Earlier this week, Weil Gotshal reaffirmed its commitment to the Texas legal market. That commitment had been called into question by a spate of partner departures in recent weeks.
It’s worth noting, though, that Weil’s statement focused mainly on Dallas, which is Weil’s largest outpost in Texas. The statement was issued to the Dallas Business Review by Glenn West, Weil’s Dallas managing partner, so the Dallas focus is understandable. But it’s also fair to say that while Weil appears committed to Dallas, its commitment to Houston is weaker.
Indeed, after Houston managing partner John Strasburger recently departed, taking three other partners with him, some of our sources are wondering: Will the Weil office in Houston endure? And if not, who wants to swoop in and fill that gap?
That’s the latest news from the Weil Weil West — Glenn West, that is, the managing partner of the firm’s Dallas office and a member of the WGM management committee. West just issued a public statement reaffirming the firm’s commitment to the Lone Star State, despite the departures of dozens of lawyers from Weil’s Dallas and Houston offices in recent weeks.
So what does this statement say, and how did it come about?
Things have quieted down a bit on the Weil Gotshal front. About a week has passed since our last report on Biglaw’s biggest source of drama.
Today we have some news to share about WGM — information gleaned from partner departure memos out of Dallas, the site of the biggest defections, and a real estate report from New York, the King’s Landing of Weil Gotshal….
Ed. note: The Aspiring Lateral, a new series from Levenfeld Pearlstein, will analyze a variety of issues surrounding lateral moves, drawing on the firm’s experience in the lateral market as well as the individual experiences of LP attorneys. Today’s post is written by Rob Romanoff, LP’s Managing Partner.
You’re 35-50 years old. You’re a partner at a large law firm, thinking about leaving for something smaller. You’ve been given an offer by a firm that interests you. The firm has a good reputation, steady business, and a solid practice in your area. It consists mostly of partners over 60 and associates younger than you.
Is this a great opportunity, or a career dead-end? Based on the above, it could be either. You’re missing a fact critical to determining whether this — and many other lateral opportunities — is one worth pursing, or one that should be avoided. That fact is this: what is the firm’s succession plan?
Last month we wrote about a Biglaw firm that’s in big trouble. The firm in question: Dow Lohnes, a former Am Law 200 firm that has been hemorrhaging lawyers and clients (and lost two more partners last week, to Venable). In our story about Dow Lohnes, we noted that “[i]t seems possible that the firm could merge out of existence — if it’s lucky enough to find a partner.”
Fortunately for the remaining lawyers and staff at Dow Lohnes, the sinking ship has located some lifeboats. A larger and stronger firm, a member of the Am Law 50 and Vault 100, will be picking up many (but not all) of Dow Lohnes’s lawyers.
Who’s the white knight riding to the rescue of Dow Lohnes?
Welcome to today’s episode of everyone’s favorite Biglaw drama, As The Weil Turns. Today brings word of another Weil coming off the wagon — specifically, another partner defection.
And no, it’s not in Texas, where Weil Gotshal’s offices — which have lost about 15 partners in the past few weeks — are starting to feel as besieged as the Alamo. It’s up here in the northeast, closer to WGM’s headquarters in New York.
Who is leaving which Weil office?
(Please note the UPDATES added below regarding where this partner is going.)
* Say what you will about Justice Scalia, but the man is hilarious — more funny than his four liberal colleagues combined, according to a statistical analysis of oral argument recordings. [New York Times]
If the Houston office of Weil Gotshal & Manges ends up shutting down in the wake of the recent partnerdefections, management in New York might not shed a tear. In fact, it might have been part of their master plan.
As one Weil source told us, the Houston litigation defections were “not a surprise,” since the June layoffs “took away all but one assistant and all of the associates. The associates that were allowed to stay were switched to contract positions and have since left. Basically, it was an elimination by New York of the Houston group from the bottom up.”
Dallas, however, is a different story. It’s more of a standalone office, with a more diversified mix of practices, and it makes a bigger contribution to the firm’s bottom line.
But the latest partner departures do raise serious questions about its future. Which Dallas partners just left, and where are they going?
Ed. note: The Aspiring Lateral, a new series from Levenfeld Pearlstein, will analyze a variety of issues surrounding lateral moves, drawing on the firm’s experience in the lateral market as well as the individual experiences of LP attorneys. Today’s post is written by Angela Hickey, LP’s Executive Director and a member of the firm’s Executive and Compensation Committees.
There’s a point in budding relationships where things get down to brass tacks. You put away the flowers and candles, and find out whether you have a long-term future. You have full and frank discussions about kids, religion, finances, and how those troublesome in-laws might fit into your future life. It may not be as romantic as your weekend in the Berkshires at that place with the clawfoot tub, but it’s necessary. Because you just might find, away from the clean mountain air and raspberry scones that the bed and breakfast served each morning, that you’ve got a serious issue or two. You might in fact . . . have a dealbreaker. And that, in a word, is why prospective laterals should take the due diligence process as seriously as firms do.
The due diligence process — some version of which all respectable firms will have in place — is the offering firm’s last and best chance to closely examine the lateral before extending an offer. (In the case of fast-moving lateral hires, the hiring firm may even give a conditional offer before or simultaneous with due diligence.)
Because of its timing, there is a temptation to think of due diligence as a mere formality before the lateral picks up stakes. But it is a rigorous process, and one that laterals can and should use to perform their own final checks…
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When Chintan Panchal decided to leave a global BigLaw partnership to start his own firm, he could only hope that he would face the high-quality problem of firm building that many had cautioned him about. Focused on the uncertainty surrounding of a new firm launch, he decided to tackle staffing needs, IT challenges, and financial planning requirements after he had built up his legal practice.
Panchal Associates LLP–a corporate/finance and outside general counsel boutique–was quickly off to a great start. Clients and matters were flying in the door, and Chintan soon had a team of lawyers and staff with a variety of operational needs. To continue building an excellent team and provide them with a competitive benefits package, to expand his physical presence to include a European practice and additional partners, and to scale his operations and IT capabilities to support this growing enterprise brought with it demands of time, money, and expertise. Chintan knew he needed help.
“With the assistance of NexFirm, we have upgraded the capabilities of our firm to meet, and in some cases exceed, the standards we were used to at our former BigLaw firms. Operationally, we can now attract and service clients we didn’t have the bandwidth to support in the past, and continue to build our team with the best and brightest legal talent in the industry,” said Chintan Panchal, adding “It has worked out quite well in our case; NexFirm is an essential partner for us.”
The holiday season is upon us, and yet again, you have no idea what to get for the fickle lawyer in your life. We’re here to help. Even if your bonus check hasn’t arrived yet, any one of the gifts we’ve highlighted here could be a worthy substitute until your employer decides to make it rain.
We’ve got an eclectic selection for you to choose from, so settle in by that stack of documents yet to be reviewed and dig in…
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