US: Weil Gotshal partners vote to wind down firm

The firm reported $2 billion in turnover last year and profits of more than $5 million per equity partner. A committee comprising general counsel Robert Carangelo, tax department chair Paul Wessel and Patricia Ferrari will oversee the closure. Executive partner Barry Wolf, in the role since 2010, will advise the committee.

The closure affects about 1,200 lawyers, including 280 partners, and more than 1,000 other staff. Weil’s London office has 45 partners and 200 solicitors.

Several firms are recruiting Weil staff. Kirkland & Ellis has said 40 lawyers will join in January, while Sullivan & Cromwell has reportedly hired three London trainees and five future trainees. Weil’s London funds team is also negotiating a move to Gibson Dunn, and Sidley Austin is reportedly considering around 200 hires across London, Europe and New York.

Davis Polk & Wardwell will advise on the dissolution, with restructuring support from AlixPartners and C Street Advisory Group, the Financial Times reports.