Mosaic Intelligence · Firm Intelligence

Vault Law 100:
The Trump Effect on Prestige

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.

Bryson Malcolm Analysis by Bryson Malcolm Follow
Survey: Oct 22, 2025 to Jan 23, 2026 Respondents: 20,000+ associates Source: Vault.com
How to Read This Report
Rank vs. Raw Prestige Score
This report tracks two distinct metrics. Understanding the difference between them reveals dynamics that neither one captures alone.
Ranking (#1 to #100)
A firm's rank is its position on the Vault Law 100 list relative to every other firm. Rank is a zero-sum game: one firm can only rise if another falls. A firm can improve meaningfully in the eyes of associates but stay in the same rank position if the firms around it also improved. Rank tells you where a firm stands in the pecking order, but not how much the market's perception actually shifted.
Raw Prestige Score (1.0 to 10.0)
A firm's raw prestige score is the average rating given by 20,000+ associates who evaluated firms other than their own on a scale of 1 to 10. This is the absolute measure of how prestigious associates consider a firm to be, independent of where other firms land. Score changes reveal genuine shifts in market perception that rank alone can mask. For example, Skadden held its #3 rank this cycle, but its raw score dropped from 8.637 to 8.397, a meaningful erosion that the ranking alone would never show you.
The Big Picture
The Numbers Tell a Clear Story
Associates voted with their surveys. Firms that fought the administration were rewarded; firms that settled paid a prestige tax.
Biggest Gainer
+17
Jenner & Block
#60 → #43
Score +0.544
Biggest Decliner
-8
Cadwalader
#56 → #64
Score -0.241
Deal Firms Avg
-2.1
9 firms made deals
~$940M total
Avg score -0.156
Fighter Firms Avg
+5.8
6 firms resisted
All gained ranks
Avg score +0.322
Year-over-Year Volatility
An Unprecedented Level of Movement
Comparing the 2025→2026 cycle (pre-Trump) versus the 2026→2027 cycle (post-Trump deals) reveals the unprecedented scale of disruption.
3.5× more volatile than last year
2025 → 2026 (Baseline)
0.54
Avg Rank Change
0.041
Avg Score Change
5
Max Rank Shift
9 firms moved 3+ spots. A quiet, incremental year.
2026 → 2027 (Trump Effect)
1.87
Avg Rank Change
0.076
Avg Score Change
17
Max Rank Shift
24 firms moved 3+ spots. Score volatility nearly 2× normal levels.

Volatility Comparison: Rank Changes by Cycle

Distribution of rank movement magnitude: 2025→2026 vs. 2026→2027
Head to Head
Deal Makers vs. Deal Breakers
Side-by-side comparison with both rank changes and raw score deltas. Score changes reveal what rank alone conceals.

Made Deals

-2.1 avg
9 firms · ~$940M total · Avg score -0.156
Cadwalader
$100M
Score: -0.241
-8
Willkie Farr
$100M
Score: -0.132
-6
Paul, Weiss
$40M · First to deal
Score: -0.436
-5
Kirkland & Ellis
$125M
Score: -0.135
-1
Skadden
$100M
Score: -0.240
0
Latham & Watkins
$125M
Score: -0.069
0
Milbank
$100M
Score: -0.135
0
Simpson Thacher
$125M
Score: -0.176
0
A&O Shearman
$125M
Score: +0.156
+6
VS

Fought Back

+5.8 avg
6 firms · All gained · Avg score +0.322
Jenner & Block
Sued admin (EO challenge)
Score: +0.544
+17
Munger Tolles
Led amicus brief
Score: +0.259
+7
Susman Godfrey
Filed amicus
Score: +0.400
+4
Perkins Coie
Sued admin (targeted by EO)
Score: +0.387
+4
WilmerHale
Sued admin (EO challenge)
Score: +0.251
+2
Covington
Amicus / targeted
Score: +0.092
+1
Aligned
+1
Score: -0.053

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.

Visualized
Ranking & Score Movement by Posture
How each group of firms moved in both rankings and raw prestige scores based on their response to the Trump administration.

Deal Firms: Rank Changes

Negative = dropped in rankings

Fighter Firms: Rank Changes

Positive = gained in rankings

Deal Firms: Raw Score Changes

Score delta from 2026 to 2027 edition

Fighter Firms: Raw Score Changes

Score delta from 2026 to 2027 edition

Top 25 Firms: Year-over-Year Rank Movement

Green = gained ranks · Red = dropped

Top 25 Firms: Raw Prestige Score Changes

Change in absolute prestige score (1 to 10 scale) from 2026 to 2027 edition
From My Desk
My Core Takeaways
After working this data for weeks, here is what is actually moving me, what associates and firm leaders should be paying attention to, and the patterns I think the broader coverage is missing.

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 every measurable dimension.

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. The rank gain is notable, but S&C still experienced score erosion (-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 a harder internal and external story right now. Associates are paying attention. Firm leaders should expect more pointed questions from inside the building, not just from people considering joining.

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.

Complete Data
Full Vault 100 Rankings
Every firm #1 to #100 with year-over-year movement, raw score changes, and Trump administration posture.
Note on prior-year comparability: Two firms in the 2027 Vault 100 are listed without prior-year score deltas. Eversheds Sutherland and Littler Mendelson did not appear on the 2026 Vault 100. They are marked "NEW" in the table below.

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.
Made deal
Fought / litigated
Signed amicus
Represents Trump
Neutral
# Firm Prior +/- Score Δ Score Posture
Bryson Malcolm
Analysis By
Bryson Malcolm
Founder & CEO, Mosaic Search Partners

Follow Bryson for ongoing commentary on Big Law: firm strategy, associate experience, leadership decisions, and the trends shaping the industry.

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Data Sources: Vault.com  ·  Compiled: April 2026  ·  Survey Window: Oct 22, 2025 to Jan 23, 2026