US firm Weil Gotshal & Manges makes mass redundancy
Weil Gotshal & Manges is making a mass redundancy, laying off 60 associates and 110 staffers. The firm also plans to reduce the compensation of about 10 percent of its partners (roughly 30 out of 300, with some income and some equity partners taking the cut).comments powered by Disqus
The firm’s financial results were mediocre, with gross revenue remaining essentially flat compared to 2011, at $1.23 billion. Profits partners per profit, meanwhile, fell 8.6 percent, to $2.23 million. Weil Gotshal & Manges partners are among the best paid in the business, ranking #17 for average partner profits among US law firms, but a drop in profits is never a good thing, and can cause instability in the partnership.
Executive partner Barry Wolf explained that bankruptcy and litigation were particularly hard hit by the layoffs, and reports indicate that around 20% of the bankruptcy associates in the US losing their jobs.