Weil, Gotshal & Manges plans to wind down its operations
Weil, Gotshal & Manges, the New York firm founded in 1931, plans to wind down after its management committee recommended an orderly wind-down to partners on Oct. 28. A Weil spokesperson said partners are expected to vote on it in the coming days. Bloomberg Law said the plan followed partner departures and failed merger talks with Willkie Farr & Gallagher.
More context
Weil, Gotshal & Manges, the New York law firm founded in 1931, plans to wind down its operations after its Management Committee recommended an orderly closure to partners on Wednesday, Oct. 28. A Weil spokesperson said the partnership is expected to vote on the recommendation in the coming days. The firm would close without filing for bankruptcy, CNN reported.
Weil had about 1,200 lawyers worldwide, Astig.ph reported, and brought in $2.1 billion in revenue last year, according to Above the Law. It advised companies including Lehman Brothers, General Motors and Enron in bankruptcy proceedings. Bloomberg Law said the plan follows prominent partner exits and failed merger talks with Willkie Farr & Gallagher. Michael Aiello, Weil’s corporate department leader, announced in September that he would leave for Cravath, Swaine & Moore.
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Reporting
- Reuters — Weil Gotshal law firm plans to dissolve, capping dizzying fall
- CNN — Law firm that handled Lehman, Enron bankruptcies plans to wind down | CNN Business
- Bloomberg Law — Weil Gotshal to Wind Down in Stunning Fall for Heavyweight Firm
- The Telegraph — London lawyers face threat of redundancy as Wall Street firm ...
- astig.ph — Weil, Gotshal and Manges is winding down after 95 years. The law firm that handled Lehman and Enron ran out of rainmakers – ASTIG: Philippine News & Reviews
- abovethelaw.com — After 95 Years, Weil Gotshal Is Winding Down - Above the Law
Verifier’s note
Reuters, CNN, and Bloomberg Law report that Weil, Gotshal & Manges plans to wind down; The Telegraph’s headline also reports the firm is preparing to fold. ASTIG attributes its account to Reuters, while Above the Law cites Bloomberg Law.