Holwell Shuster & Goldberg

What Holwell Shuster & Goldberg does

Holwell Shuster & Goldberg LLP is a New York-based litigation boutique founded in 2012 by The Hon. Richard J. Holwell, a former U.S. District Judge for the Southern District of New York, together with Michael S. Shuster (previously global head of commercial litigation at White & Case), Daniel P. Goldberg, and Dorit Ungar Black. The firm represents large corporations, financial institutions, and other sophisticated clients in bet-the-company commercial disputes across federal and state courts, arbitral tribunals, and administrative agencies. Its practice spans ten specialized areas: Antitrust, Appellate, Arbitration/Mediation, Bankruptcy & Restructuring Litigation, Complex Commercial Litigation, Distressed Debt & Fund Litigation, Intellectual Property, Securities Litigation, Transnational Litigation, and White Collar & Internal Investigations, supplemented by a substantial Pro Bono practice. The firm has achieved a series of landmark outcomes, including the $6.26 billion Visa/Mastercard antitrust settlement (the largest private Sherman Act settlement in 120 years), a $2.4 billion Lehman Brothers MBS verdict, $125 million and $101 million verdicts against Walmart, an $81.3 million trade-secrets verdict against Boeing reinstated by the Ninth Circuit, a $69.8 million judgment against Philip Falcone, and a unanimous U.S. Supreme Court victory in Waetzig v. Halliburton.

The firm operates from a single headquarters at 425 Lexington Avenue in midtown Manhattan with over 80 lawyers, including a former NY Appellate Division Justice, four former U.S. Supreme Court clerks, and numerous federal circuit clerks. Revenue is generated through professional legal fees, with a stated preference for fee arrangements based on 'agreed measures of value' rather than billable hours, though hourly billing remains available. Client acquisition is driven by professional reputation, peer recognition (Chambers USA Elite tier, Benchmark Litigation New York Law Firm of the Year 2016 and 2024–2026, Legal 500 National Tier 1, Lawdragon), media coverage of landmark victories, and referrals from existing clients and co-counsel. Conflicts representation sourced from peer law firms serves as a secondary demand channel.

The firm is privately held, structured as a New York limited liability partnership with no disclosed external investors or parent company. Growth has been entirely organic, executed through lateral hiring of elite litigators and the development of a deep bench of former judicial clerks, rather than through mergers or acquisitions. Continuing expansion is signaled by ongoing partner promotions, the broadening of impact and civil rights litigation via strategic ACLU and NAACP Legal Defense Fund partnerships, and a sustained cadence of high-stakes trial and appellate mandates.

Name

Holwell Shuster & Goldberg

Legal name

Holwell Shuster & Goldberg LLP

Website

https://hsgllp.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

51–100 employees

Short description

Holwell Shuster & Goldberg LLP is a New York-based litigation boutique founded in 2012 that represents large corporations, financial institutions, and other sophisticated clients in complex commercial disputes, antitrust, securities, bankruptcy, intellectual property, and appellate litigation across U.S. and international forums.

Ownership category

akta.pro rank

Product category

Commercial Litigation Services

NAICS

Offices of Lawyers (541110), Legal Services (5411)

SIC

Services-Legal Services (8111)

akta.pro primary industry

Litigation & Dispute Resolution (BPAHAAAB)

Keywords

• Complex commercial litigation
• Antitrust litigation services
• Securities litigation practice
• Intellectual property litigation
• Appellate litigation services

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Legal Services - Professional Fees: HSG generates revenue through legal fees for complex commercial litigation services. The firm implements fee arrangements based on agreed measures of value rather than traditional billable hours, though hourly billing remains available as an option.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Holwell Shuster & Goldberg LLP is a litigation boutique law firm representing corporations and financial institutions in complex commercial disputes across courts and arbitral tribunals. Its core work spans antitrust, securities, bankruptcy and restructuring, IP, appellate, arbitration/mediation, transnational, distressed debt and fund, and white collar/internal investigations matters, with a pro bono practice supplementing the work. The firm handles bet-the-company cases for sophisticated clients, leveraging former judicial experience and Supreme Court clerkships.

