Gibson Dunn is set to hire up to 120 funds lawyers from Weil, as partners, associates and other staff scramble to secure roles ahead of the New York firm’s planned closure.
The group includes more than 20 partners, among them Weil's private funds practice head, New York-based partner Andrew Chizzik, and London private funds group co-chiefs James Bromley and James Sargent.
Gibson Dunn’s recruitment of the highly regarded group is yet to be confirmed, though two people with knowledge of the situation confirmed its expected arrival at Gibson Dunn.
Around 40 members of the group are London lawyers GLP reported last week were set to move over, including private funds partners Phil Baynes, Fiona Cumming, Aron Joy, Sophie Smith and Jacquelyn Volpe and financial services regulation partner Marc Schubert. The rest of the group – including around a dozen partners – will join Gibson Dunn in the US.
Law firms are circling Weil for talent amid the firm's headline-grabbing implosion, which has unfolded at breakneck speed, seemingly triggered by a series of high-profile defections since the summer, notably Michael Aiello, one of the firm’s best-known US corporate dealmakers, who joined Cravath Swaine & Moore with five other partners.
According to numerous reports, Kirkland & Ellis is in talks to hire Ramona Nee, who had been set to succeed Barry Wolf as Weil's executive partner before declining the role, alongside a group of partners. Kirkland did not respond to a request for comment.
Last week Weil said the partnership would vote on a recommendation by the management committee to pursue “an orderly wind-down” of its operations.
Associates and staff have been told they will continue receiving salary and benefits for 90 days, according to Bloomberg Law. Employees who remain with the firm until the relevant payment dates will also be eligible for year-end bonuses.
Weil has appointed restructuring consultancy AlixPartners to help manage its planned closure, alongside lawyers from Davis Polk, according to Reuters. The firm intends to pursue an out-of-court wind-down rather than enter bankruptcy proceedings, provided it can meet its financial obligations.
Meanwhile, the Financial Times reported yesterday that a group of around 10 former Weil partners was working with Foley & Lardner litigator Peter Wang, in a move that points to possible disputes over payouts and management decisions. The group includes lawyers who left in the past five years, but not those who departed in the recent wave of exits.
In a separate development, US law firm Latham & Watkins has taken on five current trainees from Weil‘s London office, according to a source with knowledge of the matter.
Financial News reported on Monday that 10 further law firms had offered their support for Weil trainees, citing a person familiar with the matter. They are Akin, Baker McKenzie, Debevoise, Jones Day, Kirkland & Ellis, Macfarlanes, Paul Weiss, Skadden, Sullivan & Cromwell and Willkie.
Email your news and story ideas to: [email protected]
