Weil, Gotshal & Manges LLP announced plans to wind down its operations on Wednesday, Oct. 28, 2026. The firm's management committee recommended the orderly wind-down to its partnership following a review of strategic alternatives. Leadership told partners and employees that the firm intends to continue serving clients throughout the process while supporting its personnel.
The move follows a period of partner departures and unsuccessful merger negotiations. The firm had reportedly held merger talks with Willkie Farr & Gallagher, but the discussions did not result in an agreement. To manage the transition, Weil hired the law firm Davis Polk & Wardwell for restructuring advice and brought in the advisory firm AlixPartners to assist with the wind-down process.
Recent departures included Michael Aiello, the corporate department chair, who moved to Cravath, Swaine & Moore with five other partners. Other partners joined Paul, Weiss, Rifkind, Wharton & Garrison; Sullivan & Cromwell; and Simpson Thacher & Bartlett. Additionally, Ramona Nee, who was selected in March to succeed executive partner Barry Wolf, recently declined to take the leadership position.
The wind-down affects approximately 1,200 lawyers and staff members. These employees were informed they will continue to receive pay for 90 days and will be eligible for bonuses at the end of 2026. The firm generated more than $2 billion in revenue last year and maintained average profits per equity partner of approximately $5.4 million, according to American Lawyer.
The report highlights the impact of aggressive compensation practices used to recruit top partners, which has left even large firms financially vulnerable when top earners depart. While Weil's profits per partner were in the top quarter of U.S. firms, they were roughly half of the $10 million average reported at competitors such as Kirkland & Ellis and Wachtell, Lipton, Rosen & Katz. The firm's closure follows a period of consolidation in the New York legal market, including recent mergers involving Cadwalader, Wickersham & Taft and Shearman & Sterling.
Weil intends to complete the wind-down outside of bankruptcy court. The firm, founded in 1931, is known for its work on major Chapter 11 cases including Enron, General Motors, and Lehman Brothers. Management has not reported a specific final date for the closure of its Fifth Avenue headquarters, stating only that the process will occur over the coming months. Associates and staff remain employed under the 90-day pay guarantee as the firm continues to fulfill client obligations.