Weil Gotshal, a law firm that’s represented NBA star Zion Williamson and other major sports industry clients, reportedly is telling junior associates to look for new jobs as the firm faces mounting financial woes.
According to Bloomberg, Alex Lynch, who heads the firm’s capital markets group, told associates in his group on Tuesday that, while they remain employed and should continue their client work, they ought to be looking for new jobs.
Late Wednesday, it was reported the firm plans to wind down operations.
Weil Gotshal’s collapse is a potential shock to the legal infrastructure underpinning sports’ private equity boom. The firm has advised investors buying stakes in teams and clubs across multiple sports, positioning it at the intersection of two industries undergoing rapid change. The question is whether Weil’s troubles are an isolated firm failure or an early warning sign for an investment boom that is reshaping the business of sports.
Weil has seen partners and group leaders leave or decline leadership roles. The New York Times notes Ramona Nee, the co-head of Weil’s private equity group, recently turned down the chance to replace Barry Wolf, the firm’s executive partner and chair of its management committee.
Weil has about 2,000 employees, including around 1,200 attorneys. It has long attracted top law students competing for positions and is regarded as an industry leader. Weil was recently ranked No. 15 nationally by Vault, which also ranked the firm No. 2 for bankruptcy and restructuring.
Founded in 1931 and with offices in North America, Europe and Asia, Weil is especially known for its work in private equity, including in sports.
Earlier this year, Weil private equity and IP partners Steve Argeris, Nicholas Doloresco, Max Scott and Liza Cotter advised pro golfer Bryson DeChambeau and other investors on their acquisition of Sportsbox AI, a company that uses AI and 3D motion technology for coaching and related purposes. This year, the firm also advised JHZ Holdings on investments in French basketball club Orléans Loiret Basket and Dutch football club ADO Den Haag.
Last year, Weil advised RHG Group on its purchase of Greek basketball club Aris BC. That transaction involved a group of Weil attorneys, including Argeris and Theodora Tavridou. Weil has also been a thought leader on the emerging role of private equity in sports, with publications and presentations on the topic.
It’s safe to predict other firms with sports private equity clients will recruit Weil’s top attorneys in this space.
Weil’s sports reach goes beyond private equity. The firm successfully litigated on Williamson’s behalf in a $100 million lawsuit involving his former marketing agency, Prime Sports Marketing, and its president, Gina Ford. At issue was whether Williamson’s representation agreement, signed while he was a freshman at Duke, was enforceable.
As Zack Tripp and his Weil colleagues argued, Prime failed to comply with North Carolina’s Uniform Athlete Agents Act, including by omitting a statutorily required warning from the contract, rendering the agreement void.
The firm, including David L. Yohai, also represented TBS and Warner Bros. Discovery in litigation with the NBA over whether TBS properly exercised its contractual right to match Amazon’s offer to distribute games from 2025–26 through 2035–36.
Through Gregory Silbert and others, Weil represented clients in litigation brought by minor league baseball teams challenging MLB’s contraction of the minors and baseball’s antitrust exemption.
Weil did not respond to a request for comment.
Scott Soshnick contributed to this story.