Donald Trump’s presidential election had market commenters rushing to conclude that the new administration would yield a flood of corporate dealmaking.

But the widely anticipated Trump Bump for deals is already facing hurdles. Interest rates have steadily risen as the fear of inflation remains. Markets are buffeted by every piece of news about potential tariffs. And stock prices have faltered from their initial post-election surge.

With Trump now in the White House, has the optimism for a dealmaking surge already withered?

On this episode of On the Merits, Bloomberg Law’s Roy Strom spoke with Jennifer Perkins and David Klein, M&A partners at Kirkland & Ellis, the busiest law firm for corporate transactions last year. Kirkland advised on more than $427 billion in global mergers and acquisitions over the year, surpassing rivals like Latham & Watkins, Skadden Arps Slate Meagher & Flom, and Freshfields.

Perkins and Klein told Roy the “floodgates” for M&A may not be open right away, but they both expect a strong year for dealmaking ahead. They discussed a backlog of companies private equity funds are looking to offload, how a reinvigorated IPO market could further fuel deals, and how law firms are evolving as private capital markets expand.

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Today on 'On the Merits,' we revisit our March 2024 episode that explores California's ongoing battle to keep homeowners insured amidst the persistent threat of wildfires.

Big Law associates often feel they have little control over their pay or their time.

But Steptoe & Johnson's new compensation model will allow associates to choose a 1800-, 2000-, or 2200-billable-hour track with a corresponding pay scale.

On this episode of On the Merits, Kate Reder Sheikh, partner at Major, Lindsey & Africa, shares how a tiered compensation plan could benefit both associates and law firms—and what the risks are. She also gives the latest industry updates on return-to-office issues and lateral moves for 2025.

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Elon Musk's six-year saga defending his $56 billion Tesla Inc. pay package in the Delaware Chancery Court has captivated the state's tight-knit legal community and the wider world of Musk watchers, including his more than 200 million online followers.

In January 2024, the court's chief judge struck down the pay package, prompting a months-long social media barrage—and a host of novel legal stunts—from the tech titan. In December, the judge rejected the compensation deal again, handing $345 million to the shareholder attorneys who led the case.

On this episode of our podcast, On The Merits, senior correspondent Jennifer Kay and reporter Roy Strom discuss the long-running courtroom drama, the lead trial lawyer who took aim at the pay package, and the judge who has repeatedly stood up to the world's richest man.

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The year 2024 saw tons of firms looking for merger opportunities and the lightning-fast growth that they provided. Although there's still plenty of room for new mergers, the legal industry is constantly looking for other ways to be competitive as big companies like KPMG are looking to enter the legal services market.

This edition of On the Merits was hosted for the first time by Tom Taylor, chief of staff of the newsroom. Reporters Meghan Tribe and Justin Henry, who cover the business of law, and Chris Opfer, who oversees that coverage, joined him to discuss the most significant issues and challenges facing the legal industry in 2025. And as the second inauguration of Donald Trump approaches, the team will discuss how firms could deal with Trump's "unscripted style" and the opportunities for Big Law during his second term.

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

New attorneys often leave law school with a lot of ideas about how the legal system works, but they typically don’t know much about the business of being a lawyer.

How do law firms make money? How do they govern themselves? And what trends are shaping the law firms where they will work?

On this episode of On the Merits, Bloomberg Law’s Roy Strom spoke with Kevin Burke, a former chairman at Hinshaw & Culbertson who’s now teaching law students the answers to these and other questions about the industry they soon will join.

Burke's course at the University of Southern California’s Gould School of Law focuses on the nuts and bolts of law firm financials, operations, and marketing. His students also explore the future of legal practice.

Burke tells Roy that students today are more interested than ever to understand the workplaces where they will make their careers. They're also surprisingly optimistic about what artificial intelligence might mean for their work lives.

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It’s our final episode for the year — and it’s been a year, one that included subtle DEI language, substantial associate bonuses, and the reprise of Donald Trump.

Bloomberg Law had a lot of news stories to cover this year. And on this episode of On the Merits, podcast producer Mo Barrow reviews eight of Bloomberg Law's top stories in 2024 with Editor at Large Bernie Kohn.

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Lawyers have demanding careers with late hours and weekend work, for which many of them are handsomely compensated. So it may be surprising to learn that a growing number of attorneys have or are looking for a side gig. A recent Bloomberg Law survey found that 1 in 5 respondents either have a side gig or want one.

For attorneys, a side hustle can be a way to explore their creative side, an opportunity to meet new people and possible new clients, or build some skills for their career. Sometimes, it even opens the door to a completely new career. But for firms and their leaders, how should they adapt to the reality of their lawyers having side jobs?

On this episode of our podcast, On the Merits, our guest Robert Chesnut, the former general counsel and chief ethics officer for Airbnb, and current author and Bloomberg Law columnist, talks about the benefits of side gigs as well as the considerations for law firms. He say law firms should be adjusting their code of conduct to prepare for the potential conflicts and cybersecurity issues that could arise.

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

As the presidential transition picks up speed, a legal sector that overwhelmingly supported Kamala Harris is preparing for Donald Trump's return to the White House.

A handful of Florida-based big law firms with connections to the incoming administration are hoping to leverage those Trump ties, while Democratic-leaning firms are looking to retool.

At the same time, a cryptocurrency industry that spent the Biden presidency playing defense is starting to flex its muscle. The pivot includes a rare public warning from the CEO of Coinbase Global Inc., the exchange, to law firms that may hire outgoing government lawyers who had a hand in crypto regulations.

On this episode of our podcast, On The Merits, reporters Meghan Tribe and Justin Henry discuss the Trump transition, Coinbase's shot across the bow, and what these new dynamics may mean for the Big Law landscape and the future of crypto.

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Plenty of dealmakers expect a boom in M&A activity next year, anticipating a business-friendly Trump administration will rekindle animal spirits.

That may mean private-equity firms will unload companies they've held for years. Traditionally, that means Big Law firms will have a flood of work.

But it may also mean less of a certain type of complex transaction that has been occurring over the past year: Private equity companies selling pieces of businesses between themselves.

On this episode of our podcast, On the Merits, Bloomberg Law’s Roy Strom spoke with Neil Barlow, a private equity partner at Clifford Chance, about what this environment could mean for Big Law's M&A fortunes.

The upshot is that lawyers could be trading more complex deals for a greater volume of them. Either way, the trends highlight how important the private equity business has become for global law firms' success.

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Attorneys have toiled for years in Big Law firms with the hope that one day they would make partner. The title carries prestige—and money, too.

But in recent years, the promotion to partner hasn't always meant what it used to. A new class of non-equity partner is on the rise. This means these so-called partners-in-name-only don't own a share of the business and generally make a fraction of the compensation of an equity partner.

For some attorneys, this arrangement is just fine, as it gives them an opportunity to build business with the prestigious partner title. But other attorneys aren't happy about it—and they're suing.

Bloomberg Law reporter Justin Henry joins this episode of our podcast, On the Merits, to discuss this Big Law trend and what it means for law firms and lawyers.

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