3 practice leaders left this BigLaw firm in 1 week's time; 'there are no safe havens,' says recruiting firm partner
Three practice leaders have left Weil, Gotshal & Manges amid planning for a new chair and a flat year for profits per equity partner. (Image from Shutterstock)
Three practice leaders have left Weil, Gotshal & Manges amid planning for a new chair and a flat year for profits per equity partner.
Law.com has the story.
Several law BigLaw firms had an increase in profits per equity partner in 2023, but the number was flat at Weil, according to the article. For three years in the last decade, the law firm had been in the top 10 for profits per equity partner among the nation’s 100 top-grossing firms. Since 2019, however, its profits-per-equity-partner ranking has fallen, landing at No. 16 last year.
The firm changed its pay system for equity partners this year to focus on expansion of client relationships, the article reports.
Weil also is planning for the retirement of Barry Wolf, executive partner and chair of the firm’s management committee, with potential candidates being identified by Weil’s management committee.
These three practice leaders left Weil within the span of one week, the article reports:
• Elizabeth Stotland Weiswasser, co-chair of Weil’s litigation department and one of Weil’s top 10 rainmakers. She is joining Paul, Weiss, Rifkind, Wharton & Garrison.
• Ray Schrock, another top 10 rainmaker who is co-chair of Weil’s restructuring practice and “a major player in bankruptcy work,” the article reports. He is joining Latham & Watkins.
• Anish Desai, co-head of Weil’s patent litigation practice. He is also joining Paul Weiss.
Despite the departures, Weil remains well-positioned, according to legal recruiter Alisa Levin of recruiting firm Greene-Levin-Snyder.
“They are still a very strong firm, a successful firm, with really talented people,” Levin told Law.com. “I don’t know if this will make them pause and wonder.”
Law firm consultant Kent Zimmermann of the Zeughauser Group told Law.com that the departures are consistent with a trend of moves by “outsized contributors.” The competition for talent is “unprecedented,” especially in New York, Zimmermann said.
The trend of lateral moves is likely to accelerate, said Jon Lindsey, founding partner of recruiting firm Major, Lindsey & Africa, in another Law.com story.
“There are no safe havens,” Lindsey told Law.com. “The war for talent never ends. That’s for sure. But it can accelerate, and firms that have the wherewithal to go after the best of the best are not going to stop.”
