Sept 18 (Reuters) – Law firm Weil, Gotshal & Manges is considering options for its future, including a potential merger with a competitor, Bloomberg News reported on Friday, citing people with knowledge of the matter.
The company has been canvassing its partners and exploring ways to strengthen its business through strategic hires and promotions, and it could still remain independent, the report said.
Weil, Gotshal & Manges did not immediately respond to a Reuters request for comment. Reuters could not immediately verify the report.
This follows a string of departures at Weil, including prominent New York dealmaker Michael Aiello and five other M&A partners who are set to join Cravath, Swaine & Moore, along with two London-based M&A partners who recently moved to Sullivan & Cromwell.
Top leaders at the US law firm have become more open to the idea of combining with a competitor, and some have held informal discussions to gauge interest in a deal, the Bloomberg News report said.
Founded in 1931, Weil, Gotshal & Manges is a New York-based law firm known for its M&A, restructuring and bankruptcy practice, with about 1,200 lawyers worldwide.
(Reporting by Abu Sultan in Bengaluru; Editing by Shilpi Majumdar)
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