Things at Weil Gotshal & Manges have officially gone from rough patch to panic mode.
According to the Wall Street Journal, Weil’s management committee met nonstop all day Sunday and picked things back up Monday, and that committee was already short a few members who are leaving for rivals. Then it gets worse:
A member of Weil’s leadership team recently reached out to restructuring counsel at another firm seeking guidance on options should the situation continue to deteriorate, other people familiar with the matter said. Davis Polk represented Weil Gotshal in merger talks that fell through last week and is continuing to advise the firm, said another person familiar with the matter who declined to comment specifically on what.
Internal anxiety about the firm’s survival intensified after the merger talks failed. News also broke that at least four additional top partners are departing for rival firms and the firm’s would-be incoming leader no longer plans to take the role.
Partners in several different practice groups around the firm are frantically sending résumés to rival firms, including Sidley Austin, White & Case, and Simpson Thacher, according to people familiar with the matter.
This is the firm that shepherded Lehman Brothers, General Motors, and Enron through bankruptcy. Now it’s asking someone else’s restructuring lawyers what to do.
And yes, Davis Polk is the same firm that, according to Bloomberg Law, is bringing on Weil appellate litigator Drew Tulumello. Full-service shop they’ve got there.
The Journal also added a new wrinkle to the news that Ramona Nee won’t be taking over as executive partner: she told the firm back in September. That’s the same month Weil insiders were selling Mike Aiello’s exit as a chance to “let Weil be Weil,” a pitch that leaned heavily on Nee. Per the WSJ, she has no immediate plans to leave, though plenty of firms would like her and her team.
And the next shoe may be the heaviest — the Journal reports that two of Weil’s top revenue-generating leaders are being heavily courted, and people in the industry say losing both, along with their teams, could be a decisive blow. One of them is Matt Barr, the global chair of Weil’s restructuring practice, who has been fielding calls about leaving and taking several of his top lawyers with him. Barr has told his partners in recent weeks that he doesn’t plan to go.
Last year, Weil brought in $2.1 billion in revenue and more than $5.6 million in profits per equity partner, according to American Lawyer data. It also has some 380,000 square feet at the General Motors Building across from Central Park, and one person told the Journal the firm has been examining its lease obligations in recent days.
Back in September, Weil sniffed that Aiello was leaving for “a smaller platform,” and now its platform is undergoing shrinkage of its own.
Earlier: Weil’s Incoming Leader Won’t Take The Job, And Might Take One At Simpson Thacher Instead
Weil’s Merger With Willkie Is Dead, But Its Partner Exodus Is Very Much Alive
Weil Gotshal Is Reportedly Negotiating A Merger, About A Month After Saying It Wasn’t In Merger Talks
Weil Seeks To Strengthen Its ‘Platform’ As Merger Rumors Swirl
The Cravath Shade Wasn’t A One-Off: Weil Insiders Line Up To Say Good Riddance
Weil’s Corporate Chair Decamps For Cravath, Which Weil Would Like You To Know Is ‘A Smaller Platform’
Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Bluesky @Kathryn1
The post Weil Partners Are ‘Frantically Sending Résumés’ As Leadership Weighs Its Options appeared first on Above the Law.
Things at Weil Gotshal & Manges have officially gone from rough patch to panic mode.
According to the Wall Street Journal, Weil’s management committee met nonstop all day Sunday and picked things back up Monday, and that committee was already short a few members who are leaving for rivals. Then it gets worse:
A member of Weil’s leadership team recently reached out to restructuring counsel at another firm seeking guidance on options should the situation continue to deteriorate, other people familiar with the matter said. Davis Polk represented Weil Gotshal in merger talks that fell through last week and is continuing to advise the firm, said another person familiar with the matter who declined to comment specifically on what.
Internal anxiety about the firm’s survival intensified after the merger talks failed. News also broke that at least four additional top partners are departing for rival firms and the firm’s would-be incoming leader no longer plans to take the role.
Partners in several different practice groups around the firm are frantically sending résumés to rival firms, including Sidley Austin, White & Case, and Simpson Thacher, according to people familiar with the matter.
This is the firm that shepherded Lehman Brothers, General Motors, and Enron through bankruptcy. Now it’s asking someone else’s restructuring lawyers what to do.
And yes, Davis Polk is the same firm that, according to Bloomberg Law, is bringing on Weil appellate litigator Drew Tulumello. Full-service shop they’ve got there.
The Journal also added a new wrinkle to the news that Ramona Nee won’t be taking over as executive partner: she told the firm back in September. That’s the same month Weil insiders were selling Mike Aiello’s exit as a chance to “let Weil be Weil,” a pitch that leaned heavily on Nee. Per the WSJ, she has no immediate plans to leave, though plenty of firms would like her and her team.
And the next shoe may be the heaviest — the Journal reports that two of Weil’s top revenue-generating leaders are being heavily courted, and people in the industry say losing both, along with their teams, could be a decisive blow. One of them is Matt Barr, the global chair of Weil’s restructuring practice, who has been fielding calls about leaving and taking several of his top lawyers with him. Barr has told his partners in recent weeks that he doesn’t plan to go.
Last year, Weil brought in $2.1 billion in revenue and more than $5.6 million in profits per equity partner, according to American Lawyer data. It also has some 380,000 square feet at the General Motors Building across from Central Park, and one person told the Journal the firm has been examining its lease obligations in recent days.
Back in September, Weil sniffed that Aiello was leaving for “a smaller platform,” and now its platform is undergoing shrinkage of its own.
Earlier: Weil’s Incoming Leader Won’t Take The Job, And Might Take One At Simpson Thacher Instead
Weil’s Merger With Willkie Is Dead, But Its Partner Exodus Is Very Much Alive
Weil Gotshal Is Reportedly Negotiating A Merger, About A Month After Saying It Wasn’t In Merger Talks
Weil Seeks To Strengthen Its ‘Platform’ As Merger Rumors Swirl
The Cravath Shade Wasn’t A One-Off: Weil Insiders Line Up To Say Good Riddance
Weil’s Corporate Chair Decamps For Cravath, Which Weil Would Like You To Know Is ‘A Smaller Platform’
Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Bluesky @Kathryn1
