Weil, Gotshal & Manges: Difference between revisions
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*[[General Motors]] bankruptcy.<ref>{{Citation |last=Maynard |first=Micheline |date=June 1, 2009 |title=For G.M. Chief, Little Time and a Full Plate |newspaper=New York Times |url=http://www.nytimes.com/2009/06/02/business/02chief.html }}</ref> |
*[[General Motors]] bankruptcy.<ref>{{Citation |last=Maynard |first=Micheline |date=June 1, 2009 |title=For G.M. Chief, Little Time and a Full Plate |newspaper=New York Times |url=http://www.nytimes.com/2009/06/02/business/02chief.html }}</ref> |
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==Controversies== |
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===Misconduct ruling by federal judge=== |
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In 1994, Weil Gotshal was found to have "damaged its client … by not disclosing several potential conflicts of interest"<ref>{{cite news |first=Laurence |last=Zuckerman |authorlink= |coauthors= |title=Judge Assails Lawyers for Leslie Fay |url=http://select.nytimes.com/gst/abstract.html?res=F70E11FD3F5C0C758DDDAB0994DC494D81 |work=New York Times |publisher= |date=1994-12-16 |accessdate= }}</ref> by Tina Brozman, a federal judge. The firm was fined over $1 million for the undisclosed [[conflict of interest]] after review of the report by an examiner appointed to investigate the allegations against Weil Gotshal in the bankruptcy of the Leslie Fay Companies in the Southern District of New York. Weil Gotshal, described by the New York Times as "one of the country's largest and richest law firms" publicly defended itself in a letter to the editor by their Executive Partner Stephen J. Dannhauser which stated: "The pertinent rules and standards on disclosure are anything but clear. They have presented a problem for all professionals in bankruptcy cases."<ref>{{cite news |first=Stephen J. |last=Dannhauser |authorlink= |coauthors= |title=Leslie Fay's Law Firm Didn't Act Improperly |url=http://query.nytimes.com/gst/fullpage.html?res=9A0DEFDB1238F930A3575AC0A962958260 |work=New York Times |publisher= |date=1994-09-03}}</ref> |
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===Malpractice=== |
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*In 2006, a claim of [[legal malpractice|malpractice]] against the firm was brought by a former client on the grounds that the firm failed to disclose its [[conflict of interest]] arising from having been hired by an affiliate of the opposing litigant. Senior lawyers at the firm had testified during the malpractice trial that they were not aware of the conflict until well into the original trial.<ref>{{cite web | title=Weil Gotshal Settles Malpractice Claim| work=Law.COM| url=http://www.law.com/jsp/article.jsp?id=1148029538622| accessdate=May 22, 2006}}</ref> Manhattan Supreme Court Justice Richard B. Lowe wrote that the conflict might "operate upon [the firm's lawyers] subtly in a manner likely to diminish the quality of their work."<ref>{{cite web | title=Malpractice Suit Reinstated Against Weil Gotshal| work=Law.COM| url=http://www.law.com/jsp/article.jsp?id=1090180303630| accessdate=August 9, 2004}}</ref> Weil, Gotshal & Manges settled just prior to the case going to the jury; payment terms were not disclosed. |
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* In a suit filed December 12, 2007, David M. Radman, a Dallas businessman, claims that "the firm and two of its Dallas partners, Michael A. Saslaw and Robert C. Feldman, conspired with Radman's then-business partner and others to reduce Radman's interest in a proposed acquisition of a Dallas-based credit union subsidiary."<ref>{{cite web | title=Malpractice Suit Filed Against Weil Gotshal, Two Partners| work=Law.COM| url=http://www.law.com/jsp/article.jsp?id=1198836302179| accessdate=May 9, 2008}}</ref> Radman alleges the following against Weil and its two partners: breach of contract, breach of fiduciary duty, fraud, negligent misrepresentation, professional malpractice, violation of the Texas Deceptive Trade Practices Act, conversion, tortious interference with existing and prospective contracts and civil conspiracy to commit harm. The case is still pending. |
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==Footnotes== |
==Footnotes== |
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Revision as of 16:02, 22 October 2009
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| Headquarters |  New York City |
|---|---|
| No. of offices | 21 |
| No. of attorneys | 1,300 |
| Major practice areas | International Arbitration, Bankruptcy, Intellectual Property, Capital Markets, Finance, and Mergers & Acquisitions |
| Revenue |  $1.7 billion (2007) |
| Date founded | 1931 (New York) |
| Company type | LLP |
| Website | www.weil.com |
Weil, Gotshal & Manges is an international law firm headquartered in New York City. It is one of the largest law firms in the world, with approximately 1,300 lawyers and gross annual revenue in excess of $1.7 billion.[1][2] It has grown to become a top tier law firm whose revenue places it as one of the ten highest earning firms in the world. The current Chairman, Stephen Dannhauser, resides in the firm's New York City office.
