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.
Future trainee here – zero clue what is going on re TCs.
Best of luck. Hope you land on your feet.
Hang on tight. Other firms have been known to step in. You’ve all been interviewed, accepted, and partly trained by Weils which is a good firm, so other firms will see you as quality assured trainees and juniors. I expect similar size firms will step in to save your bacon, you might end up going to other US or City firm such as Links Clifford’s etc.
My honest view is to wait for help.. the next 3 months are safe, you are being paid.. and it will be full of news. Carry on working, training, upskilling and learning your trade.
Don’t quit (unless you’re able to secure privately an offer to take you on by a similar firm). Help will be coming as there are so many of you affected. Don’t do anything rash. Business as normal for now but keep your eyes open for news.
Reassess when further information is available. Or in a month or so. Not a great situ to be in for sure, but this is one to watch and wait for now Good luck to you all.
Whose firm this was, the dockets know.
It taught the giants how to go:
To file, to stay, to sell, to shed,
And rise again from what they owe.
Old Harvey turns within his bed
To hear the careful words they said:
Not Chapter 11, not a plan,
An “orderly wind-down” instead.
For ninety years the playbook ran
On every bust since busts began;
They knew the cure for every ill.
Physician, heal thyself. Who can?
The partners meet to sign the will;
There’s dedication left to bill,
And months to wind before it’s still,
And months to wind before it’s still.
Frost would be proud!
Very sad. Vulture law firms gouging out disloyal heavy hitting partners and a failure of management to stop the exodus. A great law firm destroyed.
Feel for everyone involved – an awful situation. I hope the City community can rally round and rehome people needing to finish off their TC, as happened in the days of KWM and others.
Serves these guys right – when I said they’d regret not taking me on as a trainee this is what I meant.
It’s never going to be sustainable to pay NQs £170k per year and experienced lawyers many multiples of that. Something seriously wrong with law firm economics
It was the opposite problem to what you state – other firms willing to pay experienced partners many multiples of what Weil were paying. It was Weil not keeping pace with K&E/Latham/STB and all that was the issue, not the other way around
Most other US firms in the City pay that, and MC firms not much less; it does not follow that they are all unsustainable organisations. They make lots of money and generally manage their affairs well. As with all businesses, there are risks, but most of these law firms have been in existence a long time and not only survived but thrived; nothing wrong with their economics.
Sorry you have some trouble understanding. Best wishes.
I got an invite for an ‘AI Video Interview’ at Weil a few days ago. I don’t think there is a more pointless task than speaking to no-one about a firm that won’t exist in a few months.
On the plus side Weil merch is about to become a rarity so if anyone wants a water bottle or a pen let me know.
Save me a pen please!
Yes pls.
And what of their apprentices?
What is to become of these youngsters that are mid completing a law degree and cannot continue without a law firm placement? One would hope other firms will do the right thing and take them under their wing, to allow them to finish their studies – yet I see no mention anywhere of their fate!