- U.S. & Americas
- Mergers & combinations
Firms in Weil Gotshal's position have few options, and its current form is risky with or without a merger, The American Lawyer argued on 26 October. It outlined three routes: a merger rescue, a managed wind-down, or continuing as a smaller firm.
More than 25 partners have left Weil as its 2027 chair declined the role
The firm has lost more than 25 partners over the past year, Above the Law reported, about a month after a Weil spokesperson said in September that the firm was "not engaged in merger discussions with any firm." Weil's designated chair for 2027 turned down the role, The American Lawyer reported. That left a leadership gap as rivals recruited the partners who remained.
Weil has tried to offset the departures with return hires. It brought back Peter Feist from Cravath as private equity head and Debra Sinclair, a decade after she left for Willkie, according to Above the Law.
Weil-Willkie talks ended 22 October after a $4 billion firm was floated
Weil and Willkie Farr & Gallagher ended merger discussions on 22 October after signing an NDA, Bloomberg Law reported. A combined firm would have generated more than $4 billion in annual revenue and ranked among the five largest US-based firms.
The deal would have moved Weil from around $2.1 billion in revenue and the top 30 into the top 10, Above the Law reported. The firm had earlier held unsuccessful talks with Vinson & Elkins. A law professor told Bloomberg Law that continued departures can set off a "talent run," in which lawyers leave out of fear of being "left holding the bag" rather than for pay.
Paul Weiss, Cravath and Sullivan & Cromwell hired Weil's corporate leaders
Cravath, a firm that has traditionally done few lateral hires, took Weil corporate chair Michael Aiello and five other M&A partners in September, including M&A co-head Matthew Gilroy, Bloomberg Law reported. Paul Weiss added Weil private equity co-head Chris Machera, a Legal 500 "Leading Partner" for buyouts, at the end of August, The Lawyer reported. PE M&A partner Timothy Burns, tax partner Noah Beck and executive compensation partner Amanda Rotkel followed, Private Equity Wire reported.
Sullivan & Cromwell recruited Weil London co-managing partner David Avery-Gee and corporate partner Sarah Flaherty around 18 September. Former corporate co-managing partner Michael Hickey is also expected to join, