Apparently TW and
Winston & Strawn have some actual synergies in their practice areas and focus.
HL and Cadwalader is really surprising to me cos I don't feel like HL particularly needs to merge and Cadwalader doesn't really fit their core strategy (regulated industries, lobbying in US, business + govt everywhere else), and I read the point about HL wanting to establish a stronger NY presence. But again, it doesn't quite fit their core strategy imo since they're really strong in regulatory practices and Cadwalader is like a classic M&A/Finance kinda firm. Also not Cadwalader spending the entire year claiming they're not looking to merge while haemorrhaging partners (iirc they lost their entire structured finance team to
Orrick) lmao