- U.S. & Americas
- Layoffs
Weil Gotshal has told associates it will support their search for new roles and "facilitate introductions where we can," while asking them to keep billing and meeting client obligations, according to Above the Law. A separate Above the Law roundup noted that the pledge came with a reminder that clients still expect "exceptional legal service."
The message follows the firm's decision, after 95 years, to pursue an orderly, solvent wind-down. Partners are expected to vote in the coming days on a collapse that Bloomberg Law compared with the 2012 failure of Dewey & LeBoeuf. Associates and staff will receive 90 days of salary and benefits, along with year-end bonus eligibility if they stay through payout dates in December and early January 2027, Bloomberg Law reported. Capital markets group head Alex Lynch told associates on 28 October to "look for employment elsewhere," Above the Law reported, but did not say how long their jobs would last.
Cravath, Paul Weiss and Simpson Thacher hire Weil partners and associates
Major firms have moved quickly to hire Weil lawyers. Cravath hired M&A lawyer Michael Aiello and five other partners from Weil, PYMNTS/CPI reported, bringing over a senior dealmaking team. Paul Weiss has hired junior lawyers since the wind-down decision, while rivals have recruited across the partner, associate and support ranks, Crain's New York Business reported.
The breakup also affects incoming classes. Law schools are working to place displaced students, including class-of-2027 summer associates and class-of-2028 students with offers scheduled to start the following summer, Law.com reported.
More than 30 partner departures since July as Michael Aiello left for Cravath
The attrition began before the formal decision. Corporate department leader Michael Aiello left Weil for Cravath in September 2026, LawFuel reported, in a move the firm initially tried to contain. Weil has lost or is set to lose more than 30 partners globally since July, including around 19 industry-ranked lawyers and 10 senior leaders, according to The American Lawyer.
In London, corporate partner Max Oppenheimer is set to join Paul Weiss, and management committee member Caroline Zalka has moved there, Law.com International reported. Simpson Thacher is adding Weil London finance partners after hiring private funds partners Murray Cox, Simon Saitowitz, Stephanie Epstein Srulowitz, Brian Parness and Andrew Nichol, according to Law.com International.
$25m-partner pay and ended Willkie merger talks: what Weil cited behind its $2.1bn wind-down
Weil cited its inability to compete for partners commanding $25 million or more annually, along with declining profitability relative to peers, as root causes, Bloomberg Law reported. Seven management committee members have left or announced departures since late 2024, and the corporate-chair exit triggered what one source described as a "run on the bank." Merger talks with Willkie Farr, which would have created a firm with more than $4 billion in annual revenue, ended on the night of 22 October, Bloomberg Law reported.
The firm's size offers one read on the pace of hiring. Weil was among the 30 largest U.S. firms last year, generating nearly $2.1 billion in revenue, Bloomberg Law reported. It also still represents Kroger in a $24.6 billion merger dispute trial against Albertsons.
Restructuring and private equity benches draw the strongest interest
The practices drawing the most attention are among the firm's strongest. Weil's restructuring practice is a leading target, with Paul Weiss and Simpson Thacher both pursuing its specialists and Boston-office talent, The American Lawyer reported. Private equity partners have already moved to Paul Weiss and Simpson Thacher, Bloomberg Law reported, reflecting demand for its PE and private funds bench.
Just days earlier, Weil had been moving in the opposite direction, recruiting Paul Weiss M&A-antitrust partner Yuni Yan Sobel in New York to expand its antitrust bench, The American Lawyer reported.
Weil generated nearly $2.1 billion in revenue last year, per Bloomberg Law, and is now winding down. Rivals including Cravath, Paul Weiss and Simpson Thacher have hired its partners and associates since the wind-down decision. The restructuring, private equity and private funds groups that drew the fastest interest are the same areas that defined the firm's position in the market.
More US legal market news.
