Kirkland’s record year

A tablespoon to start: The executive president of Walgreens Boots Alliance, Stefano Pessina Duplicate your stake In the pharmacy group to approximately 30 percent as part of its acquisition by the private capital group Sycamore, according to people familiar with the matter.

Another thing: Great Britain’s financial control agency prohibition Crispin Odey, of the sector and fine, the founder of the coverage fund £ 1.8mn for a “lack of integrity” in his behavior after facing accusations of sexual harassment and assault.

And a big potential problem: Google’s matrix alphabet is in talks To buy a new cybernetic company, Wiz for around $ 30 billion, preparing the stage for the greatest acquisition in the history of the search giant, according to people familiar with the matter.

In today’s bulletin:

• Kirkland and the great boom of the law

• The answer fed with AI from Alibaba

• The FT examines the US list.

The great law makes it rain, again

Since the golden years of M&A in 2021 and 2022, it has been a brutal work for many bankers and private capital executives, since the highest interest rates have slowed the deals and have made gigantic bonuses more difficult to find.

But the great law has remained immune to the new depressed normality of treatment as the main companies such as Kirkland and Ellis and Latham and Watkins See the cash list and remains a reliable multimillionaire payments to its rain creators.

Both law firms reported record income, since their rates were padded by a model that remained relatively isolated from the discomfort that grabs the world of the agreement.

Equity Partners in Kirkland, the world’s largest collection law firm, He took home more Of $ 9MN on average last year at an increase of 16 percent compared to the previous year, the FT reported.

Payments occurred after Kirkland saw their income increased by 22 percent to a record of $ 8.8 billion, which makes it the most lucrative law firm in the world once again.

Above all, Kirkland is known for his massive practice of private capital. These clients have suffered the worst part of the highest rates, since the growing indebted costs have become returns.

But the teachers of the PE Universe still need Kirkland to negotiate “responsibility management exercises” to extend the problem betting track.

Chicago’s headquarters based in Chicago also advanced in regular M&A.

Kirkland advised more than $ 431 billion mergers and acquisitions last year worldwide, which makes it the best classified legal advisor, with a market share of more than 14 percent, according to data from the data of the data of the data of the data of the data of the data of the data of the data of the data London Stock Exchange Group.

Kirkland was able to participate in some of the largest offers in the United States. His lawyers represented Pringles and Awning manufacturer KELLANOVA In its sale of $ 35.9 billion to Mars and advised Global infrastructure partners In its sale of $ 12.5 billion to Black rock.

Right in his heels was Latham, the second largest law firm in the world. Last year he hit $ 7 billion in income For the first time, with profits per capital partner that jumps almost 30 percent to $ 7.1mn.

But the blockbuster days last year were based on an increase in activity, which until now has been in 2025 practically non -existentContrary to the hope that the Trump administration will be friendly with the agreements.

Instead, Trump’s tariff policies have caused the stock market to submerge and thrown in transaction activity. Legal giants like Paul Weiss and Perkins Coie They have been attacked by the new administration, while Kirkland and Latham were between 20 companies who received letters about their diversity practices.

But Kirkland and Latham tastes can have incorporated hedges. They have pushed Europe and the Middle East strongly, where animal spirits are increasing.

ALIBABA recovers his step

A little over two years ago, Jack Ma and Alibaba They were in low reflux. The founder of Chinese technology had retired from public hearing and moved to Tokyo after falling into a lack of Beijing.

Alibaba’s actions had collapsed, and the initial planned public offer of their Fintech arm Ants group It had been discarded.

However, today, things look Very different. Ma was selected to sit in the front row among business leaders at a meeting with the Chinese president Xi Jinping Last month, many read as a great sign that he has recovered the favor.

In this great reading, Zijing Wu and Eleanor Olcott deepen what has changed inside Alibaba. An important difference is that the company, once staggers of regulatory pressures and market share losses, is now positioned as a favorite in China’s artificial intelligence career.

After a period of political exile, Ma has orchestrated a strategic change, raising Joe Tsai and designating Eddie Wu to lead the transformation centered on the company’s AI.

