Legal powerhouse Weil Gotshal votes to liquidate after 95 years
US legal giant, Weil Gotshal and Manges’ partners have voted to liquidate the firm. This year, Weil has seen an exodus of heavy partners across the US as well as London, including former corporate co-managing partner Michael Hickey and private equity co-head Christopher Machera, who left the firm for US competitor Paul Weiss in August. [...]
Weil Gotshal and Manges, a prominent U.S. legal firm, has decided to dissolve after 95 years of operation. The decision came following the departure of several high-profile partners, including former corporate co-managing partner Michael Hickey and private equity co-head Christopher Machera, who recently left for a U.S. competitor.
Speculation arose about the firm's future as a powerhouse in corporate law, with leadership reportedly negotiating to merge with Willkie Farr & Gallagher; however, the talks ultimately failed. Despite its success, the $2 billion firm issued a statement on Wednesday, informing employees that it would undergo an orderly dissolution.
Throughout the process, the firm pledged to continue serving clients with the same level of dedication and excellence. Weil Gotshal boasts over 2,000 employees worldwide, with a significant presence in London, where it has been operating since 1996. The liquidation process may involve filing for Chapter 7 bankruptcy to avoid office lease commitments, allowing lawyers, staff, and clients to transfer to other firms.
John Bringardner, head of financial analytics firm Debtwire, suggested that the crisis of confidence among the firm's top partners likely led to the decision, rather than financial issues.
Written by urgent.news from City AM's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
