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.
