Exciting developments are unfolding in the legal sector, as McDermott Will & Emery and Schulte Roth & Zabel are actively engaged in discussions regarding a potential merger. This strategic alliance could propel the combined firm to a remarkable $2.8 billion in gross revenue, positioning it firmly among the Top 20 law firms based on revenue. With a combined workforce of over 1,600 attorneys, this merger represents a significant shift in the legal landscape.
Recent reports indicate that the two firms are “finalizing a transformative combination,” with expectations of an official announcement forthcoming in the next few months. Both firms are eager to share additional details as they progress in the merger talks.
The statement released concerning the proposed merger highlights the numerous strategic advantages that will arise from the union of these two Biglaw firms:
“As the nation’s leading private capital law firm, Schulte is thrilled to unite with McDermott, a firm that has demonstrated remarkable growth and success in Big Law over the past eight years. By joining forces, we aim to enhance our commitment to innovation, deliver exceptional client service, and uphold a people-first culture. This potential merger represents an opportunity to combine two premier firms that possess complementary strengths and outstanding track records,” the firm statement emphasized.
“Upon finalization, this merger will stand as one of the most strategic and high-performing legal combinations in the history of the industry. We are building from a foundation of shared strength, and our goal is to significantly improve our capacity to serve our clients at the highest levels,” the statement further elaborated.
In addition to their shared vision, both firms have financial metrics that align closely, with profits per equity partner figures ($4.578 million for McDermott and $4.1 million for Schulte) and revenue per lawyer benchmarks ($1.6 million for McDermott and $1.7 million for Schulte) demonstrating compatibility and strength.
Kathryn Rubino serves as a Senior Editor at Above the Law, is the host of The Jabot podcast, and co-hosts Thinking Like A Lawyer. AtL tipsters provide invaluable insights, so please reach out to her. You can email her with any tips, questions, or comments, and follow her on Twitter @Kathryn1 or on Mastodon @Kathryn1@mastodon.social.
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