Wachtell Lipton leader William Savitt joins Gibson Dunn & Crutcher as the firm adapts to a competitive legal market.
William Savitt, a veteran litigator and Wachtell co-chair, has joined Gibson Dunn & Crutcher. This move marks a significant shift in the legal industry, as the 60-year-old Wall Street powerhouse Wachtell Lipton is no longer immune to the hyper-competitive 'free agency' market of Big Law. Savitt was named co-chair of Wachtell Lipton less than three years ago, but his departure along with five other partners shows that even elite firms are now exposed to lateral hiring pressures. Experts note that while Wachtell Lipton has historically been a fortress of stability, it is now adapting by modifying its compensation structure to better retain and attract talent. The firm has widened its compensation spread and redistributed equity to high performers. While the departure of a high-profile leader like Savitt is a consequential blow to the firm's talent pool, Wachtell Lipton remains a top dealmaker for large public companies.