Weil partners green light closure of legal powerhouse after almost a century
Partners at storied law firm Weil, Gotshal and Manges have voted to wind the firm down after almost a century, putting an end to months of speculation over its future. On Tuesday, partners at the US-based company agreed to dissolve the company, formalising its closure after the board told partners the firm should be closed [...]
The storied law firm Weil, Gotshal and Manges has voted to dissolve itself after almost a century, putting an end to months of speculation about its future. The US-based company announced its closure on Tuesday, as the board informed partners that the firm should be closed on October 28. A committee of three - the firm's general counsel Robert Carangelo, chairman of the tax department Paul Wessel, and independent director Patricia Ferrari - will oversee the dissolution process, according to the New York Times.
The decision to wind down Weil has led to the company looking for a merger with another US law firm before coming to this conclusion. The firm was once valued at over $2 billion in annual revenue. However, speculation about its future grew after a series of top partners left the firm, including Michael Hickey and Christopher Machera, who moved to US competitor Paul Weiss.
The firm also lost several top London talent, including co-managing partner David Avery-Gee, who joined Sullivan & Cromwell in September. One former Weil partner described the downfall of Weil as "a Titanic situation" and said it was "the worst succession planning in legal history."
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