The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
WEIL Gotshal & Manges is being sued for $40m (£22.7m) over a bankruptcy filing in the US by a former not-for-profit client.
The National Benevolent Association (NBA), a social services arm of the Christian Church (Disciples of Christ), alleges negligence and breach of fiduciary duty.
The NBA was able to offer a full recovery and pay $230m (£130.2m) to its unsecured creditors after selling most of its facilities.
The NBA's claims creditors were amenable to negating the need for bankruptcy, but the NBA said Weil ruined any chance by taking an "unreasonable negotiating position".
Weil's team, led by partner Deryk Palmer, was paid around $9m (£5.1m) in fees. The NBA said the push for fees led to the unnecessary bankruptcy filing.
Weil issued a statement: "We don’t believe the claims have any merit. We fully advised NBA’s Board and its restructuring committee, which had its own independent counsel, of the relevant issues and worked closely with them as they identified what course would best further NBA’s charitable mission...
Weil, Gotshal & Manges LLP’s only motivation throughout its representation of NBA was to best serve its clients. We regret that the new Board of NBA, which was not the Board with whom we dealt during this entire period, has chosen to file these meritless claims."