Paul, Weiss, Rifkind, Wharton & Garrison

KYCO: Know Your Company

Reveal Profile

4 November 2025

1) Overview of the Company

Paul, Weiss, Rifkind, Wharton & Garrison LLP is a premier American multinational law firm headquartered in New York City with a legacy spanning over 150 years since its founding in 1875. The firm operates with approximately 1,000-1,250 lawyers across 10 global offices located in New York, Washington D.C., San Francisco, Los Angeles, Wilmington, Toronto, London, Brussels, Tokyo, and Hong Kong. The firm’s 2024 gross revenue reached $2.6 billion with profits per equity partner of $7.5 million, ranking 15th on The American Lawyer’s 2025 Am Law 200 by revenue and 27th globally in the Global 200 survey.

Paul, Weiss has evolved from its historical litigation focus to become widely recognized for market-leading practices in private equity, public M&A, litigation, white collar and regulatory defense, and restructuring. The firm represents many of the world’s largest and most important public and private corporations, asset managers and financial institutions, including eight of the top 10 private equity firms globally responsible for over $2 trillion in assets under management. Since 2020, the firm has advised on over 210 billion-dollar-plus M&A transactions totaling over $1.7 trillion in aggregate deal value.

The firm’s corporate practice has significantly expanded under Chairman Brad S. Karp’s leadership since 2008, with the corporate department now outnumbering the litigation group. This strategic shift has been particularly evident in the firm’s aggressive London expansion beginning in August 2023, which resulted in one of the largest mass lateral moves in Big Law history, bringing over a dozen market-leading private equity partners primarily from Kirkland & Ellis. The London office has grown from approximately 30 lawyers to over 170 lawyers with 32 partners by late 2024, representing one of the largest build-outs in legal industry history.

Recent organizational changes include the adoption of a two-tier partnership structure with both equity and non-equity partners, and the firm’s 2024 partner promotion class of 34 lawyers consisted entirely of non-equity partners for the first time. Paul, Weiss maintains a decentralized management structure with no single managing partner, instead operating through elected management committees and maintaining its foundational principle of one partner, one vote regardless of seniority or client origination.

2) History

Paul, Weiss, Rifkind, Wharton & Garrison LLP traces its origins to April 1875, when Samuel William Weiss and Julius J. Frank established Frank & Weiss at 243 Broadway in New York City as a general commercial practice serving wealthy Jewish entrepreneurs of German origin. The firm’s foundational period reflected the era’s constraints on Jewish lawyers, who faced significant barriers in joining non-Jewish firms and instead formed their own practices.

The modern firm began taking shape in 1923 when Louis S. Weiss, Samuel’s son, partnered with Columbia Law School classmate John F. Wharton to create Weiss & Wharton. Their intention was revolutionary for the time: establishing a firm where Jews and Gentiles could work together as partners, employees, and clients. This firm later merged with Samuel Weiss’s original practice in 1927, becoming Cohen, Cole, Weiss & Wharton.

A transformational period occurred in May 1946 when Louis S. Weiss recruited two nationally prominent legal figures: Randolph E. Paul, former general counsel of the U.S. Treasury Department during World War II, and Lloyd K. Garrison, former National War Labor Board chair. This merger formed Paul, Weiss, Wharton & Garrison, bringing the firm’s total lawyers to 13. The addition of former U.S. District Judge Simon H. Rifkind in May 1950 established the firm’s current name and significantly strengthened its litigation capabilities.

The firm pioneered diversity and inclusion initiatives that were unprecedented for major New York law firms. In 1946, Carolyn Agger became the first female partner at a major New York law firm, albeit based in the firm’s Washington office established that same year. In 1949, the firm hired William Thaddeus Coleman Jr. as the first Black associate at a major New York City law firm. Also in 1949, Paul, Weiss became the first major Wall Street firm to relocate its headquarters to midtown Manhattan, demonstrating its willingness to challenge established conventions.

