The U.S. legal industry has entered a new era of consolidation with the official merger of McDermott Will & Emery and Schulte Roth & Zabel, which took effect on August 1, 2025. The combined firm, now operating as McDermott Will & Schulte, brings together approximately 1,750 attorneys across more than 20 global offices, creating one of the largest and most financially powerful law firms in the country. Together, the firms reported over $2.8 billion in combined revenue for 2024, positioning the new entity just outside the top 10 highest-grossing firms in the United States.
The union represents a significant milestone for both firms. McDermott Will & Emery has long been known for its deep expertise in healthcare, tax, corporate transactions, and intellectual property. Its strong international presence, with offices spanning North America, Europe, and Asia, has made it a prominent player in cross-border legal work. Schulte Roth & Zabel, by contrast, built its reputation on specialization, particularly in private capital, hedge fund advisory, and investment management. By merging, the two firms have created a platform that combines breadth and depth, allowing them to serve clients that require both sophisticated regulatory expertise and industry-specific counsel.
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Ira Coleman, the longtime chairman of McDermott, now leads the merged entity. Leadership from Schulte Roth & Zabel has been fully integrated into the governance structure of the new firm, taking key roles on its management, executive, and compensation committees. Schulte’s presence will be most visible in New York and London, where the firm’s strengths in private funds, financial services, and tax are being positioned as growth engines within the merged enterprise.
The speed of the deal has drawn attention across the legal industry. Partnership votes approving the merger took place in late June, and by August 1 the transaction was complete. In a field where negotiations, client conflicts, and financial integration can slow down mergers, the relatively rapid timeline highlights the strong alignment between the firms’ strategies and cultures. Both firms saw advantages in expanding their client base and strengthening global capabilities at a time when clients are increasingly demanding seamless, full-service representation across jurisdictions.
For clients, the merger underscores a broader shift in the business of law. Large corporations, private equity firms, and global investment funds increasingly prefer to rely on a smaller number of law firms that can handle a wide array of matters, from regulatory compliance and tax structuring to high-stakes litigation and international transactions. The newly formed McDermott Will & Schulte is designed to meet that demand by combining McDermott’s scale with Schulte’s niche strengths. The result is a firm that can compete not only with other AmLaw 20 giants but also with specialized boutiques, thanks to its dual focus on comprehensive service and targeted expertise.
The move also reflects a continuing wave of consolidation in Big Law. Over the past decade, mergers among large firms have become more frequent, driven by client demand, rising operational costs, and the need to maintain competitive positioning in an increasingly globalized market. By merging, firms are able to pool resources, expand into new regions, and broaden their practice offerings. Analysts see the McDermott-Schulte deal as part of a broader trend that is likely to continue, especially as firms seek to adapt to economic uncertainty and shifting client priorities.
The international dimension of the merger is particularly significant. McDermott already had an established global footprint, while Schulte’s expertise in private funds and tax matters has long had international reach, especially in financial centers like London. With more than 100 lawyers based in London alone, the merged firm is expected to expand its transatlantic business, giving it stronger access to European markets and regulatory bodies. This global expansion comes at a time when cross-border transactions are becoming increasingly complex, requiring firms to have the ability to manage intricate legal frameworks across multiple jurisdictions.
For the legal profession, the merger raises questions about the future landscape of Big Law. As firms consolidate, the competition for both talent and clients is intensifying. Larger firms often have the advantage of scale and resources, but they must also navigate the challenges of maintaining culture, integrating systems, and avoiding conflicts of interest. McDermott Will & Schulte will now face the task of bringing together two distinct organizations under a single brand while ensuring that the benefits of the merger translate into tangible value for clients.
As the dust settles, industry observers will be watching closely to see how the new firm performs in its first year. Early signs suggest that the merger has positioned McDermott Will & Schulte as a global powerhouse, with the ability to rival the very top tiers of the legal profession. Its enhanced size, expanded practice diversity, and worldwide reach have made it one of the most closely watched players in the legal sector today.
