In a deal that could redraw the map of Big Law, McDermott Will & Emery is in advanced merger talks with New York-based Schulte Roth & Zabel, potentially forming a combined firm with $2.8 billion in revenue and nearly 1,700 lawyers—vaulting them into the top 15 of the AmLaw 100.

The firms are “actively finalizing a transformative combination,” a McDermott spokesperson confirmed, with a formal deal expected “in the coming months.”

“This will mark one of the most strategic and high-performing legal combinations in the industry’s history,” said the spokesperson, pointing to shared values of innovation, client service, and a people-first culture.

Titans Align: Power Practices Meet Strategic Gaps

McDermott, a dominant force in healthcare, tax, and mid-market M&A, will gain Schulte’s elite reputation in private capital, fund formation, financial regulation, and private equity buyouts. The merger would solidify McDermott’s position as a legal juggernaut, while giving Schulte expanded infrastructure and global reach.

McDermott currently ranks 23rd in the AmLaw 100, with 2024 revenues exceeding $2.2 billion and a profit per equity partner (PEP) of $4.6 million. Schulte brought in $618 million in 2024, with a still-impressive PEP of $4.1 million.

Schulte’s Growing Pains: Departures, Changes, and Momentum

While Schulte remains a top-tier player, the firm has experienced notable turbulence in recent months. Several senior partners have departed, including three private equity lawyers who joined McDermott—among them Allison Scher Bernbach, who now leads McDermott’s U.S. private equity fund regulatory practice in New York.

Litigation co-chair Michael Swartz exited for Quinn Emanuel, and restructuring head Douglas Mintz moved to Cadwalader Wickersham & Taft.

Despite this, Schulte still managed to grow revenue by 13.5% and PEP by 24% in 2024. However, the firm recently shifted to a non-equity partner tier, joining a growing number of firms restructuring compensation to retain top talent.

Law Firm Mergers Surge in 2025: Race for Scale and Talent

The McDermott-Schulte combination is part of a broader industry consolidation trend. According to Fairfax Associates, there were 22 law firm mergers completed in Q1 2025, four of which involved firms with over 100 attorneys.

“Larger and more profitable firms often have a talent advantage,” said Kent Zimmermann of Zeughauser Group. “More capital, higher profiles, and greater flexibility make them magnets for elite clients and lawyers.”

Other major tie-ups include Allen & Overy’s blockbuster merger with Shearman & Sterling and Herbert Smith Freehills’ upcoming combination with Kramer Levin, giving the Anglo-Australian firm a significant U.S. foothold when it launches in June.

Last month, McDermott closed its Singapore office, reducing its Asia presence, but the firm has rapidly expanded across Europe with new hires in London, Paris, Frankfurt, and Munich.

What’s Next: A New Legal Colossus?

If completed, the McDermott-Schulte merger would leapfrog the combined firm into the top 13 by revenue in the U.S., creating a new heavyweight in the high-stakes legal world.

The deal, if inked, could become a blueprint for the future of Big Law—where scale, specialization, and strategic alignment dictate survival and dominance.