Latest news with #McDermottWillEmery
Reuters
01-08-2025
- Business
- Reuters
McDermott and Schulte complete latest US law firm merger
Aug 1 (Reuters) - U.S. law firms McDermott, Will & Emery and Schulte Roth & Zabel have completed their planned merger, as firms' appetite for greater legal market share and a strong New York presence continues to drive consolidation in the industry. 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)
Reuters
26-06-2025
- Business
- Reuters
McDermott, Schulte partnerships vote to approve law firm merger
June 26 (Reuters) - Partners at U.S. law firms McDermott Will & Emery and Schulte Roth & Zabel have voted to merge effective Aug. 1, the firms said in a joint statement on Thursday. The deal is set to create a 1,750-lawyer firm with more than 20 offices globally, in the latest major legal industry merger. The combined firm will be named McDermott Will & Schulte. The two firms in May said they were finalizing a merger deal. Chicago-founded McDermott, the larger firm with about 1,400 lawyers, generated more than $2.2 billion in gross revenue in 2024, according to figures reported by The American Lawyer. The firm is known for advising healthcare and other clients in a range of practice areas. New York-founded Schulte, which is focused on advising hedge funds and other private capital clients, brought in more than $618 million in gross revenue last year, according to the American Lawyer. Consolidation has been a theme in the legal industry for decades, as firms seek scale in a quest for increased market share and profitability. The most recent major law firm tie-up was that of Herbert Smith Freehills and Kramer Levin, which merged on June 1 to create Herbert Smith Freehills Kramer, which has more than 2,700 lawyers. Last year, Allen & Overy combined with Shearman & Sterling to create A&O Shearman, with nearly 4,000 lawyers.
