Weil, Gotshal & Manges LLP, a 1,200-lawyer firm that handled the largest bankruptcy in U.S. history, plans to fire 60 salaried attorneys and 110 staff and cut some partners’ pay.
Barry Wolf, executive partner and chairman of Weil’s management committee, today attributed the cutbacks to a falling off in restructuring and litigation work linked to the 2008 financial crisis and to a “new normal” lower market for transaction activity.
