September gave us plenty to talk about in Big Law. Cravath recruited a whole M&A team. Gibson Dunn added another group of leading litigators. Wachtell lost more senior talent. And associates at firms that still haven't matched Milbank are understandably getting a little antsy.

My read on all of this: some of the firms we think of as the most established in the profession are having to make real changes to stay competitive. I'm encouraged by some of those changes. Other firms have more to prove.

Here's what stood out to me, and what I think it means for the people working at these firms.

ASSOCIATES ARE STILL WAITING ON MILBANK MATCHES

We've gotten used to a fairly predictable routine: one firm raises associate compensation, and the rest of the market follows. This year has required a little more patience.

Milbank announced salary increases in June, effective July 1, then announced special bonuses of $6,000 to $25,000 in July. The slow response from other firms was already drawing attention then. As I told Bloomberg at the time, I expected firms to catch up by year-end. That remains my expectation for the major firms competing for the same associate talent.

Source: Bloomberg Law

There has been some movement. Cahill told associates in late September that it would match the special bonuses, with payment scheduled for October 15. A special-bonus match is separate from a base-salary increase, so I’m watching both.

Source: Above the Law

One way that could happen is through additional year-end compensation that makes up the difference, followed by the new salary scale for 2027. That's my forecast. Associates should not treat it as a promise their firm has made.

If a firm ultimately decides against matching, I would take that seriously when evaluating whether to stay. Compensation isn't the only thing that matters, but it does tell you something about how a firm has decided to compete for its people.

The bigger question I'm watching is whether Big Law becomes less uniform for associates. My theory is that the largest firms could increasingly serve as training grounds for lawyers who later move to firms hiring more selectively. If meaningful pay differences persist too, the assumption that these jobs offer roughly interchangeable economics starts to break down.

We're not there yet. Year-end announcements should tell us a lot.

CRAVATH'S MOVE IS ENCOURAGING. WEIL STILL HAS WORK TO DO.

Michael Aiello, Weil's corporate department chair, and five other M&A partners are moving to Cravath. Six partners in total. For a firm so closely associated with developing its own lawyers from the summer associate class onward, that's a significant move.

Source: Non-Billable

I think it's a good one. A firm can value the way it trains people and still recognize that an established team brings experience and relationships it would take years to build internally. Cravath seems willing to adapt, and I would much rather see that than a firm relying on its historical standing to do all the work.

Weil, meanwhile, announced that Peter Feist would return from Cravath as U.S. co-head of private equity. That's a meaningful hire, and Weil deserves credit for it. The firm also pointed to other recent additions and more than 50 lateral partners joining since the beginning of 2025.

Source: Weil

I still don't think Feist's return, by itself, resolves the concern created by Aiello's team leaving. You can't assess these moves simply by subtracting partners from one column and adding them to another. The client relationships, leadership responsibilities and teams around those lawyers matter.

For Weil, I'd want to see how the corporate practice settles after these departures and how the incoming talent fits into it. I'm more concerned about that adjustment than I am about Cravath's willingness to change its model.

S&C'S LOS ANGELES BUILDOUT DESERVES CREDIT

I've had plenty of criticism for Sullivan & Cromwell. I also think the moves it's making in Los Angeles deserve a fair assessment.

The firm announced the addition of Hamed Meshki, Luke Guerra, Guirgis Nasief and Y. Michael Chung across Los Angeles and New York. Meshki will lead the global private equity practice and co-lead the LA office with Patrick Brown.

Source: Sullivan & Cromwell

What makes me feel good about this group is the feedback I've heard from associates who worked with its leaders at Kirkland. That matters to me when I'm thinking about whether a team could be a good place for someone to build a career.

I've also come away with a different impression of S&C's LA office than its New York office over the years. That's based on my conversations and experience, and I wouldn't assume every lawyer in either office has had the same experience.

For a private equity M&A associate in California, though, I think this is a serious team to look at. It's a good reminder to get specific about the office and the people you'd actually work with before deciding what a firm's reputation means for you.

GIBSON DUNN KEEPS ADDING EXCEPTIONAL LITIGATORS

Gibson Dunn's September additions included a three-partner trial team led by Kimberly Branscome, with Yahonnes Cleary and Jonathan Tam, coming from Paul, Weiss. Branscome will co-chair GDC's mass torts and product liability practice.

Sources: Gibson Dunn · Bloomberg Law

That follows the four-partner appellate team led by Jeffrey Wall in April and the six-partner Wachtell team led by William Savitt in July. Savitt had been one of Wachtell's leaders. These are substantial additions even before you consider them together.

Sources: Gibson Dunn · Bloomberg Law

For my money, Gibson Dunn has the strongest overall litigation offering among the major full-service Big Law firms right now. That's my assessment, and there are exceptional boutiques and individual practices elsewhere. But looking at the talent GDC is bringing together, it's hard for me to put another full-service firm ahead of it.

The part we haven't seen yet is how everyone integrates. Bringing in several highly accomplished teams in a short period creates real work for management. How those teams share opportunities, develop associates and work alongside the existing partners will matter long after the announcements.

I've generally heard positive things from the GDC associates I speak with about their experience at the firm. Preserving that as the litigation practice grows is something I'll be watching closely.

For Paul, Weiss, this is another departure worth paying attention to. I'm concerned about continued losses in litigation, although I wouldn't assume that every leading lawyer will leave or that every departure has the same explanation.

WACHTELL IS UNDER PRESSURE. LINKLATERS MADE A SMART MOVE.

Wachtell saw two more partner moves announced in September: tax partner Deborah Paul to Sidley and M&A partner Mark Gordon to Linklaters. Gordon is due to start in November as managing partner of the Americas and co-chair of global M&A.

Sources: Sidley · Linklaters

I think the Gordon hire is especially impressive for Linklaters. Bringing in someone with that experience, and giving him a substantial leadership role, makes its U.S. ambitions more credible.

It also raises an interesting question about how firms value a lateral partner. We tend to focus on the portable book: which clients will follow, and how much revenue will arrive with them?

I don't know what business will move with Gordon. But I think a hire like this can create value beyond the work that arrives immediately. His judgment and experience can help Linklaters win mandates with existing clients and make a stronger case to prospective ones. That's part of what I'd be evaluating alongside the book.

As for Wachtell, losing experienced partners matters more when the partnership is relatively small. I think a selective willingness to hire from outside will become increasingly important alongside developing its own people.

Randall Jackson is worth mentioning here, too. Wachtell brought him over from Willkie in 2023, a rare lateral partner hire for the firm. He then left for GDC with the Savitt team this July.

Sources: Bloomberg Law · Gibson Dunn

I've heard phenomenal things from associates who have worked for him directly. That's part of why his departure stands out to me. When I'm thinking about what a firm loses in a move like this, I care about the people associates actually want to work for, too.

An early October update is relevant here: Wachtell added Joon Kim from Cleary to its litigation department. I like seeing that willingness to recruit. One hire doesn't replace the team that left for GDC, but it shows the firm is prepared to bring in experienced talent.

Source: Bloomberg Law

I'm not writing off Wachtell, and I'm encouraged by Cravath's move. GDC looks exceptionally strong. Linklaters made a hire that should make people take another look at its U.S. practice. Weil is the firm in this group where I'd most want to see how the next few months unfold.

For associates trying to make sense of all this, I'd pay attention to what changes around your own practice. Who is leading it? Who is leaving? What work and mentorship will be available to you? A firm's history matters, but you're building your career in the firm it is becoming.