Schulte Roth & Zabel LLP - The Inside View

If your heart is set on private capital, then starting out at Schulte, Roth & Zabel (pronounced – Schul-tee) is as guaran-tee’d a path as any to the funds space. It provides its attorneys with “a tight-knit community feel, but with the impact of a global firm, servicing clients from London to Hong Kong.” The firm has over 350 attorneys dedicated to private capital, split between transactional, regulatory, and litigation-focused practice groups. Chambers USA awards the firm top-tier rankings across investment funds and hedge funds nationwide, with recognition also going to Schulte’s capital markets, financial services regulation, and private equity fund formation practices. There’s also a top corporate shareholder activism schoutout in New York.

“…a tight-knit community feel, but with the impact of a global firm.”

Outside of the significant pull of the private capital focus, the quality of associate development was a big selling point for the current crop of junior associates: “The firm prides itself on lean teams, associate responsibility and client exposure on a regular basis.” First impressions count, too, and the culture, genuine interactions over coffee chats, presentations, and interviews, were all positive signs early on: “I got the sense it’s a laid-back culture and not super buttoned up.”

Stateside, the majority of associates could be found in the New York headquarters with a couple residing in DC. Across the pond, London is Schulte’s singular international base.

Strategy & Future

“We had a tremendously successful 2024,” co-managing partners David Efron and Marc Elovitz were quick to highlight, “it was the best year we’ve ever had and we’re incredibly proud of that.” In fact, “We launched two of the biggest private funds in the area since 2018. At $5 billion each it was a massive undertaking, and associates throughout the firm were very engaged and able to take on a great deal of responsibility there.” At the same time, pro bono had its busiest year yet, with associates’ key drivers in sourcing the cases that mattered to them. As Elovitz points out, for example, “over the years, we have worked increasingly with organizations providing help to US military veterans, those that provide services and advocacy.”

Efron and Elovitz are confident that the firm is prepared to embrace the opportunities that come with market volatility: “Our private capital clients are well positioned to deal with that uncertainty and change,” Efron tells us, “we saw that in the aftermath of the financial crisis in 2008; some of the busiest years were the years that followed! We expect the same now. Our clients are entrepreneurial and creative, always looking for opportunities that are presented when you have this kind of disruption in the world.”

Read more from co-managing partners David Efron and Marc Elovitz under the ‘Get Hired’ tab.

The Work

The summer program is entirely based in New York; summers are able to pick up work across corporate, litigation, and the firm’s other practices. Most juniors could be found in investment management, litigation, and finance & derivatives. The rest were spread across the likes of M&A and securities, bank regulatory, business reorganizations and real estate. In investment management, litigation and finance, work is allocated by assigning partners: “We send weekly reports and then assigning partners will reach out if needed. Outside of that, the firm listens when folks express interests in projects, there is room to be heard and forge our own path” with scope to organically be pulled onto matters within their own department, too.

Private equity and investment fund managers shape the books in investment management, where the work encompasses a spread of hedge funds, venture capital funds, credit funds, and hybrid funds including crypto-currency and digital assets – “all alternative asset managers across all different kinds of funds.” The team handles the entire life cycle of these funds, including fund formation, fundraising, investing activity, and upper tier work. That’s alongside providing regulatory advice at all stages. Juniors shoulder their fair share of project management, running the checklists and signature pages, and communicating with counsel across locations such as “Europe, Hong Kong and the Cayman Islands.” Sources recalled starting out reviewing subscription agreements and marking up comments, then turning to other investor-facing documents with all the T&Cs and interacting with clients to complete regulatory filings, all building up to taking the first cut at a limited partnership agreement (LPA). Over time, associates get more involved in “internal agreements between the firm and portfolio managers, and how compensation is allocated internally.” While responsibilities can vary on the size of the fund, “it’s absolutely been surpassed with respect to client exposure” insiders enthused, “I’ve been extremely appreciative of the opportunities to act as the gatekeeper between a partner and a client.”

Investment management clients: Republic Digital, Pantera Capital Management, Kodai.

“It’s more than signature pages and mechanical tasks. Over time, responsibility expands and there is a significant learning curve with each deal.”

In Schulte’s finance & derivatives practice, the underlying principle of all client relationships is that “someone needs financing!” The practice covers direct lending, leveraged finance, including litigation finance and other esoteric assets, structured finance, fund finance, and CLOs; newbies are able to work across all before eventually focusing on their interests. Junior associates handle deal management, coordinating with counsel and clients, and signature pages “ensuring that there is a smooth closing.” It’s also common to take on document review and pick up the pen to take a first pass at ancillaries as well. “You’re more of a point person on a deal,” one associate explained, “you have that ownership with management, ancillaries and side agreements allowing the seniors to focus on the main credit agreement. It’s more than signature pages and mechanical tasks. Over time, responsibility expands and there is a significant learning curve with each deal.”

