largest firms. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

President Donald Trump has targeted major law firms in his second term in unprecedented ways. He hit three Big Law firms with executive orders that pose potentially existential threats to those firms. Then on March 21, the Trump administration issued a broad memo targeting any lawyer who files “frivolous, unreasonable, and even vexatious litigation against the United States.” On this podcast episode we're talking about yet another way the administration is going after firms. Andrea Lucas, the acting chair of the Equal Employment Opportunity Commission, sent a letter to 20 major firms such as Kirkland & Ellis, Skadden, and Simpson Thacher requesting extensive documentation to investigate whether their Diversity Equity and Inclusion programs are discriminatory. The EEOC is asking for names, gender, race, law school and GPA information for all who have applied to be hired since 2019. Joining the podcast are two Bloomberg Law reporters who are following this story, Business & Practice reporter Tatyana Monnay and EEOC reporter Rebecca Klar. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

After Donald Trump won the presidential election, dealmakers at corporations—and the Big Law lawyers that represent them—were optimistic about the prospects for increased corporate mergers and acquisitions. But the first two months of 2025 have fallen far short of expectations. Not only have deal tallies been lower than hoped, they are the lowest in five years. On this episode of our podcast, On The Merits, Bloomberg Law's Mahira Dayal talks about what this slowdown means for law firms. Also, Hogan Lovells partner Mahvesh Qureshi discusses the current M&A environment and what it will take to get deals moving in the coming months. Qureshi leads the firm's Corporate and Finance group for the Americas, is a member of their global board, as well as a member of the firm's Global Tech M&A leadership team. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

The White House has now hit several of the largest law firms in the world with directives that strip their attorneys of security clearances and order federal agencies to scrap contracts they hold with the firms' clients. Paul Weiss is the most recent target, but there's reason to believe it won't be the last. Bloomberg Law reporter Tatyana Monnay says it's now clear that "there's no firm too big to be attacked." In an executive order targeting law firm Perkins Coie, Trump said he was looking into at last 15 other firms for noncompliance of the law due to DEI initiatives. On this episode of On The Merits, Monnay and fellow Bloomberg Law reporter Justin Henry talk about what's happening with the orders and how things are going with Perkins Coie, which fought back against the White House in court. They also discuss why even getting vindication before a judge may not be enough to stave off severe financial damage. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Kirkland & Ellis, the world's largest law firm by revenue, brought in more than $100 million last year from just one of its clients: Blackstone Inc. That's more than double the amount Kirkland earned from the private equity giant in 2023. The dollar amount itself is eye-popping, but also notable is that we even know this information at all. Blackstone was required to disclose the payments in investor filings late last month because a Kirkland partner, Reg Brown, sits on its board. On this episode of our podcast, On The Merits, we talk with Bloomberg Law's Brian Baxter about what Kirkland has been doing for Blackstone, the strong professional and personal ties between the two companies, and what the massive fees tally means for the law firm that typically handle's most of Blackstone's business, Wall Street's Simpson, Thacher & Bartlett. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

