Weil Gotshal to Fire 60 Associates, Cut Some Partner Pay
By Elizabeth Amon - Jun 24, 2013 10:46 AM ET
Weil, Gotshal & Manges LLP, one of the biggest bankruptcy law firms in the U.S., will fire 60 associates and 110 nonlawyers and cut some partners’ pay.
Barry Wolf, executive partner and chairman of Weil’s management committee, today attributed the cutbacks to a falling off in restructuring and litigation work linked to the 2008 financial crisis and to a “new normal” lower market for transaction activity.
“We must now make the adjustments we avoided over the last few years to position the firm to continue to thrive,” Wolf wrote to Weil Gotshal employees and partners.
The firm will deemphasize its complex commercial litigation practice in Houston and Boston, he said in the memo. In addition it will make “meaningful compensation adjustments” for certain partners, which may prompt partners to leave the firm, according to the memo.
The 1,200-attorney firm was ranked the 13th in gross revenue last year by the American Lawyer, a trade magazine, at $1.23 billion. The firm’s profit per partner was $2.23 million, the magazine said.
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