Daniel Sweeney, Esq.’s Post

𝐌𝐈𝐃𝐋𝐄𝐕𝐄𝐋 𝐄𝐌𝐏𝐋𝐎𝐘𝐌𝐄𝐍𝐓 𝐋𝐈𝐓𝐈𝐆𝐀𝐓𝐈𝐎𝐍 𝐀𝐒𝐒𝐎𝐂𝐈𝐀𝐓𝐄 – 𝐍𝐄𝐖 𝐘𝐎𝐑𝐊 Our client, an international AmLaw 30 firm with a well-established reputation for culture and Associate development, is searching for a midlevel Labor & Employment Associate with strong employment litigation experience to join its growing L&E team in New York. This is a young, dynamic, full-service group that advises a wide range of clients across a variety of industries on day-to-day and transaction-specific employment, compensation and benefits matters, as well as high-stakes litigation arising out of workplace and employment-based disputes. The ideal candidate will: ▶ Have 3+ years of strong employment litigation experience (preferably at a peer AmLaw ranked firm) ▶ Be comfortable with handling all phases of sophisticated litigation, including drafting pleadings/briefs, running discovery, motion practice and taking/defending depositions ▶ Be barred to practice and in good standing in the state of New York Compensation is commensurate with experience and in line with the most recent #BigLaw salary scale. For more information, please reach out for a confidential discussion via direct message or email to 𝒅𝒂𝒏𝒊𝒆𝒍.𝒔𝒘𝒆𝒆𝒏𝒆𝒚@𝒔𝒐𝒏𝒅𝒆𝒓𝒄𝒐𝒏𝒔𝒖𝒍𝒕𝒂𝒏𝒕𝒔.𝒄𝒐𝒎

𝑾𝒉𝒊𝒄𝒉 𝑩𝒊𝒈𝑳𝒂𝒘 𝒇𝒊𝒓𝒎 𝒋𝒖𝒔𝒕 𝒄𝒂𝒖𝒔𝒆𝒅 𝒕𝒉𝒆 𝒍𝒂𝒕𝒆𝒔𝒕 𝒔𝒉𝒂𝒌𝒆 𝒖𝒑 𝒊𝒏 𝒕𝒉𝒆 𝒔𝒖𝒓𝒈𝒊𝒏𝒈 𝑪𝒂𝒑𝒊𝒕𝒂𝒍 𝑴𝒂𝒓𝒌𝒆𝒕𝒔 𝒔𝒑𝒂𝒄𝒆 𝒘𝒊𝒕𝒉 𝒂 𝒃𝒊𝒈-𝒕𝒊𝒎𝒆 𝒑𝒂𝒓𝒕𝒏𝒆𝒓 𝒉𝒊𝒓𝒆? I've long said that you can generally gauge the outlook on a certain practice area by the level of activity in the lateral partner market, and #CapitalMarkets has been an area buzzing with activity since mid-year. This latest move may be surprising given what many might perceive as a pretty drastic disparity in where each firm has traditionally been positioned in the Capital Markets space... but then again the city that the hiring firm calls home has always loved an underdog (𝘙𝘰𝘤𝘬𝘺! 𝘙𝘰𝘤𝘬𝘺! 𝘙𝘰𝘤𝘬𝘺!). That's right, Morgan, Lewis & Bockius LLP, a firm born in the rough-and-tumble streets of Philadelphia a century over and a half ago added a big piece to their Capital Markets practice by bringing in rising star Rahul Patel from perennial powerhouse Davis Polk & Wardwell LLP. He will be operating out of the firm's New York and New Jersey offices, and brings not only top firm pedigree, but also nearly 5 years of experience in the U.S. Securities and Exchange Commission Division of Corporation Finance. Much like the city's iconic fictional homegrown boxer, this is only the most recent in a series of Balboa-esque haymakers that Morgan Lewis has thrown in the lateral marketplace to keep pace with the other BigLaw heavyweights vying for talent during the current market rebound. Just days ago, the firm added 17-year veteran of the SEC Carolyn Welshhans to shore up its Securities Enforcement and Litigation Practice in DC, and in mid-September they managed to steal away David Sylofski from Sidley Austin LLP in New York to bolster its already elite Structured Finance team. This surely won't be the last punch thrown by Morgan Lewis in what feels like a #BigLaw partner-poaching melee, but you can bet that the other heavy-hitters out there with similar agendas won't go down without a fight.

