Wall Street law firms are feeling the squeeze for talent as competitors outside the elite club move into the financial services industry.

The small group of just 15 firms historically has led the Am Law 100 on profitability and has attracted the very top talent to handle deals, litigation and regulatory work in the financial services industry—particularly for investment banks.

But that's changing. Gina Passarella, editor-in-chief of The American Lawyer, talks with Nicholas Bruch, principal analyst at ALM Legal Intelligence, about how law firms like Latham & Watkins and Kirkland & Ellis are taking on more private equity, venture capital and corporate deal-making work and attracting the kind of talent that previously looked only to the Wall Street law firms for high-stakes, challenging and lucrative work.

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