Mike Scarcella and Sara Merken, reporting for Reuters, lay out what comes next as Weil, Gotshal & Manges plans to wind down. The 95-year-old firm had about 1,200 lawyers and more than $2 billion in revenue last year, but more than 30 partners left this year and merger talks fell apart in late October. Management has recommended the wind-down; the partners still have to vote.
For Weil Gotshal clients, and Reuters names Apple, Goldman Sachs and Dow Chemical, the job now is triage: find out where your team is landing and whether your matters go with them. Our guide to managing outside counsel has a few ideas. And with associates about to job hunt all at once, expect a pile of résumés for in-house counsel openings too.
“The hiring and job hunting will now go into overdrive as other firms compete for top remaining partners and hundreds of associates flood the legal hiring market at once.”
Read: What’s next for law firm Weil Gotshal as it plans dissolution at Reuters