The Next Almost $3 Billion Revenue BigLaw Move
McDermott Will & Emery and Schulte Roth & Zabel are reportedly on the brink of finalizing one of the most significant law firm mergers in recent years.
Both firms confirmed they are “actively finalizing a transformative combination,” with an official merger anticipated in the coming months.
If completed, the combined firm would have over $2.8 billion in gross revenue and a roster of more than 1,600 attorneys, catapulting it into the top 20 by revenue among U.S. law firms.
- McDermott Will & Emery: Chicago-founded, with about 1,400 lawyers and $2.2 billion in 2024 revenue, McDermott is known for its strength in healthcare, private equity, and tax law.
- Schulte Roth & Zabel: New York-based, with around 360 lawyers and $619 million in 2024 revenue, Schulte is a powerhouse in hedge funds, private capital, and fund formation35.
Why Merge?
The firms’ joint statement highlights a vision “to deepen our ability to serve our clients at the highest levels,” emphasizing complementary strengths in private capital, innovation, and client service.
The financials align closely, with profits per equity partner at $4.578 million for McDermott and $4.1 million for Schulte, and revenue per lawyer at $1.6 million and $1.7 million, according to a Bloomberg report, suggesting a union of equals rather than a rescue or takeover.
Schulte’s leadership describes the merger as “one of the most strategic and high-performing legal combinations in the industry’s history,” while McDermott brings a reputation for rapid growth and a strong upward trajectory over the past eight years.
A Wave of Consolidation
The merger follows a broader trend of consolidation in the legal sector, as firms seek scale to boost market share and profitability.
Recent high-profile combinations include Allen & Overy’s merger with Shearman & Sterling and the upcoming Kramer Levin-Herbert Smith Freehills deal. According to Fairfax Associates, law firm merger activity has remained steady, with 22 mergers completed in Q1 2025, compared to 21 in the same period last year.
While the financial and strategic fit is clear, Schulte has recently seen several high-profile partner departures, including leaders in restructuring and litigation. In January, Schulte introduced a non-equity partner tier to retain talent and free up profits for top performers-moves that may have set the stage for this merger.
Kent Zimmermann of Zeughauser Group notes that “higher performing firms are increasingly considering mergers even before they feel the pressure, recognizing the benefits they bring.” The challenge, as with any major law firm merger, will be integrating cultures, retaining talent, and delivering on the promise of expanded client service.
What’s Next?
Both firms expect to finalize the deal in the coming months and promise more details soon. For lawyers watching from the sidelines, this merger is a clear signal: scale, specialization, and strategic alignment are driving the next era of Big Law.
The combined McDermott-Schulte entity, if successful, will set a new benchmark for what a modern, diversified, and high-performing law firm can look like in today’s competitive legal market.
