In a strategic move to bolster its mergers and acquisitions prowess, Latham & Watkins has hired a prominent asset management M&A partner from Fried, Frank, Harris, Shriver & Jacobson, reflecting a broader trend among elite law firms to recruit “plug-and-play” talent ready to hit the ground running. This lateral hire underscores the competitive landscape where top-tier practices seek immediate value in a recovering deal market.
Thomas Lee Joins Latham’s M&A and Private Equity Practice
Latham & Watkins announced on September 2, 2025, that Thomas Lee has joined the firm as a partner in its New York office, focusing on the mergers and acquisitions (M&A) and private equity practice. Lee, previously at Fried Frank, brings deep expertise in asset management M&A transactions, including control deals, minority general partner (GP) stakes, and structured equity arrangements.
His practice navigates complex regulatory frameworks for asset management and GP liquidity solutions, advising clients on high-stakes deals in a consolidating industry. Marc Jaffe, Latham’s New York Office Managing Partner, praised Lee as “among a select group of top-tier lawyers” in the niche, noting his technical skills and commercial approach will enhance the firm’s market-leading teams.
Lee expressed enthusiasm for Latham’s global platform: “As the asset management industry continues to consolidate, and private capital raised and deployed for investments in asset managers increases, there is no firm better poised than Latham to handle these highly complex, sophisticated transactions.”
Background: Lateral Hiring Trends in Big Law
Latham & Watkins, a global powerhouse with over 3,200 lawyers across 30 offices, has been aggressive in expanding its transactional practices amid a rebounding M&A market. The firm topped LSEG’s principal adviser ranking for global M&A deals in H1 2023 with $173.5 billion in value, and continues to invest in talent to maintain that edge. Lee’s arrival follows other 2025 hires, including promotions of 19 counsel to partner in February and additions like Adam Greenfield in Washington, D.C., for intellectual property.
Fried Frank, known for its strong M&A and private equity bench, has seen several departures to rivals like Latham in recent years. In 2023, Latham poached Brian Mangino and Amber Banks from Fried Frank for its D.C. and New York offices, signaling ongoing talent wars. Lee’s JD from Georgetown University Law Center and BA from the University of Pennsylvania add to his credentials, having built a reputation at Fried Frank for sophisticated deals.
The ‘Plug-and-Play’ Talent Strategy
Top firms like Latham are prioritizing “plug-and-play” laterals—experienced partners who can immediately contribute to client relationships and revenue—over long-term associate development, according to industry observers. In a market where M&A volumes are rebounding but talent shortages persist, these hires provide instant expertise in high-demand areas like asset management and private equity.
Law.com reported that despite awaiting a full deals bounce-back, firms continue aggressive recruitment to secure market share. Latham’s global co-chair of M&A and private equity, Alex Kelly, emphasized Lee’s role in enhancing synergies across the firm’s asset management, investment funds, and transactional groups. This approach aligns with Latham’s 2024 revenue surpassing $7 billion, driven by such strategic additions.
Expert Opinions and Industry Reactions
Legal recruiters and analysts applaud the move as savvy positioning. “Latham’s hire of Lee exemplifies the ‘plug-and-play’ trend—firms want partners who can drive billables day one in a niche like asset management M&A,” said a Major, Lindsey & Africa consultant. Chambers and Partners ranks Latham Band 1 for M&A in the U.S., and this addition strengthens its asset management focus amid industry consolidation.
Public reactions on platforms like LinkedIn are positive, with peers congratulating Lee and noting the hire’s timing in a recovering market. One post read: “Thomas Lee’s move to Latham is a big win for their PE and M&A bench—Fried Frank loses a star.” Some express envy from smaller firms, highlighting the talent concentration at elites.
Implications for U.S. Legal Professionals: Talent Wars and Market Dynamics
For U.S. attorneys and firms, this hire signals intensifying competition in transactional practices, where laterals like Lee can command $2-5 million in portable business. Economically, it boosts deal flow in asset management, a $100 trillion global industry, supporting U.S. PE funds amid 2025’s rebound—global M&A up 15% year-over-year.
Politically, with 2026 midterms approaching, regulatory expertise in GP stakes aligns with scrutiny on private equity. Lifestyle-wise, New York-based partners like Lee enjoy high earnings (average $1.5M+ at Latham) but face intense hours. Technologically, AI tools for due diligence are transforming M&A, aiding firms like Latham. In sports and entertainment, similar talent poaching occurs in agencies, paralleling legal moves.
Conclusion: A Win for Latham in the Lateral Arms Race
Latham & Watkins’ addition of Thomas Lee from Fried Frank exemplifies the “plug-and-play” strategy dominating Big Law, securing immediate expertise in asset management M&A amid market recovery. As firms vie for top talent, this hire positions Latham to capture more deals in a consolidating sector.
Looking ahead, expect more such moves as PE activity surges, reinforcing elite firms’ dominance. For legal professionals, it’s a reminder: In a talent-driven industry, being “plug-and-play” ready is key to advancement.