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Home Hot Topic Wachtell law firm appoints new senior management team

Wachtell law firm appoints new senior management team

by Celia

7 November – New York-based law firm Wachtell, Lipton, Rosen & Katz is installing two new co-chairs, shaking up its top leadership after more than 15 years with current chairs Edward Herlihy and Daniel Neff at the helm.

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Wachtell, one of the most profitable US law firms, named corporate partner Andrew Nussbaum and litigation partner William Savitt as co-chairs of its executive committee, the firm said in a statement on Tuesday.

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Herlihy and Neff will remain members of the committee, the firm said.

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Wachtell was among the law firms that worked on AT&T’s $43 billion deal last year to spin off its WarnerMedia unit and merge it with reality TV company Discovery. The firm’s team, co-led by Nussbaum, advised an independent transaction committee of Discovery’s board of directors.

Savitt, who co-heads Wachtell’s litigation department, was among the lawyers hired by Twitter after Elon Musk balked at buying the social media platform, now known as X, for $44 billion in 2022. Musk has since sued Wachtell to recover $90 million in fees paid to the firm when the deal closed last year. Wachtell has defended its work.

During their tenure as co-chairmen, Herlihy and Neff maintained the firm’s strong profitability and elite reputation during a period of fierce competition from other US firms, such as Kirkland & Ellis, which have expanded their hold on big-ticket M&A and corporate litigation work.

Wachtell’s profits per equity partner averaged about $7.29 million in 2022, according to The American Lawyer. That puts the firm behind only Kirkland’s $7.52 million per equity partner.

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