Publications
Publications
- March 2020 (Revised March 2022)
- HBS Case Collection
Wachtell Lipton: Focused Excellence
By: Ashish Nanda and Margaret Cross
Abstract
For years, Wachtell, Lipton, Rosen & Katz—a small, New York City law firm—has consistently boasted the highest profits per partner and one of the highest “prestige” ratings among U.S.-based law firms. The firm has remained loyal to a distinctive strategy ever since its founding in 1965. Whereas most law firms have multiple offices, seek long-term retainer relationships with clients, operate across multiple services, and bill by the hour, Wachtell Lipton operates from a single location, offers legal services on a matter-by-matter basis, focuses on transactional work (primarily M&A advisory), and value bills for its services. Despite its extraordinary success, as the legal services market evolves and the firm’s name partners, 87-year-old Herbert Wachtell and 88-year-old Marty Lipton, approach retirement, questions arise about whether Wachtell Lipton’s magic formula will continue to yield extraordinary results in coming years.
Keywords
Citation
Nanda, Ashish, and Margaret Cross. "Wachtell Lipton: Focused Excellence." Harvard Business School Case 720-396, March 2020. (Revised March 2022.)