The Foreign Corrupt Practices Act has been a mainstay of corporate culture for the last quarter-century, and has cost companies millions, sometimes even billions, of dollars in fines. And that's before you start counting the lawyers' fees. This law, used to prevent US businesses from engaging in bribery to win foreign business, has seen a major uptick in enforcement over the last 25 years. And, over that period, it has become a major revenue driver for elite law firms. Some say that the law keeps companies honest, and actually benefits corporations by providing them a shield for responding to requests for bribes. But last month President Donald Trump said the law “sounds good on paper but in practicality, it's a disaster.” Trump signed an executive order pausing the initiation of new investigations for 180 days and meanwhile ordering the AG to issue updated guidelines. On the latest episode of On The Merits, leading FCPA practitioner, Martin Weinstein, the chair of Cadwalader's compliance, investigations & enforcement practice, talks about the impacts of a law he calls the “greatest tariff in the US Code” and what it could mean for business if enforcement winds down. And Bloomberg Law reporter Roy Strom discusses the impact on large law firms, which have built premier practices focusing on this law. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Houston's legal market wasn't always one of the most competitive arenas in Big Law. But today, 14 of the 15 largest law firms by revenue have an office in Space City. The market's growth has mirrored the explosion of the country's energy industry over the past decade or so. And the competition among law firms continues to evolve, as the biggest firms fight for their share of a market once dominated by local firms. On this episode of On the Merits, Bloomberg Law's Roy Strom spoke with Nick Dhesi, the managing partner of Latham & Watkins' Houston office, which is credited as the first to truly crack the once-insular market. Latham in February celebrated its 15th year in Houston. The firm has more than 120 lawyers in the city, the fifth-largest presence among the 100 largest firms by revenue, according to Leopard Solutions. Other firms, such as Kirkland & Ellis, Sidley Austin, Simpson Thacher & Bartlett, and Gibson Dunn & Crutcher, have piled into the market, lured by its dominant oil and gas scene. Just last year, Paul Weiss made an unsuccessful effort to open in Houston, Bloomberg Law reported, which included an attempt to poach from Latham. Latham, the second-largest firm by revenue, now has a roughly $2 billion energy and infrastructure practice, led by Houston partner Justin Stolte. In the podcast, Dhesi talks about Latham's main competitors now, what a "dirt lawyer" is, and how the Texas legal market will respond to an economy that's branching out of the traditional oil and gas deals that powered its growth. He also discusses how the Houston and Dallas legal markets are different, and what Texas law schools have been doing to supply more high-caliber lawyers to all the top firms clamoring for talent in the state. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

The federal workforce has been hit with a wrecking ball since Elon Musk's Department of Government Efficiency started its campaign to fire and furlough federal employees. Meanwhile, law firms are seeing a flood of resumes from attorneys who have lost their jobs and from lawyers who want to leave behind the new instability of federal employment. However, law firms have limits to how many attorneys they can hire, especially when those attorneys don't come with a book of business. So what should government attorneys looking to transition to private practice do next? On this episode of On The Merits, Bloomberg Law reporter Tatyana Monnay; Justine Donahue, a partner with the legal recruiting firm Macrae; and Bloomberg Law columnist and former Airbnb general counsel Rob Chesnut discuss federal workforce developments, the job market for private practice, and how government attorneys can pivot their careers. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

The sports business is booming. You've probably seen the headlines. An NFL team sold for $6 billion, and private equity is pouring money into almost anything that involves a ball or a stick. For law firms, that means opportunity. More Big Law firms view the business of sports as a target for the types of megadeals that drive revenue. Naturally, there's a lot more competition coming for a practice area that was once dominated by only a handful of repeat players. On this episode of On The Merits, Bloomberg Law's Roy Strom spoke with Sidley Austin's Irwin Raij and Eric Geffner. The veteran dealmakers have guided transactions involving the NBA's Charlotte Hornets, the NFL's Washington Commanders and Carolina Panthers, and women's pro soccer franchise the Chicago Red Stars. Raij and Geffner discussed why sports deals work is a "very sexy practice right now" that's getting the attention from more major firms. They also talked about the growth of investments in women's sports and new opportunities for private equity in the National Football League. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Delaware has been the US corporate capital for about a century. But a wave of high-profile departures—amid a barrage of attacks from Elon Musk—has many members of the state's corporate community worried about the future. Although the world's richest man has been trying to provoke a corporate exodus for more than a year, the increasingly powerful Musk isn't the only critic of recent Delaware court rulings. Other stakeholders, such as the state's influential corporate defense bar, also say Delaware law has been evolving in a direction hostile to business leaders and controlling stockholders. At the same time, there's a lot of buzz about Nevada—which presents itself as a sort of anti-Delaware—and Texas, which recently set up a new commercial court to compete with the famous Delaware Chancery Court. It's still too early to stay if the "DExit" will widen from a trickle into a flood. On this episode of our podcast, Bloomberg News reporter Jef Feeley and Bloomberg Law senior correspondent Jennifer Kay discuss the latest developments out of Delaware. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690

