You’ve probably heard the name. For decades, Kramer Levin Naftalis and Frankel was the quintessential "New York firm." It was the kind of place where you didn't just find lawyers; you found the people who basically wrote the playbook for high-stakes litigation, complex restructuring, and the kind of real estate deals that literally change the city's skyline. But honestly, if you’re looking for them under that exact name today, you’re already a step behind.
Things changed in a massive way recently. On June 1, 2025, the firm officially pulled off one of the most ambitious transatlantic tie-ups in recent legal history, merging with the UK-based powerhouse Herbert Smith Freehills. They’re now officially Herbert Smith Freehills Kramer (or HSF Kramer if you’re into the whole brevity thing).
The Identity Crisis That Wasn't
Most people assume that when a mid-sized US elite firm merges with a global giant, the original culture just... evaporates. It gets swallowed by the corporate machine. But that hasn't really happened here. Kramer Levin Naftalis and Frankel always had this weird, internal paradox. They were big enough to handle billion-dollar bankruptcies but small enough that the partners actually knew each other’s kids' names.
They were "Big Law" with a soul.
The merger wasn't a desperate grab for survival. Far from it. In 2023, legacy Kramer Levin was pulling in over $435 million in revenue with a Profit Per Equity Partner (PEP) of around $2.4 million. They were doing just fine. The move was about scale. By joining HSF, they went from being a 330-lawyer firm centered in New York and DC to being part of a 2,700-lawyer global beast with over 25 offices worldwide.
What They Actually Do (Better Than Anyone Else)
If you’re caught in a "bet-the-company" lawsuit, you want their litigators. It's just a fact. The firm has always been a litigation powerhouse. They don't just settle; they win.
Take their Advertising Litigation group. They’ve been Band 1 in Chambers for over 16 years. That’s not a typo. Sixteen years. Whether it’s Lanham Act disputes or consumer class actions, they are the ones the biggest brands in the world call when someone claims their product doesn't do what the box says it does.
But it's not just about fighting in court.
- Restructuring and Bankruptcy: They have a legendary reputation here. When the economy gets weird, Kramer Levin gets busy. They’ve represented major creditors and debtors in some of the most complex filings in US history.
- Real Estate and Land Use: Look at the New York City skyline. See the Central Park Tower? Or the International Gem Tower? The firm’s land use and real estate teams, featuring heavy hitters like Sheila Pozon and Nicole De Bare, are the ones navigating the labyrinth of NYC zoning and development rights.
- Securitization: This is the nerdy, complex stuff that keeps the global financial engine running. Their US team basically pioneered the securitization of residential solar and energy efficiency projects.
Why the "Naftalis" Name Still Carries Weight
Gary Naftalis is a name that still makes people in the Southern District of New York sit up a little straighter. He’s one of the most celebrated trial lawyers of his generation. While names on a masthead change—and the "Naftalis and Frankel" part has been streamlined in the new global branding—the DNA of the firm is still rooted in that elite, white-collar defense expertise.
We’re talking about a firm that handled everything from the defense of Michael Eisner to high-stakes SEC investigations. That doesn't just go away because you changed the stationery.
The Cultural Shift of 2026
So, what’s it like now? It’s 2026, and the dust from the merger has finally settled. The firm is operating with a single global profit pool. This is huge. It means a partner in New York has a direct financial incentive to help a client with a deal in Sydney or a dispute in Dubai.
📖 Related: Michael Lorber Net Worth: Why the Reality Star Broker Is More Than Just a Famous Name
A lot of critics thought the merger would cause a mass exodus of talent. "New York lawyers won't like taking orders from London," they said. Kinda cynical, right? While there have been some lateral moves—like a group of litigation partners jumping to Hogan Lovells in DC right before the merger closed—the core of the firm stayed put.
Why? Probably because they kept the "entrepreneurial" vibe. Junior associates at the firm still report some of the highest satisfaction rates in Big Law. They actually get to do meaningful work, not just document review in a basement for three years.
What Most People Get Wrong
The biggest misconception is that Kramer Levin was just a "boutique" that got lucky.
Wrong.
They were always a powerhouse. They just chose to stay lean. They didn't want 50 offices if they couldn't control the quality in all of them. The merger with HSF was a way to get that global reach without sacrificing the "elite" status of their New York and DC offices.
🔗 Read more: Tesla Stock Today Chart: Why the 2026 Rebound is Messier Than It Looks
Today, Herbert Smith Freehills Kramer is a top 20 global firm by revenue, pulling in over $2 billion. They’ve successfully integrated their securitization and structured finance practices, becoming one of the few firms that can handle these deals with equal depth in the US, the UK, and Europe.
What This Means For You
If you’re a client or a law student looking at the firm, the name on the door might be different, but the engine is the same. They are still the innovators in ESG and energy-related finance. They are still the ones you want in your corner when the SEC comes knocking.
Actionable Insights for Navigating the New Landscape:
- Look for the "Kramer" Brand in the US: In the United States, the firm often operates as HSF Kramer. This is a deliberate move to keep the brand equity built over 50 years in the New York market.
- Leverage the Global Reach: If you were a legacy Kramer Levin client, you now have 2,700 lawyers at your disposal. Don't just use them for US litigation; their expertise in London, Hong Kong, and Sydney is world-class.
- Watch the Energy Sector: The combined firm is doubling down on energy and infrastructure. Their experience in US solar securitization is now being exported to global markets, creating unique financing opportunities that didn't exist two years ago.
- Expect Competition: The merger has triggered a "scale war" in New York. Watch for other mid-sized elite firms to seek similar transatlantic partners to keep up with the HSF Kramer footprint.