Key facts
- Rival law firms were described as reviewing their own operations after Weil's collapse, according to the report.
- The report said the collapse created panic in the legal market.
- The report did not give the date of the collapse or any financial figures.
Rival law firms are taking a closer look at their own operations after the collapse of Weil, Gotshal & Manges, according to a report that described panic in the legal market. The report did not date the collapse, name the firms reviewing their practices or give financial details of the failure.
The report framed the collapse around star culture at large law firms, without setting out specific evidence or figures. It gave no account of what happened at Weil, which creditors or clients were affected, or what the firm said about its own situation.