At its height, the influential SCOTUSBlog provided Supreme Court coverage that drew comparisons to the comprehensive way ESPN reports on sports. But while the blog was becoming required reading for attorneys, law students, and journalists, its founder was allegedly racking up millions in gambling and tax debts. High-profile Washington attorney Tom Goldstein was indicted last month on federal charges allegedly tied to an ultra-high-stakes poker hobby involving billionaires, professional gamblers, Hollywood stars, and trips to Macau. Goldstein—a seasoned litigator known as a risk-taker both in court and at the poker table—was arrested Feb. 10 after prosecutors said he violated the terms of his release by hiding cryptocurrency accounts from pretrial services and transferring funds without approval. He has since filed an emergency motion challenging his detention. On this episode of our podcast, investigative reporter Alexia Fernández Campbell and legal reporter Holly Barker discuss the story that's riveting the legal world. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690

Big law firms are increasingly feeling pressure to grow, and many use mergers with other firms to expand. But a recent Bloomberg Law analysis reveals that about two-thirds of the 18 largest mergers within the past 15 years saw slower revenue growth than their competitors. Bloomberg Law reporter Meghan Tribe joins the podcast to talk about why firms merge, what challenges they face, and what the most successful mergers look like. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690

People are always finding new ways to listen to music, from vinyls and cassettes to stolen downloads and paid streaming services. So, how is the music business holding up? Who's making the money today? And what's in store for musicians with the growth of artificial intelligence? On this episode of our podcast, On the Merits, Bloomberg Law's Roy Strom dives into those questions and more with Sid Fohrman, chair of the music industry practice at Paul Hastings. The Los Angeles lawyer, who joined the firm from Willkie Farr & Gallagher last month, has advised on deals involving Lady Gaga, David Bowie's estate, and Taylor Swift. He's also a musician himself who packed his bags early in his legal career and headed from Chicago to Hollywood to take a chance following his passion. Fohrman has had a seat at the table as the music industry figured out how to make your favorite songs ubiquitous. The real challenge is how to make money—and how to make the money go where it should. That's where Fohrman thinks the industry can do a better job. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Big Law has long feared that the Big Four accounting firms–Deloitte, PWC, KPMG, and EY–would start practicing law in the US. Now, that may soon be a reality. Big law's fear is that the Big Four has scale that dwarfs even the largest US law firms, and its dominance in legal technology could lead to a paradigm shift in how legal services are delivered. But American lawyers have always had a safety net. The ethical rules for lawyers say that non-lawyers can't own law firms. This has put a fence around US law firms that has kept out the Big Four. Now, a couple of states, including Arizona, have changed these rules to allow non-lawyer ownership. KPMG has applied to practice law in Arizona. On this episode of On The Merits, Bloomberg law reporters Justin Henry, Amanda Iacone, and Roy Strom discuss KPMG's big move and what it could mean for the legal industry. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

When Russian chemicals magnate Oleg Burlakov died of Covid, he left behind a $3 billion fortune that prompted an international legal battle among feuding members of his family. In one corner stand his sister and brother-in-law, who say they had a secret agreement with Burlakov entitling them to half of what he left behind. In the other: His estranged widow and adult daughters. Their fight over Burlakov's billions has led to litigation in London, Moscow, Monaco, and Miami. Now, the Miami case—before a state court judge—has been complicated by the potential involvement of a Russian litigation funder and a Swiss money manager who's been sanctioned for allegedly facilitating Russian money laundering. On this episode of our podcast, correspondent Emily Siegel and senior investigative reporter John Holland discuss the wrangling over Burlakov's estate and what it tells us about how judges in the US are grappling with sanctions related to Russia's invasion of Ukraine. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690

