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New York, NY – In a significant shift at Wachtell, Lipton, Rosen & Katz, one of the most profitable law firms in the United States, two new co-chairs have been appointed, marking the end of more than 15 years of Edward Herlihy and Daniel Neff’s leadership at the firm.
The New Leadership Team
Wachtell, in a Tuesday statement, announced the appointment of corporate partner Andrew Nussbaum and litigation partner William Savitt as co-chairs of its executive committee. Notably, Edward Herlihy and Daniel Neff will continue their involvement as committee members.
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Notable Achievements
Wachtell played a crucial role in the legal world when it contributed to AT&T’s $43 billion deal last year to spin off its WarnerMedia unit and merge it with the reality TV company Discovery. Andrew Nussbaum co-led the firm’s team, advising an independent transaction committee from Discovery’s board of directors, exemplifying the firm’s deep expertise in complex transactions.
William Savitt, who co-leads Wachtell’s litigation department, made headlines when Twitter hired him after Elon Musk’s decision not to purchase the social media platform known as X for $44 billion in 2022. This transaction stirred controversy, leading to Musk’s subsequent lawsuit against Wachtell to recover $90 million in fees paid to the firm as the deal concluded. Wachtell has staunchly defended its work in this high-stakes litigation.
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Sustaining Excellence
During their tenure as co-chairs, Herlihy and Neff successfully steered Wachtell through a fiercely competitive landscape among U.S. law firms. Rivals like Kirkland & Ellis expanded their presence in high-profile M&A and corporate litigation work. Despite these challenges, Herlihy and Neff upheld the firm’s remarkable profitability and elite reputation.
Wachtell reported an average of approximately $7.29 million in profits per equity partner in 2022, according to data from The American Lawyer. This placed Wachtell just behind Kirkland, which reported $7.52 million per equity partner. The consistent excellence exhibited by Wachtell solidified its position among the top law firms in the country.
In this changing guard at Wachtell, Nussbaum, and Savitt are expected to continue the firm’s legacy of excellence and navigate the evolving legal landscape, securing their place at the forefront of the legal profession.
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