Weil Gotshal’s collapse highlights the risk of building a business around star talent

From the source

When Weil, Gotshal & Manges announced plans to wind down last week, the collapse of the 95-year-old law firm stunned the legal industry. Weil had roughly 1,200 lawyers, more than $2 billion in annual revenue, and a roster of major corporate clients. Yet the exit of a handful of powerful partners triggered a wave of resignations that ultimately pushed the firm toward dissolution.At Weil, one of those performers was Michael Aiello, the firm’s highest-paid partner and a leading dealmaker who reportedly earned more than $20 million annually. Aiello oversaw a corporate practice of more than 600 people and maintained a close relationship with longtime leader Barry Wolf. When he left for rival Cravath in September, taking five partners with him, the departures helped unleash a broader wave of defections.Weil’s predicament illustrates the vulnerability of businesses built around individuals whose commercial value gives them extraordinary leverage. Star performers attract clients, generate…

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