Product overview

Holwell Shuster & Goldberg LLP is a litigation boutique law firm founded in 2012, offering a unified portfolio of legal services centered on complex commercial litigation. The firm operates across ten specialized practice areas—Antitrust, Appellate, Arbitration/Mediation, Bankruptcy & Restructuring Litigation, Complex Commercial Litigation, Distressed Debt & Fund Litigation, Intellectual Property, Securities Litigation, Transnational Litigation, and White Collar & Internal Investigations—supplemented by a Pro Bono practice. The firm has over 80 lawyers with experience at all levels of the federal judiciary, including former Supreme Court clerks, and handles high-stakes disputes in courts, arbitral tribunals, and administrative agencies throughout the country.

Differentiator

Problem solved

Functional benefit

Products and services

• Antitrust Practice Civil and criminal antitrust proceedings in domestic and international fora, before administrative, trial, and appellate bodies, handling matters under the Sherman Act, Clayton Act, and Robinson-Patman Act.
• Appellate Practice Representation in federal and state appellate courts including the U.S. Supreme Court, leveraging judicial experience and former Supreme Court clerkship pedigree.
• Arbitration/Mediation Practice International and domestic arbitration and mediation services under AAA, JAMS, ICC, ICSID, LCIA, UNCITRAL, and FIDIC rules.
• Bankruptcy & Restructuring Litigation High-profile disputes in bankruptcy courts including Chapter 7 and Chapter 11 proceedings, adversary proceedings, intercreditor disputes, and liability management exercises (LMEs).
• Complex Commercial Litigation High-stakes commercial disputes involving capital markets, financial instruments, mergers and acquisitions, corporate governance, and complex contracts.
• Distressed Debt & Fund Litigation Litigation representing issuers and holders of debt instruments and related disputes involving hedge and private equity funds.
• Intellectual Property Practice High-stakes litigation involving patents, copyright, trademarks, trade secrets, and other forms of intellectual property before federal courts, ITC, and USPTO.
• Securities Litigation Complex securities matters under the Securities Act of 1933, Securities Exchange Act of 1934, Investment Company Act, ERISA, and criminal statutes.
• Transnational Litigation Litigation involving cross-border disputes, foreign sovereigns, international discovery, and enforcement of foreign judgments and arbitral awards.
• White Collar & Internal Investigations Criminal and regulatory enforcement representation, internal investigations for corporations, and independent monitorships.
• Pro Bono Practice Uncompensated legal representation including civil rights litigation, immigration matters, asylum cases, and constitutional challenges.

Quantifiable outcome

• Unanimous victory at U.S. Supreme Court in Waetzig v. Halliburton
• +4 more outcomes

Named customers11 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

13 partnerships are on record, tiered minor and core.

