Brad Karp on the Reinvention of Paul Weiss and Changes in Law Firm Partnerships

John is joined by Brad Karp, Chairman of Paul, Weiss, Rifkind, Wharton & Garrison LLP. Brad explains how he led Paul Weiss to diversify its business beginning in the financial crisis of 2008, when its core business of litigation was still highly profitable, to become a global leader in private equity transactions, mergers and acquisitions and financial restructuring as well. He describes how he approached leading lawyers in these fields and convinced them to join the firm by emphasizing the firm’s profitability, reputation, culture, and client base and how each individual would fit into the firm’s existing business. Brad also explains the firm’s dramatic expansion in London in the summer of 2023 and why he does not foresee further significant international expansion in the future. John and Brad then discuss the recent trends in large law firms towards recruiting highly paid superstar lawyers and the growth of salaried or nonequity partners. They also discuss the major trends they expect to see in the future, including the increasing use of AI within the legal industry, the dramatic rise of litigation and regulatory investigations over the use of AI and the influence of climate change on every area of law practice. Finally, Brad describes his firm’s longtime commitment to actively taking on social justice and pro bono representations and the challenges of handling these engagements in today’s increasingly politicized environment.