Gibson Dunn acquires Weil London private funds team

Gibson Dunn is set to acquire a team of nearly 40 private funds lawyers in London from Weil, Gotshal, and Manges. The move follows the announcement that the US law firm will wind down its operations after nearly a century in business. Gibson Dunn, which previously led the UK side of SpaceX’s $75bn stock market listing, has been in talks to secure the entire private funds group for over a year. The acquisition represents one of the largest lateral moves for a law firm in London in recent years and forms part of a long-term strategy to expand its private funds practice in the city.

The decision to dissolve Weil was communicated to partners on Wednesday. The wind-down is expected to be the central issue in a partnership vote in the coming days. If approved, the dissolution would put thousands of jobs at risk, including 50 partners, 200 solicitors, and approximately 120 business services staff at the London office, which has operated since 1996. The team joining Gibson Dunn includes ten partners, led by co-heads James Bromley and James Sargent. Gibson Dunn’s London office currently boasts 265 lawyers, with over 2,200 lawyers globally.

Weil’s decline has been attributed to an exodus of top talent globally over the past year and the departure of some of its highest-billing partners. The length of negotiations between Gibson Dunn and Weil’s funds group suggests the team had been considering an exit long before the firm’s final decision to dissolve. A former partner at Weil described the situation as a Titanic moment, calling it probably the worst succession planning in legal history. The City of London Law Society confirmed it is on standby to support Weil’s trainees as they seek new employment.