TheCorporateCounsel.net

I was shocked yesterday to hear the news that Weil, Gotshal & Manges announced plans to dissolve the firm, following a series of partner departures and a failed attempt to merge with Willkie Farr & Gallagher. My thoughts are with all of the talented attorneys, professionals and staff at the firm, including a number of friends at the firm who have been so generous with their time over the years. I have always admired the firm and the great work that they do in our space. Over the years, attorneys from Weil have contributed some incredible resources to this site (as well as to our sister publications), and Weil attorneys have been key contributors at our annual conferences.

As much as I hate to admit it, I have spent the majority of my career in Big Law firms, a total of four at this point. In over thirty years of practicing law, I have worked with folks who were at major law firms that collapsed, and it is an incredibly difficult situation for all involved. I think that people who do not work in law firms may not understand what incredibly fragile creatures they really are, relying on the collective effort of a group of high performing individuals in an environment that increasingly looks like a massive game of musical chairs, as the profession’s top performers are pursued like free agents in a professional sports franchise. While, over the course of my time in the practice, the big law firms have become more “corporate” and less like the old school partnerships of yesteryear, they still face the fundamental problem that all of the organization’s assets walk out the door every night and may choose to not return in the morning.

In my opinion, Big Law has also been plagued by the “bigger is always better” strategic objective, which has led to the creation of the mega firms that now dominate the marketplace for legal services. This approach is completely understandable as firms seek to maximize profits per partner and enhance the services available to global clients, but it most certainly has a downside in terms of the culture and cohesiveness that still underpins these very fragile enterprises. I suspect that we will continue experience a period of turmoil in the law firm world as artificial intelligence reshapes the legal landscape over the course of the next few years.

– Dave Lynn