McDermott and Schulte Merger: Leadership and Office Details
New York, NY – July 29, 2025 – As McDermott Will & Emery and Schulte Roth & Zabel prepare to finalize their merger on August 1, 2025, firm leaders have shared insights into the leadership structure and office arrangements for the combined entity, to be named McDermott Will & Schulte. The merger, which will create a top-20 U.S. law firm by revenue with over 1,750 lawyers across more than 20 offices globally, is poised to reshape the legal landscape, particularly in New York, where the firm will have one of the city’s largest private law offices.
Leadership Structure
Ira Coleman, McDermott’s chairman, has confirmed that the leadership team will include representation from both firms, emphasizing a collaborative approach to governance. While specific roles and individuals are still being finalized, Coleman noted that the leadership structure aims to leverage the strengths of both firms’ management to ensure a seamless integration. “We’re not just expanding our expertise, we’re redefining what it means to be a modern, elite law firm—deeply specialized, relentlessly client-focused, and committed to a people-first culture,” Coleman stated in a recent interview. Marc Elovitz, Schulte’s co-managing partner, echoed this sentiment, describing the merger as “truly transformational” for both firms’ strategic goals.
The firms are addressing potential challenges, such as aligning partner compensation and promotion timelines. McDermott’s average partner compensation stands at $1.9 million, while Schulte’s is higher at $2.6 million, which may require adjustments to maintain harmony. Similarly, promotion timelines differ, with McDermott associates reaching partnership in approximately 2,580 days compared to 5,308 days at Schulte, a gap that leadership is working to reconcile.
Office Details
The merger will significantly bolster the firm’s presence in key markets, particularly New York, where the combined entity will have over 540 lawyers, making it one of the top 10 largest private law offices in the city by headcount. Schulte’s nearly 360 lawyers, primarily based in New York, will join McDermott’s existing 235-lawyer New York office, creating a powerhouse in private capital, financial services regulation, and mid-market private equity buyouts. The firm will also see growth in other locations, with an expected increase of 26 attorneys in London and 21 in Washington, D.C.
McDermott’s recent real estate moves further underscore its strategic planning. The firm is set to relocate its UK headquarters from 22 Bishopsgate in London to The Lazari Building in Mayfair in 2028, a move that will provide significantly more office space to accommodate its growing team. This relocation, advised by Slaughter and May, follows McDermott’s closure of its Singapore office in April 2025, signaling a focus on strengthening its European and U.S. presence.
Strategic Impact
The merger unites McDermott’s expertise in healthcare, tax, and mid-market M&A with Schulte’s strengths in hedge funds, private capital, and financial regulation. With combined revenues of approximately $2.8 billion, the firm will rank around 13th in the Am Law 100, up from McDermott’s current 23rd and Schulte’s 91st positions. The deal reflects a broader trend of consolidation in the legal industry, as firms seek scale to enhance profitability and market share.
Despite the promising outlook, with a projected retention success rate of 68% according to Leopard Solutions, challenges remain. The firms anticipate a potential 27% decline in headcount due to cultural integration, compensation alignment, or practice redundancy. Recent partner departures from Schulte, including three private equity specialists to McDermott and others to firms like Quinn Emanuel and Cadwalader Wickersham & Taft, highlight the need for careful management to retain top talent.
For more details on the merger, visit McDermott Will & Emery or Schulte Roth & Zabel.
Sources: Law.com, Reuters, The Global Legal Post, Leopard Solutions