The 1950s through 1980s marked a period of significant growth and high-profile acquisitions. Adlai Stevenson, following his unsuccessful presidential campaigns, combined his Chicago law firm with Paul, Weiss in 1957, though this alliance dissolved when Stevenson and his partners joined the Kennedy administration in 1960. Theodore Sorensen, one of President Kennedy’s closest aides, joined the firm in 1966 as its first international lawyer. The firm also attracted other prominent government figures including Supreme Court Justice Arthur J. Goldberg and Attorney General Ramsey Clark.

By 1988, Paul, Weiss had grown to 333 lawyers with 82 partners, grossing approximately $161.5 million. However, the firm faced challenges during the recession following the 1980s Wall Street hyperactivity, which led to the layoff of approximately 40 associates. Despite these setbacks, the firm remained among the nation’s 15 most profitable large law firms throughout the mid-1990s.

A significant strategic transformation began in 2008 when Brad S. Karp became chairman, shifting the firm’s focus increasingly toward corporate law. This transition accelerated in the early 2010s when Paul, Weiss secured Apollo Global Management as a major corporate client, which became a substantial revenue driver and opened doors to similar private equity relationships. The firm’s evolution from its historical litigation focus to a balanced corporate and litigation practice represents one of the most successful strategic pivots in modern legal industry history.

The firm’s international expansion began in 2001 with the opening of its London office, marking its entry into global markets. The most dramatic expansion occurred in August 2023 when Paul, Weiss undertook one of the largest mass lateral moves in Big Law history, recruiting over a dozen market-leading private equity partners primarily from Kirkland & Ellis to bolster its London capabilities. This expansion grew the London office from approximately 30 lawyers to over 170 lawyers with 32 partners by late 2024.

3) Key Executives

Brad S. Karp has served as Chairman of Paul, Weiss since 2008, making him one of the longest-tenured firm leaders among major law firms. Karp earned his J.D. from Harvard Law School in 1984 cum laude and his B.A. from Union College in 1981 summa cum laude, Phi Beta Kappa. He began his career at Paul, Weiss as a summer associate and has spent his entire career at the firm. Industry publications consistently recognize Karp as one of America’s leading litigators and corporate advisers, with Chambers describing him as “the best strategic adviser in the business” and “the best litigator in the country.”

Scott A. Barshay serves as Chair of the Corporate Department and is a key architect of the firm’s strategic transformation toward corporate law. He earned his J.D. from Columbia Law School in 1991 as a Harlan Fiske Stone Scholar and his B.A. from Colgate University in 1988 magna cum laude, Phi Beta Kappa. Barshay has been widely recognized as one of the country’s leading M&A lawyers, with MergerLinks ranking him as the number one lawyer on its annual list of top dealmakers in North America by deal value for both 2021 and 2023, leading $100 billion and $121 billion in M&A transactions respectively.

Eric J. Sekler serves as Chief Operating Officer with responsibility for leading all financial, operational and administrative support functions and participates in the development of long-range plans, strategies and objectives for the firm. Sekler has been with Paul, Weiss since May 2000, previously serving as Executive Director. His career at the firm followed positions as Principal CFO at Chadbourne & Parke LLP from 1995 to 2000 and Controller at Cleary Gottlieb Steen & Hamilton LLP from 1990 to 1995.

Sean McNamara serves as Chief Financial Officer and leads the Finance function of the firm with responsibility for Accounting and Control, Client Billings and Collections, Accounts Payable and Employee Expenses, Payroll, Partners’ Accounts, Treasury and Investment Management, and Financial Planning, Reporting and Analysis. McNamara earned his Bachelor of Commerce degree from University College Dublin from 1983 to 1987. He has been with Paul, Weiss for over three decades, progressing through various roles including Collections & Compensation Accounting Manager, Payroll and Partner Compensation Manager, Controller, and Assistant Chief Financial Officer before becoming CFO in March 2011.

