Weil Gotshal Partners Approve 97% Vote to Dissolve Century-Old Firm
Updated
Updated · The New York Times · Nov 10
Weil Gotshal Partners Approve 97% Vote to Dissolve Century-Old Firm
3 articles · Updated · The New York Times · Nov 10
Summary
Weil, Gotshal and Manges partners voted 97% in favor of dissolving the nearly century-old law firm, formalizing a shutdown after months of turmoil.
Rainmaker defections, a succession crisis and the collapse of a rescue merger last month left the firm without a viable path forward, prompting leaders to recommend winding it down.
A three-person committee — Robert Carangelo, Paul Wessel and Trish Ferrari — will oversee the dissolution, with chairman Barry Wolf advising the process.
Rival firms have already absorbed key talent: Kirkland & Ellis said last week it was hiring 40 Weil lawyers, and Paul Weiss on Monday added former management committee member Caroline Hickey Zalka.
The breakup caps the fall of a firm once known for bankruptcy work as larger, richer competitors outpaced it on scale, profits and pay.