Prestigious Wall Street law firm Weil, Gotshal & Manges collapsed in weeks after a cascade of partner departures. The firm, once a powerhouse with $2bn in annual revenue, was felled by a "mercenary culture" where lateral moves replaced long-term loyalty. The biggest blow came when M&A rainmaker Michael Aiello left for Cravath, taking a team responsible for $100mn–$150mn in revenue.
Private equity partners Christopher Machera and Brian Parness also defected, costing another $100mn. By summer’s end, designated leader Ramona Nee withdrew, and merger talks with Willkie Farr & Gallagher failed. Chair Barry Wolf announced dissolution after 95 years, leaving Big Law on edge.
Source: Financial Times Companies · Summarized by HeadlinesBriefing