Hannah Goût serves as European Chief Legal and Operating Officer based in London, responsible for the leadership and oversight of the firm’s European offices. Working closely with the firm’s General Counsel, she oversees the firm’s legal and regulatory compliance functions in Europe and is involved in all aspects of the firm’s risk management, conflicts and compliance functions. Goût earned an M.A. in History from Selwyn College, University of Cambridge, before completing a Postgraduate Diploma in Law at BPP, London, and is admitted as a solicitor in England and Wales.

Neel Sachdev serves as Global Co-Chair of Finance and Capital Markets and Co-Head of the London office. He earned his CPE from Nottingham Law School in 1998 with Commendation, his LPC from Nottingham Law School in 1998 with Distinction, and his B.A. from Nottingham University in 1996 with Honors. Chambers has described Sachdev as the “godfather of sponsor leveraged finance in Europe” and “a true industry leader,” ranking him Band 1 in Banking & Finance from 2007 to 2026. He has been recognized as “Hall of Fame” for Acquisition Finance by The Legal 500 UK and was named “2024 Most Influential in European Finance” by Financial News.

Roberto J. Gonzalez is a partner in the Litigation Department based in Washington, D.C., who draws on his experience in senior legal positions in the White House Counsel’s Office, the U.S. Treasury Department, and the CFPB. He earned his J.D. from Stanford Law School in 2003 with distinction, Order of the Coif, Urban A. Sontheimer Award, and his A.B. from Duke University in 2000 summa cum laude, Harry S. Truman Scholar, Phi Beta Kappa. Gonzalez served as a law clerk to Justice John Paul Stevens on the U.S. Supreme Court and Judge Guido Calabresi on the Second Circuit Court of Appeals, and is co-chair of the firm’s Economic Sanctions and Anti-Money Laundering practice group.

Mark F. Mendelsohn serves as Chair of the Anti-Corruption & FCPA Group and is a member of the White Collar and Regulatory Defense, Internal Investigations and Securities Litigation Practice Groups. He earned his J.D. from University of Virginia School of Law in 1993 and his B.A. from Yale University in 1989. Prior to joining Paul, Weiss, Mendelsohn served as deputy chief of the Fraud Section of the Criminal Division of the United States Department of Justice from 2005 to 2010, where he was responsible for overseeing all DOJ investigations and prosecutions under the FCPA.

James E. Langston serves as Global Co-Head of the Mergers & Acquisitions Group and has significant experience advising companies, boards and board committees on public company mergers, private equity transactions, and activist defense. He earned his J.D. from University of North Carolina School of Law in 2005 with high honors and his B.A. from University of North Carolina in 2001 with distinction. Chambers refers to Langston as “very sharp, pragmatic and strategic” and commends his “outstanding judgment,” while Law360 named him a “Rising Star” for his notable track record in M&A.

Thomas V. de la Bastide III serves as Global Co-Head of Finance and is a partner in the Finance Group specializing in financings for leveraged buyouts, alternative lending transactions for hedge funds, mezzanine funds, banks and other lenders. He earned his J.D. from Hofstra University School of Law in 1996 and his B.A. from New York University in 1992. De la Bastide has been consistently recognized for his work by leading publications including The Legal 500 and is recognized as one of Lawdragon’s 500 Leading Dealmakers.

4) Ownership

Paul, Weiss, Rifkind, Wharton & Garrison LLP operates as a limited liability partnership owned collectively by its equity and non-equity partners, with no external shareholders or public ownership structure. The firm maintains a traditional partnership model where ownership is distributed among partners based on their equity stakes, representing points or shares within the partnership structure that are not publicly disclosed due to the firm’s private nature.

