On The Merits

Sidley Leader Yvette Ostolaza Shares Growth Strategy 19.05.2026 18min

Sidley Austin LLP crossed $3.74 billion in revenue last year and has its sights set on $4 billion — but according to its top leader, the number is a byproduct, not the goal. The real question is whether the firm is built for what comes next. Today on On the Merits: Yvette Ostolaza, chair of Sidley's management committee, sits down with Bloomberg Law reporter Meghan Tribe to discuss strategic lateral hiring, formal integration plans, and a willingness to pull back from practices and geographies that aren't growing. "There are no sacred cows," Ostolaza said. "We need to continue to evaluate how the industry is changing." She also weighed in on how Sidley is treating AI: not as a pilot project, but as core leadership infrastructure deployed across the firm with dedicated governance, training, and practice-group liaisons. "It doesn't replace judgment, it sharpens it," Ostolaza said.

K&L Gates Goes on the Offensive in the Legal Talent Wars 17.04.2026 13min

When it comes to winning the legal industry talent wars, the best defense is a good offense, according to K&L Gates' global managing partner, Stacy Ackermann. Her firm is "going out into the market" rather than "being in a reactionary mode of 'Let's see what comes to us and what the headhunters bring to us,'" Ackermann said. She spoke to Bloomberg Law editor Chris Opfer on our podcast, On The Merits, about how competitive the market for legal talent has gotten, even in secondary markets like her home base of Charlotte, N.C. She also talked about why K&L Gates is continuing to push its attorneys to use AI, even after some of its attorneys got reprimanded last year for using hallucinated citations in a court case. "I remember not so long ago that clients would say to me 'Please tell me you're not using AI,'" Ackermann said. "And now they're saying to me 'Please tell me you are using AI.'" Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Say Goodbye to the Era of Never Changing Law School Rankings 09.04.2026 13min

For a long time, the top dozen or so law schools in US News & World Report's annual rankings stayed remarkably consistent, with Yale for example holding the top spot every year since the rankings debuted in 1990. But not this year. Yale is now no longer at the very top of the highly influential rankings, which were unveiled earlier this week, having slid down to number two. While this may seem insignificant, Bloomberg Law columnist David Lat said even dropping one spot can tangibly affect a law school's brand. Lat spoke about this with Bloomberg Law editor Jessie Kokrda Kamens for our podcast, On The Merits. He said recent changes in the methodology for compiling these rankings means we should expect more movement in and out of the top spots in years to come. Lat also talks about why the rankings matter for Big Law talent recruitment and beyond. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

John Quinn Warns of Generational Clash When Firms Get Investors 31.03.2026 14min

Law firms bringing in outside investors is one of the hottest topics in the legal industry right now. John Quinn, founder and chairman of Quinn Emanuel Urquhart & Sullivan, says firms that want to take the cash need to figure out how to avoid alienating their younger attorneys. Non-lawyer investment isn't common yet in the US, but some firms are experimenting with different ownership models—especially as they consider the price tags on AI tools. Bringing in outside investment can help raise capital. It can also dilute the pool of profits that associates and younger partners were hoping they'd one day get to enjoy, Quinn said on our podcast, On The Merits. "They have to be persuaded that that's in the long-term interest of the firm," he told Bloomberg Law reporter Roy Strom. "But these are some awkward conversations. And it's a generational conversation." Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Why Polsinelli Lawyers Won't Get Billing Credit for AI Training 24.03.2026 18min

The chair of law firm Polsinelli says he doesn't want his attorneys—and especially not his junior attorneys—to use AI legal tools grudgingly. But the firm will not be giving associates billable-hour credit for learning how to use the technology. "They need to be very, very good at utilizing these tools and investing in themselves," Chase Simmons said on Bloomberg Law's podcast, On The Merits. "If you need motivation to learn how to use AI in your career right now, we probably have other things that we should be concerned about with you." "This should just be every day you wake up and have breakfast and think about how to incorporate this into your career," Simmons added. Simmons, who leads one of the fastest growing firms in the country, talked about how Polsinelli is adopting AI across the firm. He also explained Polsinelli's focus on being a "daily and weekly law firm" for its clients and discussed his views on the Trump administration's attacks on 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.

