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McDermott Will & Shulte
About
McDermott Will & Schulte
McDermott Will & Schulte is a US law firm headquartered in Chicago, formed through the 2025 merger of McDermott Will & Emery and New York private capital specialist Schulte Roth & Zabel.
The firm traces its roots back to 1934, when Edward H. McDermott and William M. Emery launched a tax-focused practice in Chicago. It expanded into corporate work with the arrival of Howard A. Will in the early 1940s, laying the foundations for what would become a full-service US firm.
Fast-forward to today, and McDermott Will & Schulte is one of the most profitable players in the market, with around 1,750 lawyers across more than 20 offices and combined revenues of roughly $3 billion. Both legacy firms brought profits per equity partner in excess of $4 million, placing the combined business firmly among the top tier of US law firms.
Historically, McDermott built its reputation on the back of its dominant US healthcare practice, widely regarded as one of the strongest in the market. Over time, it has expanded into other high-value areas including private equity, leveraged finance, tax, restructuring and capital markets.
The 2025 merger marked a clear strategic shift. Schulte added a leading private capital platform, particularly in hedge funds and alternative asset managers, giving the combined firm deeper relationships with some of the most sophisticated financial sponsors in the market.
London is central to that strategy. The merger has significantly scaled the firm’s City presence to more than 100 lawyers, combining McDermott’s existing platform with Schulte’s highly profitable, specialist funds practice. Previously a lean operation of around 25 lawyers focused almost exclusively on private funds, Schulte’s London team is now being integrated into a broader full-service offering with ambitions for rapid growth.
The firm is doubling down on private capital in London, where it sees a clear opportunity to build a transatlantic offering spanning New York, London and Europe. That focus mirrors a wider trend among top US firms, which are continuing to invest heavily in the City as a hub for global private equity and funds work.
Early signs point to a serious long-term commitment. The firm is set to relocate its London headquarters to Mayfair in 2028, placing it at the heart of the private capital ecosystem.
The bet is straightforward: combine McDermott’s sector strength and international platform with Schulte’s private capital pedigree to build a more competitive global offering - with London playing a central role in connecting US and European clients.
Recent work highlights
Recent deal and industry highlights for McDermott include:
PE acquisition of Walgreens Boots Alliance: McDermott advised private equity firm Sycamore Partners on the UK healthcare regulatory elements of its $23.7 billion acquisition of Walgreens Boots Alliance in 2025.
Software PE buyout for SilverTree: In 2025, McDermott advised London-based private equity firm SilverTree Equity Partners on its acquisition of mhance, a UK-based Microsoft technology partner.
Medline IPO: In 2025, McDermott advised members of the Mills family in relation to the $6.2 billion New York IPO of Medline in the US, which ranked as the largest IPO of 2025 and one of the largest private equity-backed IPOs of all time.
Recent coverage
What is McDermott known for in London?
In the UK, McDermott is best known for private equity and healthcare sector work.
Hedge Funds
The Schulte merger gave McDermott a first class funds practice. Schulte was known for its strong ties to major hedge fund clients, advising all aspects of funds work. The practice is ranked Band 1 by Chambers.
Private Equity
McDermott advises on private equity investments and buyouts in highly regulated sectors including software, life sciences, healthcare and tech. The firm is ranked Band 4 in Chambers for mid-market deals.
Leveraged Finance
A key component of a private capital platform, McDermott’s leveraged finance team is ranked Band 2 in Chambers for lender-side mandates and Band 3 for borrowers in mid-market leveraged finance deals.
Healthcare
The firm is ranked Band 1 in Chambers for private sector healthcare work. Its expertise spans transactional and regulatory matters, corporate governance, data privacy and digital health issues.
Financial performance
McDermott’s 2025 merger boosted its revenue near the $3 billion mark. In 2025, its revenue was $2.99 billion. Its profit per equity partner (PEP) was $1.57 million, according to ALM / Law.com.
London salaries
Here’s what McDermott pays its London trainees and newly qualified (NQ) lawyers:
Who does McDermott compete with?
Not at the level of Kirkland or Latham, but well above the mid-market, McDermott is seen as a top-tier firm. Its closest competitors tend to be firms with strong private capital, tax and finance capabilities, often with a sector or specialist edge. In healthcare, Ropes & Gray and King & Spalding are rivals. In London, on the hedge fund side, Simmons & Simmons is considered a close competitor.
Trainee information
Other things to know
From Emery to memory: In 2025, the firm dropped its final ‘Emery’ for ‘Schulte’ to reflect its merger with private capital firm Schulte Roth & Zabel, which had offices in New York, Washington DC and London. The merger has been a financial hit so far - revenue has neared $3 billion, and its London revenue jumped 53%.
Private equity talks: In November 2025, McDermott confirmed it was considering taking private equity investment. No deal has materialised yet, but it would be novel for a top global law firm to consider selling a stake to external investors. Watch this space.
Made in Mayfair: The London team is set to find a new home in Mayfair’s Lazari Building, leaving its City digs, 22 Bishopsgate, in the dust. The office will relocate in 2028.
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