Brad Karp is stepping down as chairman of Paul, Weiss, Rifkind, Wharton & Garrison, while remaining a partner; Scott Barshay will serve as interim chair effective immediately.

The move follows DOJ-linked emails that revealed close ties to Jeffrey Epstein, including past discussions about Epstein helping Karp's son, an aspiring filmmaker, secure work with Woody Allen.

Karp said the recent reporting created a distraction not in the firm’s best interest and expressed regret for his interactions with Epstein.

This development is part of a developing, breaking-news story with ongoing updates expected.

Karp has been a high-profile external adviser to major clients such as Citigroup, JPMorgan Chase, Morgan Stanley, Deloitte, ING, and Bear Stearns, and his broader connections include NFL concussion litigation and Democratic fundraising.

Paul Weiss is a leading firm known for high-profile clients and involvement in major mergers, with experience representing Exxon Mobil and Meta.

Barshay, a veteran M&A banker from Cravath who joined Paul Weiss in 2016, will lead the firm and continues to head its M&A practice, having overseen significant deals for Chevron and IBM.

Karp built Paul Weiss into a deal-focused powerhouse since 2008, boosting revenue to about $2.6 billion and expanding the firm’s prominence in defending Wall Street while engaging in social causes.

Under Karp’s leadership, the firm grew to more than $2.6 billion in annual revenue by 2024 and earned a reputation for strong corporate work coupled with social advocacy.

Barshay praised Karp’s immense contributions, noting how he transformed Paul Weiss for the benefit of clients during his tenure.

Karp drew attention last year for meeting with President Trump and negotiating a deal that rescinded an order affecting lawyers’ security clearances at Paul Weiss.

A 2015 email shows Karp calling Epstein “amazing” and describing an extraordinary evening, signaling close prior ties.