Introduction
Week 25 was not about broad expansion. It was about control. The most important moves sat where client pressure is hardest to outsource or commoditize: structured finance product design, major public M&A, executive compensation on strategic deals, antitrust review, and CFIUS-linked national-security oversight. The strongest signals came from [Orrick](https://www.orrick.com/en/News/2026/06/Orrick-Continues-Growth-of-Transatlantic-Structured-Finance-Team-with-Four-Partner-Hires), [Paul, Weiss](https://www.paulweiss.com/insights/firm-news/leading-ma-partner-jim-langston-joins-paul-weiss-in-new-york), [Cravath](https://www.cravath.com/news-insights/michael-patrick-daly-former-doj-national-security-official-joins-cravath.html) and [Hogan Lovells](https://www.hoganlovells.com/en/news/hogan-lovells-strengthens-antitrust-offering-with-addition-of-elai-katz-in-new-york), with New York once again acting as the main concentration point. [Source](https://www.orrick.com/en/News/2026/06/Orrick-Continues-Growth-of-Transatlantic-Structured-Finance-Team-with-Four-Partner-Hires)
The broader market backdrop still favors experienced talent. Reuters reported that the U.S. legal sector hit a record 1,237,200 jobs in May, while separately noting that law firms hired more lateral associates than law-school graduates in 2025 and raised partner hiring by 10% among the top 200 firms. That is the operating environment behind Week 25’s signals: firms are still spending, but selectively, and mostly on people who can contribute immediately. [Source](https://www.reuters.com/legal/government/us-legal-jobs-hit-historic-high-may-2026-06-05/) [Source](https://www.reuters.com/legal/legalindustry/shift-hiring-shows-law-firms-favoring-more-experienced-lawyers-2026-05-27/)
Executive Summary
1. New York is rewarding lawyers who control complex deal architecture
Paul, Weiss added both [Jim Langston](https://www.paulweiss.com/insights/firm-news/leading-ma-partner-jim-langston-joins-paul-weiss-in-new-york) in public and private M&A and [Linda Barrett](https://www.paulweiss.com/insights/firm-news/executive-compensation-partner-joins-paul-weiss-in-new-york) in executive compensation. Combined, those moves show that firms are building around the lawyers who make major transactions executable at the board, compensation and governance levels. [Source](https://www.paulweiss.com/insights/firm-news/leading-ma-partner-jim-langston-joins-paul-weiss-in-new-york) [Source](https://www.paulweiss.com/insights/firm-news/executive-compensation-partner-joins-paul-weiss-in-new-york)
2. Structured finance is still scaling with private-credit demand
Orrick’s four-partner transatlantic structured-finance buildout is an unusually clear market statement. The firm tied the expansion directly to unprecedented demand in asset-backed securitization, especially where it intersects with private credit. [Source](https://www.orrick.com/en/News/2026/06/Orrick-Continues-Growth-of-Transatlantic-Structured-Finance-Team-with-Four-Partner-Hires)
3. Washington continues to monetize government fluency
Cravath’s addition of former DOJ national-security official Michael Patrick Daly reinforces a durable Washington premium: clients want lawyers who understand CFIUS, foreign-investment review and cross-border security issues from inside the system. [Source](https://www.cravath.com/news-insights/michael-patrick-daly-former-doj-national-security-official-joins-cravath.html)
Week in Review — What Mattered
- Capital-flow practices kept widening their lead. Structured finance, fund finance, CLOs, public M&A and executive compensation all saw fresh investment. These are not isolated silos anymore; they are linked pieces of the same premium transaction stack. [Source](https://www.orrick.com/en/News/2026/06/Orrick-Continues-Growth-of-Transatlantic-Structured-Finance-Team-with-Four-Partner-Hires) [Source](https://www.paulweiss.com/insights/firm-news/leading-ma-partner-jim-langston-joins-paul-weiss-in-new-york) [Source](https://www.paulweiss.com/insights/firm-news/executive-compensation-partner-joins-paul-weiss-in-new-york)
- Regulatory complexity remains a hiring engine. Antitrust and national-security review continue to create premium legal demand because these issues can derail strategic transactions or materially reshape deal terms. [Source](https://www.hoganlovells.com/en/news/hogan-lovells-strengthens-antitrust-offering-with-addition-of-elai-katz-in-new-york) [Source](https://www.cravath.com/news-insights/michael-patrick-daly-former-doj-national-security-official-joins-cravath.html)
- Management risk is becoming a business-of-law issue. Reuters’ June 15 analysis on Diversity Lab’s shutdown shows that regulatory and political risk is now affecting law-firm management choices directly, not just client advice. Even if not a talent move itself, it matters for leadership posture, lateral messaging and institutional brand strategy. [Source](https://www.reuters.com/legal/government/law-firms-loved-diversity-until-it-became-liability-2026-06-15/)
Week Ahead — What to Watch
Likely next-step moves
- More hires in structured finance, securitization and fund-finance products linked to private-credit expansion.
