The New Vault 100:
Prestige and the Rule of Law
A look at how firms that resisted and firms that made deals with the Trump administration moved in the 2026-2027 prestige rankings, and what it tells us about where Big Law, its associates, and the leaders steering it are headed next.
#60 → #43
Score +0.544
#56 → #64
Score -0.241
~$940M total
Avg score -0.156
All gained ranks
Avg score +0.322
Volatility Comparison: Rank Changes by Cycle
Made Deals
$100M
$100M
$40M · First to deal
$125M
$100M
$125M
$100M
$125M
$125M
Fought Back
Sued admin (EO challenge)
Led amicus brief
Filed amicus
Sued admin (targeted by EO)
Sued admin (EO challenge)
Amicus / targeted
Sullivan & Cromwell: A Third Category
S&C occupies unique ground. The firm represents Trump personally in appellate matters, and its chair was instrumental in brokering Paul, Weiss's pro bono commitment with the administration. Yet S&C itself did not make a deal. It gained one rank to #5 but still experienced score erosion (-0.053). That is a signal associates are paying attention even when the rank holds. The distinction associates seem to draw is between direct legal representation and making concessions to the administration under pressure.
Deal Firms: Rank Changes
Fighter Firms: Rank Changes
Deal Firms: Raw Score Changes
Fighter Firms: Raw Score Changes
Top 25 Firms: Year-over-Year Rank Movement
Top 25 Firms: Raw Prestige Score Changes
3.5× More Volatile Than Normal
The prior cycle (2025→2026) averaged 0.54 rank spots of movement per firm. This cycle averaged 1.87, with score volatility nearly 2× the baseline. The Trump administration's engagement with Big Law introduced a level of disruption these rankings have rarely seen.
Rank Held ≠ Score Held
Skadden held its #3 ranking but its raw score dropped from 8.637 to 8.397 (-0.240). Latham held #4 but dropped -0.069. The deals eroded prestige even when the leaderboard didn't move.
Resistance = Prestige (In Score Too)
Every fighter firm gained both rank and score. Jenner & Block surged +0.544 points, the largest score gain in the entire Vault 100. The market rewarded principle in both rank and score.
Paul, Weiss: First to Deal, Hardest Hit
Paul, Weiss was the first major firm to strike a deal with the administration, and the market punished that visibility. Its raw score dropped -0.436, the steepest decline of any deal firm, despite committing the smallest amount ($40M). Paul, Weiss also experienced the most significant lateral partner flight following the deal, creating a visible talent drain that compounded the reputational damage in ways other deal firms have largely avoided.
Sullivan & Cromwell: A Category of Its Own
S&C represents Trump personally and its chair was instrumental in brokering Paul, Weiss's pro bono commitment with the administration. Yet the firm gained +1 to #5. S&C gained in rank while its score fell (-0.053). The market may view legal representation differently from making concessions, but the score decline suggests associates are still registering the alignment.
What This Says About Associate Morale
Fighter firms likely have stronger associate morale and retention right now. These are the firms where attorneys at every level feel institutional independence is being valued, and where leadership is sending a clear cultural signal.
Headwinds Building for Deal Firms
Deal firms face harder questions from their own associates and from prospective hires right now. Associates are paying attention, and firm leaders should expect those questions to become more pointed.
A&O Shearman: The Merger Variable
Despite a $125M deal, A&O Shearman gained 6 spots (#62 to #56) and +0.410 in score. The Allen & Overy / Shearman & Sterling merger closed in May 2024, making the 2026 edition the first year the combined firm was ranked. The 2027 gains may reflect a post-merger recognition bump as associates become familiar with the larger combined platform, rather than any endorsement of the deal itself.
Note on amicus briefs: Munger, Tolles & Olson (led by former U.S. Solicitor General Donald Verrilli) authored the principal amicus brief signed by 500+ firms in support of Perkins Coie, and a follow-on brief signed by 800+ firms supporting Jenner & Block and WilmerHale. Other "fighter" firms in this report signed onto these briefs as participants.
| # | Firm | Prior | +/- | Score | Δ Score | Posture |
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