The proposed wind-down at Weil, Gotshal & Manges LLP comes as nearly 600 associates seek jobs, Bloomberg Law reported, putting workforce effects alongside the partnership's pending decision.
On Wednesday, Oct. 28, the firm's management committee recommended that its partners wind down the practice in an orderly fashion. Weil said partners were expected to consider the recommendation in the coming days.
The firm said it expects to keep providing services to clients over the coming months.
Reuters reported that Weil had about 1,200 lawyers and hundreds of other staff. Bloomberg Law said nearly 600 associates were looking for new jobs and that competing firms were hiring. It also reported that junior lawyers and staff could have fewer options than partners with substantial client portfolios.
CNBC reported that legal recruiter Danielle Thompson, a former Big Law employment lawyer, advised workers facing a closure to start searching early, vet recruiters and keep a record of which firms receive their résumés. Thompson told CNBC, “You should know exactly which companies have it and who they got it from.”
Thompson also said a brief period without work or a quick move after a closure need not define a person's career. She recommended seeking support from colleagues while making the next decision, CNBC reported.
The U.S. Bureau of Labor Statistics (BLS) reported that 1.9 million people had been unemployed for at least 27 weeks in September, representing 27.1% of all unemployed people. The national figure does not measure legal-sector hiring. BLS scheduled its October employment report for Friday, Nov. 6, at 8:30 a.m. ET. Weil's partners were expected to vote on the wind-down recommendation in the coming days.
