Weil Gotshal Elects New Executive Partner

Weil, Gotshal & Manges said Thursday that private equity partner Barry Wolf had been elected to the position of executive partner. Wolf, 50, will take over the role on Jan. 1 from Stephen Dannhauser, who will remain chairman and a member of the management committee. Wolf will focus on managing the firm and directing its strategy, while Dannhauser, 59, will work on developing and growing client relationships.
Dannhauser, who became executive partner 20 years ago and was later elected chairman, said he has no plans for retirement. The appointment of Wolf to executive partner is part of the firm's overall succession plan. Dannhauser said the move would free him to focus more on client development. Consolidation in the financial sector has caused increased competition for work, Dannhauser said, adding, "Everybody agrees this should be my prime focus."
Wolf joined Weil Gotshal as a tax associate in 1984 and made partner in 1992. In 2000, he made an unusual practice switch after partners tapped him to build a private equity group. In that role, Wolf rose to co-chairman of Weil's corporate department in 2005. His clients include Lindsay Goldberg LLC and Perella Weinberg Partners. Wolf, who will continue to practice, said that as executive partner he would focus on getting the 1,300-lawyer firm ready to adapt quickly to changes being forced on the legal industry, such as how firms hire and compensate lawyers, and alternative-fee arrangements.
Weil Gotshal, with its large restructuring practice, has been busy in 2009 on a number of the largest Chapter 11 bankruptcy cases, including Lehman Brothers Holdings Inc., General Motors Corp. and General Growth Properties Inc. In part because of strong bankruptcy and litigation practices, Wolf said, "relative to our competition, my assumption is we would be doing better" in terms of financial performance.