It looks like there could be a new entrant into next year’s Am Law 20. That’s because McDermott Will & Emery and Schulte Roth & Zabel have announced they are in merger talks. The combined firm would be at the $2.8 billion in gross revenue mark, fitting it into the Top 20 by revenue, and have 1,600+ attorneys.
According to reports, the firms are “finalizing a transformative combination,” and they “anticipate an official combination in the coming months and will share more information soon.”
The statement on the proposed merger touts the strategic benefits of the two Biglaw firms becoming one:
“Schulte, the nation’s preeminent private capital law firm, is excited to align with McDermott, the firm that has achieved the strongest upward trajectory in Big Law over the past eight years. United by a commitment to innovation, excellence in client service, and a people-first culture, this potential merger brings together two premier firms with complementary strengths and exceptional track records,” the firm statement said.
“When finalized, this will mark one of the most strategic and high-performing legal combinations in the industry’s history. We are operating from a position of shared strength, and our vision is to deepen our ability to serve our clients at the highest levels,” the statement said.
The two firms also have financials that align, with the profits per equity partner numbers (McDermott at $4.578 million and Schulte at $4.1 million) and revenue per lawyer benchmark (McDermott at $1.6 million and Schulte at $1.7 million) in sync.
Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Mastodon @Kathryn1@mastodon.social.
The post Biglaw Merger Talks Could Create New $2 Billion Firm appeared first on Above the Law.
It looks like there could be a new entrant into next year’s Am Law 20. That’s because McDermott Will & Emery and Schulte Roth & Zabel have announced they are in merger talks. The combined firm would be at the $2.8 billion in gross revenue mark, fitting it into the Top 20 by revenue, and have 1,600+ attorneys.
According to reports, the firms are “finalizing a transformative combination,” and they “anticipate an official combination in the coming months and will share more information soon.”
The statement on the proposed merger touts the strategic benefits of the two Biglaw firms becoming one:
“Schulte, the nation’s preeminent private capital law firm, is excited to align with McDermott, the firm that has achieved the strongest upward trajectory in Big Law over the past eight years. United by a commitment to innovation, excellence in client service, and a people-first culture, this potential merger brings together two premier firms with complementary strengths and exceptional track records,” the firm statement said.
“When finalized, this will mark one of the most strategic and high-performing legal combinations in the industry’s history. We are operating from a position of shared strength, and our vision is to deepen our ability to serve our clients at the highest levels,” the statement said.
The two firms also have financials that align, with the profits per equity partner numbers (McDermott at $4.578 million and Schulte at $4.1 million) and revenue per lawyer benchmark (McDermott at $1.6 million and Schulte at $1.7 million) in sync.
Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Mastodon @[email protected].
