Weil Gotshal partners to vote on orderly wind-down of London firm
Partners at Weil, Gotshal & Manges will decide in the coming days whether to pursue an orderly wind-down of its London operations after a series of senior departures and failed merger talks.
Partners at US-headquartered Weil, Gotshal & Manges have been asked to vote on a proposal to pursue an orderly wind-down of the firm’s London practice, which employs 45 partners and about 200 solicitors. The firm said the management committee recommended the wind-down after a review of strategic alternatives and that client service would continue throughout the process.
The move follows recent departures of several senior lawyers to rival firms, including M&A lawyer Michael Aiello to Cravath, Swaine & Moore, New York partner Chris Machera to Paul, Weiss, and co-managing partner David Avery-Gee to Sullivan & Cromwell. Talks about a possible merger with another firm did not result in an agreement, and incoming executive partner Ramona Nee withdrew from the role.
Weil Gotshal has engaged advisers from Davis Polk & Wardwell to explore options, and the firm’s revenues last year were $2.1 billion, trailing competitors such as Simpson Thacher, which reported $3.6 billion in revenue.