𝐓𝐡𝐞𝐫𝐞 𝐚𝐫𝐞 𝐟𝐞𝐰 𝐭𝐡𝐢𝐧𝐠𝐬 𝐛𝐞𝐭𝐭𝐞𝐫 𝐭𝐡𝐚𝐧 𝐬𝐩𝐞𝐧𝐝𝐢𝐧𝐠 𝐭𝐡𝐞 𝐬𝐮𝐦𝐦𝐞𝐫 𝐛𝐞𝐢𝐧𝐠 𝐰𝐢𝐧𝐞𝐝 𝐚𝐧𝐝 𝐝𝐢𝐧𝐞𝐝 (𝐚𝐧𝐝 𝐡𝐚𝐧𝐝𝐬𝐨𝐦𝐞𝐥𝐲 𝐜𝐨𝐦𝐩𝐞𝐧𝐬𝐚𝐭𝐞𝐝) 𝐛𝐲 𝐭𝐡𝐞 𝐰𝐨𝐫𝐥𝐝'𝐬 𝐦𝐨𝐬𝐭 𝐩𝐫𝐞𝐬𝐭𝐢𝐠𝐢𝐨𝐮𝐬 𝐥𝐚𝐰 𝐟𝐢𝐫𝐦𝐬 - 𝐛𝐮𝐭 𝐰𝐡𝐢𝐜𝐡 𝐨𝐧𝐞𝐬 𝐝𝐨 𝐢𝐭 𝐛𝐞𝐬𝐭? With summer 2024 coming to a close, thousands of aspiring attorneys bid farewell to new friends and mentors made through one of the many Summer Associate programs in the U.S. They may have bid even more tearful goodbyes, however, to the average weekly pay of $4,543 and the delightful perks and activities available to summer employees at a multi-billion dollar law firm. Notably Cleary Gottlieb Steen & Hamilton LLP was said to have hosted parties on yachts and in the Hamptons, while Cravath, Swaine & Moore LLP rented out Central Park. For those fans of culture and the arts, Paul, Weiss, Rifkind, Wharton & Garrison LLP rented out the MoMA and Simpson Thacher & Bartlett LLP bought orchestra seats for roughly 150 summers at Hamilton. More up my alley, Proskauer Rose LLP and Weil, Gotshal & Manges LLP, two firms known for their positioning in the world of sports, had Associates attend the NBA draft and a Western Conference finals game that saw Anthony Edwards drop 29 points, respectively. It's not all fun and games though, as Summers usually earn every penny of those stout paychecks, often working directly with Partners on sophisticated and taxing matters to prepare them for the rigors of life as a post-JD Associate. But the question remains... 𝒘𝒉𝒊𝒄𝒉 𝒐𝒇 𝒕𝒉𝒆𝒔𝒆 𝒇𝒊𝒓𝒎𝒔 𝒅𝒐𝒆𝒔 𝒔𝒖𝒎𝒎𝒆𝒓𝒔 𝒃𝒆𝒔𝒕? Some of the answers may surprise you. As ranked by Summer Associates, the top-10 #BigLaw firms are: 1️⃣ Paul Hastings 2️⃣ Clifford Chance 3️⃣ Morgan, Lewis & Bockius LLP 4️⃣ Baker McKenzie 5️⃣ Duane Morris LLP 6️⃣ A&O Shearman 7️⃣ Fenwick & West 8️⃣ Cadwalader, Wickersham & Taft LLP 9️⃣ Proskauer Rose LLP 🔟 Blank Rome LLP These rankings were not meant to incorporate each firm's lavish extracurriculars, which could explain some absences. Instead, they were by their average scores based on: partner access and mentorship, interactions with other associates, interesting legal work, firms’ alignment with their own stated goals and self-image, and whether summers were concerned with their mental health or well-being as an attorney. So congratulations to all of the firms who topped this list, and to all of the Summer Associates who are now one year closer to that title of "Esq."

