Introduction
Week 23 did not look like a broad-based hiring rebound. It looked like selective acceleration. The clearest moves rewarded lawyers who can attach quickly to live client demand: capital-structure specialists in New York, antitrust and financial-regulatory operators in Washington, and energy-and-infrastructure deal lawyers in Houston. That profile aligns with Reuters’ latest hiring data showing firms favored experienced laterals over fresh graduates in 2025, while partner hiring among the top 200 firms rose 10%. [Source](https://www.reuters.com/legal/legalindustry/shift-hiring-shows-law-firms-favoring-more-experienced-lawyers-2026-05-27/)
The demand backdrop remains supportive for finance-side hiring. Reuters reported that private credit funds provided nearly US$560 billion in new loans to U.S. businesses since 2023, with California, Illinois and Texas capturing the largest state shares of the resulting economic activity. That matters because legal demand follows financing volume, sponsor activity, restructurings and follow-on disputes. [Source](https://www.reuters.com/legal/transactional/private-credit-lent-560-billion-us-businesses-since-2023-mfa-report-shows-2026-06-01/)
Executive Summary
1. Experience premium still widening
Firms hired more lateral associates than law-school graduates in 2025, with laterals accounting for 49% of hires versus 38% from law school classes. The message for recruiters is clear: firms still prefer lawyers who can contribute with minimal ramp time. [Source](https://www.reuters.com/legal/legalindustry/shift-hiring-shows-law-firms-favoring-more-experienced-lawyers-2026-05-27/)
2. New York and Washington remain the highest-conviction markets
Week 23’s strongest signals clustered around New York deal execution and Washington regulatory depth. King & Spalding added finance-and-restructuring lender capability in New York; Weil added senior M&A capacity; Latham deepened Washington antitrust leadership with a former DOJ Deputy Assistant Attorney General. [Source](https://www.kslaw.com/news-and-insights/partner-jarel-rosser-joins-king-spaldings-finance-and-restructuring-practice-in-new-york) [Source](https://www.weil.com/articles/iliana-karaoglan-rejoins-weils-mergers-acquisitions-practice) [Source](https://www.lw.com/en/news/former-doj-deputy-assistant-attorney-general-joins-latham)
3. Houston remains commercially important, not just regionally active
Paul, Weiss added Trent Bridges in Houston to expand midstream, project, joint venture and infrastructure-related M&A capability, explicitly tying the platform to surging energy-and-infrastructure demand and data-center-related growth. [Source](https://www.paulweiss.com/insights/firm-news/energy-and-infrastructure-ma-partner-to-join-paul-weiss-in-houston)
Week in Review — What Mattered
- Capital solutions kept expanding. The legal market is still treating finance, restructuring and special situations as adjacent rather than separate. Paul Hastings’ multi-city team hire from King & Spalding remains one of the strongest signals in the market because it bundled private credit, restructuring and special situations across New York, Chicago, Houston and Washington. [Source](https://www.paulhastings.com/news/paul-hastings-adds-premier-restructuring-and-private-credit-team)
- Washington is paying for real regulatory reps, not generic prestige. Latham’s Andrew Forman hire underscores demand for lawyers who understand DOJ and FTC merger process, conduct investigations, AI-related competition issues and front-office decision-making. [Source](https://www.lw.com/en/news/former-doj-deputy-assistant-attorney-general-joins-latham)
- Energy and infrastructure deal talent remains durable. Houston partner additions continue to signal that energy, infrastructure and data-center-linked work are not niche lanes. Paul, Weiss described demand for those capabilities as continuing to soar. [Source](https://www.paulweiss.com/insights/firm-news/energy-and-infrastructure-ma-partner-to-join-paul-weiss-in-houston)
- Regulatory convergence is creating premium sub-markets. White & Case’s David Adams hire in Washington shows the pricing power of lawyers who sit where private capital, financial institutions, fintech, digital assets and regulation meet. [Source](https://www.whitecase.com/news/press-release/david-adams-joins-white-case-partner-washington-dc)
Week Ahead — What to Watch
Likely next-step moves
- More New York hires combining lender-side finance, restructuring and real-estate credit capability.