Finance & derivatives clients: Gramercy Funds Management, Blackstone, Cerberus Capital Management. Acted as counsel to GoldenTree on the creation of a series of CLOS valued at $1.9 billion.

Over in litigation, the work is centered around the private capital clientele with commercial disputes, including breaches of contract and life settlements, as well as shareholder activism. It stretches to include a focus on white-collar investigations and enforcement too. Sources spoke about having dockets of various combinations of the above. Of course, juniors have foundation-level tasks such as legal research, document review, and fact discovery. During an investigation however, a big part is “being the eyes on everything and building chronologies then passing on the most important information” in the timeline before the white paper or government presentation response. First passes at memos, sections of briefs and motions, and deposition outlines are also opportunities – “that are always there.” With smaller teams, litigators valued the substantive opportunities to hand, such as being able to step up to plate as second chair in depositions and “being included in those strategy conversations that you might otherwise be left out of elsewhere.”

Litigation clients: Interactive Brokers, Credit Suisse, Nexo Capital. Represented Politan Capital Management in its dispute with medical device maker Masimo Corporation regarding the adoption of advance notice bylaws that made it impossible for Politan to nominate board candidates.

Career Development & Culture

On the topic of professional development, juniors emphasized the firm’s investment in them as people: “It’s a very open-door culture. People are willing to help answer questions and stop by each other’s offices to talk about work or just check in.” Summers receive an associate and partner mentor which then change for incoming juniors, ensuring newbies already have those formal relationships starting out (with a budget to meet). If you are proactive, “natural relationships and unofficial mentorship builds over time through work assignments” too. Associates valued the continual on the job learning and feedback but also pointed out there has been an effort to revamp the available training from bootcamps, modules, refresher sessions, and lunch & learns. Litigators also receive a skills checklist and meet with partners regularly to ensure they are getting the necessary experience. Over in investment management, there is an open monthly session with a partner “to ask about whatever you want, work or career wise – like how they got to where they are.”

“Lots of partners were summers and juniors, some have been here almost ten to twenty years. That’s a special thing.”

Looking to the future, associates felt secure in their options - from in-house opportunities to staying at Schulte long-term. “I’m not sure what the steps are to advance to special counsel or partner, besides working hard,” one junior associate told us, “but there’s a healthy pattern of associates eight years and above being promoted. I don’t feel like they are hiding the ball or anything.” What’s more, “Lots of partners were summers and juniors, some have been here almost ten to twenty years. That’s a special thing. People have been here so long and take pride in the culture.”

Popular among junior associates was the ‘dress for your day policy’: “It’s pretty cool, you can come into the office in jeans and if you have client meetings, we have suits and ties in our closets ready to pull out! There’s no pressure to look a certain way.” As one put it, “I didn’t want to be one of a number, people care about you. The culture hits it out of the park!” Good thing then there’s plenty of chances to get together, from lunches, cross-practice mixers and monthly happy hours with a theme to attending Broadway shows and charity galas on occasion. And, of course, the annual holiday party which previously had a trivia night in the build-up: “It brings your friends on other floors and the whole firm together.”

Schulte is recognized as a Strong Performer for Quality of Life in our 2025 survey.

Hours & Compensation

Billable hours: 2,000 target

With a steady workflow across the practices, juniors agreed that the 2,000 billable target is “achievable,” especially considering that there is a 250-hour bucket of non-billables that count towards it. Including: writing publications, training, recruiting, pro bono and participating in DEI activities. Associates who reach the target are compensated with a market bonus, while those who hit 1,850 receive a quarter bonus. For those super-billers out there, we heard that those who exceed 2,000 hours are eligible for special bonuses. Bonus allocation “is very clear, there’s a memo that outlines what market is and what the special bonuses are,” sources explained, “there’s even a bonus for businessgeneration.” Reflecting on the past year, one shared: “I was able to take a full month of vacation and still hit my bonus without sweating it.”

Associates are expected to be in the office three days a week, with Wednesday and Thursdays anchor days. In terms of hours, on average our survey respondents indicated working just over 52 hours a week. However, as per the nature of BigLaw the work comes in waves. In the build up to a deadline or trial, for example, there can be intense periods: “I knew there would be periods working 60 plus hours a week and then months working less, it’s just part of the job. A standard day can involve starting at 9am and working until between 5pm and 8pm. If you want a change of scene, you leave later and log on from home later, we’re given leeway as to how we conduct our schedules.”

