‘Still Wachtell': Elite New York Deals Firm Refreshes Leadership

The elevation of two Wachtell Lipton Rosen & Katz lifers marks an organic transition for an elite law firm that has stuck to its unique brand in the face of competitive pressure.

Wachtell, unlike its New York rivals, has continued to operate out of just one office in midtown Manhattan that houses fewer than 300 lawyers. The firm’s relatively tiny partnership divides profits on a purely “lockstep” basis, a seniority-based model that has largely vanished industrywide in the last decade.

William Savitt and Andrew Nussbaum, who each have worked at the firm since the 1990s, became the newest chairs on ...