Former Schulte Finance Practice Co-Chair Departs for Weil
Eliot Relles' work includes the restructuring of troubled companies, an area that should see increased demand during the coronavirus crisis.
June 01, 2020 at 05:26 PM
3 minute read
Eliot Relles, former co-chair of the finance practice at Schulte Roth & Zabel, has joined Weil, Gotshal & Manges as partner in the firm's global banking and finance practice, the firm said Monday.
Relles, who had been a partner at Schulte for the past 17 years, will work out of Weil's New York office.
"Eliot will be a terrific addition to Weil's market-leading global banking & finance practice," Weil executive partner Barry Wolf said in a statement. "We are very excited to welcome him to the firm."
According to his firm biography, Relles represents prominent direct private lenders and alternative lenders providing financing solutions to mid-market entities. He does work on acquisition financing, leveraged lending, structured financial arrangements and asset-based lending.
Relles also does restructuring of troubled companies and debtor-in-possession loan work, which should be an area of interest as the pandemic continues to batter the global economy.
"I am excited to join Weil and be part of its team of talented banking and finance professionals," Relles said in a statement. "In particular, I look forward to leveraging Weil's preeminent global capabilities to continue expanding the group's direct lending platform."
Michael Aiello, chairman of Weil's corporate department, said in a statement that "Eliot has deep experience and is highly regarded in the financing sector. In particular, his work advising lender-side clients will be a strong strategic fit for Weil's growing direct lending practice."
Weil had a strong 2019 financially, growing its revenue 3.9% to over $1.52 billion. The firm has been increasing its profits per equity partner an average of 12% over the past five years, crossing the $4 million mark this year.
Relles' move comes at a time of slowed lateral movement due to difficulties surrounding the pandemic. While lateral hires through May were roughly on par with a typical year, now that the pipeline of pre-COVID-19 laterals has been exhausted, major moves have dwindled.
Prior to joining Schulte Roth in 1997 as an associate, Relles was an associate at Hawkins Delafield & Wood from 1994 through 1996.
A Weil spokesperson said Relles was not available for interviews and Schulte did not immediately respond to request for comment regarding Relles' departure.
|Read More:
Pandemic Slows Lateral Hiring as Firms Look for Guaranteed Winners
Weil, Advising on Big Bankruptcies, Sees Revenue and Profits Climb
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