- Additional Washington moves involving former DOJ, FTC, SEC or Treasury officials.
- Houston expansions tied to energy transition, data centers, midstream and infrastructure financings.
Recruiter posture
- Lead with capability bundles, not brand alone.
- Expect firms to keep preferring portable, practice-ready lawyers over generalized junior hiring.
- Reprice candidates whose practices sit at the intersection of transactions and regulation.
Top 5 Moves
1. Paul Hastings adds a premier restructuring and private-credit team across four cities
Paul Hastings hired nine lawyers from King & Spalding — Jennifer Daly, Roger Schwartz, Matthew Warren, Christopher Boies, Zachary Cochran, Peter Montoni, Geoffrey King, Lindsey Henrikson and Robert Nussbaum — across New York, Chicago, Houston and Washington. This was not a single prestige move; it was platform architecture. The team deepens private credit, restructuring and special-situations capability in multiple client-facing markets at once. [Source](https://www.paulhastings.com/news/paul-hastings-adds-premier-restructuring-and-private-credit-team)
2. Latham & Watkins adds former DOJ antitrust leader Andrew Forman in Washington
Andrew Forman joined Latham’s Washington office after serving as Deputy Assistant Attorney General in the DOJ Antitrust Division from 2022 to 2025. His background spans civil antitrust investigations, merger clearance, non-merger conduct, Hart-Scott-Rodino issues, bank mergers, and AI/algorithm implications. This is a front-office antitrust execution hire, not just a résumé signal. [Source](https://www.lw.com/en/news/former-doj-deputy-assistant-attorney-general-joins-latham)
3. Paul, Weiss adds Trent Bridges in Houston
Trent Bridges is joining Paul, Weiss in Houston as an M&A partner focused on energy-related transactions, infrastructure development projects and investments, especially in the midstream oil-and-gas space. The firm specifically highlighted demand tied to energy infrastructure and data centers. That keeps Houston on the map as a commercially relevant market for premium transactional talent. [Source](https://www.paulweiss.com/insights/firm-news/energy-and-infrastructure-ma-partner-to-join-paul-weiss-in-houston)
4. King & Spalding adds Jarel Rosser in New York
Jarel Rosser joined King & Spalding’s Finance and Restructuring practice in New York from K&L Gates. His practice covers structured finance transactions including CMBS, balance sheet mortgage loans, mezzanine debt, private bank lending and other commercial-asset-backed credit facilities. This is another sign that lender-side execution remains a live premium lane in New York. [Source](https://www.kslaw.com/news-and-insights/partner-jarel-rosser-joins-king-spaldings-finance-and-restructuring-practice-in-new-york)
5. Weil brings Iliana Karaoglan back to New York M&A
Iliana Karaoglan rejoined Weil in New York as a partner in Mergers & Acquisitions after serving as a partner at Simpson Thacher. Her return reinforces that high-end deal execution remains a priority in New York, even while firms selectively manage entry-level hiring. Returnees with established client trust and culture fit can be especially valuable in a market seeking faster integration and lower execution risk. [Source](https://www.weil.com/articles/iliana-karaoglan-rejoins-weils-mergers-acquisitions-practice)
Regional Lateral Heat Map
| Market | Practice Lane | Heat | Why It Matters |
|---|---|---|---|
| New York | M&A, finance, restructuring, antitrust execution | 9.3/10 | New York keeps rewarding deal-ready lawyers across corporate, finance and transaction-facing regulatory practices. [Source](https://www.weil.com/articles/iliana-karaoglan-rejoins-weils-mergers-acquisitions-practice) [Source](https://www.kslaw.com/news-and-insights/partner-jarel-rosser-joins-king-spaldings-finance-and-restructuring-practice-in-new-york) |
| Washington, D.C. | Antitrust, financial regulation, investigations | 9.2/10 | Former government lawyers keep moving into premium roles, especially in antitrust and regulation-heavy advisory work. [Source](https://www.lw.com/en/news/former-doj-deputy-assistant-attorney-general-joins-latham) [Source](https://www.whitecase.com/news/press-release/david-adams-joins-white-case-partner-washington-dc) |
