‘Internationalism has been part of Cleary from the very beginning,’ says Jeffrey Karpf, as he prepares to take the helm at Cleary Gottlieb Steen & Hamilton as its next managing partner.
Karpf, who has spent his entire 30-year career at Cleary, will succeed Michael Gerstenzang in January 2026, with Gerstenzang stepping into a newly created role as senior partner after nine years as managing partner.
‘Michael’s done a remarkable job leading us for almost nine years now. It’s been a period with challenges, but also strong growth and ambition, and that’s going to continue under my leadership,’ Karpf told LB.
Joining Cleary in 1994 and making partner in 2003, Karpf is a corporate and finance specialist, and his time at the firm has seen him lead on multiple major transactions, including some of the largest-ever acquisition financings and private placements.
Reflecting on the transition to managing partner, he said: ‘It is very exciting – it’s an honour to be asked by my partners to take on this role. Our visions are very closely aligned.’
On the firm’s future strategy, Karpf underscored the firm’s expansion both in the US and internationally across key specific practice areas: ‘We’re looking to maintain our financial growth and expand core practices, particularly with a focus on the US and New York. Our growth in London over the past several years has been very intentional.’
Cleary’s culture and identity have long been affiliated with a more global outlook than some of its US rivals, with the firm’s Paris office opening in 1949. ‘We’re more international than many of our competitors, that’s always been one of our strengths, and we’re going to continue to grow internationally.’
London has been a key focus for the firm, and while Karpf said this would continue, he stressed the importance of the firm’s wider European network. ‘In Europe, we have very strong practices in Brussels and Paris. In Italy we’re regarded as one of the top firms, and I don’t think that’s going to change.’
Cleary has already added 19 lateral partners this year, including a five-partner IP litigation team from Latham & Watkins across the firm’s three US offices in New York, Washington DC and the Bay Area.
Karpf said: ‘We’re ambitious in branching into new areas. If you look at the areas where we’re making partner hires, they’re in M&A, private equity, private funds, capital solutions and private credit, and antitrust litigation. The biggest focus is on these areas: private capital, private markets, and private restructuring.’
In June this year, the firm hired partner Rob Sharpe, a specialist in private equity, private funds, and M&A, into its EMEA tax practice in London.
Gerstenzang is set to remain at the firm in the new role of senior partner, and Karpf said is intended to ‘reinforce continuity, cohesion and collaboration.’
Karpf explained: ‘We have the benefit of Michael continuing as an ambassador of the firm, particularly in private capital and technology.’
Gerstenzang’s role will also allow him to continue his work on the firm’s innovation and integration of cutting-edge technologies. His tenure has been marked by record growth, with revenues of $1.49bn in the 2024–25 financial year, global expansion, and technology adoption, including a partnership with AI-powered legal tech company Legora and the acquisition of Springbok AI.
‘We’ve always been leaders when it comes to innovation and our application of AI and technology on behalf of clients, whether through ClearyX in M&A due diligence, or in litigation technology,’ Karpf said. Launched in 2022, ClearyX streamlines M&A due diligence and contract automation, enhancing efficiency and quality. The firmwide rollout of Legora saw around 1,500 participants on the first day, reinforcing how fast the firm has been to embrace new technology.
Looking ahead, Karpf highlighted three priorities: client service, innovation, and talent. ‘It’s always been in our DNA to bring the best expertise to bear for our clients. When a client calls me or another partner, we immediately think who are the best people at the firm, whether in the US, Europe, Asia, or Latin America. It’s part of our culture, not something financially engineered.’
Financially, he remains confident: ‘Last year was a record year in revenues and profits for us, and that’s growing this year on top of that. I see that in the level of demand for our services month after month this year. I’m incredibly optimistic about our trajectory.’
