Schulte Roth & Zabel had a record-breaking year in 2024, with revenue increasing 13.5% to $618.8 million and profits per equity partner (PEP) surging 23.7% to $4.13 million. The firm's focus on private capital and investments in its partnership helped drive this strong performance.
The firm's stable headcount led to a 14% increase in revenue per lawyer to $1.7 million while total net income for equity partners also rose 20.5% to $314 million.
Managing partners David Efron and Marc Elovitz called 2024 an "outstanding" year, with billable hours and demand both rising. David credited "disciplined management" for limiting expense growth to 7% and highlighted the firm's investment in younger talent.
"We had a great group of younger partners who helped drive our revenue last year," David said. "We are very excited about the talent we have."
After this standout year, Schulte implemented an Income Partner tier for the first time. David and Marc emphasized that the decision was deliberate and aligned with the firm's strategic goals.
"We studied it [a nonequity tier] for a long time, and it wasn't a knee-jerk reaction," Marc said. "It is very tailored to us and our circumstances. We don't have an expectation of a growing group of income partners. We do want to increase opportunities for people, both internally and for laterals."
Looking ahead, Schulte is focused on sustaining its momentum in 2025.
"Last year was fantastic," David said. "We have had a good start this year and are super well-positioned. We have a client base that differentiates us and allows us to be successful in highly competitive environments where there is a lot of uncertainty. Our clients thrive with disruption and the opportunities that come from change and from disruption."
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