The firm was founded in New York City in 1931 by Frank Weil. In 1968, Weil Gotshal moved to the firm's current New York headquarters in the GM Building overlooking New York City's Central Park.
Recognition
The firm is rated as one of the top law firms by Vault.com. Chambers gives the firm high marks in the following practice areas: Bankruptcy, Corporate, Litigation, M&A, Private Equity:Buyouts, Investment Funds:Fund Formation, Financial Services Regulation, Intellectual Property, Antitrust, Patent Litigation, Labor and Employment, Securities Litigation, Entertainment Litigation, Wealth Management, and Tax.
Layoffs
There is no evidence that Weil has engaged in economic layoffs in response to the Great Recession, but it has deferred its class of 2009 to January 2010. Incoming associates from the class of 2009 also have the option to start in January, 2011 with an additional stipend.[3]
Key People
- Stephen J. Dannhauser, Chairman of Weil Gotshal.
- Barry M. Wolf, Executive Partner and co-chairman of the Corporate department.
- Matt Powers, Co-Chair of Weil Gotshal's Litigation Department and a member of the patent practice, he is known for his involvement in many difficult and complicated cases with a high success rate of winning such cases in trial. He recently took on a known patent troll for Microsoft and won.
- James W. Quinn co-chairs Weil Gotshal’s Litigation practice, named several times by National Law Journal as one of the ten top trial lawyers in the United States.
- Thomas Roberts, co-chairman of the over 600-lawyer Corporate department and a member of the firm’s Management Committee.
- Ira M. Millstein, Senior Partner at Weil Gotshal, one of the leading authorities in the areas of government regulation, antitrust law and corporate governance. He has counseled numerous boards on issues of corporate governance, including the boards of General Motors, Bethlehem Steel, WellChoice (fka, Empire Blue Cross), Computer Associates and the Ford Foundation. He is Senior Associate Dean for Corporate Governance at the Millstein Center for Corporate Governance and Performance, Yale School of Management.
- Caitlin J. Halligan, former Solicitor General of New York State, is the head of the Weil Gotshal’s Appellate Litigation practice group. She is a lecturer at Columbia Law School, and clerked for Judge Patricia M. Wald of the United States Court of Appeals for the District of Columbia Circuit, and for U.S. Supreme Court Justice Stephen Breyer.
- Marcia Goldstein, chair of the Business, Finance & Restructuring department and a member of the firm's Management Committee. She has been at Weil Gotshal for over 30 years and has handled some of the biggest bankruptcy cases in the world, including the restructuring of WorldCom, Inc.
- Michael Francies, managing partner of the London office and has experience in public and private mergers & acquisitions, private equity transactions and equity issues.
- Gerhard Schmidt, managing partner of the German offices and one of the leading private equity and M&A lawyers in Germany. He is one of the few German lawyers to combine competencies in corporate and tax law.
- Harvey R. Miller has been described by The New York Times as "the most prominent bankruptcy lawyer in the nation".[4]
Notable Deals and Cases
- Enron bankruptcy.[5]
- Lehman Brothers bankruptcy.[6]
- Washington Mutual bankruptcy.[7]
- General Motors bankruptcy.[8]
Footnotes
- ^ 2005 The National Law Journal 250 from law.com (free registration required).
- ^ The Billion-Dollar Club Expands
- ^ http://abovethelaw.com/2009/03/weil_gotshal_deferral_dollars.php
- ^ Rosen, Ellen (2007-03-09). "A Lawyer Finds He Can Go Home Again". New York Times.
{{cite news}}: Cite has empty unknown parameter:|coauthors=(help) - ^ Glater, Jonathan D.; Sorkin, Andrew Ross (January 11, 2002), "Enron's Energy Trading Business Draws Several Potential Buyers", New York Times
- ^ Glater, Jonathan D. (December 13, 2008), "The Man Who Is Unwinding Lehman Brothers", New York Times
- ^ Chasan, Emily (September 28, 2008), "WaMu files bankruptcy petition in Delaware", Forbes
- ^ Maynard, Micheline (June 1, 2009), "For G.M. Chief, Little Time and a Full Plate", New York Times