Weil Gotshal, Linklaters take headline roles on dramatic Lehman collapse
The collapse of Lehman Brothers and takeover of fellow Wall Street institution Merrill Lynch earlier this week have generated roles for a raft of top law firms on both sides of the Atlantic. Weil Gotshal & Manges and Linklaters have both secured lucrative mandates on Lehman's collapse as fears about the wider implications mount.Weil Gotshal was appointed as the main legal adviser to the stricken lender, which filed for Chapter 11 on Sunday night (14 September) after numerous failed attempts to shed its 'toxic assets'. Potential buyers including the Korean Development Bank, Bank of America and Barclays all walked away after weeks of discussions before the bank's spectacular collapse. The mandate will be seen as a coup for Weil Gotshal as the firm's top-tier restructuring practice has lost a stream of high-profile names in recent years, both in the US, where practice co-head Martin Bienenstock last year quit for Dewey & LeBoeuf, and in London, where Chris Mallon quit to join New York rival Skadden Arps Slate Meagher & Flom. Meanwhile in London, Link-laters' role for PricewaterhouseCoopers as the bank's administrator is likely to be the envy of many of its City rivals. The firm is fielding a team under restructuring chief Tony Bugg, banking partner Richard Holden and corporate partner David Ereira advising on UK aspects of the proceedings.
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