Pro Bono

“We’re serious about pro bono,” one source told us, echoing the praise of other associates towards the firm’s pro bono program. Case in point, there’s a dedicated team lead by pro bono special counsel, Sara Solfanelli: “Who is always available to reach out to to jump on a pro bono matter. I reached out and said, “Hey I would like do something revolving around corporate and apply it in a different setting’, and she placed me onto something very quickly!” an associate recalled. Associates have up to 200 hours of creditable pro bono with the possibly to have a waiver to increase the amount. There’s even an annual awards ceremony celebrating attorney’s efforts as well.

Matters ranged from day clinics, family matters, and immigration and asylum cases to exoneration cases, veterans and LBGTQ+ matters, and Amicus briefs: “There’s a huge diversity in what we do and there is no shortage!” Not only does it provide juniors the opportunity to take more of a lead and develop their skills such as court advocacy, it’s also a rewarding experience: “Helping people who have had to leave their country gain citizenship and hearing their stories is incredibly emotional. I always jump at the opportunity to help,” an associate shared. What’s more, each year one associate or special counsel can receive the Brooks Burdette Fellowship, which allows them to go on secondment to a partner organization. 

Pro bono hours

• For all (US) attorneys: 30,723
• Average per (US) attorney: 79

Schulte is recognized as a Strong Performer for Pro Bono in our 2025 survey.

Inclusion

On the topic of inclusion, associates were very quick to point out the efforts the chief diversity officer and affinity groups: “There’s been lots of different events.” For incoming first years, Schulte hosts a resource group fair so associates can get involved and familiarize themselves with other members of the firm. There are number of resource groups including First Generation, Women’s, Black Lawyers and Asian Pacific Islander “all who meet once a month with different pockets of space and host things to look forward to.” This has included a dinner celebrating Lunar New Year, veterans coming in to speak for Memorial Day and “for Black History month, the owner of a WNBA team came in and spoke about her experiences in the sport world and how she got to where she is!” Sources highlighted that, “People really get behind it which is great, and you really feel the individuals behind it all have lots of support.”

Get Hired   

The first stage: recruitment on and off campus  

Schulte’s summer program is designed to give law students a unique perspective on the dynamic intersection of law, finance and dealmaking. They seek to hire proactive, inquisitive, conscientious candidates with outstanding academic and non-academic achievements who are able to clearly articulate their ability to take initiative, handle workplace challenges and demonstrate confidence in their abilities.  Competencies such as dependability, building relationships and self-awareness are highly sought after.  Law students who are engaged, curious, critical thinkers that are looking to make a lasting impact at the precipice of their legal careers are highly encouraged to apply!   

The firm participates in many of the T14 law school Early Interview and OCI Programs as well as resume collects from a broad range of law schools. 

All interviews are conducted virtually and designed to evaluate each candidate’s ability to communicate their experiences and career aspirations.  During these interviews, interviewers will make a preliminary assessment of each candidate’s likelihood to succeed and potential to align with the firm's mission.   

Schulte accepts 1L and 2L applications on a rolling basis. To apply, please submit your resume and transcript to recruiting@srz.com.  

Top tips for this stage:  

“It's so important to clearly convey your reasons for wanting to join our firm. Why us over one of our competitors? Even at this initial stage, we want to get a strong sense of your motivations.” – A second-year associate  

“This is a great opportunity to let the interviewer know about any of our firm's on-campus programs or networking receptions that you attended throughout the year.” – Hiring sources at the firm   

Callbacks  

Interviews are held remotely with post-offer opportunities to visit the New York office and meet lawyers in-person.  For callback interviews, you’ll be meeting with four attorneys back-to-back for 20 minutes each, followed by a brief wrap-up conversation with a member of our recruiting team.  The whole process takes about 1.5 hours.  Candidates typically meet with two partners and two associates.  

As callbacks are a chance for deeper probing, interviewers “ask questions that allow the student to demonstrate their analytical and problem-solving skills,” according to hiring sources at the firm. Alongside this, interviewers also focus “on assessing whether the candidate would succeed in our firm’s dynamic, inclusive and entrepreneurial environment.” Sources told us that “it’s very much a friendly interview – they want to know if you are a friendly down-to-earth person as well as whether you can express yourself in a professional manner.”   

