Weil, Gotshal & Manges, a storied New York law firm, is set to dissolve after a wave of partner departures left it unsustainable. Partners will vote in the coming days to formally wind down the 95-year-old firm, which employs 1,200 lawyers and generates $2bn in annual revenue. Known for handling high-profile bankruptcies like Enron and Lehman Brothers, Weil was once a powerhouse in corporate restructuring.
The firm will continue representing clients during the closure process. A wind-down committee, including longtime executive partner Barry Wolf, will oversee the dissolution, aided by restructuring experts from Davis Polk & Wardwell and Alix Partners. Unlike bankruptcy, this process allows for a more efficient asset distribution to equity partners.
The firm has no debt but faces logistical challenges, including closing over 15 offices worldwide. Partners will focus on collecting outstanding client payments to settle vendor obligations before wrapping up operations.
Source: Financial Times Companies · Summarized by HeadlinesBriefing