Donald Trump's presidential election had market commenters rushing to conclude that the new administration would yield a flood of corporate dealmaking. But the widely anticipated Trump Bump for deals is already facing hurdles. Interest rates have steadily risen as the fear of inflation remains. Markets are buffeted by every piece of news about potential tariffs. And stock prices have faltered from their initial post-election surge. With Trump now in the White House, has the optimism for a dealmaking surge already withered? On this episode of On the Merits, Bloomberg Law's Roy Strom spoke with Jennifer Perkins and David Klein, M&A partners at Kirkland & Ellis, the busiest law firm for corporate transactions last year. Kirkland advised on more than $427 billion in global mergers and acquisitions over the year, surpassing rivals like Latham & Watkins, Skadden Arps Slate Meagher & Flom, and Freshfields. Perkins and Klein told Roy the “floodgates” for M&A may not be open right away, but they both expect a strong year for dealmaking ahead. They discussed a backlog of companies private equity funds are looking to offload, how a reinvigorated IPO market could further fuel deals, and how law firms are evolving as private capital markets expand. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Today on 'On the Merits,' we revisit our March 2024 episode that explores California's ongoing battle to keep homeowners insured amidst the persistent threat of wildfires.

Big Law associates often feel they have little control over their pay or their time. But Steptoe & Johnson's new compensation model will allow associates to choose a 1800-, 2000-, or 2200-billable-hour track with a corresponding pay scale. On this episode of On the Merits, Kate Reder Sheikh, partner at Major, Lindsey & Africa, shares how a tiered compensation plan could benefit both associates and law firms—and what the risks are. She also gives the latest industry updates on return-to-office issues and lateral moves for 2025. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Elon Musk's six-year saga defending his $56 billion Tesla Inc. pay package in the Delaware Chancery Court has captivated the state's tight-knit legal community and the wider world of Musk watchers, including his more than 200 million online followers. In January 2024, the court's chief judge struck down the pay package, prompting a months-long social media barrage—and a host of novel legal stunts—from the tech titan. In December, the judge rejected the compensation deal again, handing $345 million to the shareholder attorneys who led the case. On this episode of our podcast, On The Merits, senior correspondent Jennifer Kay and reporter Roy Strom discuss the long-running courtroom drama, the lead trial lawyer who took aim at the pay package, and the judge who has repeatedly stood up to the world's richest man. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690

The year 2024 saw tons of firms looking for merger opportunities and the lightning-fast growth that they provided. Although there's still plenty of room for new mergers, the legal industry is constantly looking for other ways to be competitive as big companies like KPMG are looking to enter the legal services market. This edition of On the Merits was hosted for the first time by Tom Taylor, chief of staff of the newsroom. Reporters Meghan Tribe and Justin Henry, who cover the business of law, and Chris Opfer, who oversees that coverage, joined him to discuss the most significant issues and challenges facing the legal industry in 2025. And as the second inauguration of Donald Trump approaches, the team will discuss how firms could deal with Trump's "unscripted style" and the opportunities for Big Law during his second term. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

New attorneys often leave law school with a lot of ideas about how the legal system works, but they typically don't know much about the business of being a lawyer. How do law firms make money? How do they govern themselves? And what trends are shaping the law firms where they will work? On this episode of On the Merits, Bloomberg Law's Roy Strom spoke with Kevin Burke, a former chairman at Hinshaw & Culbertson who's now teaching law students the answers to these and other questions about the industry they soon will join. Burke's course at the University of Southern California's Gould School of Law focuses on the nuts and bolts of law firm financials, operations, and marketing. His students also explore the future of legal practice. Burke tells Roy that students today are more interested than ever to understand the workplaces where they will make their careers. They're also surprisingly optimistic about what artificial intelligence might mean for their work lives. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

