Weil Gotshal senior partner advises junior lawyers to seek new jobs amid firm uncertainty
Weil Gotshal & Manges told its junior lawyers to look for employment as the firm evaluates its future after a wave of partner departures and stalled merger talks.
Alex Lynch, the head of Weil Gotshal & Manges' capital markets practice, informed associates in a meeting on Tuesday that they should begin searching for other employment opportunities. He indicated that the junior lawyers would remain on the payroll for now and continue handling client matters, but did not specify how long their positions would last.
The firm’s stability has been called into question following a series of partner exits, which insiders attribute partly to diminished confidence in the firm’s leadership. Earlier this month, corporate department chair Michael Aiello moved toward a role at rival firm Cravath, and incoming leader Ramona Nee reportedly declined to assume the position at Weil.
Davis Polk & Wardwell, including restructuring partner Brian Resnick, is advising Weil as it reviews its options. Resnick heads Davis Polk’s liability management and special opportunities practice.
Weil Gotshal, a New York-based firm with more than 1,200 lawyers and roughly $2 billion in annual revenue, has historically been recognized for its bankruptcy work, having served as lead debtor counsel in high-profile cases such as Lehman Brothers and Enron, as well as for its M&A capabilities. Recent discussions about a possible merger with Willkie Farr & Gallagher collapsed last week, leaving analysts to consider whether a dissolution may become the only viable path.
"We want to be transparent with our associates and give them the time to explore their options," Lynch said during the meeting.
The firm and Lynch did not respond to requests for comment.