AI Poses Private Capital Opportunity, Mayer Brown Chief Says 17.03.2026 18min

Outside investors circling law firms may help some shoulder the growing costs of artificial intelligence, according to Mayer Brown's Jon Van Gorp. "I could see private capital providing specific funding for AI with a use agreement between the firm and the AI vehicle where it's tailored, just like litigation funding," Van Gorp, the firm's chairman, said on Bloomberg Law's On The Merits podcast. Still, the unique aspects of the legal services business pose challenges for broader outside investment in large firms, Van Gorp said. The "practice of law is still a profession, and lawyers still have their way of doing things," he said. Van Gorp spoke to Bloomberg Law reporter Roy Strom about AI's "big question that everybody's talking about." He also discussed his firm's focus on servicing energy markets, the turbulent times for private credit markets, and the impact of President Donald Trump's war on 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.

Trump's U-Turn in Big Law Fight Shows White House Fury for Firms 10.03.2026 13min

The Trump administration surprised everyone last week when it first dropped an appeal in its fight against four law firms and then, less than 24 hours later, reversed itself and declared the case to be back on. The White House and Justice Department have yet to explain what prompted the dizzying two-day stretch. Late last week, a DOJ lawyer instead pressed an appeals court to overturn four separate rulings striking down Trump's executive orders against the firms last year. The about-face has highlighted questions about the legal rationale behind Trump's orders, targeting firms over ties to lawyers and causes the president sees as threats to his administration. But even if Trump ends up losing the appeal, he's already gained a significant amount of leverage from the legal industry in hard-to-quantify ways, according to Bloomberg Law reporters Meghan Tribe and Justin Henry. On this episode of our podcast, On The Merits, they speak with host Jessie Kokrda Kamens about the chaotic events of last week and where the president's battles against the legal industry may be heading next. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Goldstein Still Has Cards to Play Even After Guilty Verdict 27.02.2026 13min

Prominent lawyer and high-stakes poker player Tom Goldstein was convicted on some, but not all, of the 16 criminal charges against him when his federal trial wrapped up this week. But Goldstein's legal fight may be far from over. Several issues came up during the trial that could be fodder for a successful appeal, according to Bloomberg Law reporter Holly Barker, including a dispute over where Goldstein was physically located when some of these crimes were committed. Barker covered the trial of the disgraced SCOTUSblog founder and she joins our podcast, On The Merits, to talk about why the jury split its verdict and about how Goldstein's famous propensity for risk taking influenced his defense strategy. 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 Can't Afford to Miss Out on Data Center Boom 24.02.2026 15min

Large law firms are going all in on the nationwide data center build out—nevermind that lurking AI bubble. On today's episode of our podcast, On The Merits, we hear from Bloomberg Law reporter Roy Strom about several examples of law firms deploying multidisciplinary practice groups to solve complex problems for data center builders. Roy also talks about why it may not pay for firms to approach the data center boom cautiously. "If this work goes away, the law firms will struggle, there'll be some partners who have a lot of time on their hands," he said, "but the bigger risk to the law firms right now is probably missing out on a sort of once-in-a-generation extravaganza." Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

DEI at Law Firms Remains Live Issue a Year Into Trump's Term 17.02.2026 14min

It's been over a year since Donald Trump returned to the White House and almost immediately made it a priority to end diversity, equity, and inclusion programs at large law firms. There's evidence that this effort is bearing fruit for the president, even after the Equal Employment Opportunity Commission walked away from investigations into several firms. The EEOC recently told a court it dropped the probes without getting most of the information it sought on firms' recruiting programs and promotion decisions. Still, the move came after some of those firms struck deals with the White House and several others—including some not involved in the inquiries—scaled back diversity initiatives. Citing the cost of defending itself against Trump's attacks, a DEI nonprofit said it's shutting down its Mansfield Rule program that sought to have firms consider underrepresented candidates in hiring and promotions. To talk about all of this, Bloomberg Law reporter Tatyana Monnay joins our podcast, On The Merits. She explains all the recent developments on this front and also talks about the risks that firms may face if they shut down all of their DEI programs entirely. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

