Law firm Gibson Dunn is set to snap up a team of almost 40 private funds lawyers in London from Weil, Gotshal, and Manges, as the storied US law firm prepares to wind down after nearly a century.
Gibson Dunn, the law firm which led on the UK side of Space X’s $75bn stock market listing, had been in ongoing talks to acquire Weil’s entire private funds team for over a year, according to a source with knowledge on the matter, prior to the recent collapse of Weil.
The move comes after US legal powerhouse Weil told partners on Wednesday the firm should be wound down after 95-years.
The wind down is expected to be at the centre of a partnership vote in the coming days. If given the go ahead, it would put thousands of jobs at risk, including 50 partners, 200 solicitors, and roughly 120 business services staff at its London office, which has operated since 1996.
Gibson Dunn’s move to poach the team, which is one of the largest lateral moves for a law firm in London in recent years, comes as part of a longer term plan to build out its private funds practice in London as part of a long-term investment plan, the source said.
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SUBSCRIBE HEREThe team set to join Gibson Dunn includes ten partners, led by co-heads James Bromley and James Sargent. Los-Angles founded Gibson Dunn’s London office boasts 265 lawyers, and has over 2,200 lawyers globally.
Weil’s downfall came after an exodus of its top talent globally over the past year and the departure of some of its top-billing partners. The length of talks between Gibson Dunn and Weil’s funds group suggest the team had been weighing an exit long before the company’s ultimate decision to dissolve.
Gibson Dunn declined to comment. Weil was contacted for comment.
Weil’s ‘Titanic situation’ rocks London lawyers
On Thursday, a former partner at Weil told the unravelling of Weil is “a Titanic situation.”
“This is probably the worst succession planning in legal history,” the former partner said. “I’m shocked about this…It’s crazy to me this is the path they chose.”
The City’s legal professional body, the City of London Law Society, confirmed on Thursday it is on standby to support Weil Gotshal and Manges trainees as they are forced to find new jobs.