Key Takeaways
- • Weil, Gotshal & Manges, a law firm with about 2,000 employees including roughly 1,200 attorneys, is reportedly winding down operations after mounting financial woes, according to reporting cited by Sportico from Bloomberg and later reports.
- • Alex Lynch, head of Weil's capital markets group, reportedly told associates on a Tuesday that they remain employed but should look for new jobs, per Bloomberg.
- • Weil was a prominent adviser to sports private equity deals, including investments in Sportsbox AI, Orléans Loiret Basket, ADO Den Haag and Aris BC, raising questions about the legal infrastructure supporting the sector.
- • Ramona Nee, co-head of Weil's private equity group, reportedly declined to replace Barry Wolf as executive partner and chair of the management committee, per The New York Times.
- • Weil did not respond to a request for comment.
Summary
Weil, Gotshal & Manges, a New York-based law firm founded in 1931 with offices in North America, Europe and Asia, is reportedly telling junior associates to seek new jobs as its financial position deteriorates. According to Bloomberg, Alex Lynch, who heads the firm's capital markets group, told associates on Tuesday that while they remain employed and should continue client work, they should look elsewhere. Late Wednesday, reports indicated the firm plans to wind down operations. Sportico characterizes the collapse as a potential shock to the legal infrastructure underpinning sports' private equity boom, given the firm's role advising investors buying stakes in teams and clubs across multiple sports.
The firm has seen partner and group leadership departures. The New York Times reported that Ramona Nee, co-head of Weil's private equity group, recently declined the opportunity to replace Barry Wolf as executive partner and chair of the management committee. Weil, which employs about 2,000 people, was recently ranked No. 15 nationally by Vault, and No. 2 for bankruptcy and restructuring.
Weil's sports private equity practice has been active. Earlier this year, partners Steve Argeris, Nicholas Doloresco, Max Scott and Liza Cotter advised Bryson DeChambeau and other investors on their acquisition of Sportsbox AI, an AI and 3D motion technology company used for coaching. The firm also advised JHZ Holdings on investments in French basketball club Orléans Loiret Basket and Dutch football club ADO Den Haag this year, and advised RHG Group on its purchase of Greek basketball club Aris BC last year. Sportico notes that firms with sports private equity clients are likely to recruit Weil's top attorneys in the space.
The firm's sports work extends beyond private equity. Weil successfully litigated on behalf of NBA player Zion Williamson in a $100 million lawsuit against his former marketing agency, Prime Sports Marketing, and its president, Gina Ford, where the court found the representation agreement void under North Carolina's Uniform Athlete Agents Act. Weil also represented TBS and Warner Bros. Discovery in litigation with the NBA over broadcast rights, and represented clients in litigation by minor league baseball teams challenging MLB's contraction of the minors and baseball's antitrust exemption.
The firm has seen partner and group leadership departures. The New York Times reported that Ramona Nee, co-head of Weil's private equity group, recently declined the opportunity to replace Barry Wolf as executive partner and chair of the management committee. Weil, which employs about 2,000 people, was recently ranked No. 15 nationally by Vault, and No. 2 for bankruptcy and restructuring.
Weil's sports private equity practice has been active. Earlier this year, partners Steve Argeris, Nicholas Doloresco, Max Scott and Liza Cotter advised Bryson DeChambeau and other investors on their acquisition of Sportsbox AI, an AI and 3D motion technology company used for coaching. The firm also advised JHZ Holdings on investments in French basketball club Orléans Loiret Basket and Dutch football club ADO Den Haag this year, and advised RHG Group on its purchase of Greek basketball club Aris BC last year. Sportico notes that firms with sports private equity clients are likely to recruit Weil's top attorneys in the space.
The firm's sports work extends beyond private equity. Weil successfully litigated on behalf of NBA player Zion Williamson in a $100 million lawsuit against his former marketing agency, Prime Sports Marketing, and its president, Gina Ford, where the court found the representation agreement void under North Carolina's Uniform Athlete Agents Act. Weil also represented TBS and Warner Bros. Discovery in litigation with the NBA over broadcast rights, and represented clients in litigation by minor league baseball teams challenging MLB's contraction of the minors and baseball's antitrust exemption.
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