The City of London Law Society (CLLS) said yesterday that it is on standby to help UK trainees and junior lawyers potentially marooned by the looming collapse of venerable Wall Street firm Weil, Gotshal & Manges.
Dozens of solicitors and other workers at the US firm’s Fetter Lane, London office appear to be facing redundancy after Weil’s leaders recommended that partners vote to ‘pursue an orderly wind-down’ of the 95-year-old firm. The announcement follows a series of high-profile partner departures and failed merger talks.
Last month M&A lawyer Michael Aiello, a leading ‘rainmaker’ for the firm left for Cravath, Swaine & Moore. Aiello had advised on M&A transactions in excess of $110bn. New York partner Chris Machera moved on to Paul, Weiss, Rifkind, Wharton & Garrison, Stephanie Srulowitz left for Simpson Thacher & Bartlett, while London co-managing partner David Avery-Gee joined Sullivan & Cromwell.
In a statement, Weil said: ‘During the wind-down process over the coming months, the firm will continue serving clients with the dedication and excellence that have defined it since its founding and will remain committed to supporting its colleagues.’
Weil is understood to employ about 200 solicitors in London. Colin Passmore, chairman of CLLS, said: ‘Our primary concern is everyone at Weil’s office, particularly the trainees and junior lawyers here, who will understandably be anxious about what these latest developments mean for their careers. As we have demonstrated when others have faced difficulties in the past, the CLLS is steadfast in its support to City law firms and their people, and will look to provide guidance however it can when the need arises.’
The Law Society is prepared to take calls from any trainee needing support. ‘We offer a range of support to our members, including pastoral care which can be accessed through the Law Society helpline,’ said a spokesperson. ‘There is also guidance available to trainees and our career clinic offers a free one-to-one 30-minute consultation with a legal career coach. We would encourage all trainees who are seeking further support to get in touch with us.’
Merger would have been a preferred strategic alternative for Weil, but talks with rival, Willkie Farr & Gallagher did not come to anything.
No comments yet