Michael Aiello, chair of Weil Gotshal’s 600-lawyer corporate department, has resigned. He is expected to join Cravath, Swaine & Moore, according to Bloomberg Law, which cited two people familiar with the situation.
Aiello is not going alone. M&A co-head Matt Gilroy, Amanda Fenster, and Michelle Sargent are reported to be moving with him.
The exit follows a series of leadership departures from Weil. Private equity co-head Chris Machera, private funds co-head Stephanie Srulowitz, and PE partner Brian Parness have all left recently.
Simpson Thacher and Paul Weiss have been the main beneficiaries of these departures.
The Original Boomerang Boomerangs Out
Aiello was named chair of Weil’s new global leadership and strategy committee, the body built to manage the succession from Barry Wolf to Ramona Nee.
In a recent marketing interview, Wolf called Aiello his closest friend at the firm and “the original boomerang,” a nod to Weil’s favorite growth trick of rehiring partners who had left for rivals.
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Aiello himself arrived at Weil in 2007 from Dewey Ballantine, where his mentor was star M&A partner Morton Pierce.
Dewey merged with LeBoeuf Lamb later that year and collapsed in 2012, killed in large part by guaranteed pay deals it could not honor and an exodus of rainmakers.
What Weil Actually Lost
The departures since mid-August read like a leadership chart with lines drawn through it.
Chris Machera is understood to be going to Paul Weiss. Stephanie Srulowitz has gone to Simpson Thacher, where Brian Parness is also reportedly heading.
Machera and Parness were both partners Aiello is credited with recruiting.
The timing is problematic. Ramona Nee was named to succeed Wolf as executive partner, and Aiello was handed the chair of the new global leadership committee.
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Nee now inherits a succession structure whose most powerful member has resigned, a corporate department without its chair, and a private equity practice missing both of its recent co-heads.
Weil says it is heading for record revenue and profitability in 2026. The firm has added over 50 lateral partners since the start of 2025.
Cravath, once known for growing its own partners, has been hiring laterally. Presiding partner Faiza Saeed has been converting prestige into buying power.
Taking a rival’s corporate chair and a slice of his bench is the loudest version of that strategy yet.
Three things are worth holding onto. First, committee seats are not retention and Aiello had the title, the strategy chair, and the succession role, but he left anyway. Firms that think governance buys loyalty are paying for the wrong thing.
Second, this is a team market, not a talent market. Gibson Dunn took six litigators out of Wachtell in July, including co-chair William Savitt. Pirical data shows 286 of the partners hired laterally by Am Law 200 firms in Q2 2026 were litigators, with New York alone absorbing 152 lateral partner hires in the quarter. Buyers seeking these teams want practices that land intact with the client relationships attached, not just the solo law stars who need rebuilding.
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Third, law firm economics now justify almost any number. The 2026 Am Law 100 showed average profits per equity partner up 14% to $3.59 million, with Wachtell above $12 million and Kirkland above $11 million. When a partner controls a book worth nine figures in annual revenue, a $20 million package is a defensive purchase, not an indulgence.
Impact on Weil’s Leadership
Michael Aiello’s departure significantly affects Weil’s leadership and succession. He chaired the corporate department and played a key role in the global leadership committee, managing the transition from Barry Wolf to Ramona Nee. His exit leaves Nee with a weakened succession structure.
The corporate department now lacks its leader, and the private equity practice has lost both recent co-heads, Chris Machera and Brian Parness. This creates a void in critical areas, requiring swift action to maintain stability. Retaining and attracting top talent will be vital during this transition.
Cravath’s New Strategy
Cravath’s hire of Aiello and his team marks a shift from its traditional partner development approach. Known for growing partners through a lockstep system, Cravath now adopts lateral hiring under Faiza Saeed’s leadership to boost its market position.
The legal market trends show top partners earning over $20 million, reflecting the value of client relationships and revenue. Cravath’s move strengthens its corporate and M&A capabilities by integrating established practices.
