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.
Source: Reuters.com