Top tips for this stage:  

“At this point they want to know if they will enjoy spending time with you for 10 to 12 hours a day!” – A third-year associate  

“Most importantly, be yourself and be respectful of everyone you meet in the process.” – Hiring sources at the firm   

Summer program  

Schulte is known to host a robust ten-week summer program. Because of the desire to train summers to be well-rounded firm citizens, every workshop, training session and networking opportunity is designed to support the long-term development of the summer associates. The program begins with an intensive orientation program that introduces summers to the firm, its business operations and tips on how to have a successful summer experience. On a weekly basis, summers can expect to participate in highly specialized trainings meant to cultivate their professional skills, deepen industry knowledge, introduce them to important client work, and boost their relationship-building skills.

Held in the New York office, Schulte’s program got a lot of praise from associates we spoke to. “It was a lot of fun!” chirped one. “There were several opportunities to network with attorneys from different practice areas every week.” Still, there’s plenty of work to do. Summer associates spend the summer receiving assignments from various practice groups in the corporate department with the opportunity to request work in some of the smaller non-transactional practices. The assignments are meant to introduce summer associates to transactional work, but also to establish proper professional etiquette and discover their work styles.

And they are not in it alone!  Each summer associate is matched with two mentors and a partner advisor, who are all on standby to help summers navigate their way through the summer.  Schulte tells us almost all summers return as first-year associates and are placed into practice groups based on individual preference and the needs of the firm.  And of course, we would be remiss if we did not mention their dedication to Pro Bono.  Schulte has a long history of public service and that starts with their summer associates who all participate in a week-long Pro Bono externship.

Notable summer events: Broadway shows including Hamilton, Beyoncé and Ariana Grande concerts, baseball games at Citi Field or Yankee Stadium, roller skating at Rockefeller Center, Shakespeare in the Park, and cooking class at the Institute of Culinary Education.   

Top tips for this stage:  

“We offer summer associates opportunities to make substantive contributions to our work, and we expect them to demonstrate a professional commitment to their assignments over the course of the summer. They are part of our team in every sense.” – Hiring sources at the firm   

Interview with co-managing partners Marc Elovitz and David Efron

Commercial strategy, market position and trends

Chambers Associate: How would you define your firm’s current position and identity in the legal market? What differentiates your firm from your peer firms in the market?

David Efron: We’re very different from other BigLaw firms. You can see the trend in the industry with BigLaw expanding at huge leaps and bounds, in terms of the number of lawyers and geographical footprint with many many offices, that is not the path we are following. We’re a firm that is focused on private capital and by that we mean hedge funds, venture capital funds, private equity funds, private credit, real estate and other sources of private capital. Providing all the key services to private capital clients including fund formation, tax and regulatory, but also, the transactional work like M&A, restructuring and finance, as well as litigation and civil enforcement. The focus is being the best at private capital that we aspire to, that sets us apart from many other BigLaw firms that are doing many many different things and trying to be in many many different areas to serve as wide a variety of clients as possible.

CA: Have there been any developments at the firm over the past year that you’d like law students to know about?

Marc Elovtiz: We had a tremendously successful 2024; it was the best year we’ve ever had and we’re incredibly proud of that. Associates engaged through the firm on the very client focused, intense work that we do. We consistently hear from associates that they prize the opportunity to work directly with clients at the early stage of their career. This was a year when they got to do a lot of that; we were very busy as our clients are very active in the private capital spaces. We launched two of the biggest private funds in the area since 2018. At $5 billion each it was a massive undertaking, and associates throughout the firm were very engaged and able to take on a great deal of responsibility there. At the same time, we had our busiest year for pro bono ever and associates were a key driver in that. The associates often identify issues and the types of pro bono work that they’re particularly interested in. We’re able to provide opportunities for them to really dive into that work. Over the years, we have worked increasingly with organizations providing help to US military veterans, those that provide services and advocacy. And so, both on the paying client side and the pro bono client side, associates really came to the fore in this past year in terms of the opportunities that they had to shape their work.

CA: Associates mentioned the introduction of an income-partner tier at Schulte. Could you please tell us more about that development?

Efron: We instituted an income-partner tier at the effective at the beginning of the year. There are many variations of how income partner tiers are affected at other firms, the version that we have is very particular to us. Notwithstanding having income partners, we very much value the partnership that we have and consider all our partners – true partners - which is integral to the new development in that area for us. It took us a long time to get here and institute it, we took the decision very seriously and considered all the different factors, including the competitive environment, but also, importantly, professional development making sure attorneys here have a clear path to success.

CA: Are there any domestic or international events/trendsthat are affecting any of the firm’s practices at the moment? Are there any trends that you think are affecting the business of law firms more generally, and how is that playing out with your firm?

