While the
highest-grossing law firms
continue to
stockpile deal talent
, the gears of the lateral market are still turning for the Am Law 100's Second 50 firms, too.
Several Second 50 firms have been adding M&A and private equity partners in New York and Los Angeles. Firms like Polsinelli (No. 59 in the Am Law 100) and Barnes & Thornburg (No. 73) announced partners in New York this past week, while McGuireWoods (No. 54) recently grew its transactions presence on the West Coast.
Ony a little more than half of firms in the Second 50 saw demand increases last year, according to
one survey
. Still, the segment accounted for more than a quarter of all lateral partner hires in 2025,
according to Law.com data
. The Second 50 also saw smaller rate increases on average. Firm leaders and laterals have noted rate sensitivity among clients and a more discerning deal environment generally are part of their value proposition.
“Within the mid-market, but also, I think, broadly within private equity, that there is an opportunity for firms that can deliver the highest quality legal advice at rates that are not the top of the market, and that’s getting a lot of attention from the consumers of legal advice,” said Jonathan Kitchen, a shareholder who just arrived in Polsinelli’s private equity mergers & acquisitions practice in New York after a three-year stint at Cozen O’Connor, one in which he also served as vice chair of private equity.
He added that “firms like Polsinelli, and Polsinelli specifically, are poised to take advantage of that, and continue their growth and success.” Daniel Cohen, a deal lawyer from Massumi + Consoli in New York who also joined Polsinelli last week, said he’s seen “an increasing growth” in client focus on marrying quality legal support with sensitivity to rates and fees.
While billing rates have surged across the industry, standard rates grew by 10.4% on average for the top 50 compared with 7.6% on average for the Second 50,
according to Wells Fargo’s Legal Specialty Group
. There’s also
evidence
general counsel are anticipating less spend on outside firms in 2026, as they more frequently “scrutinize every line item, demand detailed matter budgets, and increasingly ask pointed questions about efficiency," according to some research.
Businesses and dealmakers themselves are also figuring out how to be productive in a more discerning environment, said Frank Koranda, who chairs Polsinelli’s private equity M&A group. He said he thinks the market has shifted from 2021 and 2022 when speed was more of a critical mandate.
“Now, it’s doing the right deals. And I also think on the buy side, investors are a little more comfortable taking a little more time and making sure they’ve asked the questions, and gotten comfortable on the answers, and moving forward,” he said, adding that a high-interest rate context perhaps forced that action some.
“Everyone’s a little more patient within this environment.” Still, he said, “You also need to get the deals done, and you know, if they take too long, they tend to fizzle out as well. So I don't think anyone's taking their foot off the pedal of transacting.”
Both Cohen and Kitchen pointed to synergies in healthcare, real estate, and regulatory work, and Polsinelli's U.S. footprint, as beneficial for their practices and part of the reason they made their moves to Polsinelli. Koranda said they’ll remain opportunistic about talent.
And while the firm is more practice group as opposed to geography-oriented, they’re keen on growing in markets like Chicago, Nashville, Dallas, Los Angeles and San Francisco, as well as New York, which Koranda said can have a “multiplier effect.”
“You know, we don't think you can be a full-service M&A shop without a significant New York presence,” he said.
A representative for Cozen didn't immediately return a request for comment on Kitchen's departure. Massumi + Consoli said in a statement on Cohen's departure that the firm has "a lot of appreciation for Daniel, and we thank him for his contributions to the firm. We’re all wishing him the best in his future endeavors."
Barnes & Thornburg also grew its New York presence this past week, announcing adding partner Chris Isaacs to its M&A and private equity teams. Isaacs, who joined from Katten Muchin Rosenman, has experience advising on deals in the financial services sector, many of which involve helping clients balance regulatory and investor objectives, according to the firm.
Firm leaders in a statement called him “a proven deal lawyer who knows how to get transactions across the finish line,” and praised his “ability to craft creative solutions that satisfy multiple stakeholders,” among other things.
“He brings a strong appreciation for the complexities facing heavily regulated clients and delivers practical, business-minded solutions that will add immediate value to our clients,” added Jahan Sharifi, chair of the firm’s corporate department, in a release, with the firm’s New York office managing partner, Robert Boller, also calling his experience across financial services, private equity and technology “an ideal fit” in the city and across the firm.
McGuireWoods last week announced the addition of Zachary Shub-Essig as a partner in its private equity group in Los Angeles. Shub-Essig, who joined from Sidley Austin, also focuses on mergers & acquisitions, joint ventures, equity offerings and other deals across tech, healthcare and industrial sectors. He is “a perfect fit for our practice,” noted the firm’s corporate and private equity chair in a statement, while the managing partner of its corporate practice said his arrival “furthers our commitment to expanding in key markets to deliver the highest level of service to our clients.”
Mar 2
Deal Summary