- Additional New York moves pairing public-company, activist-defense and compensation capability.
- Further Washington demand for lawyers with CFIUS, DOJ, FTC, SEC and national-security credentials.
Recruiter posture
- Pitch lawyers through the deal-control functions they own, not generic practice tags.
- Expect compensation pressure to stay strongest in New York and Washington.
- Keep an eye on firms using platform-building hires to prepare for a more volatile 2H 2026 environment.
Top 5 Moves
1. [Orrick](https://www.orrick.com/en/News/2026/06/Orrick-Continues-Growth-of-Transatlantic-Structured-Finance-Team-with-Four-Partner-Hires) adds four more structured-finance partners across New York, Austin, Charlotte and London
Orrick added [Victor Liang](https://www.orrick.com/en/People/8/0/D/Victor-Liang) in New York, [Brittany Fox](https://www.orrick.com/en/People/A/0/F/Brittany-Fox) in Austin, [John Paul Igoe](https://www.orrick.com/en/People/D/1/2/John-Paul-Igoe) in Charlotte, and Polly O’Brien in London. The firm explicitly tied the hires to unprecedented demand for asset-backed securitization, especially at the intersection with private credit, and framed them as part of a broader transatlantic structured-finance buildout. This is one of the clearest market-wide signals of Week 25. [Source](https://www.orrick.com/en/News/2026/06/Orrick-Continues-Growth-of-Transatlantic-Structured-Finance-Team-with-Four-Partner-Hires)
2. [Paul, Weiss](https://www.paulweiss.com/insights/firm-news/leading-ma-partner-jim-langston-joins-paul-weiss-in-new-york) adds [Jim Langston](https://www.paulweiss.com/insights/firm-news/leading-ma-partner-jim-langston-joins-paul-weiss-in-new-york) in New York M&A
Jim Langston joined Paul, Weiss in New York as a partner in Mergers & Acquisitions, focusing on public and private M&A, activist-defense M&A and corporate governance. The firm described him as further securing its place at the top of the public M&A market. This is a premium boardroom-and-dealmaking move, not just an incremental headcount addition. [Source](https://www.paulweiss.com/insights/firm-news/leading-ma-partner-jim-langston-joins-paul-weiss-in-new-york)
3. [Paul, Weiss](https://www.paulweiss.com/insights/firm-news/executive-compensation-partner-joins-paul-weiss-in-new-york) adds [Linda Barrett](https://www.paulweiss.com/insights/firm-news/executive-compensation-partner-joins-paul-weiss-in-new-york) in New York
Linda Barrett joined Paul, Weiss as a partner in Executive Compensation, advising private equity funds and public companies on compensation and ERISA issues arising in M&A, LBOs, take-privates, sales, spin-offs and IPOs. This move matters because it shows how closely firms now tie executive compensation to the execution of complex deals, restructurings and sponsor activity. [Source](https://www.paulweiss.com/insights/firm-news/executive-compensation-partner-joins-paul-weiss-in-new-york)
4. [Cravath](https://www.cravath.com/news-insights/michael-patrick-daly-former-doj-national-security-official-joins-cravath.html) adds [Michael Patrick Daly](https://www.cravath.com/news-insights/michael-patrick-daly-former-doj-national-security-official-joins-cravath.html) in Washington
Michael Patrick Daly joined Cravath’s Washington office after more than a decade in the DOJ’s National Security Division. He will advise on the regulatory aspects of cross-border transactions, CFIUS, foreign-participation review, data security and outbound investment controls. This is a strong signal that national-security review is now a high-value transaction gatekeeper practice. [Source](https://www.cravath.com/news-insights/michael-patrick-daly-former-doj-national-security-official-joins-cravath.html)
5. [Hogan Lovells](https://www.hoganlovells.com/en/news/hogan-lovells-strengthens-antitrust-offering-with-addition-of-elai-katz-in-new-york) adds [Elai Katz](https://www.hoganlovells.com/en/news/hogan-lovells-strengthens-antitrust-offering-with-addition-of-elai-katz-in-new-york) in New York antitrust
Elai Katz joined Hogan Lovells in New York as a Band 1-ranked antitrust lawyer with three decades of experience across financial services, insurance, healthcare, e-commerce and technology. The firm emphasized both regulatory merger-clearance demand and growth in antitrust litigation, making this a strong signal that New York antitrust continues to be commercially central to regulated-industry dealmaking. [Source](https://www.hoganlovells.com/en/news/hogan-lovells-strengthens-antitrust-offering-with-addition-of-elai-katz-in-new-york)
Regional Lateral Heat Map