• University of Notre Dame Balfour-Hesburgh Scholars ProgramminorOthersHSG partnered with the University of Notre Dame's Balfour-Hesburgh Scholars Program for first-generation professionals on a series of insightful discussions, including a pre-law panel about law school experiences and entering the legal field.
• Her JusticecoreOthersHSG has a major financial commitment to Her Justice, a nonprofit providing legal services to women living in poverty in New York City. The firm also partnered with Her Justice on a legal clinic.
• American Civil Liberties Union (ACLU)coreStrategic or Co-development PartnerHSG has filed discrimination charges against Frontier Airlines on behalf of female flight attendants and pilots with the ACLU and ACLU of Colorado. Also partnered on police conduct litigation through ACLU of Louisiana's Justice Lab initiative.
• ACLU of Louisiana's Justice LabcoreStrategic or Co-development PartnerHSG is an inaugural law firm partner in the ACLU of Louisiana's Justice Lab initiative to bring litigation addressing discriminatory police conduct in predominantly Black communities.
• NAACP Legal Defense and Educational Fund, Inc.minorStrategic or Co-development PartnerHSG served as co-counsel with the NAACP Legal Defense Fund and Shearman & Sterling in a case challenging Arkansas' methods of electing Court of Appeals and Supreme Court judges under Section 2 of the Voting Rights Act.
• Brennan Center for JusticeminorStrategic or Co-development PartnerHSG and the Brennan Center for Justice submitted an amicus brief in a criminal procedure case before New York's highest court.
• Cato InstituteminorStrategic or Co-development PartnerHSG and the Cato Institute submitted an amicus brief in a Third Circuit case.
• Religious Freedom InstituteminorStrategic or Co-development PartnerHSG served as counsel to the Religious Freedom Institute on multiple amicus briefs in federal courts of appeals and the Supreme Court voicing religious freedom and free exercise points of view.
• Towards JusticeminorStrategic or Co-development PartnerHSG partnered with Towards Justice along with ACLU and ACLU of Colorado on groundbreaking workplace discrimination actions against Frontier Airlines on behalf of female pilots and flight attendants.
• International Refugee Assistance ProjectminorOthersHSG has a long history of providing pro bono representation in immigration matters including representing an Iraqi citizen seeking resettlement in the United States as a refugee.
• New York Office of the Appellate DefenderminorOthersHSG has partnered with the New York Office of the Appellate Defender for indigent criminal defendant appeals, including a successful appeal to the NY Court of Appeals.
• Visa and BDSminorOthersHSG partnered with Visa and BDS to host a legal clinic as part of its commitment to providing legal services to underserved communities.
• National Women's Law CenterminorOthersHSG filed an amicus brief for the National Women's Law Center with the Sixth Circuit, and partner Priyanka Timblo serves on the National Women's Law Center's Leadership Advisory Committee.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Quinn Emanuel Urquhart & Sullivan: The largest U.S. litigation-only boutique, Quinn Emanuel competes head-to-head with HSG in bet-the-company commercial disputes, securities litigation, and antitrust matters for sophisticated corporate clients and financial institutions.
• Boies Schiller Flexner: Elite litigation boutique with a comparable mix of complex commercial, antitrust, and appellate work, frequently cited alongside HSG in Chambers and Benchmark rankings for high-stakes trial and appellate representation.
• Susman Godfrey: Houston-based elite trial boutique with a national bet-the-company practice overlapping HSG's core work in commercial, securities, and IP disputes, and similar alternative-fee orientation.
• Kasowitz Benson Torres & Friedman: NYC-based litigation-focused firm where HSG co-founder Daniel Goldberg previously practiced; directly comparable in commercial, securities, and bankruptcy litigation for major corporates and financial institutions.
• Bartlit Beck Herman Palenchar & Scott: Chicago-based trial boutique with a comparable courtroom-focused, complex commercial practice and similar ethos around deep trial talent and major corporate clients.
• Kellogg Hansen Todd Figel & Frederick: DC-based elite appellate and complex litigation boutique that overlaps HSG's appellate practice and frequently represents the same Fortune 500 client base in high-stakes appellate matters.

Broad incumbents

• Wachtell, Lipton, Rosen & Katz: Premier NYC-based M&A and litigation firm; HSG partner Blair Kaminsky joined from WLRK, and the firm competes for high-end commercial litigation engagements with significant resources and pricing power.
• White & Case: Global AmLaw firm where HSG founders Holwell, Shuster, and Goldberg previously built the commercial litigation practice; competes for sophisticated cross-border and complex commercial litigation mandates.
• Gibson Dunn: Major AmLaw firm with one of the strongest commercial litigation and appellate practices globally; competes with HSG for high-stakes trial and appellate work from Fortune 500 and financial institution clients.
• Cravath, Swaine & Moore: Premier NYC corporate and litigation firm that competes for sophisticated clients on bet-the-company disputes, particularly in securities and transactional litigation matters.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Holwell Shuster & Goldberg