Herskovitz was born in Philadelphia, Pennsylvania to a Jewish family, the son of Frieda (née Schreiber) and Alexander Herskovitz. Herskovitz attended Brandeis University, graduating in 1973. He entered the AFI Conservatory in 1975, where he and Edward Zwick first met. He frequently collaborates with Zwick, with whom he runs the film and television production company The Bedford Falls Company, named for the fictional town in the classic film It's A Wonderful Life. Their most recent project is the film "Love and Other Drugs". In 2007 Herskovitz ventured into the world of broadband production with the original series Quarterlife, which debuted on MySpace and a dedicated social network also called "quarterlife". It garnered enough views to be picked up by NBC and aired in 2008, but was quickly canceled.
Since May 2005, he has been a contributing blogger at The Huffington Post. Herskovitz was featured in The Dialogue interview series. In this 90-minute interview with journalist Jay A. Fernandez, he delves into the mediocrity of the industry, the voices that writers hear in their heads and why it's best to write first and ask questions later.
Herskovitz served as president of the Producers Guild of America from 2006–2010.
He was married to screenwriter Susan Shilliday from 1981–1993. They have two daughters.
Herskovitz married photographer Landry Major in 2015.
Thirtysomething won numerous Emmy Awards including Outstanding Drama series in 1988. That year it also won Outstanding Writing in a Drama series for an episode that Herskovitz co-wrote with Paul Haggis. The show also received the Best Drama Series award at the Golden Globes that year. Herskovitz himself was honored by both the Writers Guild and Directors Guild for his work on the series.