Weil, Gotshal & Manges is facing an orderly wind-down after more than 90 years in business, as confirmed by a firm spokesperson following failed merger talks with Willkie Farr & Gallagher and a wave of partner departures.
Partnership Vote and London Office Timeline
The management committee’s wind-down recommendation will go before the partnership for a vote in the coming days. In London, the office is home to roughly 200 lawyers and more than 120 business services staff, with the office expected to wind up on 31 December.
The Exodus of Senior Leadership
Corporate department chairman Michael Aiello also moved toward an exit for Cravath, while incoming leader Ramona Nee decided not to take the job. A former Weil partner told City AM: “This is probably the worst succession planning in legal history.” They added they “don’t think the firm sorted out a leadership situation properly.” Another former partner stated: “I’m shocked about this…It’s crazy to me this is the path they chose.” They explained they think the management committee may have decided “they wouldn’t be in a position to weather the storm,” adding: “I did think people would still be committed to the firm, such as the long-standing partners who I thought might step up and try to resize or restructure the firm.” The former partner also noted: “When you see the very leadership of the firm crumble, and they all start leaving, you know it’s game over,” and “I got out before I was aware it was going to be a Titanic situation.”
Breaking news: Weil, Gotshal & Manges has tapped restructuring specialists to assess options including a possible wind-down, as the crisis deepens at one of America’s largest and most prestigious law firm https://t.co/FockcOfwEq pic.twitter.com/oW6W9wiBGh
| Metric / Detail | Figure / Status |
|---|---|
| Global Lawyers | ~1,200 |
| Estimated Revenue | ~$2 billion (£1.5 billion) |
| Profit Per Equity Partner | £3.6 million |
| London Trainees Affected | ~30 rookies in the 2-year programme |
| London Staff Impacted | ~200 lawyers, ~120 business services |
Uncertainty for Junior Ranks and Restructuring Advisors
Meanwhile, Alex Lynch, who leads Weil’s capital markets group, advised junior lawyers in a group meeting to look for employment. Davis Polk & Wardwell restructuring partner Brian Resnick is advising Weil as it assesses its options. A recruitment specialist said “people tend to unkindly forget about them” and “many will struggle to find new jobs.”
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
