Brad Karp’s long reign at one of Wall Street’s most formidable law firms ended abruptly this week, not with a planned handover but with a resignation forced by resurfacing emails and intensifying scrutiny.
Paul, Weiss, Rifkind, Wharton & Garrison confirmed late Wednesday that Karp had relinquished his role as chairman after internal and external attention zeroed in on his past communications with Jeffrey Epstein. The firm named Scott Barshay, head of its corporate practice and a veteran of some of the largest dealmaking of the past decade, as his successor.
In a brief statement, Karp acknowledged that recent reporting had shifted attention away from the firm’s work and toward him personally. Stepping down, he said, was meant to remove that distraction. He will remain at Paul Weiss in a client-facing role.
The controversy erupted after the U.S. Justice Department released a vast cache of Epstein-related documents, including emails showing Karp’s interactions with the disgraced financier over several years, extending into 2019—months before Epstein’s arrest on sex-trafficking charges. Epstein later died in a Manhattan jail cell.
Paul Weiss said Karp was not accused of any wrongdoing and that he regrets the contacts. Still, the disclosures proved destabilizing. According to people familiar with the matter, Karp retained support inside the firm as recently as earlier this week. Within days, that support eroded.
Under Karp’s nearly 18-year stewardship, Paul Weiss transformed into a revenue powerhouse, crossing $2.6 billion in annual income by 2024. Known as a fierce advocate for corporate clients, Karp also cultivated a public image as a supporter of progressive causes and Democratic politics, including active fundraising during the 2024 presidential race.
The emails tell a more complicated story. Among them are exchanges in which Karp reviewed and praised a draft filing linked to efforts to reopen a long-settled agreement involving Epstein. Other messages show discussions about financial demands connected to Leon Black, the Apollo Global Management co-founder whom Karp represented and through whom he first met Epstein.
The fallout comes on top of lingering criticism over a separate episode last year, when Paul Weiss agreed to provide tens of millions of dollars in free legal services to causes backed by the White House. The arrangement followed a meeting between Karp and then-President Donald Trump and led to the withdrawal of an executive order that had restricted the firm’s access to government work. Karp argued at the time that the order posed an existential threat to the firm.
With Karp stepping aside, Barshay—whom Karp recruited from a rival firm in 2016—now takes the helm. His résumé includes advising on landmark transactions such as Anheuser-Busch InBev’s takeover of SABMiller and Chevron’s acquisition of Hess.
For Paul Weiss, the leadership change is meant to draw a line under a turbulent week. For Karp, it marks a swift and public reversal after decades at the pinnacle of the legal world—toppled not by a courtroom defeat, but by emails from the past catching up in the present.