The firm underwent a significant structural transformation in 2024 with the implementation of a two-tier partnership system, introducing non-equity partners alongside traditional equity partners for the first time in its 150-year history. This organizational change resulted in the largest partner promotion class in firm history, with all 34 newly promoted partners in 2024 designated as non-equity partners, nearly tripling the typical promotion class size from the 9-11 partners promoted in 2022-2023. Chairman Brad S. Karp acknowledged initial skepticism about the non-equity model but ultimately embraced it to prevent senior associates from being recruited by competitors offering faster partnership tracks.

The firm’s governance structure reflects its democratic founding principles, operating without a single managing partner and instead utilizing elected management committees that maintain the foundational principle of one partner, one vote regardless of seniority or client origination. Chairman Brad S. Karp has led the firm since 2008, overseeing the strategic transformation that shifted the firm’s focus from its historical litigation emphasis toward corporate law, particularly private equity and M&A practices. This leadership continuity has enabled consistent strategic execution over more than 16 years.

Financial ownership metrics demonstrate the firm’s strong economic position, with 2024 gross revenue of $2.63 billion generating net operating income of $1.49 billion for equity partners, representing a profit margin of 57%. The average profit per equity partner reached $7.51 million in 2024, while revenue per lawyer totaled $2.11 million. The firm reported having 217 total partners and 1,250 lawyers as of 2024, indicating approximately 197 equity partners based on the profit calculations, though the firm does not publicly disclose the precise breakdown between equity and non-equity partners.

The partnership structure has evolved to accommodate rapid global expansion, particularly the aggressive London office buildout that began in August 2023. This expansion, described as one of the largest mass lateral moves in Big Law history, grew the London office from approximately 30 lawyers to over 170 lawyers with 32 partners by late 2024. The firm’s decentralized management approach has facilitated this international growth while maintaining operational coherence across 10 global offices spanning North America, Europe, and Asia.

5) Financial Position

Paul, Weiss reported strong financial performance for 2024, achieving gross revenue of $2.63 billion, representing a 31.6% increase from the previous year. The firm’s net operating income reached $1.49 billion for equity partners, reflecting a profit margin of 57%. Average profit per equity partner increased 14.7% to $7.51 million in 2024, while revenue per lawyer totaled $2.11 million. The firm’s total lawyer headcount grew by nearly 24% to 1,250 lawyers, indicating significant scale expansion alongside financial growth.

The 2024 results followed a record year in 2023, when the firm’s revenue crossed $2 billion for the first time with a 10.9% increase and profits per equity partner surpassed $6.5 million. This financial trajectory reflects the firm’s successful strategic transformation under Chairman Brad S. Karp’s leadership since 2008, shifting from its historical litigation focus toward corporate law, particularly private equity and M&A practices that command premium rates.

The firm’s financial strength is underpinned by its market-leading client relationships, representing eight of the top 10 private equity firms globally responsible for over $2 trillion in assets under management. Since 2020, Paul, Weiss has advised on over 210 billion-dollar-plus M&A transactions totaling over $1.7 trillion in aggregate deal value, demonstrating exceptional scale and consistent revenue generation from high-value mandates.

Investment in growth initiatives has been substantial, with the firm’s aggressive London expansion beginning in August 2023 representing one of the largest capital commitments in legal industry history. Growing the London office from approximately 30 lawyers to over 170 lawyers with 32 partners by late 2024 required significant financial resources for lateral partner recruitment, infrastructure development, and market positioning, though this investment contributed to the firm securing fourth place in Bloomberg’s ranking of Europe’s top advisers on buyouts for 2024.

The firm implemented a two-tier partnership structure in 2024, with all 34 newly promoted partners designated as non-equity partners, providing financial flexibility by enabling partnership promotions without immediate equity dilution. The firm reported having 217 total partners as of 2024, indicating approximately 197 equity partners based on profit calculations, though the precise breakdown between equity and non-equity partners is not publicly disclosed.

