McDermott, Schulte Partners Approve Merger to Create Mega-Firm

McDermott Will & Emery and Schulte Roth & Zabel partners approved a merger, clearing the way for the combination to take effect Aug. 1.

The new firm, which will have 1,750 lawyers in more than 20 global offices, will be called McDermott Will & Schulte. The two firms engaged in talks on a deal in May.

“We’re thrilled to be joining forces with Schulte,” Ira Coleman, McDermott’s chairman, said in a statement Thursday. “We’re not just expanding our expertise, we’re redefining what it means to be a modern, elite law firm—deeply specialized, relentlessly client-focused, and committed to a people-first culture.”

The deal creates a behemoth firm that could rival many of the country’s top 20 revenue-generating law operations such as Quinn Emanuel and Latham & Watkins. McDermott and Schulte had a combined $2.8 billion in gross revenue in 2024, according to American Lawyer figures.

“This merger marks an exciting new chapter, defined by opportunity, innovation, and growth,” Marc Elovitz, Schulte co-managing partner, said in the statement. “It’s truly transformational.”

Other firms have also recently pursued growth through a merger. Kramer Levin Naftalis & Frankel combined with the UK’s Herbert Smith Freehills June 1. Shearman & Sterling combined with the UK’s Allen & Overy last year to create A&O Shearman.

Not all firms that sought partners succeeded. Stroock Stroock & Lavan feverishly sought a merger partner before it ultimately dissolved in 2023.

McDermott brought in more than $2.2 billion in gross revenue, while its partner profits reached an all-time high of $4.6 million, according to American Lawyer figures. The firm, which has roughly 1,300-lawyers globally, is known for its deep bench in healthcare, private equity, and tax.

The 360-lawyer Schulte has long had top-tier investment management, private capital, and fund formation practices. It brought in $619 million in gross revenue last year, while its partner profits exceeded $4 million apiece, according to American Lawyer figures.