Weil Gotshal & Manges is pursuing a merger with another law firm and is in discussions to secure the tie-up, its leaders have told top partners.<\/p>\n
Weil\u2019s leadership told certain practice group chiefs the firm is negotiating a memorandum of understanding detailing the merger with the unnamed firm, according to two people familiar with the situation. A broader announcement could happen as early as this week, they said, though they cautioned that nothing could come of the talks.<\/p>\n
Weil has seen a string of departures both in the US and London this year, weakening its corporate department and fueling rampant merger speculation. Spokespeople for the firm did not immediately respond to a request for comment.<\/p>\n
The three partners leading Weil are current executive partner Barry Wolf, his successor Ramona Nee, and managing partner Jonathon Soler.<\/p>\n
The merger talks come as Weil prepared for more departures, including the exit of its former corporate department co-managing partner Michael Hickey, who is expected to join Sullivan & Cromwell. Other practice group leaders have been in discussions to join rivals, according to multiple sources.<\/p>\n
Hickey did not respond to a request for comment.<\/p>\n
Law firm merger negotiations are inherently delicate and can be affected by partner departures as the talks drag on. Confidentiality is also often viewed as a crucial aspect of successful mergers.<\/p>\n
Weil was said to be considering merger negotiations shortly after its powerful corporate department chair Michael Aiello in September announced he would leave<\/a> for Cravath, Swaine & Moore. Sources familiar with the firm voiced support<\/a> for the idea in the wake of his exit.<\/p>\n Aiello\u2019s departure came after a handful of partners left for Paul, Weiss, Rifkind, Wharton & Garrison and Simpson Thacher & Bartlett, two rival firms that over the past decade have zoomed past<\/a> Weil on key financial metrics.<\/p>\n