It's our final episode for the year — and it's been a year, one that included subtle DEI language, substantial associate bonuses, and the reprise of Donald Trump. Bloomberg Law had a lot of news stories to cover this year. And on this episode of On the Merits, podcast producer Mo Barrow reviews eight of Bloomberg Law's top stories in 2024 with Editor at Large Bernie Kohn. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690

Lawyers have demanding careers with late hours and weekend work, for which many of them are handsomely compensated. So it may be surprising to learn that a growing number of attorneys have or are looking for a side gig. A recent Bloomberg Law survey found that 1 in 5 respondents either have a side gig or want one. For attorneys, a side hustle can be a way to explore their creative side, an opportunity to meet new people and possible new clients, or build some skills for their career. Sometimes, it even opens the door to a completely new career. But for firms and their leaders, how should they adapt to the reality of their lawyers having side jobs? On this episode of our podcast, On the Merits, our guest Robert Chesnut, the former general counsel and chief ethics officer for Airbnb, and current author and Bloomberg Law columnist, talks about the benefits of side gigs as well as the considerations for law firms. He say law firms should be adjusting their code of conduct to prepare for the potential conflicts and cybersecurity issues that could arise. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

As the presidential transition picks up speed, a legal sector that overwhelmingly supported Kamala Harris is preparing for Donald Trump's return to the White House. A handful of Florida-based big law firms with connections to the incoming administration are hoping to leverage those Trump ties, while Democratic-leaning firms are looking to retool. At the same time, a cryptocurrency industry that spent the Biden presidency playing defense is starting to flex its muscle. The pivot includes a rare public warning from the CEO of Coinbase Global Inc., the exchange, to law firms that may hire outgoing government lawyers who had a hand in crypto regulations. On this episode of our podcast, On The Merits, reporters Meghan Tribe and Justin Henry discuss the Trump transition, Coinbase's shot across the bow, and what these new dynamics may mean for the Big Law landscape and the future of crypto. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690

Plenty of dealmakers expect a boom in M&A activity next year, anticipating a business-friendly Trump administration will rekindle animal spirits. That may mean private-equity firms will unload companies they've held for years. Traditionally, that means Big Law firms will have a flood of work. But it may also mean less of a certain type of complex transaction that has been occurring over the past year: Private equity companies selling pieces of businesses between themselves. On this episode of our podcast, On the Merits, Bloomberg Law's Roy Strom spoke with Neil Barlow, a private equity partner at Clifford Chance, about what this environment could mean for Big Law's M&A fortunes. The upshot is that lawyers could be trading more complex deals for a greater volume of them. Either way, the trends highlight how important the private equity business has become for global law firms' success. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Attorneys have toiled for years in Big Law firms with the hope that one day they would make partner. The title carries prestige—and money, too. But in recent years, the promotion to partner hasn't always meant what it used to. A new class of non-equity partner is on the rise. This means these so-called partners-in-name-only don't own a share of the business and generally make a fraction of the compensation of an equity partner. For some attorneys, this arrangement is just fine, as it gives them an opportunity to build business with the prestigious partner title. But other attorneys aren't happy about it—and they're suing. Bloomberg Law reporter Justin Henry joins this episode of our podcast, On the Merits, to discuss this Big Law trend and what it means for law firms and lawyers. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690

Today's Big Law firms are huge businesses—the world's biggest might surpass $8 billion in revenue this year. As the largest firms create an elite tier, more law firm leaders are choosing to achieve scale through mergers. On this episode of our podcast, On The Merits, Bloomberg Law's Roy Strom spoke with Kent Zimmermann, a principal at law firm consultancy Zeughauser Group, about how leaders close those deals. The process includes showcasing your best attributes, setting expectations for a potential partner, and only closing deals when the firms' cultures align closely. In other words, it's a lot like dating. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Corporate DEI measures saw a surge during and after the nationwide unrest over George Floyd's murder by Minneapolis police, but they've since become a major political, legal, and cultural flashpoint. Companies that adopted diversity initiatives in 2020 and afterward are now trying to figure out how to retool as they confront a backlash that seems to be partly about weariness with bureaucratic initiatives, but also partly a reflection of demographic anxieties. On this episode of our podcast, On The Merits, analyst Kate Azevedo and reporter David Hood discuss the challenges that DEI initiatives are facing, the way business and other organizations are responding, and what the future may hold under an incoming administration that's openly hostile to diversity policies. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690