| Houston | Energy, infrastructure, project M&A | 9.1/10 | Energy-and-infrastructure demand still supports premium transactional hiring and related capital deployment. [Source](https://www.paulweiss.com/insights/firm-news/energy-and-infrastructure-ma-partner-to-join-paul-weiss-in-houston) |
| Chicago | Private credit, special situations, finance | 8.6/10 | Chicago remains credible where private credit and restructuring teams are scaling across multi-city platforms. [Source](https://www.paulhastings.com/news/paul-hastings-adds-premier-restructuring-and-private-credit-team) |
| Dallas | Restructuring and Texas platform support | 8.1/10 | Dallas remains active, but Week 23’s strongest commercial signals were more clearly centered in Houston and multi-city teams. |
Structural Signals
Private credit is still feeding legal demand
Reuters reported that private credit funds provided nearly US$560 billion in new loans to U.S. businesses since 2023, generating roughly US$897 billion in economic activity, with California, Illinois and Texas leading the state mix. That volume continues to support hiring in finance, restructuring, fund-linked lending and adjacent disputes. [Source](https://www.reuters.com/legal/transactional/private-credit-lent-560-billion-us-businesses-since-2023-mfa-report-shows-2026-06-01/)
Government exits remain a feeder system
Reuters reported that at least six attorneys had left the DOJ antitrust division after leadership turmoil, adding to private firms including O’Melveny, Wilson Sonsini, Winston & Strawn and Sher Tremonte. Washington remains one of the clearest markets where public-service experience converts directly into pricing power. [Source](https://www.reuters.com/legal/government/doj-antitrust-exits-feed-steady-hires-by-private-firms-2026-05-27/)
Profits are up, but the ground is unstable
Thomson Reuters said 2025 average law-firm profit growth reached 13%, but also warned of deteriorating buyer sentiment, rising technology and talent costs, and historical warning patterns resembling prior market corrections. In that environment, firms are buying lawyers who can monetize quickly. [Source](https://www.thomsonreuters.com/en-us/posts/legal/state-of-the-us-legal-market-2026/)
Early-Talent Radar
Why the junior market still looks narrower than headlines suggest
- Only 38% of 2025 associate hires came directly from law school classes, while 49% were lateral associates. [Source](https://www.reuters.com/legal/legalindustry/shift-hiring-shows-law-firms-favoring-more-experienced-lawyers-2026-05-27/)
- Only 16 ABA-accredited law schools had 50% or more of graduates land large-firm jobs in 2025, while 89 schools sent 10% or fewer into firms with 251+ lawyers. [Source](https://www.reuters.com/legal/government/pipeline-big-law-jobs-stays-narrow-despite-recruiting-shifts-2026-04-30/)
- Large-firm hiring remains heavily concentrated in elite feeder schools despite remote interviewing and recruiting-format changes. [Source](https://www.reuters.com/legal/government/pipeline-big-law-jobs-stays-narrow-despite-recruiting-shifts-2026-04-30/)
Summer-associate pipeline still looks conservative
- Median summer-associate offers per office fell to six in 2024, the lowest since NALP began tracking in 1993. [Source](https://www.reuters.com/legal/legalindustry/us-law-firms-chopped-summer-associate-jobs-record-low-recruited-earlier-than-2025-03-11/)
- 56% of incoming summer associates received offers outside formal recruiting events, up from 47% in 2023. [Source](https://www.reuters.com/legal/legalindustry/us-law-firms-chopped-summer-associate-jobs-record-low-recruited-earlier-than-2025-03-11/)
- Only 24% of offers came through traditional on-campus interviews, confirming that recruiting is earlier and more decentralized. [Source](https://www.reuters.com/legal/legalindustry/us-law-firms-chopped-summer-associate-jobs-record-low-recruited-earlier-than-2025-03-11/)
Recruiter Radar
- New York: prioritize lawyers who bridge execution lanes — finance plus restructuring, or M&A plus regulatory awareness.
- Washington: reprice antitrust, financial-regulation and investigations candidates with real government seniority.
- Houston: keep building lists around energy, infrastructure, joint ventures, project development and sponsor-facing deal work.
