Wachtell, Lipton, Rosen & Katz

Wachtell, Lipton, Rosen & Katz is a New York City law firm with approximately 270 attorneys operating from a single office. Founded in 1965, Wachtell is the most profitable law firm in the world by profits per partner, at approximately $12.2 million. The firm is intentionally small, maintaining an associate-to-partner ratio of roughly 1.4:1, far below the industry average, which ensures that every lawyer handles significant, high-profile work from the start of their career.

Wachtell holds Band 1 rankings in Chambers USA for Tax, Corporate/M&A, Litigation, Antitrust, and Restructuring. The firm is the dominant force in M&A and corporate governance, having invented the "poison pill" takeover defense, one of the most consequential innovations in corporate law. Wachtell routinely advises on the largest and most contested mergers, hostile bids, proxy fights, and shareholder activism situations. Its restructuring practice ranks among the top in the country, and its litigation department handles bet-the-company disputes for major corporations.

Wachtell operates a free-market staffing system in a small-firm environment. Associates receive complex assignments and work directly with senior partners from day one. Compensation is lockstep and significantly above market, which associates view as recognition of the long hours the work demands. Chambers Associate notes that partners are generous with feedback and gratitude, and the firm is not particularly hierarchical despite its intensity. The summer class is approximately 33 associates, one of the smallest among top firms, reflecting the firm's selectivity. There is no formal billable hour requirement, but the workload is substantial.

Co-founder Martin Lipton, who created the poison pill, remains one of the most influential figures in corporate law. Other notable alumni include former Time Warner CEO Richard Parsons, former Viacom general counsel Michael Fricklas, and numerous federal judges. Wachtell's single-office, partnership-focused model stands in deliberate contrast to the global expansion pursued by most of its peers.