Weil partners vote to wind down firm as rivals move to recruit lawyers

Dimitar Dimitrov is acting senior content and events coordinator at LawCareers.Net

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Partners at Weil, Gotshal & Manges LLP have overwhelmingly voted to wind down the 95-year-old US law firm, with several international firms already moving to recruit lawyers affected by its closure.

Some 97% of Weil partners voted in favour of an orderly wind-down on Tuesday 10 November. The decision is said to affect around 1,200 lawyers, including 280 partners, as well as more than 1,000 other staff. Its London office has 45 partners and 200 solicitors.

International firm Sidley Austin LLP is reportedly in discussions to recruit around 200 people from Weil, with offers already made and interviews continuing for positions across London, Europe and New York. Most of the proposed hires are lawyers, although some business professionals are also included.

Meanwhile, Kirkland & Ellis International LLP announced last week that 40 Weil lawyers will join the firm in January. The group includes partner Ramona Nee, who’d been due to take over Weil’s leadership next year.

Elsewhere, Sullivan & Cromwell LLP has reportedly recruited three of the firm’s London trainees, alongside five future trainees who had been due to join next year.

A 40-strong funds team from Weil’s London office has also reportedly been negotiating a move to Gibson, Dunn & Crutcher UK LLP.

Weil, which is headquartered on Wall Street, recorded turnover of $2 billion last year, with profits per equity partner exceeding $5 million.

Its wind-down will be overseen by a committee comprising general counsel Robert Carangelo, tax department chair Paul Wessel and Patricia Ferrari. Executive partner Barry Wolf, who has held the role since 2010, is expected to serve as a special consultant to the committee.