The timing is set by Weil's collapse. The firm's management committee has told partners it plans to dissolve the 95-year-old firm. Before the Kirkland talks, Nee had approached Simpson Thacher & Bartlett about a possible move, but it is not public whether those discussions advanced. Six other Weil departures are part of the Kirkland discussions, including lawyers in mergers and acquisitions, debt finance, and executive compensation. The terms of any agreement, and whether the plans will change, remain unresolved.
For attorneys, the stakes are the size of the breakup. About 600 Weil associates are now looking for jobs. Kirkland is the largest potential destination, and recruiters expect a bidding war for senior partners, particularly from Weil's bankruptcy group, which has long been one of the most prominent in the market. Lawyers in those practices, and at firms competing for them, should expect rapid moves over the coming weeks.