Efron: Certainly, there are lots of developments in the world, in the US in particular there is a lot of disruption and change. Even with a little bit of chaos our private capital clients are well positioned to deal with that uncertainty and change, and will often pursue opportunities that are raised when there is change and uncertainty. We saw that in the aftermath of the financial crisis in 2008; some of the busiest years were the years that followed! We expect the same now. Our clients are entrepreneurial and creative, always looking for opportunities that are presented when you have this kind of change and disruption in the world. We are optimistic about the firm and our position as we go into 2025 and beyond.

Elovitz: In terms of changes, another disruption is the change in law student recruitment and lateral associate movement. For many years there was on campus interviewing, it was a very structured law school recruiting program, and that has all been shifting now. Often its done directly by firms in what seems to be somewhat of a free for all, while that can create some confusion, we think if anything it gets law students and associates at every stage to focus on what opportunities are available to them. Not just can I go to a firm that my parents might recognize the name of, but what opportunities are going to be for me at that firm? It allows people to put themselves in the driver’s seat of their careers.  We have a tremendous alumni network, lots of our former associates are now general counsel and in-house at clients. While the disruption to law school and lateral hiring can be a little disconcerting at times, it’s actually very helpful to us because we have something pretty special to offer in terms of opportunities.

CA: What is your firm’s commercial strategy focusing on, and how do you expect the next year to unfold?

Efron: The strategy relates to our focus on private capital and those key services. It has served us well as Marc mentioned last year was a record year for Schulte in terms of performance. In some specific areas like on the fund formation side activity will continue and our existing client base will continue to launch new funds and products as they see opportunities in the market, as volatility creates opportunities. We’ve had an active period in shareholder activism and have been involved in some of the largest campaigns and that will continue into this year and beyond. More broadly private capital will continue to be extremely busy; we’re going to be there working with clients and helping them identify the opportunities and working with them to capitalize on those opportunities.

Inside the Firm

CA: How is the firm evolving to accommodate the needs/expectations of the next generation of lawyers?

Efron: We have a three-day policy where you’re required to be in the office, with Wednesdays and Thursdays as anchor days. This policy strikes the right balance for the flexibility that people need and want in terms of managing themselves and their life. But also, what’s necessary is collaborating in person, really getting to know your colleagues and the professional development that comes along with that. Collaboration is key, it requires being in person for us and our strategy because we’re all here working for the same types of clients.

CA: What’s the firm’s approach to bolstering diversity, equity, and inclusion?

Elovitz: We have long prided ourselves on being a very inclusive firm. We have accomplished that in a variety of ways, in part by having tremendous opportunities for associates to take advantage of to chart their own course. We have lots of associates and attorneys who are the first in their families to be at a professional services firm; it’s broadly inclusive and allows us to get the benefits of talent from a wide range of people, and not artificially hold anyone back. We have a caregiver’s group that meets to talk about issues related to being a busy professional while also having family care responsibilities whether children, parents or in some other way. We pride ourselves on having opportunities like that as a lot of people have a lot to offer our firm and our clients, while also having personal responsibilities outside of the firm. That is one of the many affinity groups we have here.

The Legal Profession

CA: How do you predict the legal profession will change in the next five years? Are there any particular challenges the industry is facing?

Elovitz: I think it’s a misunderstanding to think that AI is just going to replace junior lawyers. Each generation of lawyers at our firm and in the industry generally has benefited from increasing technology. It used to be that young lawyers spent a lot of time doing things like comparing versions of a contract or brief which simple software program handles now. I know some other firms may think about it differently, but we see AI as an opportunity to provide greater efficiency and greater opportunities for junior lawyers - and not replace junior lawyers.

Elovitz: I would add that our junior attorneys develop a specialized knowledge very early on dealing with private capital in a way that maybe at other firms or practice areas don’t develop that way. And so, having that degree of specialization is certainly helpful in the world as AI develops.

The Fun Bit

CA: What was the first car you owned?

Efron: This doesn’t reveal my age – I had a 1972 Pontiac Catalina that was the size of a city block and built out of concrete steel. It was huge!

CA: What memory/moment has stuck with you from law school?

Elovitz: I did a clinical program in my third year of law school where you had to meet with a real client. I thought in the very first meeting that I had it all down, but at the moment I sat across the table from a client for the first time, I realized that this was their real life and not just an abstract theory you learn in law school. It was a galvanizing moment for me and made me very excited to graduate from law school and actually practice law.

CA: Which actor/actress would you want to play you in a biopic about your life?

Efron: Zac Efron – we’ve got the name, so we don’t have to change that much.