Paul, Weiss maintains a conservative capital structure as a limited liability partnership with no external debt or public ownership requirements. Revenue generation is primarily fee-based from client engagements, with minimal capital requirements beyond working capital for operations and strategic investments in technology, facilities, and talent acquisition. The firm’s financial position enables continued investment in technology innovation, including partnerships with Harvey AI for legal workflow development and advanced e-discovery capabilities.

6) Market Position

Paul, Weiss maintains a premier market position among elite global law firms, ranking 15th on The American Lawyer’s 2025 Am Law 200 by revenue and 27th globally in the Global 200 survey. The firm’s strategic transformation over the past 16 years under Chairman Brad S. Karp has established it as a market leader in private equity and M&A practices while maintaining its historical strength in litigation.

In private equity, Paul, Weiss represents eight of the top 10 private equity firms globally responsible for over $2 trillion in assets under management, positioning it as the premier legal adviser to sophisticated alternative asset managers. The firm’s private equity practice earned recognition as “Practice Group of the Year” by Law360 in 2023 and 2024, with clients describing the team as having “exceptional technical expertise, unparalleled market color and insight, and finely tuned commercial instincts.”

The firm’s M&A capabilities are demonstrated by its track record of advising on over 210 billion-dollar-plus transactions totaling over $1.7 trillion in aggregate deal value since 2020. Recent major mandates include Chevron’s $60 billion acquisition of Hess Corp and multiple Apollo transactions exceeding $5 billion each. In Q1 2025, Paul Weiss ranked first among legal advisors in the financial services sector by deal value, advising on over $12 billion worth of deals.

International expansion has significantly enhanced the firm’s competitive position, particularly in London where it executed one of the largest mass lateral moves in Big Law history in August 2023. Growing the London office from approximately 30 lawyers to over 170 lawyers with 32 partners by late 2024 immediately elevated the firm’s capabilities in European markets, securing fourth place in Bloomberg’s ranking of Europe’s top advisers on buyouts for 2024.

In litigation, Paul, Weiss maintains exceptional trial and appellate capabilities, with Kannon Shanmugam having argued 39 cases before the Supreme Court and the firm’s Supreme Court and Appellate Practice named to the National Law Journal’s Appellate Hot List for six consecutive years. Recent victories include complete defense wins for Qualcomm against Arm in a case worth tens of billions of dollars and Intuitive Surgical’s victory in a high-stakes antitrust trial.

The firm’s technology practice has achieved market leadership, winning “Practice Group of the Year” by Law360 in 2024, 2023, and 2021. Paul, Weiss became the first law firm to launch Harvey AI custom workflows and won two Legalweek Leaders in Tech Law Awards in 2025 for innovation in e-discovery and tech-enabled transactional practice.

In cybersecurity and national security, the firm’s practice led by John P. Carlin is recognized by Legal 500 as “one of the most elite firms capable of responding to global incidents.” The team includes former senior government officials and has advised on major cybersecurity incidents for telecommunications companies, Fortune 10 companies, and health insurance providers.

Market positioning challenges emerged following the firm’s March 2025 settlement with the Trump administration, which resulted in significant talent departures including litigation co-chair Karen Dunn and at least 10 partners who left to form their own firm. However, the firm’s strong financial performance with 2024 revenue of $2.63 billion and profits per equity partner of $7.51 million demonstrates continued market strength despite these reputational challenges.

7) Legal Claims and Actions

Paul, Weiss, Rifkind, Wharton & Garrison LLP has faced limited direct regulatory enforcement actions or legal violations as a law firm entity, with available records indicating no major sanctions, fines, or regulatory penalties against the firm itself for professional misconduct, securities violations, or other regulatory infractions. However, the firm became the subject of unprecedented government targeting in March 2025 when President Donald Trump issued executive orders suspending security clearances for all Paul, Weiss attorneys, restricting their access to federal buildings, and directing agencies to terminate government contracts with the firm.

