One year after they were announced as Sullivan & Cromwell chair Joe Shenker’s successors, co-chairs Bob Giuffra and Scott Miller took over as the firm’s leaders at the beginning of January. The duo will both maintain their busy practices—Giuffra as an in-demand litigator and Miller as a high-profile dealmaker—and credit their shared leadership for allowing them to do so.

In this interview, they discuss the power-in-numbers approach to firm leadership, the firm’s generalist model, and the “turmoil” facing firms transitioning to new compensation systems in the midst of the ongoing talent war. This conversation has been lightly edited for clarity.