Kaye Wiggins, Oliver Barnes, Sujeet Indap and Amelia Pollard in New York Published October 28 2026 Updated October 28 2026 Jump to comments section Print this page Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Weil, Gotshal & Manges told partners on Wednesday afternoon that the law firm should dissolve, marking a stunning downfall for one of the US's largest and most prestigious legal groups. The law firm's leadership held a meeting with partners to recommend winding the practice down.
Wednesday's meeting capped days of marathon talks among top partners and outside advisers, including Davis Polk, which had recently been working with the beleaguered law firm on how to move forward. Weil is expected to shortly hire a financial consultant to review its books and execute the wind-down. The firm has little to no debt but remaining obligations include office space leases around the world as well as a pension plan.
Following a careful review of strategic alternatives, the firm's management committee has recommended to the partnership that the firm pursue an orderly wind-down. The partners are expected to vote in the coming days. It said it would keep serving clients during the wind-down process over the coming months and would remain committed to supporting its colleagues.
Weil began to consider a wind-down this week, among other options, after discussions over a potential merger collapsed. Ramona Nee, who had been chosen as its next leader, decided she no longer wanted the top job, the FT reported on Sunday. The firm was plunged into turmoil this year when a series of top partners left, taking teams of lawyers with them to rivals.
The situation illustrates how vulnerable even large, long-established and financially stable law firms can be to an exodus of talent. Weil had built a reputation as one of the US's most sought-after law firms for advice on bankruptcy and restructuring, including leading Enron's restructuring. It also had significant private equity and corporate M&A practices.
But as rivals such as Kirkland & Ellis and Latham & Watkins surged ahead with rapid growth backed by a private equity boom, Weil did not keep pace. While Big Law partners traditionally stayed at the same firm for decades, the industry has undergone a radical transformation in recent years where top rainmakers will readily jump to new firms for huge cheques. Weil has about 1,200 lawyers and about 1,000 non-lawyer staff, with revenues of about $2bn last year.
It was ranked among the US's most prestigious law firms. One top partner said leadership was trying to manage the impact of the group's troubles on other staff, including assistants, paralegals and associates. Prominent US law firms have collapsed before.
Stroock & Stroock & Lavan closed in 2023, while more than a decade earlier Dewey Le Boeuf, which had about 1,450 lawyers at its peak, filed for bankruptcy in the country's largest-ever law firm failure. Others, such as Cadwalader, Wickersham & Taft and Shearman & Sterling, merged with rivals after a series of departures.
Source: Financial Times Companies · Summarized by HeadlinesBriefing