Latham lures $210bn Wachtell dealmaker in major New York coup, FT reports

Latham & Watkins is set to land Zach Podolsky, one of Wall Street’s most prolific dealmakers, in a rare and high-profile departure from Wachtell’s elite M&A bench, according to the Financial Times.

Podolsky oversaw nearly $210 billion in M&A transactions over the past four years - more than any other US lawyer, according to industry tracker Deal Point Data cited by the FT. Last year, he ranked second on MergerLinks’ list of top M&A partners by deal value, advising on seven deals worth nearly $70 billion.

His standout mandates last year included ConocoPhillips’ $21.8 billion acquisition of Marathon Oil and the $25.5 billion sale of Endeavor Energy Resources to Diamondback Energy.

Wachtell’s lockstep in the spotlight

Wachtell is one of the most revered firms in the US - and also one of the most insular. With just one office in New York and a tightly held partnership, the firm has long been known for its traditional lockstep pay model, rewarding partners based on seniority rather than business brought in.

Podsolsky made partner in 2020, according to the FT. While its lockstep system is long admired, loyalty-based models can make it harder to retain junior partners generating big fees but not yet high up the seniority ladder - especially as firms like Latham lean in on performance-based models.

Last year, Latham reportedly adjusted its compensation structure to allow top-performing partners to earn over $20 million, part of a broader push to retain high-value rainmakers.

The move is a notable defection from Wachtell, often seen as the Slaughter and May of the US legal market: elite, highly profitable and famously conservative. Lateral moves from the firm remain rare.

Boon for Latham

For global giant Latham, the hire will strengthen an M&A practice that was already among the busiest in the market, but which is considered to marginally trail the likes of New York natives Wachtell and Cravath in the prestige stakes. In 2024, Latham advised on $367 billion worth of deals globally, according to data from Bloomberg Law - second only to Kirkland & Ellis. Wachtell ranked seventh with $228 billion in deals.

Latham has not yet commented publicly on the hire.