Wall Street-headquartered firm Weil Gotshal & Manges will formally be wound down after its partners overwhelmingly voted in favour of its dissolution.
Partners at the 95-year-old business, which had a $2 billion turnover last year, and where profits per equity partner exceeded $5 million, were asked in late October to vote to ‘pursue an orderly wind-down’.
On Tuesday, 97% of partners voted in favour of closing the firm and of handing it to a wind-down committee made up of its general counsel Robert Carangelo, the chair of its tax department Paul Wessel and Patricia Ferrari. Executive partner, Barry Wolf, who has been in post since 2010, is set to serve as a special consultant to the wind-down committee, news service Bloomberg reports.
Meanwhile, efforts are being made across the sector to support some 1,200 lawyers, including 280 partners, and a further 1,000+ staff, affected by the firm’s impending closure. Weil’s London offices in Fetter Lane has 45 partners and 200 solicitors.
The Gazette understands that international firm Sidley Austin is in discussions to make 200 hires from Weil. Several offers have been made, and an interview process is continuing for roles across London, Europe and New York. The roles are mostly for lawyers, although they include some business professionals.
Sullivan & Cromwell has reportedly hired three of Weil’s London trainees and five who were due to start as trainees next year; while Kirkland & Ellis announced last week that 40 lawyers from Weil will join the firm in January.
The slew of Kirkland hires includes Ramona Nee, a partner at Weil for almost 25 years, who had been due to take over leadership from January.
The Gazette understands that a 40-strong funds team from Weil’s London office has been negotiating its move to Gibson Dunn for almost a year.
In September, M&A lawyer Michael Aiello, a leading ‘rainmaker’ for the firm left for Cravath, Swaine & Moore.
US firm Law firm Davis Polk & Wardwell will advise on the dissolution of Weil, with restructuring from AlixPartners and C Street Advisory Group, the Financial Times reports.
The Gazette has made efforts to contact Weil for comment.
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