Latest news with #SchulteRothZabel
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
10-07-2025
- Business
- Reuters
Judge tosses law firm Schulte's $38 million COVID-19 rent refund lawsuit
July 10 (Reuters) - A New York state judge on Wednesday dismissed U.S. law firm Schulte Roth & Zabel's lawsuit against its Manhattan landlord that sought a rent abatement of more than $38 million due to COVID-19 restrictions. Justice Andrea Masley in her order, opens new tab said Schulte failed to prove that the firm and its landlord, Metropolitan 919 3rd Avenue LLC, intended a rent abatement provision in their 1998 lease in a manner that Schulte argued would cover disruption to the building's use during the pandemic. The judge held a bench trial in 2023 that she said hinged in part on Schulte and the landlord's intent when originally entering into the lease, and whether an "unavoidable delay" in accessibility alone would trigger the abatement provision or if it would also require a failure by the landlord to provide certain services. A Schulte spokesperson in a Thursday statement said the firm is disappointed by the decision. Lawyers for the landlord did not immediately comment. Other large law firms brought legal actions against their landlords over rent during the pandemic. Crowell & Moring has turned to former U.S. Solicitor General Donald Verrilli Jr., who is now at Munger, Tolles & Olson, to lead its appeal of a judge's decision last year that said the law firm cannot force its Washington, D.C., landlord to refund $30 million in rent that the firm paid when most of its lawyers worked from home during the pandemic. Schulte plans to merge with larger firm McDermott Will & Emery next month. The firms have said the combined firm, which will be called McDermott Will & Schulte, will be the ninth largest law firm in New York. The case is Schulte Roth & Zabel LLP v. Metropolitan 919 3rd Avenue LLC, In Its Individual Capacity And As Successor In Interest To 919 Third Avenue Associates L.P., New York County Supreme Court, No. 655632/2020. For the plaintiff: Peter Wang of Foley & Lardner For the defendant: Janice Mac Avoy of Fried Frank
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.
Reuters
09-05-2025
- Business
- Reuters
US law firms McDermott and Schulte plan to merge
May 8 (Reuters) - U.S. law firms McDermott, Will & Emery and Schulte, Roth & Zabel are in talks to combine in what would be the latest major legal industry merger, the firms said on Thursday. McDermott and Schulte are "actively finalizing" a merger deal that is expected to become official in the coming months, they said in a joint statement. 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. Law firm merger activity stayed relatively steady for the first quarter of 2025 compared to the same quarter last year, with 22 completed mergers during the period this year and 21 last year, according to consultancy Fairfax Associates. In a major transatlantic deal last year, London-founded Allen & Overy and New York's Shearman & Sterling combined to create a A&O Shearman, with nearly 4,000 lawyers. There are also several combinations on the horizon. U.S. firm Kramer Levin Naftalis & Frankel and global legal giant Herbert Smith Freehills are slated to merge on June 1, creating a 2,700-lawyer firm with more than $2 billion in revenue.
