Partners at Weil Gotshal have voted to wind down the law firm, formalising a decision to close operations. Ninety-seven per cent of partners supported the move, which will see 97% of partners approve the shutdown. Management will be handed to a wind-down committee led by general counsel Robert Carangelo, tax department chair Paul Wessel, and independent director Patricia Ferrari.
Barry Wolf will serve as special counsel to the committee while co-chief restructuring officers James Mesterharm and Ben Schrag oversee the process. Davis Polk & Wardwell LLP will advise on dissolution, and partners' roles will cease on January 1. The firm, previously one of the US’s biggest law firms with about 1,200 lawyers, is debt-free and will focus on paying trade vendors and settling leases, including its New York headquarters.
The downfall follows the departure of key partners to rivals, highlighting the fragility of even large legal practices.
Source: Financial Times Companies · Summarized by HeadlinesBriefing