Posted Dec 11, 2009 12:58 pm CST
New York-based Weil, Gotshal & Manges has elected Barry Wolf to the position of executive partner.
Wolf, who previously was co-chair of the firm’s corporate department, replaces Chairman Stephen Dannhauser as the firm’s CEO. Dannhauser will retain his role as chairman but focus on client development, according to a firm news release and Bloomberg.
Wolf told Bloomberg that Weil’s balance of litigation, bankruptcy and corporate practices have helped keep the firm profitable during mercurial economic cycles.
“Bankruptcy has always been an important practice in our firm, but it won’t always be as booming as it is now,” Wolf told the business wire. “Private equity is a top-tier practice of ours, but those lawyers are less busy now than they were three years ago. All these cycles do rebound.”
Wolf also acknowledged to Bloomberg that while law firms have taken a revenue hit because of a slowdown in corporate work, he expects the deal markets to pick up in 2010, though not up to 2007 levels.
The firm’s release notes that Wolf, 50, started at Weil in 1984 as an associate. He was elevated to partner in 1994 and became co-chair of the corporate department in 2005. The firm has 1,300 lawyers on its roster.