Law Firms — Biglaw Insider Trading Ring Busted Across Elite Firms; A&O Shearman Cuts More Staff Post-Merger; Supreme Court Legitimacy Crisis Deepens

Law Firms · 2026-05-07

TODAY'S SIGNAL — Three developments converge to pressure law firm risk models and talent strategies simultaneously. The alleged decade-long insider trading ring operated across four Am Law 50 firms — Cleary Gottlieb, Sidley Austin, Latham & Watkins, and Goodwin Procter — exposing systemic information-barrier vulnerabilities in deal-heavy practices. Separately, A&O Shearman is executing another…