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Ramona Nee, the partner Weil, Gotshal & Manges named in March 2026 as its next executive partner, told the firm's management committee in August that she would not take the job and is in talks to join Simpson Thacher, according to Bloomberg Law. She had been due to succeed Barry Wolf, who leads the firm, in January 2027.
Legal consultant Bruce MacEwen, who coined the "run on the bank" warning for law firms, told Bloomberg Law that Nee's withdrawal tells partners she has lost faith in the firm. He said that kind of thinking "all too often...means the end for law firms."
Nee was named Weil's next leader in March 2026, the third in firm history
Weil picked Nee as its next executive partner in March 2026, only the third person to hold the role in its history and its first woman leader. Wolf was set to remain management committee chair through the end of 2027, The American Lawyer reported. The announced succession plan is no longer in place.
Michael Aiello, the corporate department chair who led the committee tasked with finding Wolf's successor, left for Cravath in September 2026 with five M&A partners, Bloomberg Law reported. Weil named Michael Lubowitz and Kyle Krpata to co-lead its roughly 600-lawyer corporate practice after his departure.
At least seven management committee members have left Weil since late 2024
More than 30 partners have left Weil in 2026, and at least seven management committee members have departed or plan to leave since late 2024, per Bloomberg Law. London M&A leader David Avery-Gee and former corporate co-managing partner Michael Hickey are moving to Sullivan & Cromwell, and London finance head Tom Richards planned to join Simpson Thacher, Semafor reported. Appellate litigator Drew Tulumello is moving to Davis Polk. Regulatory partners Andrew Dean and Christopher Mulligan, both SEC alumni, joined Skadden on 27 October, according to Bloomberg Law.
Weil posted roughly $2.1 billion in revenue and more than $5.6 million in profits per equity partner last year, Above the Law reported, underscoring that the crisis is about confidence and leadership, not financial distress. Simpson Thacher and Paul Weiss have moved ahead of Weil on several measures over the past decade, per Semafor. Paul Weiss recorded the Am Law 100's largest 2024 revenue jump at 31.6 percent and a $7.54 million profit per partner, LawFuel reported.
Weil and Willkie called off merger talks as pay and structure pressures rose
Weil and Willkie Farr ended merger discussions on the night of 22 October after signing an NDA. The combination would have created a firm with more than $4 billion in revenue, putting it among the five largest in the United States, Bloomberg Law reported. Partners cited Wolf's failure to articulate a credible strategy for AI disruption and rising compensation demands as reasons for their lost confidence, per Semafor.
The lateral market is moving in the same direction. Guarantees for top rainmakers have risen from $25 to $30 million up to as high as $40 million, Above the Law reported. Firms including Paul Weiss, Skadden, Sullivan & Cromwell, Cleary, Debevoise, WilmerHale and Freshfields have added non-equity partner tiers, with consultants estimating that 10 to 30 percent of partners could be moved down, per LawFuel.
Restructuring, private equity and M&A are the practices rivals are targeting
The pressure is concentrated in Weil's main practices: restructuring, private equity, M&A and complex litigation, Above the Law reported. Internal tension reportedly stemmed from Aiello treating the private equity business as less important than public-company M&A, exposing a strategic split in the corporate practice, per Bloomberg Law. Skadden's hires of Dean, a former SEC enforcement asset management co-head, and Mulligan point to demand for financial-services regulatory and enforcement talent, per Bloomberg Law. Global restructuring chair Matt Barr is fielding recruiting calls but has told partners he intends to stay and is helping lead crisis management, Above the Law reported.
Weil is seen as most vulnerable after it distributes 2026 profits in early 2027, Bloomberg Law reported. Partners are sending résumés to Sidley Austin, White & Case and Simpson Thacher, per Above the Law. A firm with $2.1 billion in revenue and more than $5.6 million in profits per equity partner has lost its named successor, its corporate chair and more than 30 partners within a year. The practices rivals most want to hire are at the center of the departures.
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