Ex-Dewey & LeBoeuf partners Keith Flaum and Richard Climan have taken one of their key clients, online auction site eBay, to new employer Weil Gotshal & Manges.
The technology specialists, who started at Weil Gotshal & Manges last week (8 May 2012), are acting for eBay-owned money transfer business PayPal in its $12.5m joint venture with Softbank, Japan’s third-largest mobile phone company, to offer digital payment services in the country.
Dewey has been legal counsel to eBay since hiring the Silicon Valley team from Cooley Godward Kronish (now Cooley) in 2009 (13 July 2009), bringing the team in on a large guaranteed profit share to beat off competition from other firms (16 April 2012).
Last year Dewey acted as legal advisor on eBay’s $2.4b acquisition of GSI Commerce, the site’s largest acquisition since its $2.6bn pairing with Skype in 2005.
The corporate team, led by Climan and Flaum, has taken three other partners and four associates to Weil.
Dewey has suffered more than 100 partner exits since the start of 2012 and has issued a letter to staff warning that “adverse developments” could lead to the firm closing.