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  • Kirkland's Blackstone Connections Pay Off in Big Haul

    Kirkland's Blackstone Connections Pay Off in Big Haul
    2025/03/11
    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.
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    13 分
  • How the Anti-Bribery Law Pause Will Impact Companies and Big Law

    How the Anti-Bribery Law Pause Will Impact Companies and Big Law
    2025/03/06
    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.
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    21 分
  • 'Dirt Lawyers' to Megadeals: How Houston Became Big Law Hot Spot

    'Dirt Lawyers' to Megadeals: How Houston Became Big Law Hot Spot
    2025/03/04
    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.
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    20 分
  • Agency Lawyers on the Job Market Should Think Broadly in Search

    Agency Lawyers on the Job Market Should Think Broadly in Search
    2025/02/25
    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.
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    21 分
  • How Sports Deals Became 'Sexy' at Leading Law Firms

    How Sports Deals Became 'Sexy' at Leading Law Firms
    2025/02/20
    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.
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    15 分
  • Musk Attacks, 'DExit' Worries Rattle America's Corporate Capital

    Musk Attacks, 'DExit' Worries Rattle America's Corporate Capital
    2025/02/18
    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
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    16 分
  • How Tom Goldstein's Risky Poker Habit Caught Up With the SCOTUSblog Founder

    How Tom Goldstein's Risky Poker Habit Caught Up With the SCOTUSblog Founder
    2025/02/13
    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
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    16 分
  • Why Do Big Law Mergers Fall Short of Revenue Hopes?

    Why Do Big Law Mergers Fall Short of Revenue Hopes?
    2025/02/11
    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
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    15 分