Law Firms Prepare for a Trump Landscape

Law firms that thrived in the heavy regulatory environment of the Biden administration are quickly pivoting to capitalize on a host of different opportunities presented by a second Trump presidency.

- By ERIN MULVANEY

Firms are being inundated by clients calling about President-elect Donald Trump's proposed policy shifts, asking how new tariffs will disrupt supply chains, whether relaxed antitrust and financial enforcement will spur deal activity, and how Trump's immigration policies will affect the ability to hire foreign workers.

The reshuffling of federal policies also could shake up which firms have the most in-demand expertise. Lawyers who previously worked in the first Trump administration are feeling newly emboldened to tout those connections, and a number of big firms are looking to market and grow practices that could see a new flood of work.

"With sweeping changes and enforcement priorities shifting, that's when clients call on us the most," said James Garland, a partner at Covington & Burling who specializes in government investigations and litigation.

Trade is among the areas where demand for counsel is increasing quickly. With Trump pledging that he will impose tariffs on Mexico, Canada and China, firms are handling concerns about supply-chain disruptions and restrictions companies might encounter because of the tariffs.

"We are at 105% capacity there and will continue to grow," said Hogan Lovells Chief Executive Miguel Zaldivar, whose firm is home to a prominent former Trump trade adviser.

Top firms across the U.S. are also bracing for major changes in the antitrust landscape. President Biden appointed officials, including Federal Trade Commission Chair Lina Khan, who sought to increase enforcement to levels not seen in decades. That created a lucrative environment for antitrust lawyers as companies struggled to secure government clearance for a range of proposed mergers and acquisitions.