The executive orders cited the firm’s association with former partner Mark Pomerantz, who had investigated Trump while working for the Manhattan District Attorney’s office, a current partner’s pro bono representation of January 6, 2021 defendants, and allegations of discriminatory hiring practices through diversity, equity, and inclusion policies. The orders represented an unprecedented use of executive power to target a private law firm for political reasons, with Trump stating that “global law firms have for years played an outsized role in undermining the judicial process and in the destruction of bedrock American principles.”

Unlike three other major law firms targeted with similar orders who successfully challenged the directives in federal court and obtained restraining orders blocking enforcement, Paul, Weiss chose to negotiate a settlement with the White House. On March 21, 2025, Trump announced the withdrawal of the executive orders after the firm agreed to provide $40 million in pro bono legal services supporting administration initiatives, commit to merit-based hiring instead of diversity policies, and acknowledge what Trump characterized as “wrongdoing” by former partner Pomerantz. The agreement marked the first instance of a major law firm capitulating to such government pressure rather than pursuing constitutional challenges.

The settlement arrangement drew widespread condemnation from the legal profession, with over 140 Paul, Weiss alumni writing that they were shocked to find the firm “at the very forefront of capitulation to the Trump administration’s bullying tactics.” The capitulation contributed to significant talent departures, including litigation co-chair Karen Dunn and at least 10 partners who left to form their own firm, and former U.S. Attorney Damian Williams who joined a competing firm that had successfully fought similar government targeting.

The firm has been involved in several civil litigation matters as counsel rather than defendant, including a 1997 securities fraud case where Paul, Weiss was sued alongside Price Waterhouse as partnership attorneys for limited partnerships that allegedly engaged in fraudulent tax shelter schemes. In 2024, the firm faced a legal malpractice lawsuit filed by trustees alleging conflicts of interest and inadequate representation in a $258 million commercial real estate transaction, though the specific resolution of this matter is not documented in available sources.

From a professional sanctions perspective, one notable incident involved former Paul, Weiss partner Alex Oh, who resigned as SEC Enforcement Director in April 2022 after a federal judge sanctioned ExxonMobil $289,000 for Oh’s conduct while representing the company in climate-related litigation during her tenure at the firm. The sanctions were imposed for behavior deemed improper toward opposing counsel, though the sanctions were against ExxonMobil rather than Paul, Weiss directly.

8) Recent Media Coverage

In March 2025, Paul, Weiss became the subject of intense media scrutiny after President Donald Trump issued executive orders suspending security clearances for all firm attorneys, restricting their access to federal buildings, and directing agencies to terminate government contracts involving the firm. The orders cited the firm’s association with former partner Mark Pomerantz, who had investigated Trump, and its alleged use of discriminatory Diversity, Equity, and Inclusion policies. Instead of litigating, as other targeted firms did, Chairman Brad S. Karp negotiated a deal announced on March 21, 2025, in which the White House revoked the orders in exchange for the firm pledging $40 million in pro bono legal services to support administration initiatives, committing to “merit-based” hiring, and abandoning its DEI policies. In a firm-wide email, Karp stated the orders created an “existential crisis” and that the deal was necessary to protect clients and ensure the firm’s survival, a decision he said was supported by the “vast majority” of partners.

The settlement with the Trump administration was met with significant backlash and triggered a wave of high-profile executive departures. In May 2025, litigation department co-chair Karen Dunn, along with prominent partners Bill Isaacson, Jeannie Rhee, and Jessica Phillips, announced they were leaving to form their own litigation boutique. By early June 2025, at least five other partners had followed them to the new firm. These exits were accompanied by the departure of Damian Williams, the former U.S. Attorney for the Southern District of New York who had joined Paul Weiss in January 2025; in June 2025, he moved to Jenner & Block, a firm that successfully challenged a similar executive order in court. The firm’s pro bono head, Steven Banks, also resigned in April 2025, citing discomfort with the deal.