Generative AI has promised to reshape the practice of law ever since ChatGPT emerged. However, it's been unclear just how large law firms are using AI. Has it changed how practitioners do their jobs on a daily basis? Are we witnessing the emergence of a revolution in how lawyers do their work? Uncommon Law's Matthew Schwartz sits in as guest host on this episode of On the Merits. He talks with John Quinn, founder and chair of Quinn Emanuel Urquhart & Sullivan. They discuss Quinns' firm's stance on artificial intelligence and the future of the billable hour. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690

President-elect Donald Trump is poised to further shape a federal judiciary he remade during his first term. Building on his historic number of appointments, including Supreme Court justices Neil Gorsuch, Brett Kavanaugh, and Amy Coney Barrett, Trump will likely choose nominees that are even more reliably conservative this time around. And, because of his success moving the judiciary to the right, Democrats seeking to challenge future Trump policies have fewer options for finding a receptive forum. On this episode of our podcast, On The Merits, Bloomberg Law reporters Tiana Headley and Suzanne Monyak, along with Bloomberg Law columnist and Above the Law founder David Lat, discuss how the Trump team will select judges, who those nominees could be, and what this means for litigators. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Associates at Big Law firms are accustomed to a tradition: Whenever one law firm raises associate salaries or doles out a bonus, other firms scramble to match. But this year, something strange happened: A Wall Street law firm, Milbank LLP, in August gave out a special bonus, and none of its law firm competitors followed suit. Bloomberg Law's Roy Strom spoke with his colleague Meghan Tribe about what might happen next for associates' bonuses on this episode of our podcast, On The Merits, and how law firms' revenue this year compares to 2021, the last time associates reaped a windfall from a boom in work. We also discuss whether associates across Big Law might still benefit from the special bonuses, which ranged from $6,000 to $25,000. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

A group of antitrust lawsuits blames the nationwide affordable housing crisis in part on a conspiracy among some of the country's top landlords to drive up rent using artificial intelligence tools. The scheme allegedly works through property management software that crunches data provided by its customers—the landlords—to maximize rent. Another group of lawsuits also targeted the top hotel-casinos in Las Vegas and Atlantic City, saying they operated a parallel cartel using similar software. Two federal judges recently threw out the casino cases, rejecting the idea that relying on the same software is the type of collusion covered by antitrust law. The rulings cast doubt on the broader legal effort to rein in AI pricing algorithms. On this episode of our podcast, On The Merits, reporters Katie Arcieri and Justin Wise discuss the antitrust cases confronting the residential housing sector and a related push by the Justice Department and Federal Trade Commission. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

At the New Jersey state supreme court, all of the justices seem to get along–even though they maintain a 4-3 partisan split in their ranks. The unique system, based on an unwritten rule that the governor will select justices and maintain a 4-3 balance politically, leads to an extraordinary amount of agreement among the justices. And attorneys like it, too. On this episode of our podcast, On The Merits, senior correspondent Alex Ebert talks about how the New Jersey Supreme Court maintains its system when so many state supreme courts have become partisan battlegrounds, and how attorneys prepare to argue in this unusual environment. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Fighting over the meaning of contracts is expensive and time-consuming. But a University of Pennsylvania professor sees the potential of generative artificial intelligence to give judges a tool to clarify a contract. Bloomberg Law senior correspondent Roy Strom spoke with professor David Hoffman, an expert on contracts law who co-wrote a paper on what he calls “generative interpretation.” It's a pretty simple concept: using large language models to determine what a contract really means. On this episode of our podcast, On The Merits, Hoffman discusses how the untested method could save time and money. He talks about what it might take to convince lawyers and clients to let AI solve major contract disputes. And he dives into the impact that could have on the business of large law firms. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

