Talent Wars in BigLaw: Key Departures Shake Weil, Gotshal & Manges
Weil, Gotshal & Manges, one of the most renowned firms in the BigLaw sphere, is facing turbulence as three prominent attorneys—considered among the firm's most valuable rainmakers—have exited within a week. This development comes during a period of internal transition and flat profits per equity partner (PEP), underscoring the intense competition for legal talent in today’s market.
Leadership Transitions Amid Flat PEP Growth
Weil has long been celebrated as a powerhouse in the legal industry, consistently ranking among the nation’s top-grossing firms. However, its recent financial performance has raised questions. Unlike many other BigLaw firms that reported increased PEP in 2023, Weil’s numbers have remained stagnant, causing its PEP ranking to slip from a top 10 position to 16th among the 100 highest-grossing firms.
Adding to the complexity, the firm is navigating a significant leadership transition as Barry Wolf, Weil’s executive partner and chair of its management committee, prepares for retirement. This has prompted the firm to focus on leadership succession planning, a critical move to ensure its continued strength and competitiveness.
To bolster performance, Weil has made changes to its equity partner compensation system, aiming to strengthen client relationships. Still, the departures of several high-profile attorneys threaten to test the firm’s ability to retain its top-tier reputation.
A Week of High-Profile Departures
The recent exits of three influential attorneys highlight the challenges facing Weil in retaining its top talent. These departures include:
Elizabeth Stotland Weiswasser: Former co-chair of Weil’s litigation department and one of the firm’s top rainmakers, Weiswasser has joined Paul, Weiss, Rifkind, Wharton & Garrison. Her transition marks a significant loss for Weil, given her role in business development.
Ray Schrock: Former co-chair of the firm’s restructuring practice and a prominent figure in bankruptcy law, Schrock has moved to Latham & Watkins, another leading BigLaw firm.
Anish Desai: Former co-head of Weil’s patent litigation practice, Desai has also joined Paul Weiss alongside Weiswasser, further boosting the rival firm’s litigation team.
These attorneys’ contributions extended beyond their client portfolios—they played pivotal roles in shaping Weil’s reputation as a leader in litigation, restructuring, and intellectual property law.
Industry Perspectives on Weil’s Resilience
Despite these setbacks, Weil remains a formidable presence in the legal industry. Legal recruiter Alisa Levin of Greene-Levin-Snyder emphasized that the firm’s strong foundation and deep talent pool ensure its continued relevance:
“Weil is still a successful, talented firm. The question is whether these departures will cause them to reflect on how to retain their top talent.”
This sentiment echoes across the industry. While the departures represent a blow, they also highlight the broader issue of lateral attorney movement that has reshaped BigLaw dynamics in recent years.
The Unrelenting “War for Talent” in BigLaw
Weil’s recent challenges reflect a wider trend within the legal industry: an unprecedented “war for talent.” In major markets like New York, top attorneys are increasingly drawn to firms offering higher compensation, better growth opportunities, and leadership roles.
According to Kent Zimmermann of the Zeughauser Group, lateral hiring is now more competitive than ever:
“The competition for talent is unprecedented, and firms with the resources to recruit top performers will continue to do so aggressively.”
Jon Lindsey, a founding partner at Major, Lindsey & Africa, predicts the lateral movement trend will only accelerate:
“The war for talent never ends. Firms that can attract the best will not stop, especially in today’s environment.”
What This Means for BigLaw Firms
Weil’s situation underscores a critical reality for law firms: retaining top talent requires more than competitive compensation. Firms must also offer pathways for leadership, opportunities for professional growth, and an attractive workplace culture.
The challenge goes beyond replacing individual attorneys—it’s about sustaining client relationships, maintaining a competitive edge, and ensuring firm-wide stability during times of transition. As the legal industry continues to evolve, firms that can innovate their retention and recruitment strategies will emerge as the leaders of tomorrow.
Weil’s Path Forward
For Weil, the road ahead is clear but challenging. The firm must focus on leadership succession, deepen its client relationships, and reassess its talent retention strategies to ensure stability. Despite the setbacks, Weil’s enduring reputation as a top-tier firm provides a strong foundation for future growth.
The legal industry's ongoing talent wars have redefined the rules of competition, making adaptability and strategic foresight essential. As firms like Weil navigate these waters, the emphasis will increasingly shift to innovative solutions that keep talent within their ranks while continuing to attract high-performing professionals.
This wave of departures serves as a reminder that even the most prestigious firms are not immune to the pressures of a changing legal landscape. In the coming months, Weil’s ability to adapt and strengthen its internal strategies will serve as a bellwether for how BigLaw firms tackle the unrelenting war for talent.
