These major law firms are ‘actively finalizing’ a merger deal
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McDermott, Will & Emery and Schulte, Roth & Zabel are “actively finalizing a transformative combination,” they said in a statement.
The merged law firm would have more than 1,650 lawyers and more than $2.8 billion in revenue, Law.com reports. The American Lawyer’s gross revenue ranking currently puts McDermott at No. 21 and Schulte at No. 91.
Profits per partner are more than $4 million at both firms. Revenue per lawyer is $1.6 million at McDermott and $1.7 million at Schulte. “The proposed merger is one of the largest in recent BigLaw history and one of the most profitable,” Law.com observes.
Publications covering a joint statement announcing the discussion, in addition to Law.com, are Reuters and Bloomberg Law.
“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. “We anticipate an official combination in the coming months.”
McDermott is known for its focus on health care, private equity, taxes and litigation, the articles report. Schulte is known for its investment management, private equity and fund formation practices.
According to Bloomberg Law, Schulte “has seen a steady drip of partner departures, including practice leaders in recent weeks.” They include restructuring leader Douglas Mintz, who joined Cadwalader Wickersham & Taft, and litigation co-chair Michael Swartz, who joined Quinn Emanuel Urquhart & Sullivan.
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