Chicago-headquartered McDermott Will & Emery and New York outfit Schulte Roth & Zabel have agreed to merge, in a tie-up set to create a top-20 US law firm by revenue.

The partnership of both firms voted “overwhelmingly” in support of the deal, which is expected to go live on 1 August, according to a joint statement. The two sides disclosed they were in advanced merger talks in early May. 

The combined firm – to be known as McDermott Will & Schulte – will have 1,750 lawyers across more than 20 offices and will become the ninth-largest law firm in New York by headcount.  

“We’re thrilled to be joining forces with Schulte,” said Ira Coleman, McDermott chairman. “We’re not just expanding our expertise, we’re redefining what it means to be a modern, elite law firm – deeply specialised, relentlessly client-focused and committed to a people-first culture.” 

The merger will see McDermott, which has particular strength in healthcare, tax and mid-market M&A, gain Schulte’s top-tier funds, financial services regulation and mid-market private equity buyouts practices.

McDermott is by far the larger of the two firms – its 1,350 lawyers brought in revenue of just over $2.2bn in 2024 according to data published by the American Lawyer, with profit per equity partner (PEP) of $4.6m. Schulte had revenue of $618m last year and PEP of $4.1m.

“This merger marks an exciting new chapter, defined by opportunity, innovation and growth,” said Marc Elovitz, Schulte co-managing partner. “By combining our talent and premier client base with McDermott’s world-class platform, we’re creating a unique firm with unmatched capabilities. It’s truly transformational.”

Almost all of Schulte’s 360 lawyers are based in New York, although the firm also has small offices in Washington DC and London. The firm has seen a number of senior partner departures this year, among them three private equity specialists who joined McDermott, including Allison Scher Bernbach, who signed up as leader of its US private equity fund regulatory practice in New York in February.

More recently, Michael Swartz, co-chair of Schulte’s litigation group, left for Quinn Emanuel, and restructuring leader Douglas Mintz joined Cadwalader Wickersham & Taft.

Earlier this year, the firm, which grew revenue by 13.5% and PEP by 24% in 2024, abandoned a full-equity partnership and introduced a non-equity tier according to the American Lawyer, joining a string of law firms that have made the same move in a bid to retain and reward top talent.  

McDermott is currently 23rd in the Am Law 200 while Schulte is placed at 91. The merger will put the firm at around 13th place by revenue.

McDermott closed its Singapore office in April, ending its on-the-ground presence in Asia. However, it has made a number of lateral hires in Europe in recent months across its London, Paris, Frankfurt and Munich offices.

Earlier this month, the firm confirmed plans to relocate its UK headquarters from its current London home in the City to the heart of Mayfair in 2028, in a move that will give the firm significantly more office space

News of the merger continues a trend of tie-ups in the legal industry as firms seek scale to boost profitability and build their footprint in desirable markets.

“This is part of a pattern of accelerating consolidation among law firms,” Kent Zimmermann, a principal at law firm consultancy Zeughauser Group told GLP when news of the talks first broke.

“Larger and more profitable firms often have a talent advantage because they tend to have more flexibility on compensation, more money to invest to advantage the firm broadly, have a higher profile, and are often seen as a safer choice among talent and clients for the most sophisticated work that commands high rates.

“Most firms find there are limits to how big and profitable they can get on their own, so they increasingly put M&A on the table. What’s changing is that these trends are now impacting more profitable firms. There will be more transactions for all of these reasons.”

According to Fairfax Associates, law firm merger activity has remained steady this year, with 22 mergers completed in Q1 2025, compared to 21 in the same period last year.

Four of those were between firms that each had more than 100 lawyers, with the largest being Atlanta-based Troutman Pepper’s (1,074 lawyers) tie-up with Dallas-based Locke Lord (556) to create Troutman Pepper Locke.

Other high-profile combinations include Allen & Overy’s merger with Shearman & Sterling – the largest law firm combination of 2024 – and Herbert Smith Freehills’ tie-up with New York firm Kramer Levin Naftalis & Frankel, which handed the Anglo-Australian firm a sizeable US presence when it went live at the start of this month.