𝐀𝐫𝐞 𝐰𝐞 𝐚𝐛𝐨𝐮𝐭 𝐭𝐨 𝐬𝐞𝐞 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐄𝐪𝐮𝐢𝐭𝐲 𝐨𝐰𝐧𝐞𝐫 𝐨𝐟 𝐚𝐧 𝐍𝐅𝐋 𝐟𝐫𝐚𝐧𝐜𝐡𝐢𝐬𝐞? There's a strong case to be made that this year's uptick in the transactional space is largely attributable to greatly increased Private Equity activity, with a number of firms making the decision to sell off depreciating assets and reinvest into high-growth industries - areas like tech, life sciences, energy, artificial intelligence... and professional sports franchises? There's been a lot of buzz around the possibility of PE firms getting involved in professional sports franchise ownership, particularly in the NFL. While I think some people are hesitant to let these massive investment bodies into sports ownership, it likely won't have any noticeable effects on the common sports viewer/fan. On the business side however, it provides a very secure avenue of liquidity for existing owners to (ideally) use for making upgrades that will increase the values of their franchises. (I say ideally because historically most franchise owners haven't exactly been beacons of committed caretakers of their teams). Additionally, with all 32 NFL teams now reaching a valuation of at least $4 𝐛𝐢𝐥𝐥𝐢𝐨𝐧, there isn't exactly a huge pool of individuals who are in a position to purchase a sports franchise. Now, with financially stable and liquid PE firms able to finance and purchase stakes in teams, the very exclusive club of professional team owners may be on the verge of having its doors kicked down. That first kick looks poised to come from global PE goliath Ares Management Corporation which, in addition to billionaire and well known professional sports investor Joe Tsai, is nearing an agreement to acquire a stake in the Miami Dolphins. Current negotiations would have Ares purchasing a 10% stake in the currently floundering (pun intended) franchise that was most recently valued at $8.1 𝐛𝐢𝐥𝐥𝐢𝐨𝐧. It will be very interesting to see what #BigLaw firms will be handling this deal should if/when it comes to fruition, but given the PE and sports/entertainment components I can certainly think of a few worthy candidates! https://lnkd.in/e7ygvjHM

𝐀𝐧𝐨𝐭𝐡𝐞𝐫 𝐝𝐚𝐲, 𝐚𝐧𝐨𝐭𝐡𝐞𝐫 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐝𝐨𝐥𝐥𝐚𝐫 𝐈𝐏𝐎. StandardAero made its #NYSE debut this morning with an IPO priced at $24/share (outperforming its projected range of $20-23/share), and selling 60 million shares owned by StandardAero and some of its existing shareholders to raise a whopping $1.44 𝐛𝐢𝐥𝐥𝐢𝐨𝐧. The successful ten-figure capital raise by Arizona-born and The Carlyle Group-backed U.S. aircraft maintenance services provider made this the biggest U.S. IPO since cold-storage warehouse operator Lineage raised $4.45 billion in June. This is the 4th IPO in 2024 that has raised upwards of $1 billion, with multi-billion dollar capital raises and net IPO proceeds already pacing well beyond those same figures in all of 2023 (with what many expect to be a 4Q ripe with activity still to come). With these massive dollar values only the best legal representation will do, so it made sense for StandardAero to rely on the Capital Markets savants at Latham & Watkins, while underwriters J.P. Morgan and Morgan Stanley rightly put their faith in the extremely capable hands of the Cap Markets team at Milbank LLP to bring this to bring this IPO across the line. #CapitalMarkets #legalmarket

We’re seeing a ton of BigLaw firms in NYC investing in new, modernized employee-friendly office spaces, especially as in-office mandates become more and more common. Associates - how important is the office space/layout when deciding whether or not to join a firm?

💲💲 𝐂𝐀𝐏𝐈𝐓𝐀𝐋 𝐌𝐀𝐑𝐊𝐄𝐓𝐒 𝐈𝐒 𝐁𝐀𝐂𝐊! 💲💲 Words that many a Cap Markets Associate has longed to hear. After a first half of 2024 that was still a bit touch-and-go with the capital markets space showing intermittent signs of life, the start of Q3 has seen those little blips on the cap markets EKG has turned into a steady pulse, and we're seeing the effects in the world of law. Partner moves are always a great indicator of workflow (in my last post I discussed the popular strategy of capturing market share by poaching practice area rainmakers), and we've seen quite a few of those recently in the capital markets space. Just this week Paul Hastings (who I gave a nod to in that last article) brought in Dan Hirschovits from Davis Polk & Wardwell LLP in their London office. Meanwhile, Mayer Brown rebounded from its loss of a group of Capital Markets parters that was highlighted by Chicago-based rockstar Edward Best to Willkie Farr & Gallagher LLP by bringing in rising star Jason W. Parsont from Clifford Chance in their New York office... the same Clifford Chance that poached another up-and-comer, Om Pandya from the heavy-hitting team at Latham & Watkins to their Houston office last month. Even firms not traditionally known for their involvement in the Cap Markets space are getting in on the action, with groups like Seward & Kissel LLP bringing in practice area veteran Walter Van Dorn from international behemoth Dentons; Womble Bond Dickinson (US) LLP's New York team adding international star David Contreiras Tyler from Hogan Lovells; Akin Gump Strauss Hauer & Feld LLP landing former Kirkland & Ellis star Bryan D Flannery in Houston; and Proskauer Rose LLP's London group stealing Jake Keaveny from Cahill Gordon & Reindel LLP. Is your head spinning yet? Well, if you're a mid- to senior-level Capital Markets Associate, straighten yourself out and dust off that CV, because firms are already opening their checkbooks in order to get out in front of what's expected to be one of the busier quarters we've seen in the space in well over a year. So 𝑪𝒂𝒑𝒊𝒕𝒂𝒍 𝑴𝒂𝒓𝒌𝒆𝒕𝒔 𝑨𝒔𝒔𝒐𝒄𝒊𝒂𝒕𝒆𝒔 𝑪𝒍𝒂𝒔𝒔 𝒐𝒇 2017 𝒕𝒐 2021 - if you're looking to strike while the iron's hot, shoot me an email to 𝐝𝐚𝐧𝐢𝐞𝐥.𝐬𝐰𝐞𝐞𝐧𝐞𝐲@𝐬𝐨𝐧𝐝𝐞𝐫𝐜𝐨𝐧𝐬𝐮𝐥𝐭𝐚𝐧𝐭𝐬.𝐜𝐨𝐦 or a direct message and let's chat. #legalmarket #legalrecruiter #capitalmarkets

