On The Merits

People are always finding new ways to listen to music, from vinyls and cassettes to stolen downloads and paid streaming services.So, how is the music business holding up? Who’s making the money today? And what's in store for musicians with the growth of artificial intelligence?On this episode of our podcast, On the Merits, Bloomberg Law’s Roy Strom dives into those questions and more with Sid Fohrman, chair of the music industry practice at Paul Hastings.The Los Angeles lawyer, who joined the firm from Willkie Farr & Gallagher last month, has advised on deals involving Lady Gaga, David Bowie's estate, and Taylor Swift. He's also a musician himself who packed his bags early in his legal career and headed from Chicago to Hollywood to take a chance following his passion.Fohrman has had a seat at the table as the music industry figured out how to make your favorite songs ubiquitous. The real challenge is how to make money—and how to make the money go where it should. That’s where Fohrman thinks the industry can do a better job.Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Big Law has long feared that the Big Four accounting firms–Deloitte, PWC, KPMG, and EY–would start practicing law in the US. Now, that may soon be a reality.Big law's fear is that the Big Four has scale that dwarfs even the largest US law firms, and its dominance in legal technology could lead to a paradigm shift in how legal services are delivered.But American lawyers have always had a safety net. The ethical rules for lawyers say that non-lawyers can’t own law firms. This has put a fence around US law firms that has kept out the Big Four.Now, a couple of states, including Arizona, have changed these rules to allow non-lawyer ownership. KPMG has applied to practice law in Arizona.On this episode of On The Merits, Bloomberg law reporters Justin Henry, Amanda Iacone, and Roy Strom discuss KPMG’s big move and what it could mean for the legal industry.Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

When Russian chemicals magnate Oleg Burlakov died of Covid, he left behind a $3 billion fortune that prompted an international legal battle among feuding members of his family.In one corner stand his sister and brother-in-law, who say they had a secret agreement with Burlakov entitling them to half of what he left behind. In the other: His estranged widow and adult daughters. Their fight over Burlakov’s billions has led to litigation in London, Moscow, Monaco, and Miami.Now, the Miami case—before a state court judge—has been complicated by the potential involvement of a Russian litigation funder and a Swiss money manager who’s been sanctioned for allegedly facilitating Russian money laundering.On this episode of our podcast, correspondent Emily Siegel and senior investigative reporter John Holland discuss the wrangling over Burlakov's estate and what it tells us about how judges in the US are grappling with sanctions related to Russia’s invasion of Ukraine.Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690

Donald Trump’s presidential election had market commenters rushing to conclude that the new administration would yield a flood of corporate dealmaking.But the widely anticipated Trump Bump for deals is already facing hurdles. Interest rates have steadily risen as the fear of inflation remains. Markets are buffeted by every piece of news about potential tariffs. And stock prices have faltered from their initial post-election surge.With Trump now in the White House, has the optimism for a dealmaking surge already withered?On this episode of On the Merits, Bloomberg Law’s Roy Strom spoke with Jennifer Perkins and David Klein, M&A partners at Kirkland & Ellis, the busiest law firm for corporate transactions last year. Kirkland advised on more than $427 billion in global mergers and acquisitions over the year, surpassing rivals like Latham & Watkins, Skadden Arps Slate Meagher & Flom, and Freshfields.Perkins and Klein told Roy the “floodgates” for M&A may not be open right away, but they both expect a strong year for dealmaking ahead. They discussed a backlog of companies private equity funds are looking to offload, how a reinvigorated IPO market could further fuel deals, and how law firms are evolving as private capital markets expand.Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Today on 'On the Merits,' we revisit our March 2024 episode that explores California's ongoing battle to keep homeowners insured amidst the persistent threat of wildfires.

In this engaging conversation, Kate Rader-Sheik, a partner at Major, Lindsey & Africa, discusses innovative compensation models reshaping the legal industry. She highlights the new tiered billing approach that allows associates to select their billable hours, offering them more control over their careers. Kate also explores the potential benefits and risks of this model for both associates and firms. Additionally, she provides insights on remote work challenges and current trends in associate recruitment, especially in a fluctuating economy.

Elon Musk's six-year saga defending his $56 billion Tesla Inc. pay package in the Delaware Chancery Court has captivated the state's tight-knit legal community and the wider world of Musk watchers, including his more than 200 million online followers.In January 2024, the court's chief judge struck down the pay package, prompting a months-long social media barrage—and a host of novel legal stunts—from the tech titan. In December, the judge rejected the compensation deal again, handing $345 million to the shareholder attorneys who led the case.On this episode of our podcast, On The Merits, senior correspondent Jennifer Kay and reporter Roy Strom discuss the long-running courtroom drama, the lead trial lawyer who took aim at the pay package, and the judge who has repeatedly stood up to the world's richest man.Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690

The year 2024 saw tons of firms looking for merger opportunities and the lightning-fast growth that they provided. Although there's still plenty of room for new mergers, the legal industry is constantly looking for other ways to be competitive as big companies like KPMG are looking to enter the legal services market.This edition of On the Merits was hosted for the first time by Tom Taylor, chief of staff of the newsroom. Reporters Meghan Tribe and Justin Henry, who cover the business of law, and Chris Opfer, who oversees that coverage, joined him to discuss the most significant issues and challenges facing the legal industry in 2025. And as the second inauguration of Donald Trump approaches, the team will discuss how firms could deal with Trump's "unscripted style" and the opportunities for Big Law during his second term.Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Kevin Burke, former chairman at Hinshaw & Culbertson, now teaches at USC's Gould School of Law, focusing on the legal business landscape. He discusses how law students are eager to grasp firm operations and the impact of digital changes on the field. Through simulations, students learn to tackle real-world challenges in law firm management. Burke highlights their optimism about artificial intelligence, noting a shift in perception as they see its potential to enhance efficiency in their future careers.

In this engaging discussion, Bernie Kohn, Editor at Large at Bloomberg Law, dives into the year's top legal stories and trends. He highlights the transformative impact of AI on industries like law and journalism, alongside the resurgence of labor movements in a divided Congress. Kohn also addresses the growing skepticism toward the judicial system and the ways political figures, including Donald Trump, may reshape legal landscapes. The episode further explores advancements in diversity within law firms against a backdrop of ongoing disparities.