AI and the Coming Mismatch Between Law Schools and Law Firms 10.02.2026 9min

The future lawyers of America were taking the LSAT this weekend. But, by the time they get their JDs in a few years, law firms may have replaced many of their entry-level associate jobs with AI. That's a fear Mike Spivey hears a lot about these days. Spivey is a former law school administrator who is now an admissions consultant working with schools and prospective students. He says law school applications for the class of 2029 are spiking right now—even though AI may totally transform the legal industry by the time they graduate. Law schools are asking themselves "'Are we admitting people and bringing in large class sizes who, in three to four years, we're setting up to be in great debt? Are we going to have these debt-ridden people without jobs?'" Spivey said on our podcast, On The Merits. "That's the tension." Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

New Epstein Revelations Bring Massive Upheaval at Paul Weiss 05.02.2026 10min

Legal giant Paul Weiss is getting a new chairman for the first time in nearly two decades, but this transition is definitely not happening in a planned, orderly fashion. Brad Karp stepped down from the role yesterday after the latest tranche of Justice Department documents showed he had surprisingly close ties to disgraced financier and convicted sex trafficker Jeffrey Epstein—far closer than what Paul Weiss had originally indicated. On this special episode of our podcast, On The Merits, Bloomberg Law editor Chris Opfer talks about what happened at this elite law firm and about the informal work Karp did for Epstein shortly before his death. Opfer also talks about why the firm's profits may not actually suffer that much from this abrupt change in leadership. "Long gone are the days of Paul Weiss being this, sort of, large litigation boutique," Opfer said. "It's much more a corporate-focused mega-firm." Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Even Cravath, Wachtell Must Now Fight 'the Talent Wars' 03.02.2026 16min

There was a time when elite Wall Street firms such as Cravath or Wachtell seemed to rise above the lateral tug-of-war among other firms. That doesn't appear to be the case any longer, with a handful of partners from both of these firms announcing their departures for competitors last month. "I don't think these are one-offs," legal recruiter Sabina Lippman said. "It's a pattern." Firms like these will need to adjust their mindsets—and perhaps their pay structures as well—to stay at the top, according to two New York-based legal recruiters who spoke on our podcast, On The Merits. Lippman, co-founder and global managing partner at CenterPeak, and Todd Merkin, executive director of Wegman Partners, spoke to Bloomberg Law's Jessie Kokrda Kamens about this newest phase of what Lippman calls "the talent wars." Merkin said that these firms have "really been focused on talent retention, and not so much on talent acquisition. So they're a little bit behind as far as that goes." Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Litigation Financiers Won't Be Ambushed Again on Capitol Hill 27.01.2026 12min

Last year, the litigation finance industry was nearly taxed out of existence by a measure Sen. Thom Tillis (R-N.C.) tried to attach to a big tax and spending package. The measure, which would have imposed a 41% tax on litigation finance profits, didn't become law. But it did spook many who work on this fast growing $16 billion industry. Two attorneys have responded by launching the American Civil Accountability Alliance, a lobbying group designed to push back against laws targeting the outside funding of lawsuits. One of those two co-founders, Houston patent lawyer Erick Robinson, is our guest on today's episode of our podcast, On The Merits. "I think we were all just shocked," Robinson told Bloomberg Law's Emily R. Siegel. The litigation funding tax "came very close, a lot closer than anybody including, I think, Senator Tillis, thought to passing." Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Goldstein to Put His Cards on the Table at His Criminal Trial 20.01.2026 14min

The trial of Tom Goldstein, the elite Supreme Court advocate and co-founder of SCOTUSBlog who was charged with criminal tax evasion after years of playing ultra-high-stakes poker games, continues this week in Maryland. Bloomberg Law reporter Holly Barker, who's there covering the proceedings, joins us to talk about it on our podcast, On The Merits. Barker lays out what Goldstein's defense will likely be and why his status as an elite lawyer could make it harder for that defense to succeed. She also talks about why some poker-loving Hollywood celebrities may be called to the stand to testify against Goldstein. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Latham & Watkins M&A Leaders on the 'Year of the Mega Deal' 13.01.2026 14min