Following the agreement to abandon DEI policies, the firm dismantled other related initiatives. In April 2025, Bloomberg reported that Paul, Weiss had removed its Environmental, Social, and Governance advisory practice and the affiliated ESG and Law Institute from its website. By October 2025, the firm confirmed it was ending its sustainability practice as a stand-alone group, with the practice’s co-chair Dave Curran retiring from his leadership role at the end of the year.

Despite the internal turmoil, the firm announced strong financial results. For the 2024 fiscal year, revenue increased by 31.6% to $2.63 billion, and profits per equity partner rose 14.7% to $7.51 million, with total lawyer headcount growing by nearly 24% to 1,250. The firm continued to advise on significant M&A and private equity mandates through 2024 and 2025, including Apollo’s $6.5 billion investment in Ørsted’s Hornsea 3 offshore wind farm and mergers creating CompoSecure/Husky Technologies worth $7.4 billion.

The firm has also been named in several recent legal disputes. In August 2025, a whistleblower complaint filed with the SEC accused lawyers at Paul Weiss and Reed Smith of concealing a legal dispute to facilitate a $500 million biotech deal for client Sofie Biosciences Inc.; a Paul Weiss spokesperson called the allegations “baseless.” In June 2023, a lawsuit was filed against the firm alleging legal malpractice in a $258 million real estate transaction.

9) Strengths

Market-Leading Global Private Equity Practice

Paul, Weiss represents eight of the top 10 private equity firms globally, responsible for over $2 trillion in assets under management, establishing the firm as a premier destination for sophisticated alternative asset managers. Since 2020, the firm has advised on over 210 billion-dollar-plus M&A transactions totaling over $1.7 trillion in aggregate deal value, demonstrating exceptional scale and market position. The firm’s private equity practice earned recognition as “Practice Group of the Year” by Law360 in 2023 and 2024, with clients describing the team as having “exceptional technical expertise, unparalleled market color and insight, and finely tuned commercial instincts.”

Aggressive International Expansion Strategy

Paul, Weiss executed one of the largest mass lateral moves in Big Law history in August 2023, growing its London office from approximately 30 lawyers to over 170 lawyers with 32 partners by late 2024. This strategic expansion, led by the recruitment of market-leading private equity partners primarily from Kirkland & Ellis, immediately elevated the firm’s capabilities in European markets and positioned it as a major competitor in London’s private equity sector. The firm secured fourth place in Bloomberg’s ranking of Europe’s top advisers on buyouts for 2024, increasing its market share more than any other firm.

Technology Innovation and AI Leadership

Paul, Weiss became the first law firm to launch Harvey AI custom workflows using Workflow Builder in June 2025, serving as the central design partner in developing this generative AI tool from its earliest stages. The firm won two Legalweek Leaders in Tech Law Awards in 2025 for “E-Discovery Technology and Innovation” and “Tech-Enabled Transactional Practice of the Year,” recognizing innovative projects including the firm’s Emoji Detector, Flash Search tools, and holistic implementation of advanced technologies across client work. The firm’s Technology Practice was named “Practice Group of the Year” by Law360 in 2024, 2023, and 2021.

Exceptional Trial and Supreme Court Capabilities

Paul, Weiss maintains one of the most accomplished trial practices in the United States, led by Kannon Shanmugam, who has argued 39 cases before the Supreme Court and is recognized as one of the nation’s premier appellate advocates. The firm’s Supreme Court and Appellate Practice was named to the National Law Journal’s Appellate Hot List for six consecutive years and won “Appellate Practice Group of the Year” by Law360 in 2021 and 2022. Recent victories include securing complete defense wins in high-stakes trials such as Qualcomm’s victory against Arm in a case worth tens of billions of dollars and Intuitive Surgical’s complete defense victory in an antitrust trial.

