McDermott-Schulte merger goes live: what it means for London

US firms McDermott Will & Emery and Schulte Roth & Zabel have completed their merger, creating McDermott Will & Schulte, a 1,750‑lawyer firm with more than 20 offices worldwide and combined revenues around the $2.8 billion mark.

The tie-up, which completed on 1 August, puts the combined firm just outside the top 10 US firms by revenue. Chicago‑headquartered McDermott is best known for its dominant US healthcare practice, while New York‑based Schulte is one of the country’s most recognisable private capital specialists, advising some of the market’s biggest alternative asset managers. Both report profits per equity partner in excess of $4 million.

London ambitions

In London, the combined office will have more than 100 lawyers, with clear strengths in funds, private equity and tax. The merger gives McDermott more scale in the City, where revenue is already expected to reach $120 million this year, according to chair Ira Coleman speaking to Bloomberg Law.

In a statement of intent, the firm is set to relocate its London headquarters to Mayfair in 2028, putting it at the centre of the city’s private capital district. Private capital is expected to be a central focus of the London strategy. Demand for top‑end PE talent in the City remains intense, with data showing 21 partner moves in the first half of 2025 - the busiest first half in years as firms continue to double down on their most profitable practices.

Suzy O’Keefe, managing director at legal recruiter Macrae’s London office, says the merger reflects a wider trend: "Almost every top US law firm is unanimous in the need to grow in London, often placing equal emphasis on growth in London as in the US, driven by London’s role as a global financial hub and gateway to EMEA.

"The McDermott-Schulte merger exemplifies this, giving McDermott critical mass in New York and boosting its global platform. For London partners seeking true US alignment, it’s a compelling proposition."

Integration

According to a former senior Schulte lawyer we spoke to about the merger, the firm’s London office was highly regarded by New York and seen as a "specialty of a specialty" - a lean (around 25 lawyers), highly profitable operation focused almost exclusively on private funds work, particularly for hedge fund clients.

That model, built around a tight culture that has long included perks like work from home Fridays, will now be absorbed into a larger City platform with a strong focus on growth.

The bet

The fit makes sense strategically. Schulte adds a well‑established New York private capital practice to McDermott, while McDermott offers Schulte broader international coverage and sector capabilities. London is a natural focal point, giving the merged firm a stronger link between its US and European private capital clients.