- Europe
- Mergers & combinations
Weil Gotshal & Manges held a virtual meeting for its entire partnership on 20 October at 11am Eastern, 4pm in London, as merger speculation grew around the firm, according to Legal Business. The meeting followed several senior departures and reports of a possible combination. American Lawyer named Willkie Farr & Gallagher as one of Weil's leading candidates, though it is unclear whether those talks are still active. Weil has also approached other firms.
About a month before the reports, a spokesperson said Weil "is not engaged in merger discussions with any firm," according to Above the Law. Since then, leadership under executive partner Barry Wolf, incoming successor Ramona Nee and managing partner Jonathon Soler has told practice group chiefs that the firm is working on a memorandum of understanding with another firm, according to Bloomberg Law.
Corporate and M&A exits to Cravath, Paul Weiss and Sullivan & Cromwell
Corporate and M&A has taken most of the losses. Corporate department chair Michael Aiello left for Cravath in September with M&A co-head Matt Gilroy and four other partners (Above the Law). Private equity co-head Christopher Machera moved to Paul Weiss with colleagues (Bloomberg Law). In London, M&A leader David Avery-Gee and corporate partner Sarah Flaherty went to Sullivan & Cromwell (Legal Business). Former corporate co-managing partner Michael Hickey, who works in capital markets, is expected to follow. London finance head Tom Richards is heading to Simpson Thacher (Bloomberg Law).
More than 40 global partners have left since January, about 25 of them from New York (Legal Business). American Lawyer counts roughly 28 departures against 23 hires year to date. Weil has brought back some former partners. Private equity veteran Peter Feist returned from Cravath, and Debra Sinclair, who left for Willkie a decade earlier, came back. Antitrust partner Yuni Yan Sobel joined from Paul Weiss on 19 October, the day before the meeting (Legal Business). The departures have weakened the corporate department and added to the merger speculation, according to Bloomberg Law.
Weil at roughly $2bn, behind Paul Weiss and Simpson Thacher
Weil billed roughly $2bn last year but has fallen behind Paul Weiss and Simpson Thacher on several financial measures over the past decade (Above the Law). Cravath, Paul Weiss, Simpson Thacher and Sullivan & Cromwell are taking in its departing corporate partners. The reported profile of a potential merger partner, a firm with a large national or international presence, Texas offices and plans to expand in New York, points toward corporate, energy and infrastructure work (American Lawyer).
Willkie at $2.06bn, 380 partners and five offices added since 2020
Willkie crossed $2bn for the first time in 2025. Revenue rose nearly 16% to $2.06bn, while partner numbers increased from about 200 in 2020 to roughly 380 (Legal Business). It opened offices in Chicago, Los Angeles, Munich, Dallas and Hamburg since 2020. London grew to 136 lawyers, up 60% over five years. Profit per equity partner rose from $2.5m in 2015 to nearly $5m in 2025. Its London private capital team grew from one private equity partner in 2019 to eight, while asset management increased from three partners in 2022 to six.
Restructuring co-chair Matt Feldman has described scale as the strategy, saying "the firms that are going to compete at the top in this consolidating market are growing, not shrinking." Willkie opened a Dallas office since 2020, and the reported merger profile calls for Texas offices and a New York buildout. How closely those fit any deal is interpretation.
59 law firm mergers in 2025 as transatlantic combinations add scale
The market is in a busy consolidation cycle. 59 law firm mergers were completed in 2025, an 18% rise on the prior year, and 16 had been announced for 2026 (BestLawFirms). The Hogan Lovells–Cadwalader combination on 1 July created a 3,200-lawyer firm with nearly $4bn in revenue. Ashurst and Perkins Coie combined on 28 June into a firm of roughly 3,000 lawyers across 50 offices. Winston & Strawn and Taylor Wessing joined on 1 June as Winston Taylor, with 1,400 lawyers. Herbert Smith Freehills' 2025 tie-up with Kramer Levin created an approximately $2bn global firm with a New York and Washington platform (LawCareers.Net), which describes the UK–US transatlantic dynamic as a defining feature of the cycle.
A firm billing $2bn, losing corporate and M&A partners to rivals Cravath, Paul Weiss, Simpson Thacher and Sullivan & Cromwell, and now canvassing its entire partnership about a merger it denied a month earlier is part of a market where combinations are moving toward integrated transatlantic firms rather than size alone. Willkie has grown its revenue, partnership, office count and private capital bench over recent years. Weil has fallen behind Paul Weiss and Simpson Thacher on several financial measures over the past decade.
More Europe legal market news.