Premier Cybersecurity and National Security Practice

The firm’s Cybersecurity & Data Protection practice is led by John P. Carlin, one of the world’s leading national security lawyers and architect of the modern U.S. cybersecurity regime. Legal 500 recognizes Paul, Weiss as “one of the most elite firms capable of responding to global incidents,” with the practice advising on major cybersecurity incidents including telecommunications companies, Fortune 10 companies, and health insurance providers in responding to some of the largest breaches in industry history.

Lengthy Operating History and Democratic Governance

Paul, Weiss has operated continuously for 150 years since its founding in 1875, providing institutional stability and deep market relationships that span multiple economic cycles. The firm maintains unique democratic governance principles established by founding partners, operating without a single managing partner and utilizing elected management committees that preserve the foundational principle of one partner, one vote regardless of seniority or client origination.

10) Potential Risk Areas for Further Diligence

Reputational and Political Risk from Government Settlement

Paul, Weiss faces significant ongoing reputational challenges following its March 2025 settlement with the Trump administration, which required the firm to provide $40 million in pro bono services, abandon diversity initiatives, and acknowledge “wrongdoing” by former partner Mark Pomerantz. This unprecedented capitulation to government pressure resulted in widespread condemnation from over 140 firm alumni and triggered substantial talent departures, including litigation co-chair Karen Dunn and at least 10 partners who left to form their own firm. The settlement establishes concerning precedent for future government relations and creates potential conflicts of interest when representing clients adverse to the administration.

Executive Talent Retention and Succession Risk

The firm faces material executive retention challenges following the March 2025 government settlement, with significant departures across senior leadership levels creating potential succession planning gaps. Key departures include litigation department co-chair Karen Dunn, prominent partners Jeannie Rhee, Bill Isaacson, and Jessica Phillips, former U.S. Attorney Damian Williams, and pro bono head Steven Banks. Chairman Brad S. Karp’s 16-year tenure since 2008, while providing continuity, creates key person dependency risks particularly given his central role in the controversial Trump administration settlement.

Complex International Operational and Compliance Risks

Paul, Weiss faces heightened operational complexity from its aggressive international expansion, particularly the London office growth from 30 to over 170 lawyers in just two years, which strains management systems and creates potential coordination challenges across 10 global offices. The firm’s closure of its Beijing office in December 2024 reflects broader geopolitical risks affecting international operations and client relationships in key markets. Multi-jurisdictional regulatory compliance requirements across North America, Europe, and Asia create coordination risks, particularly for cybersecurity and data protection compliance.

Technology Infrastructure and Cybersecurity Vulnerabilities

Despite the firm’s leadership in legal technology innovation, Paul, Weiss faces substantial cybersecurity risks given its role as counsel to major corporations, financial institutions, and government entities handling sensitive information. The firm’s position as a high-value target for nation-state actors creates ongoing exposure to sophisticated attack campaigns targeting law firms for client intelligence and competitive advantage. The firm’s aggressive adoption of AI technologies introduces new attack vectors and data security considerations that require continuous monitoring and risk assessment.

Financial Services Client Concentration Risk

The firm’s heavy concentration in financial services clients, including eight of the top 10 private equity firms globally responsible for over $2 trillion in assets under management, creates revenue concentration risks and potential conflicts of interest in regulatory enforcement matters. Market volatility in private equity and M&A activity directly impacts the firm’s core revenue streams, with potential for significant fee compression during economic downturns. The firm’s aggressive expansion in London to capture European private equity work creates additional exposure to Brexit-related regulatory changes.

Corporate Governance and Democratic Structure Challenges

Paul, Weiss’s unique democratic governance model with no single managing partner and one-partner-one-vote principles, while historically advantageous, may create decision-making inefficiencies during crisis situations requiring rapid response. The firm’s 2024 introduction of non-equity partners alongside traditional equity partners creates potential internal tensions and compensation disparities that could affect partnership cohesion. The 217 total partners across multiple jurisdictions may face coordination challenges in strategic decision-making, particularly regarding politically sensitive matters.

Sources

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