Weil, Gotshal & Manges leadership has recommended an orderly wind-down of the $1.3B revenue law firm, capping a stunning collapse for one of America's most prestigious legal practices. Partners Benjamin Wilhelm, Gordon Smith, and Irwin Cruz held meetings with outside advisers including Davis Polk to explore alternatives after merger talks failed and incoming leader Ramona Nee declined the top role. The firm carries little debt but faces obligations including global office leases and a pension plan. Partners are expected to vote within days on the dissolution.
The crisis erupted this year as waves of top partners departed with entire teams for rival firms, exposing how vulnerable even large, financially stable law firms are to talent exodus. Weil's unraveling follows failed merger discussions and leadership instability that left the management committee with no viable path forward.
Meanwhile, Google shares plunged after revealing $50B+ in AI spending drove record cash burn, potentially wiping $350B in market value — the largest single-day loss in company history. Microsoft shares rose 4% on strong cloud earnings. In Israel, Benjamin Netanyahu's far-right coalition leads but falls short of a majority, portending weeks of coalition haggling.
Source: Financial Times Companies · Summarized by HeadlinesBriefing