Gregory Ezring

Last month, we broke the news of seven key corporate partners leaving O’Melveny & Myers to join Paul Weiss. Shortly thereafter, we learned that two other prominent partners were leaving O’Melveny to join Weil Gotshal.

Of course, partners come and partners go at large law firms — but some of these nine were major rainmakers and practice group heads. Paul Weiss snagged Gregory Ezring, who chaired O’Melveny’s corporate finance and capital markets practice, and Brad Okun, who headed O’Melveny’s tax practice. Meanwhile, Weil scored Harvey Eisenberg, a leading private-equity adviser, and M&A partner Douglas Ryder.

Could something more be going on at OMM?

“You guys are missing a huge story about O’Melveny,” a tipster recently told us. “In the last two years or so, around 60 partners have disappeared.”

“The pace is now quickening,” this source added. “Since January 1, around 10% of the OMM partners, including many practice group leaders and other key rainmakers, have departed.”

These numbers sound significant — but, in fairness to O’Melveny, they should be viewed in context. Let’s hear what the firm had to say about them….

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The high-powered law firm of Paul Weiss has a legendary litigation practice. But their corporate department is strong too — they’re working on, for example, the big Warner Music deal — and it’s only getting stronger.

Yesterday corporate lawyers at Paul Weiss received an unusual email: “We would like to ask all counsel and associates to attend a meeting tomorrow morning at 11 to discuss some exciting developments affecting the Corporate Department. The meeting will be held in the concourse. Please make every effort to attend.”

The meeting took place earlier today. What was announced?

UPDATE: Please note that several updates have been added to this post, after the jump.

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