Weil wields axe in latest US cuts


By Julia Duke

25 June 2013 at 11:35 BST


New York based firm Weil Gotshal & Manges is preparing to fire a total of 60 salaried lawyers and chop an additional 110 staff while also reducing pay for some partners, according to Bloomberg News.

Weil set to make deep cuts

Bloomberg reports that Barry Wolf, executive partner and chairman of Weil’s management committee, blamed the on-going effects of the 2008 financial crisis – such as the falling off of restructuring and litigation work - for the cutbacks.
Mr Wolf went on to announce plans to reduce the complex commercial litigation practice in Houston and Boston. He also said that the pay-cuts may result in partners leaving the firm.

Lehman Brothers

According to the American Lawyer, the firm was 13th in regards to gross revenue and has maintained its position as the number one bankruptcy firm, most known for the Lehman Brothers Holdings Inc. case.
Similar cuts were made in 2009, when the firm cut 79 staff members. According to Bloomberg, other well-known law firms have also been forced to make changes.

 
   
 
 
 

Also read...

'Love in the Bin' does not amount to a broken heart

Banksy has made a fabulous contribution to what 'caveat emptor' might, does - or should - mean