Latham & Watkins beat out its rival Kirkland & Ellis in our annual League Tables ranking of M&A activity for 2025. And on this episode of our podcast, On The Merits, the firm's M&A co-chairs talk about what went down in what one called "the year of the mega deal." Alex Kelly and Paul Kukish spoke with Bloomberg Law reporter Mahira Dayal about why Latham was able to work on almost 800 deals in 2025 totaling more than $780 billion in value. Kukish said AI and AI-adjacent deals were a big part of the firm's success—success that smaller firms just now getting into the AI space may not be able to replicate. They also talked about how they think tariffs and other Trump administration policies affected the market this year for buying and selling companies. "There has been an increased focus by our clients on how the president views a particular industry, or a particular company, or a particular country," Kelly said. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Law Firm Crackup Comes Amid Anti-Plaintiff Mood in Delaware 06.01.2026 14min

There's never a good time for a law firm to see one of its most prominent partners leave and take several attorneys with him. But this is especially bad timing for Bernstein Litowitz Berger & Grossmann. The firm specializes in representing shareholders suing companies in Delaware, the incorporation capital of the world. But ever since Elon Musk reincorporated Tesla outside the state in response to a lawsuit over his pay package—a lawsuit Bernstein Litowitz led—the state has changed its laws to make it harder for shareholder plaintiffs to succeed. In this episode of our podcast, On The Merits, Bloomberg Law reporters Jennifer Kay and Tatyana Monnay talk about the unusual bitterness Bernstein Litowitz expressed to its departing colleague after he exited the firm. They also talk about why, after the seismic corporate law changes of 2025, it may no longer be as lucrative as it once was to represent shareholders in Delaware. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Trump, Mergers and AI: A Tumultuous Year in the World of Big Law 30.12.2025 16min

It's not a very controversial statement to say that Donald Trump's attacks on law firms were the biggest Big Law story in 2025. But, according to the guests on today's episode of our podcast, On The Merits, the ramifications of those attacks are still playing out and may spill over into next year and beyond. Bloomberg Law editors Chris Opfer and Alessandra Rafferty said the attacks are still affecting the decisions firms make, or don't make, in hard-to-detect ways—even though the president is no longer actively lobbing punitive executive orders at firms. The two Big Law editors discuss how this is playing out and also whether—and why—we may see more firms merge in 2026. They also get into how the legal industry will be affected if we see an AI bubble burst. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Cadwalader Loses Its Long Struggle to Stay Independent 23.12.2025 15min

New York's oldest law firm answered the outstanding question surrounding its ability to remain independent with a resounding no when it announced a merger with Hogan Lovells last week. As Bloomberg Law reporter Meghan Tribe tells it, Cadwalader Wickersham & Taft had been in a gradual decline since the 2008 global financial crisis. It also failed to adapt to the new reality of the legal industry in which lateral hiring is not just commonplace but necessary for a firm's survival, she said. On this episode of our podcast, On The Merits, Tribe gets into what transpired that forced the more than 200-year-old firm to put itself up for sale, and also what made Hogan leap at the chance to merge with Cadwalader. Additionally, Tribe talks about what the tie-up could mean for the pro bono deal Cadwalader struck with the Trump administration earlier this year. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Everyone Hates Early Law School Recruiting, But Everyone Does It 19.12.2025 24min

It's become common now for firms to recruit elite law students even before the end of their first semester of their first year of law school, something that would have been unheard of before the pandemic. That's a far cry from the days when firms waited until the summer before the 2L year to start recruiting students through on campus interviews. It's a trend that hurts everyone involved, according to the guests on today's episode of our podcast, On The Merits: columnist David Lat and Nikia Gray, the head of the National Association for Law Placement. Law schools have lost the control over this process they once had; law firms now have to make recruiting decision with far less information about the candidates; and, worst of all, law students now must make important career decisions in some cases just months after they arrive on campus. "I have not heard from a single student yet that thinks this is a good process," Gray said, "nor a single school that feels that way." "I've talked to the firms," Lat added. "They say 'Look, we don't like this process either. But our rivals are recruiting this early and so we can't sit on the sidelines.'" Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.