It's been almost four months since the Supreme Court's landmark ruling decision in Loper Bright that overruled the oft-cited Chevron doctrine. And now we're starting to see what administrative law is going to look like with judges more empowered to pick apart federal agencies' justifications for their actions. However, there could also be another case on the Supreme Court's docket for this term that upends the field of administrative law once again, and this one involves an arcane principle called the nondelegation doctrine. To break all this down, Bloomberg Law reporters Robert Iafolla and Kimberly Strawbridge Robinson join our podcast, On The Merits, and explain the present and future of federal agency power in a post-Chevron world. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Fortress Investment Group has powered its way to the top of the litigation funding industry. It has committed $6.6 billion to legal assets, and another $2.9 billion to intellectual property. But beyond the money, the secret to the firm's success may be its intensity and attention to detail. Bloomberg Law litigation finance reporter Emily Siegel sat down for almost three hours with two Fortress executives: Jack Neumark, managing partner and co-CIO, and Eran Zur, head of intellectual property. They discussed the firm's litigation finance activities in depth for the first time. Siegel also sifted through UCC filings to uncover where some of that money goes. On this episode of our podcast, On The Merits, Siegel details what she learned about this secretive company, who they work with, and how Zur's article nearly ten years ago about patent trolls keeps coming back to haunt him. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Disney recently backtracked on its attempts to force arbitration on a widower who who filed a wrongful death lawsuit but, it said, had agreed to not take the company to court when he signed up for a free trial of its streaming service. This about-face, which followed a wave of bad publicity for Disney, may be the exception, not the rule, according to a law professor who specializes in arbitration. David Horton calls these agreements "infinite arbitration" clauses because they force consumers to arbitrate all claims against a company—even claims that have no connection to the original agreement. And the University of California, Davis, professor says infinite arbitration claims are everywhere now, especially tucked into the online terms-of-service agreements that consumers rarely, actually read. On this episode of our podcast, On The Merits, Horton talks about how the Supreme Court opened the door for these types of broad arbitration clauses, and why he thinks the issue could be heading back there in the future. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Vice President Kamala Harris enjoyed a huge cash infusion to her campaign shortly after it launched this summer, and one of the groups behind this influx were attorneys donating to the Democratic candidate. Attorneys gave more than $8 million to the Harris campaign in just the first 10 days of its existence, according to data analyzed by Bloomberg Law reporters Tatyana Monnay and K. Sophie Will. This is the latest example of the legal profession moving more toward the Democratic column with every passing election cycle. However, despite this fundraising advantage, the Democrats are still waging an uphill fight for control of the House and the Senate in this year's congressional elections. On this episode of our podcast, On The Merits, Bloomberg Government's Greg Giroux explains why an unfavorable Senate map for Democrats may be more than robust fundraising can overcome. Also, Monnay talks about why lawyers are fans of the vice president and why attorneys who back former President Donald Trump are staying low-key. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Deals activity is picking up, according to the third quarter data from Bloomberg Law's League Tables. But the looming election and more potential rate cuts from the Fed means there's uncertainty over what comes next. On this episode of our podcast, On The Merits, Bloomberg Law reporter Mahira Dayal digs into the data and talks about which firms are on top and which ones have slipped. She also talks about what impact the election could have on next quarter's report. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Supreme Court Justice Samuel Alito has recused himself far more often than his eight other colleagues in recent years, and that's because, unlike his colleagues, he holds a significant amount of stock in public companies. But what's more notable are the times Alito failed to recuse himself even though he had a conflict of interest. On this episode of our podcast, On The Merits, Bloomberg News reporter Emily Birnbaum talks about why, even with a new code of ethics, there are still few, if any, consequences to mistakes like these at the Supreme Court. She also talks about what she found combing through Alito's most recent financial disclosure documents. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.