Traditionally recognized as a powerhouse in litigation, Paul Weiss has rapidly ascended the mergers and acquisitions (M&A) ranks, becoming a formidable competitor even to long-established New York firms. According to Bloomberg’s 2024 League Tables, Paul Weiss executed 224 deals valued at more than $261 billion, securing the fifth spot. This represents a significant climb from 31st a decade ago, outpacing notable firms such as Wachtell Lipton Rosen & Katz, Cleary Gottlieb Steen & Hamilton, Simpson Thacher & Bartlett, and Cravath Swaine & Moore.
Alisa Levin, co-founder of the Greene-Levin-Snyder Legal Search Group, indicated that Paul Weiss is no longer merely a litigation titan but is now a significant corporate player in the M&A space. This development marks a notable transition for the firm, which previously focused on high-profile litigation, supported by prominent figures such as former US Attorney General Loretta Lynch.
The shift towards extensive deals originated in the early 2000s under the guidance of Bob Schumer. However, a pivotal moment came in 2008, when Apollo Global Management shifted its corporate portfolio to Paul Weiss, enhancing the firm’s credibility in the private equity arena. This, in turn, facilitated the acquisition of additional private equity clients, as noted by current head of the corporate team, Brad Karp, in a podcast.
Scott Barshay’s arrival in 2016 marked another significant milestone in Paul Weiss’s M&A strategy. Barshay, now leading Paul Weiss’s M&A team, has been instrumental in navigating major deals for top-tier companies like Chevron Corp. and IBM. His leadership has enabled the firm to significantly scale its operations in the market, according to Todd Merkin, executive director of Wegman Partners.
Recent additions, including the recruitment of M&A partner Jim Langston from Cleary and the strategic hiring of Krishna Veeraraghavan in 2021, have further bolstered Paul Weiss’s position. As Barshay’s tenure illustrates, strategic talent acquisition has been central to the firm’s transformation and competitiveness in M&A.
The M&A playing field has witnessed dynamic shifts, attributed to firms like Paul Weiss reshaping the landscape. While Allen & Overy and Shearman & Sterling saw a decline post-merger, firms such as Kirkland & Ellis and Latham & Watkins have maintained top positions by handling a high volume of transactions. In contrast, Paul Weiss has balanced between executing large volumes and high-value deals, with their 224 transactions averaging a deal size of $2.1 billion last year.
Kent Zimmermann of The Zeughauser Group notes the strategic importance for law firms to grow their capacity across mid-sized to large transactions, highlighting that while some firms are expanding, others maintain a concentrated focus to remain leaders in their niches.