Key facts
- The Law Gazette reported that 97% of Weil partners voted to close the firm and hand it to a wind-down committee.
- Weil's wind-down committee comprises general counsel Robert Carangelo, tax department chair Paul Wessel and Patricia Ferrari, per the Law Gazette.
- Executive partner Barry Wolf, in post since 2010, is set to serve as a special consultant to the wind-down committee, the Law Gazette reported, citing Bloomberg.
- The Law Gazette understands Sidley Austin is in discussions to hire 200 people from Weil across London, Europe and New York.
- Kirkland & Ellis announced last week that 40 Weil lawyers will join the firm in January, per the Law Gazette.
- Weil's London office in Fetter Lane has 45 partners and 200 solicitors, the Law Gazette reported.
Partners at Weil Gotshal & Manges voted 97% in favor of dissolving the New York law firm, the Law Gazette reported, after they were asked in late October to vote to pursue an orderly wind-down. The firm, which the Law Gazette said had $2 billion in turnover last year and profits per equity partner above $5 million, will be handed to a wind-down committee made up of general counsel Robert Carangelo, tax department chair Paul Wessel and Patricia Ferrari.
Executive partner Barry Wolf, in post since 2010, is set to serve as a special consultant to the wind-down committee, the Law Gazette reported, citing Bloomberg. The Gazette said efforts are being made across the sector to support some 1,200 lawyers, including 280 partners, and more than 1,000 other staff affected by the closure. Weil's London office in Fetter Lane has 45 partners and 200 solicitors.
The Gazette said it understands that Sidley Austin is in discussions to hire 200 people from Weil, with offers made and interviews continuing for roles across London, Europe and New York, mostly for lawyers. Sullivan & Cromwell has reportedly hired three of Weil's London trainees and five due to start as trainees next year, while Kirkland & Ellis announced last week that 40 Weil lawyers will join in January, including Ramona Nee, a Weil partner of almost 25 years who had been due to take over leadership from January.
The Gazette also said a 40-strong funds team from Weil's London office has been negotiating a move to Gibson Dunn for almost a year, and that M&A lawyer Michael Aiello left for Cravath, Swaine & Moore in September. Davis Polk & Wardwell will advise on the dissolution, with restructuring support from AlixPartners and C Street Advisory Group, the Financial Times reported, according to the Gazette. The Gazette said it had made efforts to contact Weil for comment.