Partners at McDermott Will & Emery and Schulte Roth & Zabel have overwhelmingly approved a merger that will take effect Aug. 1. The deal unites Chicago-founded McDermott and New York-based Schulte into a 1,750-lawyer firm with more than 20 offices worldwide, to be named McDermott Will & Schulte.

The combined entity will rank among the top 20 U.S. law firms by revenue. McDermott, which has about 1,400 lawyers, generated over $2.2 billion in gross revenue in 2024, while Schulte brought in roughly $618 million. Their combined revenues (around $2.8 billion) would vault the new firm into the top 15 by size, up from McDermott’s current 23rd-place ranking on the Am Law 200. See details

McDermott is known for its strength in healthcare, tax and mid-market M&A practices, while Schulte adds top-tier hedge fund, financial services and private equity expertise to the mix. Firm leaders said the combination expands their capabilities and global reach. McDermott chairman Ira Coleman noted they are “redefining what it means to be a modern, elite law firm” by joining forces with Schulte, while Schulte co-managing partner Marc Elovitz called the merger “truly transformational” for both firms.

The tie-up had been in the works for months — the firms announced in May they were finalizing a merger deal. It also reflects a broader consolidation in the legal industry as firms seek greater scale and market share. Earlier this month, U.K.-based Herbert Smith Freehills merged with New York’s Kramer Levin to form a 2,700-lawyer firm, and last year Allen & Overy combined with Shearman & Sterling to create a nearly 4,000-lawyer giant. Industry-wide, 22 law firm mergers were completed in the first quarter of 2025, about the same as the 21 mergers in Q1 2024. Read more