When Weil Gotshal & Manges last year announced 170 redundancies across its associate and support staff ranks, the market was shocked but viewed it as a difficult but necessary decision. A drop in high-profile restructuring and litigation work had contributed to flat global revenues for 2012 against a nearly 9% fall in profits. Executive partner Barry Wolf admitted at the time of announcing the cuts that some partners may decide to leave as a result of "meaningful compensation adjustments for certain partners" due to the changes in the economy, but no numbers were referenced. Since then more than 30 partners – equating to around a tenth of the global partnership – have left. This included at least 17 partners packing up in Houston and Dallas, as well as several senior partners from the firm's east coast bases. Market sentiment suggests at least some of the senior departures represent collateral damage.
January 30, 2014 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
Despite a strong performance, the firm’s City base was hit by six partner exits in 2013. Alex Newman reports
When Weil Gotshal & Manges last year announced 170 redundancies across its associate and support staff ranks, the market was shocked but viewed it as a difficult but necessary decision. A drop in high-profile restructuring and litigation work had contributed to flat global revenues for 2012 against a nearly 9% fall in profits.
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