No discussions taking place, US firm insists
Weil has pushed back on merger speculation, insisting it is “not engaged in merger discussions with any firm” after a report suggested it was considering a potential tie-up as one of several options following a string of high-profile partner departures.
Weil is sounding out partners as it weighs a range of options for the business, including “a potential merger with a competitor”, Bloomberg Law reports, citing people with knowledge of the matter. The firm is also said to be considering strategic hires and promotions, while remaining independent remains firmly on the table.
The firm, however, has knocked back suggestions that merger talks are under way. A spokesperson told the website:
“Weil is not engaged in merger discussions with any firm. Like every leading firm, we continually evaluate opportunities to strengthen our platform.”
The merger chatter comes against the backdrop of a number of high-profile exits from the firm. New York dealmaker Michael Aiello and five other M&A partners are set to jump ship to Cravath, Swaine & Moore, while two London-based M&A partners have recently made the move to Sullivan & Cromwell.
Despite that denial, Bloomberg claims that some senior figures at Weil have become more open to the idea of a combination, with some said to have held informal conversations to gauge appetite for a potential tie-up.
Founded in 1931, New York-based Weil has around 1,200 lawyers worldwide and is particularly known for its M&A, restructuring and bankruptcy work. In London, the firm recruits around 15 trainees each year through its vacation scheme.
Wording is key: Weil may “not [be] engaged in merger discussions”, but may certainly be considering engaging in such discussions…