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Weil, Gotshal & Manges' management committee has recommended an orderly wind-down of the 95-year-old firm. Partners are expected to vote in the coming days, according to Bloomberg Law. In a Law.com's International Edition commentary, Paul Hodkinson describes the wind-down as a cautionary tale. He argues that money, clients and reputation cannot make up for the growth needed to keep partners from leaving.
Weil's 2025 revenue was nearly $2.1 billion, putting it among the 30 largest firms in the country. The firm has hired restructuring counsel, Davis Polk bankruptcy lawyer Brian Resnick, and believes it can complete a solvent wind-down, Above the Law reported.
Willkie merger collapse preceded the wind-down vote at Weil
Weil's merger talks with Willkie Farr & Gallagher ended after the firms signed an NDA, Bloomberg Law reported. The combination would have created a firm with more than $4 billion in annual revenue, making it one of the five largest in the US.
Corporate department chair Michael Aiello announced in September 2026 that he would leave for Cravath, Swaine & Moore with a team of M&A partners. Law360 reported his departure was seen as triggering the collapse. Weil ranked 29th by revenue in 2025, down from sixth place in 2005, according to Bloomberg Law.
About 40 Weil partner exits in 2026 concentrated in private equity, M&A and restructuring
Around 40 Weil partners left in 2026 before the wind-down week. At least seven management committee members left or were reported to be leaving since late 2024, Bloomberg Law reported. Global co-head of private equity Doug Warner, a partner since 1986, left for Paul, Weiss. He was at least the 14th Weil leader to depart since the start of 2026, according to The American Lawyer.
The departures centered on Weil's leading practices. Bankruptcy leader Ray Schrock left for Latham & Watkins in 2024. Former management committee member Jonathan Polkes joined White & Case to co-lead litigation in early 2025. Jeffrey Osterman moved to Paul Weiss in life sciences licensing, Bloomberg Law reported. Ramona Nee, who was scheduled to become executive partner in January, declined the role and was reported to be considering a move to Simpson Thacher & Bartlett, according to Above the Law.
Private equity, M&A and bankruptcy generate high margins. The firms hiring Weil's partners, Paul Weiss, Cravath, Latham and Simpson Thacher, compete directly for that work. When the partners who bring in the work leave, the practice can follow them.
Kirkland's 116 lateral hires led the 2025 market
Kirkland & Ellis was the most active firm in the lateral market in 2025, with 116 hires. Those hires included a five-partner trial group from Skadden that opened a Philadelphia office, Bloomberg Law reported. The 2025 AmLaw 200 Lateral Hiring Report recorded 3,009 hires across the industry, a 10% increase from 2024, with Kirkland in the lead.
Kirkland entered Houston in 2014 and took a dominant share of bankrupt energy work during the 2015 to 2022 shale downturn. Weil's Texas presence fell from 115 to roughly 60 lawyers, Bloomberg Law reported.
Weil changed its compensation structure in 2024 to match industry highs exceeding $25 million. Leadership acknowledged that the firm remained "a little too conservative" in lateral hiring as rivals offered packages north of $20 million, Bloomberg Law reported. Compensation is one factor in whether firms retain partners with large practices, these figures suggest.
Weil's sub-3% 2025 growth against 13% at the 50 largest firms
Weil's revenue grew at half the rate of its competitors from 2008 to 2025. Revenue rose less than 3% in 2025, while the 50 largest firms grew by more than 13%, Bloomberg Law reported. The fastest-growing firms in this period were also among the highest payers and most active lateral hirers, the data indicates.
The wind-down has drawn comparisons to Dewey & LeBoeuf, which filed for bankruptcy in May 2012 in what was then the largest US law firm collapse, Above the Law noted. As the firm winds down, associates and staff were offered 90 days of salary and benefits, plus potential year-end bonuses if retained.
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