As Big Law looks for ways to scale up, McDermott Will & Schulte says it's looking at outside investment in the firm—a move that could set off a paradigm shift in how law firms run their businesses.

If it does sell a part of itself to investors, McDermott would be by far the largest publicly known firm to take this step. Outside investment represents a new source of capital for law firms looking to expand, but does come with myriad risks and potential roadblocks.

On this episode of our podcast, On The Merits, Bloomberg Law's Jessie Kokrda Kamens and Justin Henry talk about why McDermott is doing this now, whether they can pull it off, and how they're going to get around the ethical rules prohibiting outside ownership of firms.

Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

The top lawyers at the largest publicly traded companies in America are being asked to wear many hats at once—and also getting paid handsomely to do so.

That's the takeaway from a recent story by Bloomberg Law senior reporters Brian Baxter and Andrew Ramonas, who crunched data from SEC filings of S&P 500 companies and found out how much these attorneys are making. Alphabet's J. Kent Walker Jr. leads the list with a total compensation package exceeding $30 million.

On this episode of our podcast, On The Merits, Baxter and Ramonas talk about who these highly paid executives are, the new responsibilities they have, and why they don't always hold the titles of "general counsel" or "chief legal officer" at their respective companies.

Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Most of the biggest law firms in the US have a two-tier partnership model, where some partners have equity in the firm while others don't. So it was a bit of a surprise when the firm Ropes & Gray announced last month it will be sticking with its one-tier model. 

Is this a sign that the trend toward non-equity partners is starting to reverse? Not according to today's guests on our podcast, On The Merits, law firm consultant Janet Stanton with Adam Smith Esq. and legal recruiter Scott Love with The Attorney Search Group.

They talk with Bloomberg Law editor Jessie Kokrda Kamens about how prevalent non-equity partnerships are, how they benefit law firms, and what firms need to avoid doing to make sure they work.

Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

On this episode of our podcast, On The Merits, we take another look at the reasoning behind the deals law firms struck with the Trump administration earlier this year to avoid punitive executive orders.

We previously heard from Yale Law School professor John Morley, who said these firms had no choice because an executive order could have kickstarted a devastating run on the partnership. Today's podcast guest sees it differently.

David McGowan, a professor at the University of San Diego School of Law, says the firms that settled did so because they forgot the unique role they play in the American justice system and, instead, see themselves as more of business venture.

"To me, the firms that have come to terms with the administration are signaling that, at their essence, they are financial services, financial adviser companies," he said. "I don't think that that is a given. I think that that is a choice."

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Goodwin Procter made a splash this month when it announced it had raked in $2.7 billion in the 2025 fiscal year, a record for the firm and a 12% gain from the previous year

On this episode of our news podcast, On The Merits, we hear from the firm's chair, Anthony McCusker, about how Goodwin managed this feat. He tells Bloomberg Law reporter Tatyana Monnay that he attributes the firm's recent success to a long-term strategic plan it developed called "Goodwin 2033." He also talks about where he thinks the legal industry is heading when it comes to tech—specifically, AI—and growing competition for law firms.

"In a world where maybe the legal answer might be free, or quick to get into the world, clients are going to value that deep industry experience," McCusker said. "Clients are going to value that business advisory expertise that our lawyers bring. And so ensuring that we are preparing all of our people to be able to deliver that type of benefit to clients is one of the things we're really focused on."

Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Today's guest on our podcast, On The Merits, is a general counsel who is looking for more from the law firms trying to win his business. Specifically, he wants to hear more about how and why they're using AI.

Eric Dodson Greenberg is the top lawyer at Cox Media Group, which owns dozens of TV and radio stations across the country. He recently wrote a series of articles for Bloomberg Law about how generative AI will change the relationship between law firms and their corporate clients—and not necessarily in the firms' favor.

Greenberg told Bloomberg Law editors Jessie Kokrda Kamens and Daniel Xu that he wants to hear not just how firms can save him money with AI, but how they're using the technology to fundamentally change how they're working.

"Firms are very wary of making the wrong technology bet, and for good reason," he said. "But not making a bet at all? I don't think that's a choice. Waiting to sort of see how it shakes out—which is a tried and true Big Law strategy—I think that's going to be too late."

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President Donald Trump's attacks on law firms have hand their intended impact, even as courts shoot down executive orders against some as unconstitutional and the details of White House deals with others remain unclear, according to Yale Law School professor John Morley.

"The point here is to extract a demonstrative form of obedience," Morely said. He said he's already seen a "chilling effect" with firms less willing to take on matters pushing back against the administration than in Trump's first term.

Morley, who has studied law firm collapses, does not blame the leaders of firms that struck deals with the White House to avoid punitive executive orders. Court wins for the four firms who have challenged orders targeting them so far show that those firms made the right, albeit risky, choice to fight.

"I am absolutely certain that, if one of these executive orders survived a temporary injunction proceeding, that would be the death of the firm," Morley said. "Or at least I think the probability is very high."

Morley spoke to Bloomberg Law reporter Roy Strom on this episode of our podcast, On The Merits, about what has become of Trump's attacks on Big Law and what would happen if the President resumed them. He also discussed how they've changed the attitudes of his students at Yale about which firms they may want to work at in the future.

Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

You don't get to be the oldest law firm in New York without weathering some rough spots. But this may be one of the most difficult periods Cadwalader, Wickersham & Taft has ever gone through. 

The Wall Street firm, which this week announced a new managing co-partner, has lost nearly three dozen partners just this year. And not all of them have left because of the firm's controversial deal with President Trump for free legal services.

On today's episode of our podcast, On The Merits, Bloomberg Law reporter Justin Henry explains why Cadwalader may be too specialized to thrive in today's full-service legal industry. He also talks about ways the firm can turn itself around without having to resort to a merger.

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 "have gold sitting on their hard drives," according to Yale Law School professor Scott Shapiro.

Shapiro has enthusiastically embraced the use of generative AI in his classroom. He says firms should draw on the mountains of proprietary information at their fingertips to build their own tools.

"If only they would train the large language models correctly, they, I believe, would get absolutely stupendous results," he said.

Shapiro spoke to Bloomberg Law editor Jessie Kokrda Kamens for our podcast, On The Merits, about why he thinks every firm should make its own AI and he explains how he and his students actually did this themselves using years of documents from his Yale legal clinic.

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On today's episode of On The Merits we hear from three lawyers working in the white hot world of data center projects. Mike Rechtin and Justin Stolte are, respectively, real estate and energy partners with Latham & Watkins, and Michelle Kallen is an appellate and advocacy partner at Steptoe.

"The latest number that I've seen is a $50 billion annual investment in the data center construction area by 2030," Stolte tells Roy Strom. Stolte talks about how his firm has organized to address the explosion of generative AI and the infrastructure that supports it.

Latham real estate partner Rechtin talks about the unique skill set that made him the perfect fit for the niche pursuit, and Steptoe's Kallen tells Jessie Kokrda Kamens about the rapidly evolving regulatory challenges that a robust infrastructure practice faces.

Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.