What every CEO can learn from the collapse of law firm giant Weil Gotshal
Source: Fortune ·
Also: All the news and watercooler chat from Fortune.
From the source
In today’s CEO Daily: Things go south when you have a botched succession and no Plan B. The big leadership story: Alphabet’s $500 billion rout. The markets: U.S. futures sink as massive AI spending spooks investors. Plus: All the news and watercooler chat from Fortune. Good morning. There are a lot of lessons coming out of Weil, Gotshal & Manges, the storied law firm that’s winding down after 95 years in business. How AI will disrupt law is not one of them. Nor is this a tale about crime, scandal, financial malfeasance, reckless accounting or any of the other perils that can fell a firm at this speed. Instead, this is a story about what happens when the departure of some key leaders sparks an outflow of talent that undermines the foundation of a business based on expertise, relationships, and trust. Some of the plot points that drove this sad narrative: A botched succession. Law firms are partnerships, which means the partners typically vote on who will serve as executive partner and…