- Nationally: expect firms to continue preferring experienced laterals over broader junior-class expansion.
- Message discipline: pitch candidates through immediate revenue relevance, not abstract prestige.
Internal Monitors
Government Exit Tracker
- Andrew Forman — Latham, Washington: former DOJ Deputy Assistant Attorney General in antitrust. [Source](https://www.lw.com/en/news/former-doj-deputy-assistant-attorney-general-joins-latham)
- Catherine “Cassie” Dick — Sher Tremonte, Washington: former DOJ Antitrust Division Director of Litigation. [Source](https://shertremonte.com/2026/05/27/sher-tremonte-welcomes-former-doj-litigation-director-catherine-dick-as-partner/)
- Jessica Delbaum — Davis Polk, New York: former DOJ Antitrust Division honors attorney with merger-defense depth. [Source](https://www.davispolk.com/firm-news/davis-polk-welcomes-antitrust-partner-jessica-delbaum-new-york)
- Alessio Evangelista — Freshfields, Washington/New York: former DOJ and FinCEN leader in white-collar and financial-crimes work. [Source](https://www.freshfields.com/en/our-thinking/news/news-search/2026/05/former-federal-prosecutor-and-senior-treasury-official-alessio-evangelista-joins-freshfields-as-litigation-partner)
- Nicholas Cheolas — Wiley, Washington: former DOJ antitrust trial lawyer. [Source](https://www.wiley.law/pressrelease-Wiley-Adds-Former-DOJ-Trial-Lawyer-Nicholas-Cheolas-Strengthening-Firms-Antitrust-and-Enforcement-Capabilities)
Compensation Creep Monitor
- Washington / Antitrust & financial regulation — High: agency credibility is scarce and monetizable.
- New York / Finance & restructuring — High: lender-side and structured-credit execution remains expensive.
- Houston / Energy & infrastructure M&A — Moderate-High: high-value sector fluency still commands pricing.
- Multi-city / Private credit & special situations — High: bundled teams can reset comp expectations quickly.
- Junior associate market / General corporate — Moderate: demand exists, but selectivity remains high.
Interactive Strategy Check
Questions to pressure-test your search strategy
- Are you segmenting New York searches by actual capital-structure capability, not just “finance” labels?
- Do your Washington shortlists separate agency leaders from line-level government alumni?
- Are your Houston energy candidates strong on commercial arrangements and joint ventures, not just pure M&A process?
- Have you updated compensation expectations for candidates whose practices sit at the intersection of transactions and regulation?
Recommended immediate actions
- Build one combined private-credit / restructuring / special-situations map.
- Refresh Washington comp bands for antitrust, fintech and broker-dealer regulatory talent.
- Re-open Houston outreach for midstream, infrastructure and data-center-adjacent deal lawyers.
- Adjust junior-market assumptions downward unless the role is tied to a highly specific feeder pool.
Conclusion & Source Stack
Week 23 confirmed that the legal market is still paying for readiness. Firms are not signaling indiscriminate growth. They are signaling selective urgency around lawyers who can close transactions, navigate regulators, manage antitrust exposure, and attach quickly to capital-intensive client work. New York and Washington remain the clearest premium markets, while Houston continues to matter wherever energy, infrastructure and data-center demand create live deal flow.
Source Stack
- Paul Hastings adds premier restructuring and private-credit team
- Latham adds former DOJ Deputy Assistant Attorney General Andrew Forman
- Paul, Weiss adds Trent Bridges in Houston
- King & Spalding adds Jarel Rosser in New York
- Weil welcomes back Iliana Karaoglan
- White & Case adds David Adams in Washington
- Reuters: firms favoring more experienced lawyers
- Reuters: private credit lent US$560 billion since 2023
- Reuters: DOJ antitrust exits feed private-firm hires
- Reuters: Big Law pipeline remains narrow
- Reuters: summer-associate hiring hit record low
- Thomson Reuters: 2026 State of the U.S. Legal Market
- Sher Tremonte adds Catherine Dick
- Davis Polk adds Jessica Delbaum
- Freshfields adds Alessio Evangelista
- Wiley adds Nicholas Cheolas
