Sept 18 (Reuters) – Law firm Weil, Gotshal & Manges is considering options for its future, including a potential merger with a competitor, Bloomberg News reported on Friday, citing people with knowledge of the matter. The company has been canvassing its partners and exploring ways to strengthen its business through strategic hires and promotions, and […]
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Weil, Gotshal & Manges eyes merger options after rainmakers exit, Bloomberg News reports
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Sept 18 (Reuters) – Law firm Weil, Gotshal & Manges is considering options for its future, including a potential merger with a competitor, Bloomberg News reported on Friday, citing people with knowledge of the matter.
The company has been canvassing its partners and exploring ways to strengthen its business through strategic hires and promotions, and it could still remain independent, the report said.
This follows a string of departures at Weil, including prominent New York dealmaker Michael Aiello and five other M&A partners who are set to join Cravath, Swaine & Moore, along with two London-based M&A partners who recently moved to Sullivan & Cromwell.
“Weil is not engaged in merger discussions with any firm,” a spokesperson said.
Top leaders at the US law firm have become more open to the idea of combining with a competitor, and some have held informal discussions to gauge interest in a deal, the Bloomberg News report said.
Founded in 1931, Weil, Gotshal & Manges is a New York-based law firm known for its M&A, restructuring and bankruptcy practice, with about 1,200 lawyers worldwide.
(Reporting by Abu Sultan in Bengaluru and Hyunsu Yim in Barcelona; Editing by Shilpi Majumdar and Chizu Nomiyama)