Weil Gotshal & Manges plans to wind down operations
Weil Gotshal & Manges leaders told partners Wednesday the firm plans to wind down, Bloomberg Law reported. The Financial Times reported leadership said the firm should be dissolved. Bloomberg Law said the move followed partner departures and failed merger talks with Willkie Farr & Gallagher. Weil brought in $2.1 billion in revenue last year.
More context
Weil Gotshal & Manges plans to wind down its operations, the firm’s leaders told partners Wednesday, according to Bloomberg Law, which cited a source briefed on the decision. The Financial Times reported that leadership told partners the firm should be dissolved. Bloomberg Law said the move followed prominent partner departures and failed merger talks with Willkie Farr & Gallagher, which prompted efforts to retain partners and find a way forward. Earlier this week, after reports that Weil had hired restructuring counsel, a spokesperson told The Wall Street Journal that no decision to dissolve the firm had been made. Above the Law reported that Davis Polk bankruptcy lawyer Brian Resnick is advising on the process. Founded in 1931, Weil’s revenue reached $2.1 billion last year and it has advised Microsoft, General Motors and Lehman Brothers.
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Reporting
- Bloomberg Law — Weil Gotshal to Wind Down in Stunning Fall for Heavyweight Firm
- Financial Times — Weil leadership tells partners firm should be dissolved
- abovethelaw.com — After 95 Years, Weil Gotshal Is Winding Down - Above the Law
- nonbillable.co.uk — Weil set to dissolve as leadership recommends wind-down
Verifier’s note
Bloomberg Law and the Financial Times report that Weil’s leadership told partners the firm would wind down or be dissolved. Above the Law and Nonbillable also report the decision, while the former attributes its account to Bloomberg Law and the latter provides no indication of separate reporting.