As LawFuel reports, Weil Gotshal, the firm that walked Lehman, GM and Enron through their worst days, told partners its management committee recommends an orderly wind-down. The vote is expected within days. Roughly 1,200 lawyers, about $2.1 billion in revenue last year, and the confidence ran out in about five weeks. That is the Weil wind-down in one line.
If Weil is on your matters, call your relationship partner today. Ask where your team is landing, who holds the files and what happens to your budget. Then check your outside counsel guidelines for a transition clause. You probably don’t have one. Recruiters say they are drowning in Weil résumés, so a lot of strong lawyers will be eyeing in-house counsel seats. Good time to be hiring… and a good time to revisit how you are managing outside counsel.
“Weil, Gotshal & Manges told partners on Wednesday that its management committee has recommended an orderly wind-down of the firm. Partners are expected to vote within days.”
Read: Weil Gotshal Votes on Its Own Funeral After 95 Years on Wall Street at LawFuel