Law firm shake-up in Seattle ahead of Perkins Coie–Ashurst merger

Two major US law firms have made a significant move into Seattle after raiding local heavyweight Perkins Coie, in a development that comes just months before its planned merger with UK-based Ashurst. Morrison Foerster (often known as “MoFo”) has opened a new Seattle office and hired 15 former Perkins Coie partners, including prominent litigators Brendan Murphy and David Perez, as well as several high-profile trial lawyers in both Seattle and San Diego. Meanwhile, McGuireWoods has also established a Seattle presence, bringing across a nine-partner team led by Rike Connelly, former head of Perkins Coie’s firmwide business litigation practice, who will now manage McGuireWoods’ Seattle office.

Both firms have framed the hires as part of a strategic push into the Pacific Northwest and the region’s booming tech sector. MoFo said its 19th global office will strengthen its capabilities in trial work, complex litigation, product liability, regulatory matters, and its technology and AI practices, with chair Eric McCrath noting that Seattle has long been an important market for the firm. McGuireWoods chair Jonathan Harmon similarly described the move as elevating the firm’s market position and deepening its ties to clients in the Pacific Northwest.

These departures mean Perkins Coie has seen up to 20 partner exits in Seattle ahead of its proposed tie-up with Ashurst. That merger is expected to be voted on this spring and, if approved, would create a combined firm with around $2.7bn in revenue and more than 3,000 lawyers worldwide, completing in mid-year.

For aspiring solicitors, this is a reminder of how fluid the legal market can be, even at the very top of the profession. Partner moves of this scale are relatively rare and signal intense competition between firms for talent, clients, and market share, particularly in lucrative tech hubs like Seattle. It also shows how mergers can create uncertainty internally, sometimes prompting partners to seek opportunities elsewhere.

More broadly, the developments highlight the growing importance of litigation, regulatory work, and technology-focused legal services, areas where demand is likely to remain strong. For future lawyers, it underlines the value of building adaptable skills, strong client relationships, and a clear understanding of where different firms are investing, as the landscape you enter could look very different from today’s.

Baker McKenzie has announced plans to cut up to 10% of its global business services workforce as part of a major reorganisation, pointing to the growing use of artificial intelligence as one factor behind the changes. The firm said it recently reviewed its business services functions, including operations, finance, HR, IT, and administrative support, to identify ways of working more efficiently. Following that review, it has proposed changes that are likely to result in some roles being phased out, subject to consultation in relevant jurisdictions.

Baker McKenzie employs around 12,500 people worldwide, and it is understood that roughly half of these are business services staff, meaning as many as 625 jobs could be at risk. While the firm has not specified exactly where cuts will fall, it has major business services hubs in Buenos Aires, Manila, Tampa and Belfast, and it is also understood that some London-based roles could be affected. A spokesperson for the firm said the changes were designed to help Baker McKenzie remain “agile in a fast-evolving business context”, including by making greater use of AI and investing in roles that best support clients’ needs.

The firm emphasised that it had not taken the decision lightly and said it would support affected employees through the consultation process. The announcement follows similar moves by other large firms, including Clifford Chance, which revealed plans in November to reduce its business services headcount, also citing the increasing impact of AI.

For aspiring solicitors, this development highlights how technological change is reshaping not just legal work but the wider infrastructure that supports law firms. While trainee and lawyer roles are not directly affected in this instance, the cuts show that firms are actively looking at how AI and automation can replace or streamline certain functions, particularly in back-office and operational roles.

More broadly, this signals that future lawyers will be working in firms that are leaner, more tech-driven and more focused on efficiency. It underlines the importance of being comfortable with technology, adaptable to change, and aware that the traditional law firm model is continuing to evolve.

Skadden, Arps, Slate, Meagher & Flom and Herbert Smith Freehills Kramer have advised on a significant investment integrating a gold-backed digital asset into a precious metals trading platform.

A London-based Skadden team advised Tether, the owner of the digital asset XAU₮, on its $150 million strategic investment in Gold.com. The team was led by Lorenzo Corte, global head of Skadden’s transactions practices, alongside capital markets associates Georgian Dimopoulos and Mariana Urban.

HSF Kramer acted for Gold.com, whose platform will enable global distribution. The New York-based HSF Kramer team included new partner hire from White & Case, Burr Eckstut, as well as tax partner Avi Reshtick, special counsel in employee benefits, cybersecurity special counsel Austin Manes, and environmental partner Andrew Otis. Counsels Abbe Dienstag and Scott Rosenblum also acted, alongside associate Daniel DePasquale.

Both Tether and Gold.com are exploring options for trading physical gold using digital currencies, including USA₮, the new dollar-backed stablecoin. Other commercial agreements between the companies include Tether providing Gold.com with a gold leasing facility of no less than $100 million.

For aspiring solicitors, this deal underscores the growing intersection between traditional finance and digital assets. The integration of a gold-backed digital asset into a trading platform signifies a shift towards more innovative financial instruments. Lawyers involved in such transactions must navigate complex regulatory landscapes, understand emerging technologies, and advise on multifaceted agreements.

This development also highlights the importance of cross-border legal expertise, as firms like Skadden and HSF Kramer collaborate on international deals. Aspiring solicitors should be prepared to engage with global financial markets and stay informed about technological advancements shaping the legal industry.

BCLP’s UK revenue rose by 16 per cent in 2025 to $306m (£225m), significantly outpacing the firm’s global increase of 6 per cent to a record $912m. Profit growth was even stronger, with global profit up almost 24 per cent and average PEP rising 33 per cent to $1.375m. In the UK, every department reported double-digit revenue growth, with profit up 46 per cent. The firm pointed to a period of cost-cutting, a sharper sector focus and greater use of technology as key drivers of the improved performance, alongside major mandates such as advising Canal+ on its MultiChoice acquisition and The Crown Estate on its £24bn Lendlease joint venture.

BCLP has reduced headcount, cut around 8 per cent of its global business services roles, closed its Hong Kong and Singapore offices, and invested heavily in legal technology, including appointing a new global partner to oversee innovation and AI.

For aspiring solicitors, this shows that law firms are prioritising efficiency and high-value work over sheer size. Future lawyers will need to be comfortable with technology, commercially focused and adaptable as firms continue to modernise their business models.

PEP (Profit per Equity Partner)

PEP is a key financial metric used by law firms that measures the average amount of profit distributed to each equity partner in a given year. It is often used as a benchmark for a firm’s financial performance and competitiveness in the legal market.

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