We’ve been covering law firms’ attempts to reassure associates in these troubled times. Because of their respected bankruptcy practice, we’ve assumed that all was well at Weil.
Friday we received word that Weil isn’t just doing “well.” Apparently, “global financial crisis” is how you spell “straight cash homey” at Weil Gotshal. From firm chairman Stephen J. Dannhauser:
To date, our representation of Lehman Brothers Holdings has engaged a large swathe of the firm, more than 100 attorneys and staff working on the many matters this bankruptcy, the largest in US history, has spawned. In addition to the large team providing bankruptcy counsel to Lehman, Weil Gotshal’s corporate team has already aided the company in the structuring and execution of the two largest transactions ever in a Chapter 11 proceeding. These include the sale of substantially all of Lehman’s US investment banking business, its headquarters, two support facilities, and the broker-dealer business (including the real estate and infrastructure necessary to preserve that business) to Barclays, as well as the sale of certain investment-management assets, including the Neuberger Berman division, to private-equity firms Bain Capital and Hellman & Friedman.
We’ve noticed a paucity of Weil associates participating in our comment threads, but clearly that is because they are all very busy reupholstering their seat cushions with dollar bills.
Are we sure Weil will just be a bonus “follower” this fall?
Read the full memo after the jump.