Wall Street law firm Wachtell, Lipton, Rosen & Katz has seen another prominent partner, Mark Gordon, depart. Gordon has been hired by London-based Linklaters to lead its Americas business and global M&A efforts, according to a press release.
The move is considered a significant win for Linklaters, which has historically found it challenging to attract talent from major U.S. law firms. Wachtell, known for its innovation in corporate defense, including the invention of the "poison pill" strategy, has experienced a series of departures throughout the year.
These exits have occurred against the backdrop of a public relations crisis that emerged over the summer when a video of partner Nathaniel Cullerton and junior associate Kelsey Borenzweig engaged in a public display of affection in Central Park went viral. The firm is reportedly investigating the relationship, though a spokesperson stated Cullerton's job status has not changed since July and he is not being fired.
Prior to Gordon's departure, Wachtell lost co-chair Bill Savitt in July, who moved to Gibson Dunn's New York office with five other partners. Earlier in the year, Joshua Feltman, the firm's former head of restructuring, left for Kirkland & Ellis with a substantial package. Additionally, four junior partners recently joined Latham & Watkins.
The increased competition for talent has led to heightened hiring across the legal industry, with firms offering significant compensation packages. This trend is notable for Wachtell, a firm that has traditionally maintained a lockstep pay structure, where partner earnings are largely tied to tenure and are among the highest in the U.S. legal sector.