I was so pro-McDermott/Schulte merger. As high on it as you can get. Take it all back. The stories I hear are absolutely shocking. Schulte “leadership” is boxed out. McDermott cutting costs everywhere - slashing Schulte compensation packages left and right. Heard about multiple 1st and 2nd year associates getting stealthed. You’d think Schulte IM would at least have some autonomy. Not even close. Good luck to anyone there.

likehelpful
Posting as :
works at
You are currently posting as works at

Can confirm.

likehelpful

It played out exactly as I thought, but a lot quicker. I thought SRZ would at least try to excert some control in short term, but any pretext of control is gone. The melding of comp and expectation of business generation was always going to make the combo a mess, but what I didn't predict was just how quickly they are looking to absorb clients and basically pretend the service attorneys at SRZ don't exist. Like there are multiple funds needs but the SRZ people aren't even busy. I was working with people there that wanted to see it thru and they all really quickly decided they won't be staying

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So, plot twist.

As a Schulte lawyer, I can tell you I do not know one Schulte person who is happy with this merger. Schulte and everything about it was destroyed. In a matter of months.

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Heard this too. Happy to give a market overview to anyone interested in leaving. (DM me)

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Always

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OP any idea when those stealths happened? Curious whether they were coordinated.

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Any update on this?

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Not enough space in one Vanderbilt

What groups did SRZ stealth associates?

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