New York BigLaw is moving into its next chapter. Deal flow remains steady, but the dynamics are shifting. Firms are hiring more selectively, focusing on specific areas, while rethinking how they invest in the next generation of leadership.
Deal Flow
While M&A remains active, firms are measured in their hiring. By contrast, Finance, Funds and Secondaries continue to generate consistent demand, with specialist talent in these areas driving lateral movement. Real Estate and Capital Markets are also gaining pace.
At Sonder New York, 80% of placements in the last two months have been across M&A, Banking & Finance, and Funds – clear evidence of where firms are allocating resources.
The outlook is positive. As Milbank chair Scott Edelman recently remarked: “We anticipate that activity levels across the firm will remain high through the rest of the year.” That confidence reflects the steady pipeline firms are positioning themselves to capture.
Compensation
The Cravath scale remains intact, and special bonuses are beginning to return. The more dynamic story lies at the junior partner level, where movement has increased. Several partners are now exploring opportunities that align with long-term strategic growth.
Strategy
Group build-outs are high on firms’ agendas. Funds, secondaries, and private capital practices are central to these moves, with the potential to redefine firm platforms and revenue streams. These are not marginal hires; they are structural.
Next-Generation Leadership
Millennial and Gen X partners are assuming greater influence, challenging firms to rethink flexibility, growth pathways, and cultural alignment. Their leadership style is increasingly shaping firm dynamics and long-term positioning in New York.
Expert View
“What we’re seeing is a recalibration. Firms remain cautious, but they’re willing to back the right people and the right practices. Group moves in funds and secondaries, in particular, have the potential to transform platforms. The smartest firms are looking three to five years ahead – and the lawyers who position themselves now will benefit most.” – Stefano Barbagallo, Principal Consultant, Sonder New York
Looking Ahead
The New York market has always been cyclical. Yesterday’s deals aren’t today’s, and today’s won’t be tomorrow’s. The firms that succeed will be those anticipating what comes next. At Sonder, we intend to be at the forefront of that shift.