While traditional M&A work maintains its steep upward trajectory, a much more specific type of merger also continues to be a popular trend in the world of #BigLaw... 𝐭𝐡𝐞 𝐥𝐚𝐰 𝐟𝐢𝐫𝐦 𝐦𝐞𝐫𝐠𝐞𝐫. In what has become a much more popular strategy to capture increased market share, enhance practice capabilities or more effectively expand into new geographic regions, we've already seen nearly a dozen law firm mergers in this calendar year alone (notably headlined by the combination of global powerhouses Allen & Overy and Shearman & Sterling LLP to form A&O Shearman). Well, add a few more to the list. In the past 48 hours alone, two more AmLaw 100 firms have announced mergers with middle-market firms that will allow them to enhance certain practice areas, gain coverage in new geographic markets, and more importantly create new firms with substantially greater revenue projections. Effective January 1, 2025, Womble Bond Dickinson (US) LLP (already the product of North Carolina-based Womble's merger with UK firm Bond Dickinson) will be combining with Lewis Roca, a full-service firm with footholds in some of the fastest growing hubs in the western US, to form a firm with more than 1,300 lawyers and approximately $742 million in revenue. Similarly, effective on January 1st will be the merger between Philadelphia-born Ballard Spahr LLP and Lane Powell PC, a full-service mid-market firm and 150-year old staple of the Pacific Northwest. The resulting firm will be led by Ballard Spahr Chair Peter Michaud. Additionally worth noting is last week's announced merger between Troutman Pepper and Locke Lord LLP, also set to take effect at the start of next year, which will create a new firm with revenue of around $1.6 billion. This new growth strategy doesn't seem to be fading anytime soon, and I suspect these won't be the last law firm mergers that we'll hear of this year. Stay tuned! #legalmarket #mergers

Like the flip of a switch, attorney hiring is once again surging on the heels of a very promising first half of 2024. And while some firms are now scrambling to tap the lateral market, others like Paul Hastings are proving that it pays to bet on talent regardless of market conditions. While many firms sat on their hands from 1-2Q this year in a sort of "wait and see" approach to lateral hiring, Paul Hastings Chair Frank Lopez led one of the most aggressive growth initiatives in the US market, hiring 44 rainmaking partners (often from direct competitors) across the full range of practice groups, with "𝘥𝘪𝘷𝘦𝘳𝘴𝘪𝘧𝘪𝘦𝘥 𝘴𝘶𝘤𝘤𝘦𝘴𝘴" across the multitude of sectors being a key aspect of Lopez's vision for the firm. The mass partner hiring by Paul Hastings was second only to global juggernaut Kirkland & Ellis, but it still managed to outpace firms with more than double their total headcount like DLA Piper and Greenberg Traurig, LLP. This bold strategy of overtaking competitors by stealing talent directly from their ranks is already paying dividends, with Paul Hastings boasting a 12% rise in billables over the first half of the fiscal year. It's easy to look back very matter-of-factly at the firm's successful growth strategy from the relatively stable present day legal market, but it's important to remember that Paul Hastings initiated this remarkably aggressive hiring phase right in the thick of a frighteningly uncertain market that saw other firms in hiring holding patterns or even cutting back on headcount. So congratulations to Paul Hastings for betting on talent and optimism. They say fortune favors the bold, and the firm's shareholders will certainly be enjoying a bit of that with profits per equity partner at growing by more than 11% on average since 2020. (𝘍𝘶𝘭𝘭 𝘢𝘳𝘵𝘪𝘤𝘭𝘦 𝘪𝘯 𝘤𝘰𝘮𝘮𝘦𝘯𝘵𝘴)