In a CLE event hosted by The Texas Lawbook on Dec. 18, lawyers from Akin, Baker McKenzie and Capital One discussed various topics related to how they are preparing themselves and their clients for the transition between administrations in January when Donald Trump assumes office in his second term as president.
Moderated by Lawbook founder Mark Curriden, the lawyers dove into various topics, including expected policy changes, the new administration’s tax implications and potential updates to antitrust and labor laws, as well as shifts in regulatory enforcement and compliance priorities. The group also examined Trump’s trade and tariff plans in great detail, highlighting potential impacts that could shape client strategies under the upcoming administration.
In-House Perspective
Evan Baker, Chief Counsel of Capital One Financial Services, kicked off the event by sharing his insights on how he is preparing for a second Trump administration as an in-house counsel. He shared that he expects this administration to differ significantly from the previous one, though he does anticipate it could be quite “wild.”
Baker emphasized Capital One’s welcome of regulation but stressed the importance of consistency amid administration and policy changes. He is particularly attentive to the Loper Bright decision due to its potential impact on various industries. Baker also urged outside counsel participants to focus heavily on connecting with businesses during this transition period.
“If you’re an outside counsel listening to this and you have clients in heavily regulated industries, I encourage you to consider that businesses are trying to maintain consistency, profitability and an understanding of what to expect from the next administration. It’s a valuable experience when outside counsel collaborates closely with you on these matters,” Baker stated.
Policy Environment
Jamie Tucker, a public policy and regulatory-focused partner at Akin, then joined the panel to discuss the key policies Trump may implement and change in the first 100 days of his administration, referring to it as “Trump 2.0.”
“[With] the executive orders, we’ve now seen almost the parliamentary system of Trump 1.0 reversing everything Obama did and Biden coming in, reversing Trump’s reversal and now we’re going to do it all over again,” Tucker said, naming both the immigration and climate spaces as likely areas that will see significant changes.
He also outlined the “six Ds,” which reflect the policy priorities he anticipates the Trump administration to focus heavily on. The “six Ds,” he referred to:
- Deglobalization
- Drill
- DOGE/deregulation
- Deportation
- Deals
- Debt
Tucker also noted potential tax reforms and trade regulations that could be implemented during the new administration, explicitly pointing to the Congressional Review Act and impoundment as areas he currently monitors.
Tax
Lane Morgan, a corporate tax law partner at Baker McKenzie, analyzed the tax implications the new administration could implement upon taking office, noting several legislative priorities that may arise.
“When discussing tax reform, one congressional representative referred to it as ‘tax Armageddon’ in 2025,”‘ Morgan said, pointing out that many critical provisions are set to expire at the end of the year.
Morgan shared that if the new administration fails to extend or reform these provisions, taxes could increase significantly for individuals and businesses. Morgan also discussed the challenges proposed tax cuts pose and the critical need to balance tax policy with economic growth. He also highlighted his take on the Congressional Review Act, executive orders and the critical Loper Bright case.
Antitrust
Mark Hamer, the global chair of Baker McKenzie’s antitrust and competition practice group, shared his expectations for themes in the antitrust space that may be prevalent during Trump’s upcoming administration. He anticipates the administration focusing on alleviating burdens on businesses and the populists to be two main focus areas.
Additionally, Hamer expects M&A activity to continue increasing in 2025; however, with the new administration, he expects more traditional merger review practices and regulatory complexities to resurface.
“We think there’s a pipeline of M&A that’s ready to happen next year,” Hamer said.
Labor & Employment
Bob Lian, a partner in Akin’s labor and employment team, discussed the anticipated legal issues in the workplace once Trump assumes office. He emphasized a specific area that he expects to be a focus for the new administration, which is potentially making significant changes to the current DEI policies to serve businesses better overall.
“I think one of the things that we are quite likely to see is a resumption of the effort to dismantle, disincentivize [and] discourage DEI initiatives,” Lian said.
Lian also mentioned several other workplace issues that might gain more attention, including increased immigration-related enforcement and non-compete agreements. Overall, Lian discussed that the administration’s policies in the labor and employment arena are expected to ease burdens and protect businesses and employers.
Trade and Tariff
In the final session of the CLE event, Sally Laing, an international trade-focused partner at Akin, and Chandri Navarro, senior counsel at Baker McKenzie’s international commercial and trade practice group, discussed expectations for trade and tariffs under the new administration. Navarro dubbed it a “tariff-palooza,” citing the anticipation that trade and tariffs will be prominent focuses for Trump in his second term.
“We can certainly expect that trade in the second Trump administration is going to be a key focus of his administration, and he’s talked about being the tariff guy and loving tariffs, so we certainly know that tariffs are going to be a key priority for him,” Navarro said.
The duo specifically noted Trump’s plans to impose a 25% tariff on imports from Mexico and Canada and addressed the potential for retaliation from U.S. trade partners. They also discussed the emergency powers, existing trade laws and legal frameworks he might leverage to implement these tariffs.
“He can’t just impose tariffs wherever he wants, but Congress has spent a lot of time over the years delegating authority to the President, and he’s done that in a number of ways that he was able to very effectively use in the first term and we could see additional means of doing that in the second term,” Laing said.
The full video is available below from The Texas Lawbook, which is proud to partner with ACC-DFW, Akin and Baker McKenzie to produce this CLE event.