Difficult few weeks for US outfit
Weil is reportedly weighing a possible wind-down after merger talks with a rival collapsed, marking the latest escalation in a turbulent few weeks for the US legal giant.
The firm has called in restructuring specialists, including Davis Polk lawyer Brian Resnick, as it considers what comes next. Other options include a last-minute merger or continuing as a slimmed-down standalone business, the Financial Times (£) reports.
Financial consultancies are also being sounded out to review Weil’s books, including obligations tied to pensions and office leases.
The latest twist marks a dramatic turnaround for Weil. Back in September, the firm knocked back merger speculation, insisting it was “not engaged in merger discussions with any firm”, despite reports that a potential tie-up was among several options being considered.
By October, however, the picture had shifted. Reports emerged that Weil was actively pursuing a merger with an unnamed law firm, with the two sides understood to be working towards a memorandum of understanding.
That momentum quickly faded. Reports said merger talks with fellow US firm Willkie had fallen through, while incoming executive partner Ramona Nee had apparently told Weil’s management committee she no longer intended to take up the top job in January. The firm played down the reports, dismissing suggestions she was heading elsewhere as “false”.
The uncertainty has also played out against the backdrop of continued partner departures in both the US and London, adding further pressure as the firm weighs its future.
Weil has been approached for comment.
