Weil Gotshal & Manges plans to end its activities, its managers told its partners on Wednesday, according to a source informed of the decision.
The move marks a stunning collapse for the nearly century-old law firm, once a corporate powerhouse whose lawyers advised Microsoft, General Motors and Lehman Brothers. It follows a series of major partner departures and the collapse of merger talks with New York’s Willkie Farr & Gallagher, which sparked a scramble to keep partners on board and find a way forward.
Weil was among the nation’s 30 largest companies last year, generating nearly $2.1 billion in revenue. The partnership suffered as its longtime leader, Barry Wolf, prepared to relinquish control after a lengthy process that raised questions about the company’s direction.
Michael Aiello, the powerful and polarizing head of Weil’s corporate department, announced in September that he would be leaving for Cravath, Swaine & Moore. Last week, news spread among a broader group of associates that Ramona Nee — who was set to succeed Wolf as executive partner in January — had decided not to take the position, sparking widespread speculation that she would leave the firm.
Wolf led Weil Gotshal shortly after the Great Financial Crisis, although its financial trajectory lagged behind peers who later raided the partnership for talent, including Simpson Thacher & Bartlett, Paul Weiss and Davis Polk & Wardwell. The company reportedly struggled to hire rainmakers and invest in crucial growth areas as competitors overtook them, thanks in part to their work for major private equity clients.
At least seven members of the management committee have left the company or reportedly planned to do so since late 2024, around the time Weil began publicly signaling that he would seek a successor for Wolf.
Willkie’s merger negotiations were called off after the two sides signed a nondisclosure agreement to discuss a tie-up and some of Weil’s top partners attempted to drum up internal support for the tie-up. The company then hired an external restructuring partner amid marathon strategic discussions.
At least one manager of the Weil practice group on Tuesday asked associates to seek work elsewhere while remaining employed at the firm.
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