Weil loses corporate chair in six-partner Cravath raid, report says

Weil is reportedly set to lose its corporate chair and five other M&A partners to Cravath in New York.

The group is led by Michael Aiello, Weil's corporate chair and a member of its management committee, according to The Wall Street Journal which first reported the move.

The move follows several other senior departures from Weil in New York. Private equity partner Chris Machera joined Paul Weiss this month, while US funds co-head Stephanie Srulowitz and GP stakes specialist Andrew Nichol recently left for Simpson Thacher. Private equity partner Brian Parness is also reportedly set to move to the firm.

Weil is currently going through a leadership transition. Boston-based partner Ramona Nee is set to succeed Barry Wolf as executive partner in January next year, with the firm announcing a succession plan in March.

Wall Street's talent war

Cravath has traditionally been one of Wall Street's most selective lateral recruiters. But even the elite New Yorker has found itself losing partners as the battle for top talent intensifies.

Part of the backdrop is the breakdown of traditional lockstep pay. Cravath was one of the last major US firms to abandon the model, under which partner pay is determined by seniority.

Almost all of the market has moved towards performance-based models, helping fuel huge offers for the most sought-after partners. Kirkland & Ellis hired Wachtell restructuring partner Joshua Feltman earlier this year on a reported guaranteed $80 million package over three years.

Wachtell - one of the few firms that retains a traditional lockstep - has suffered a series of departures this year. Those include a top litigation team moving to Gibson Dunn and, this week, 30-year Wachtell M&A veteran Mark Gordon joining Linklaters as its new Americas managing partner and co-chair of global M&A.