Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Latham & Watkins is making a strategic move by poaching a star dealmaker from Wachtell Lipton as the Los Angeles-founded law firm aims to strengthen its corporate practice and compete with its New York-based counterparts. The attorney in question, Zach Podolsky, is recognized as the top mergers and acquisitions advisor in the country, having overseen deals worth nearly $210 billion between 2020 and 2024, according to Deal Point Data.
Podolsky’s departure from Wachtell is expected to be officially announced in the coming days, as confirmed by three sources. During his time at Wachtell, where he joined in 2011 and became a partner in 2020, Podolsky played a key role in major transactions such as Pfizer’s $43 billion acquisition of Seagen, Hess’s $60 billion sale to Chevron, and ConocoPhillips’ $22.5 billion takeover of Marathon Oil.
Neither Wachtell, Latham, nor Podolsky have commented on the impending move. Wachtell, Lipton, Rosen & Katz, known for its elite status and limited number of lawyers in its New York office, rarely sees partners defect to rival firms. However, the intense competition for top legal talent, with compensation packages exceeding $20 million, has led to occasional departures even from prestigious firms like Wachtell.
Unlike many law firms, Wachtell maintains a “lockstep” pay model based on tenure, with bonuses that surpass those of most competitors and even rival investment banks. Latham’s recent hiring of corporate finance and restructuring expert John Sobolewski from Wachtell garnered significant attention in the legal community. The addition of Podolsky is seen as an effort by Latham to fill the void left by Justin Hamill, a former star M&A partner who joined private equity firm Silver Lake earlier this year.
With a global team of 3,500 lawyers and expertise in various areas of dealmaking, Latham is positioning itself as a key competitor to firms like Kirkland & Ellis, aiming to provide comprehensive legal services to Fortune 500 companies and private capital firms. The firm has also been actively recruiting talent from top London firms, solidifying its presence in the international legal market.