| Market | Practice Lane | Heat | Why It Matters |
|---|---|---|---|
| New York | Public M&A, executive comp, antitrust, structured finance | 9.5/10 | Week 25’s biggest concentration of premium signals came from New York, especially in capital-heavy and governance-heavy practices. [Source](https://www.paulweiss.com/insights/firm-news/leading-ma-partner-jim-langston-joins-paul-weiss-in-new-york) [Source](https://www.paulweiss.com/insights/firm-news/executive-compensation-partner-joins-paul-weiss-in-new-york) [Source](https://www.hoganlovells.com/en/news/hogan-lovells-strengthens-antitrust-offering-with-addition-of-elai-katz-in-new-york) |
| Washington, D.C. | National security, CFIUS, antitrust-linked regulatory work | 9.1/10 | Washington remains a premium market where inside-government experience quickly converts into client value on sensitive cross-border matters. [Source](https://www.cravath.com/news-insights/michael-patrick-daly-former-doj-national-security-official-joins-cravath.html) |
| Houston | Energy & infrastructure M&A | 8.8/10 | Houston stays strategically relevant where energy, data-center demand and infrastructure investment support sponsor and corporate activity. [Source](https://www.paulweiss.com/insights/firm-news/energy-and-infrastructure-ma-partner-to-join-paul-weiss-in-houston) |
| Chicago | Technology-sector corporate and M&A activity | 8.4/10 | Norton Rose Fulbright’s Kevin Friedmann move suggests Chicago still matters where M&A, securities and technology-company growth intersect. [Source](https://www.nortonrosefulbright.com/en-us/news/33747f1d/chicago-office-continues-growth-with-new-corporate-partner) |
| Multi-city | Structured finance / private credit / CLO | 9.2/10 | Orrick’s cross-office and transatlantic buildout signals that structured finance is scaling nationally and internationally, not staying local. [Source](https://www.orrick.com/en/News/2026/06/Orrick-Continues-Growth-of-Transatlantic-Structured-Finance-Team-with-Four-Partner-Hires) |
Structural Signals
Record legal employment supports pricing, not looseness
Reuters reported that the legal sector reached 1,237,200 jobs in May, up 7.6% from five years ago, with large firms also beginning to match fresh associate pay increases. That matters less as a volume signal than as confirmation that firms still have economic room to pay for scarce talent. [Source](https://www.reuters.com/legal/government/us-legal-jobs-hit-historic-high-may-2026-06-05/)
Experience bias remains the operating rule
Firms hired more lateral associates than new graduates in 2025, with laterals making up 49% of associate hires while only 38% came directly from law-school classes. Combined with a 10% rise in partner hiring among the top 200 firms, the market is still rewarding people who can contribute immediately. [Source](https://www.reuters.com/legal/legalindustry/shift-hiring-shows-law-firms-favoring-more-experienced-lawyers-2026-05-27/)
Law-firm management risk now affects talent strategy
Reuters’ analysis of Diversity Lab’s closure shows that law firms are re-evaluating public positioning, governance choices and internal policies under regulatory and political pressure. That context matters for recruiting because institutional confidence, client perception and leadership posture increasingly influence lateral decisions. [Source](https://www.reuters.com/legal/government/law-firms-loved-diversity-until-it-became-liability-2026-06-15/)
Early-Talent Radar
Big Law access remains concentrated
- Only 16 law schools in 2025 had 50% or more of graduates land associate jobs at firms with 251+ lawyers. [Source](https://www.reuters.com/legal/government/pipeline-big-law-jobs-stays-narrow-despite-recruiting-shifts-2026-04-30/)
- 89 law schools sent 10% or fewer graduates into those large-firm roles, and 11 sent none. [Source](https://www.reuters.com/legal/government/pipeline-big-law-jobs-stays-narrow-despite-recruiting-shifts-2026-04-30/)
- The elite feeder-school funnel remains a key constraint in junior hiring strategy. [Source](https://www.reuters.com/legal/government/pipeline-big-law-jobs-stays-narrow-despite-recruiting-shifts-2026-04-30/)
Summer-associate caution still matters
- Median summer-associate offers per office fell to six in 2024, the lowest since NALP started 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. [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 a decentralized and earlier market. [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: map together public M&A, compensation, activist-defense and antitrust talent. The market is rewarding capability clusters, not isolated labels.
