McDermott, Schulte partnerships vote to approve law firm merger
The deal is set to create a 1,750-lawyer firm with more than 20 offices globally, in the latest major legal industry merger. The combined firm will be named McDermott Will & Schulte.
The two firms in May said they were finalizing a merger deal.
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.
The most recent major law firm tie-up was that of Herbert Smith Freehills and Kramer Levin, which merged on June 1 to create Herbert Smith Freehills Kramer, which has more than 2,700 lawyers. Last year, Allen & Overy combined with Shearman & Sterling to create A&O Shearman, with nearly 4,000 lawyers.
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