Alibaba’s QwenHis family of large language models is now market leader in China. Has even secured an association with Apple.

Investments in new AI and infrastructure companies have increased, and their cloud business, the largest in China, has recovered the growth of two digits.

This resurgence follows a turbulent period, which included the canceled ants group, the decrease in profits and a series of failed restructuring attempts.

WU leadership has centralized decision -making, uninverted non -general assets and the development of prioritized as the key driver for future growth.

Despite the competition of Byte and Tencent as well as new companies led by VeteranAlibaba aims to make great advances towards artificial general intelligence.

However, the company’s revival depends on the translation of the advances of AI in economic growth, and geopolitical risks remain what can eliminate the company from the advanced chip supply of the United States.

Even so, for now, the company feels some as if it had recovered its previous forms.

“The difference between Alibaba campus now and six months ago is quite palpable,” he says Brian WongA businessman and former Alibaba executive. “These days, there is a feeling of vitality and energy.

USA

Conventional wisdom is that list in the NYSE It offers companies an almost automatic impulse.

But Nikou Asgari and Patrick Mathurin de FT discovered that this is not the case: European companies that added a list of the United States often I didn’t see an impulse to its valuations.

An analysis of 12 companies that are quoted in the European list that have added US listings since 2016, including Ferguson, CRH and Flutter Entertainment – It reached a different conclusion. In half of the cases, the valuations actually fell.

While general liquidity improved for most companies, the number of analysts after the shares did not increase in several cases.

“The basic thesis that you move to the US. And the price of your action improves is not correct,” he said Richard Wernerpartner at the law firm BCLP.

Part of the attractiveness for the US. It is that the country’s stock market has been, until very recently, in a tear. That led to European companies and investors to believe that they would also enjoy higher profit multiples there.

However, even when the US stock market has recently collapsed, companies are pointing out that they are looking for possible New York listings.

Last week, United Kingdom Corridor TP ICAP He said he planned to list his data business in New York, while Mining Group Glencore In February that I was reviewing whether other places, such as the United States, they would be “more appropriate” for their actions.

Construction group Ash plans to make the change, while the advertising group WPP and French Assets Manager Tikehau They have also recently considered movement.

Work movements

• PRICK He has shaken his best ranges as the group changes focuses on their insurance business, with a senior partner David Bell leaving the group after more than a decade. The firm also hired Lauren Aguiar As partner and legal director of Skadden Arpsand promoted Gordon von Bretten and Patricia Capel to senior partners.

• Strings and gray He opened an office in Paris with partners Fabrice Cohen, Thierry Aranakingi and Emmanuel Mimin.

• Blue Owl He has hired Blake Shorthouse as global family capital. It will have its headquarters in London, and previously a decade passed in Kkr.

• Morgan Stanley has promoted Andrew Foster to corporate broking president. He has been at the bank for more than 14 years.

• Alter Domus He has appointed Mark Wiseman like chair. He was previously in Black rock.

Intelligent readings

Awards fighters On one side of the ring is Barrick Gold. In the opposite corner, Hannam & Partners. Paul Murphy of the FT again tell the Infamous confrontation of the court Among the merchants.

An uncertain future With shaken markets, the confidence of the hesitant consumer and the animal spirits submitted, the US economy is Lose your brightnessWrite the FT.

Struggled investors Private capital companies are Bank the bankruptcy of the United States hospitals And siphoning money for themselves, reports Business Insider.

News round

EU to investigate the imported imports diverted by Trump tariffs (FOOT)

UBS paid boss Sergio Ermotti, $ 16.8mn last year (FOOT)

MBDA missile manufacturer takes more calls from EU armies looking for non -American weapons (FOOT)

Pepsi takes advantage of the booming health market with a Poppi agreement of $ 2 billion (FOOT)

American companies eliminate annual reports since Trump is aimed at corporate values (FOOT)

Swedish companies join forces to move the children from gang crime away (FOOT)

The alphabet tour of the laser -based Internet project from the ‘MoNshot’ center (FOOT)

The New York Sun back in El Negro, since Trump helps increase the title. (FOOT)

Donald Trump’s trade war will damage global growth, warns the OECD (FOOT)