Outgoing Paul Weiss partner Toby Myerson
Outgoing Paul Weiss partner Toby Myerson ()

The former co-chair of Paul, Weiss, Rifkind, Wharton & Garrison’s corporate department, Toby Myerson, is leaving the firm to form his own business advisory boutique at the start of next year.

Myerson leaves Paul Weiss after 33 years at the firm, where he has also served as co-head of global M&A. He advised clients including British Telecom in its unsuccessful hostile takeover battle with WorldCom over MCI Communications in 1997, Nextel Communications in its $35 billion merger with Sprint Corp. in 2005 and Citigroup in its sale of Citi Capital’s commercial loan and leasing business to GE Capital in 2008. Myerson also advised Citigroup on its acquisition of Nikko Cordial in 2007 and the bank’s unloading of that business in 2009 after the financial crisis.

Myerson said he expects to continue working closely with his soon-to-be-former firm.

“We’ve built what I think of as one of the most remarkable corporate law platforms anywhere on planet earth,” he said Wednesday. “It’s not that the job is done—it’s never done. But if you’re a person with entrepreneurial instincts, you say, ‘Wouldn’t it be great to do something that is very collaborative with Paul Weiss.’”

At his new venture, Longsight Strategic Advisors, Myerson will advise corporate leaders, boards of directors and business owners on governance issues, complicated transactions and crisis management. He said he hopes to fill a niche advising managers when they face unprecedented crises, naming the scandals engulfing Wells Fargo, Volkswagen and Mylan Inc. as examples.

Robert Schumer, current chair of Paul Weiss’ corporate department, said in a statement that the firm looks forward to collaborating with Myerson in his new role.

Paul Weiss has made some high-profile lateral hires this year, which Myerson said is evidence of the caliber of the corporate team the firm has built. Cravath, Swaine & Moore M&A partner Scott Barshay joined as head of global head of M&A in April, while Cadwalader, Wickersham & Taft antitrust partner Charles “Rick” Rule joined with three other partners in August.

Myerson said Paul Weiss is phasing down its mandatory retirement age from 70 to 69 with the eventual goal of reaching 67. Myerson, who is 67, said that did not factor into his decision to leave the firm this year.

Instead, Myerson said he’s looking forward to flexing his entrepreneurial muscles and “to design something where you feel there’s a need in the marketplace.” He added that his father and grandfather each worked well into their 80s, so he expects to have plenty work ahead of him in the next stage of his career.

Myerson will remain at Paul Weiss for the remainder of the year to help facilitate a “gentle transition,” and said he’s hoping to have his new firm up and running in January. In a statement, Paul Weiss chair Brad Karp wished Myerson well and said he will be missed at the firm.

Contact Nell Gluckman at ngluckman@alm.com or on Twitter @NellGluckman.