McDermott and Schulte complete latest US law firm merger
The combined firm, McDermott Will & Schulte, has about 1,750 lawyers spread across more than 20 offices globally. A spokesperson for the firm confirmed the merger was finalized on Friday.
The two firms' combined revenue in 2024 was more than $2.8 billion, according to figures reported by the American Lawyer.
New York-founded Schulte was focused on advising hedge funds and other private capital clients.
Chicago-founded McDermott, the larger of the two firms, is known for advising healthcare and other clients in a range of practice areas.
Partners at the two firms initially approved the merger in June, marking the latest in a series of recent law firm deals involving prominent New York firms.
In June, New York-based Kramer Levin combined with larger global law firm Herbert Smith Freehills. New York's Shearman & Sterling last year merged with London-founded global firm Allen & Overy.
U.S. and international law firms have long sought growth in New York's financial hub.
"New York has always been the prize," said David Wilkins, faculty director of the Center on the Legal Profession at Harvard Law School.
Historically, out-of-town firms had a difficult time gaining a foothold in the New York legal market. That changed as a few large U.S. firms focused on growing there through strategic practice hires, Wilkins said, and others have joined forces with already-established New York firms like Schulte.
(Additional reporting by David Thomas)
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