Unlock Editor’s Digest for free
Roula Khalaf, editor-in-chief of the FT, selects her favorite stories in this weekly newsletter.
The partner chosen to lead law firm Weil, Gotshal & Manges has decided not to take the top job as a crisis engulfs the legal giant just months before her tenure begins.
Ramona Nee, who was set to become Weil’s executive partner in January, is stepping down from that position, according to two people with knowledge of the matter, a move that casts doubt on her future at the firm and the firm’s viability as an independent institution.
She told the company’s board of directors that she would not take office in January.
Nee has spoken to other law firms who have expressed interest in hiring him, several people with knowledge of the matter said, while cautioning that no decisions have been made.
When asked Saturday whether Nee would join a rival company, a Weil spokesperson said, “These rumors are false. Ramona has not interviewed with any company and has not received an offer from any company.”
The move deepens unrest at the firm, which for decades has been among New York’s largest and most respected law firms but has suffered an exodus of talent in recent months. The departures have forced Weil to consider a merger with a rival company, but efforts so far have not resulted in a deal.
More than two dozen partners have decided to leave Weil since this spring, joining rival firms including Simpson Thacher, Paul Weiss and Sullivan & Cromwell. Michael Aiello, Weil’s best-known U.S. negotiator, said last month that he would leave for Cravath and take a team of lawyers with him.
As a future leader, Nee had a responsibility to help resolve the crisis. She has worked at the firm since 2002.
Nee, a Boston-based private equity specialist, was named the company’s next leader in March, succeeding Barry Wolf, who led the company for 16 years and is set to retire at the end of next year.
At the time, the company said Wolf would continue to chair the company’s executive committee until his retirement and would dedicate 2027 to ensuring a smooth leadership transition.
Weil did not immediately respond to a request for comment on Nee’s decision to turn down the top job.
The crisis at Weil became clear when Aiello announced he and his team were leaving, a move that left the firm with a significantly reduced U.S. corporate transactions practice, shortly after a group of senior private equity lawyers announced their departures.
This shows how quickly even large, long-established law firms can find themselves in trouble if they lose top talent.
Lawyers at other firms told the FT they feared that if Weil, a firm of around 1,200 lawyers, were to face such turmoil, almost every other major law firm could find itself in a similar situation.
Gn bussni
