The logo of law firm Weil, Gotshal & Manges LLP is seen outside their office in Washington, DC, United States, August 31, 2020.
Andrew Kelly | Reuters
A management committee at Weil, Gotshal & Manges, the longtime Wall Street law firm, has recommended that its associates terminate their activities, the firm announced Wednesday.
The recommendation follows an exodus of partners and the end, a few days ago, of discussions with Willkie Farr & Gallagher about a possible merger.
Weil, which has about 1,200 lawyers, would have made more than $2 billion in revenue in 2025 from its multinational operations.
“For more than 90 years, Weil, Gotshal & Manges has had the privilege of advising clients on some of their most important matters,” the firm said in a statement to CNBC.
“After careful consideration of strategic alternatives, the Company’s Management Committee has recommended to the Partnership that the Company proceed with an orderly liquidation,” the company said. “Partners are expected to vote in the coming days.”
Weil said that during the liquidation process in the coming months, “the firm will continue to serve its clients with the dedication and excellence that has defined it since its inception and will remain committed to supporting its colleagues.”
Over the years, Weil has been involved in major bankruptcy filings, including for Lehman Brothers, General Motors and Enron.
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