Uncertain future for trainees
One of Wall Street’s best-known law firms is facing closure after more than 90 years in business, bringing a dramatic few weeks of partner exits, failed merger talks and leadership uncertainty at Weil to a head.
The firm’s management committee has recommended an orderly wind-down, with the proposal now set to go before the partnership for a vote.
A Weil spokesperson said:
“For more than 90 years, Weil, Gotshal & Manges has had the privilege of advising clients on some of their most consequential matters. Following a careful review of strategic alternatives, the Firm’s Management Committee has recommended to the partnership that the Firm pursue an orderly wind-down. The partners are expected to vote in the coming days. During the wind-down process over the coming months, the Firm will continue serving clients with the dedication and excellence that have defined it since its founding and will remain committed to supporting its colleagues.”
It’s understood London-based associates were informed yesterday that they would receive a 90-day payout, with the office expected to wind up on 31 December. The City operation is home to roughly 200 lawyers, including around 45 partners, as well as more than 120 business services staff.
For Weil’s junior ranks, the immediate picture is far less clear. The 2027 Legal Cheek Firms Most List shows the firm recruits around 15 trainees a year in London, meaning roughly 30 rookies are currently working their way through the two-year programme. First-years earn £60,000, rising to £65,000 in year two and £170,000 on qualification.
The proposed wind-down leaves trainees part-way through their training contracts, as well as students holding offers to join the firm in future intakes, facing an uncertain future. Legal Cheek has approached the firm for clarification but is yet to receive a response.
The scale of the firm makes the prospect of closure all the more striking. New York-founded Weil has around 1,200 lawyers globally and 15 offices across six countries. The 2027 Legal Cheek Firms Most List also puts profit per equity partner at £3.6 million, while revenues are understood to sit at around $2 billion (£1.5 billion). The figures underline just how dramatic the firm’s fall has been.
The latest twist follows a turbulent few months for Weil, marked by a wave of senior departures, failed merger talks and uncertainty over its leadership succession. The firm had only recently been exploring ways to remain independent or combine with a rival before restructuring advisers were brought in to assess its options.