- Washington: reprice lawyers with CFIUS, telecom-sector review, foreign-investment and agency-leadership experience.
- Multi-office finance: treat structured finance, fund finance, private credit and CLO work as one competitive market.
- Chicago: watch for selective demand around technology M&A, capital markets and venture-growth company work.
- Across the board: strong macro employment does not mean easier access to truly scarce senior talent.
Internal Monitors
Government Exit Tracker
- Michael Patrick Daly — Cravath / Washington: former DOJ National Security Division leadership office and Foreign Investment Review Section background. [Source](https://www.cravath.com/news-insights/michael-patrick-daly-former-doj-national-security-official-joins-cravath.html)
- 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)
- Jariel Rendell — Jenner & Block / Washington: former Counsel to the Assistant Attorney General, DOJ Antitrust Division. [Source](https://www.jenner.com/en/news-insights/news/former-doj-antitrust-division-counsel-jariel-rendell-joins-jenner-and-blocks-antitrust-and-competition-law-practice)
- David Adams — White & Case / Washington: former SEC and NASD market-regulation experience. [Source](https://www.whitecase.com/news/press-release/david-adams-joins-white-case-partner-washington-dc)
Compensation Creep Monitor
- New York / Public M&A & governance — High: activist-defense and board-ready dealmakers remain scarce.
- New York / Executive compensation — High: compensation specialists tied to sponsor and strategic deals are gaining leverage.
- Washington / National security & foreign investment — High: specialized agency experience is hard to replicate.
- Multi-city / Structured finance & private credit — High: product complexity and volume continue to push demand upward.
- Junior associate market / Broad generalist roles — Moderate: firms still prefer more experienced hires where possible.
Interactive Strategy Check
Questions to pressure-test your search strategy
- Are your New York M&A searches separating board-level public-company operators from broader deal generalists?
- Do your compensation searches recognize which lawyers are integral to sponsor and take-private execution rather than post-signing cleanup?
- Are your Washington lists identifying who has actually worked inside CFIUS and related review processes?
- Are your finance searches still too siloed between structured finance, private credit and fund-finance talent?
Recommended immediate actions
- Build a single New York control-points map covering M&A, comp, governance and antitrust.
- Refresh Washington comp bands for CFIUS and national-security regulatory talent.
- Create one integrated structured-finance / CLO / private-credit candidate universe.
- Adjust junior-market planning to reflect continued feeder-school concentration and conservative summer-associate hiring.
Career-Advancement Call to Action
The market is paying most for lawyers who control outcomes, not just workflow
Week 25’s message is simple: the most valuable lawyers are the ones who decide whether the transaction clears, the board is protected, the compensation structure works, the securitization scales or the regulator signs off. If your practice sits near one of those decision points, this is the moment to benchmark your platform, compensation and market leverage before firms become even more selective in the second half of 2026.
- Partners and counsel: frame your practice around strategic control points and client risk reduction.
- Recruiters: lead with monetizable capability, not prestige shorthand.
- Firms: use current strength to secure operators who can defend margin if market conditions soften later.
Conclusion & Source Stack
Week 25 confirmed that elite hiring is still concentrated around the legal work most tightly bound to capital, governance and regulation. Structured finance is scaling with private-credit demand. Public M&A and executive comp remain tightly linked in New York. Washington keeps paying for government-linked risk management. And strong employment data, while supportive, has not changed the basic fact that firms still want lawyers who can contribute immediately. [Source](https://www.orrick.com/en/News/2026/06/Orrick-Continues-Growth-of-Transatlantic-Structured-Finance-Team-with-Four-Partner-Hires) [Source](https://www.reuters.com/legal/government/us-legal-jobs-hit-historic-high-may-2026-06-05/)
Source Stack
- Orrick continues growth of transatlantic structured finance team with four partner hires
- Paul, Weiss adds Jim Langston in New York
- Paul, Weiss adds Linda Barrett in New York
- Cravath adds Michael Patrick Daly in Washington
- Hogan Lovells adds Elai Katz in New York
- Norton Rose Fulbright adds Kevin Friedmann in Chicago
- Paul, Weiss adds Trent Bridges in Houston
- Reuters — U.S. legal jobs hit historic high in May
- Reuters — law firms favoring more experienced lawyers
- Reuters — law firms loved diversity, until it became a liability
- Reuters — pipeline to Big Law jobs stays narrow
- Reuters — summer associate hiring hit record low
- Thomson Reuters — 2026 State of the U.S. Legal Market
- Latham — Andrew Forman joins in Washington
- Jenner & Block — Jariel Rendell joins in Washington
- White & Case — David Adams joins in Washington
