Weil, Gotshal & Manges, one of the United States' most prominent corporate law firms, is moving toward dissolution after nearly a century in business, despite generating more than $2 billion in annual revenue. A Weil spokesperson told Fox Business Economy that the firm's leadership has recommended an orderly wind-down, with partners expected to vote on the proposal in the coming days.
Founded in 1931, the New York-based firm operates offices around the world and has handled some of the largest bankruptcies in U.S. history, including the restructurings of Enron and Lehman Brothers. The firm employs approximately 1,200 lawyers worldwide. The firm's management committee said it would continue serving clients with its established standards during the wind-down process over the coming months and remain committed to supporting its colleagues.
The proposed closure follows a series of prominent partner departures that placed mounting pressure on the business, according to Reuters. Weil also explored a potential merger with rival law firm Willkie Farr & Gallagher, but the talks failed to produce an agreement, Reuters reported. To prepare for the wind-down, which it intends to complete outside of bankruptcy, the firm has enlisted restructuring adviser AlixPartners to assist with the process.
The planned dissolution would mark one of the most significant collapses in the U.S. legal industry since Dewey & LeBoeuf, another major New York law firm, failed in 2012 amid financial pressures and attorney departures. For business owners and corporations, the closure of a major firm with expertise in complex restructurings removes an established resource for handling large-scale corporate transactions and bankruptcies.