International law firm McDermott Will & Schulte added veteran advisor Ira Schacter as a partner in the transactions practice group, based in New York City. Schacter will lead a new financial services vertical for clients operating at the intersection of private equity, hedge funds, insurance and financial services. He most recently served as global co-head of the corporate, M&A and securities practices at Cadwalader, Wickersham & Taft.
Ira’s addition will strengthen the firm’s deep relationships with financial institutions and its broader cross-industry client base. He brings decades of experience as a holistic advisor handling mergers, acquisitions and complex finance and restructurings in the financial institutions, life sciences and technology sectors. Ira will lead with a sharp focus on advising financial institutions on M&A, litigation, crisis response and complex structured finance transactions.
“Ira is an exceptional leader in this space—not only for his legal talent, but for the trust he builds with clients,” Ira Coleman, chair of McDermott Will & Schulte, said. “We’re thrilled to welcome him to the firm and excited about the depth he brings to our financial services offering.”
“We’re moving quickly to identify areas of growth for clients, and we see a hybrid future of lending, especially in an environment where banks are no longer rivals to private credit,” Harris Siskind, global transactions practice group head of the firm, said. “This evolving market landscape spans multiple industries. In the age of AI and rising demand for digital infrastructure, Ira’s arrival will help to position us as the partner of choice as banks and private credit firms embark on co-financing the future.”
“The surge in bank lending to private credit isn’t just a trend, it’s a strategic response to regulatory realities,” Marc Elovitz, global investment management regulatory head of the firm, said. “The addition of top talent like Ira is a testament to the combined power of our joint practices and firmly positions us as best-in-class counsel to clients during this pivotal redefinition of traditional banking that is being driven by regulation, innovation and the growing demand for flexible capital.”
“The newly combined McDermott Will & Schulte presents a bold opportunity for financial services clients navigating a rapidly evolving landscape,” Schacter said. “I’m proud to be part of the power of change driving this transformation and excited to take a leading role in connecting the firm’s strengths across private equity, hedge funds and financial institutions to deliver a fully integrated, market-leading platform for our clients.”
Ira has played a key role in a number of high-profile transactions and restructurings. In particular, he has:
- Represented a top global insurer in a joint venture with two high net-worth families to launch financial services across APAC
- Advised investors in a complex series of transactions that enabled a research university to monetize payments from its medical system for use of its name—resulting in more than $3 billion raised for the university’s endowment
- Served as lead counsel in the successful out-of-court restructuring for a guaranty insurance portfolio, resolving more than $12 billion in debt exposures and contemporaneously reinsuring its $13 billion public finance exposures
- Represented a privately held global energy and commodity trading company in its $3.5 billion acquisition of a major bank’s physical commodities business
