Weil Gotshal & Manges is planning to dissolve, according to people familiar with the matter, a stunning move that caps the rapid downfall of one of Wall Street’s most storied corporate law firms.
The wind-down is expected to run through the end of the year, according to 9fin sources.
“Following a careful review of strategic alternatives, the firm’s management committee has recommended to the partnership that the firm pursue an orderly wind-down,” a statement from the firm said, confirming 9fin’s earlier reporting. “The partners are expected to vote in the coming days," the statement said, adding that the firm will continue to serve clients during the wind-down process in the coming months.
The recommendation to dissolve underscores how rapidly law firms, which rely on their people to bring in business, can collapse if their employees lose faith. Over a few weeks, a slow trickle of departing senior leaders from Weil turned into a flood of exits that the firm’s leadership concluded was untenable.
Just a few months ago, Weil’s collapse was unimaginable to peers in the industry. Founded in 1931, Weil is best known for pioneering the modern bankruptcy practice. It led some of the most notable bankruptcies ever, among...
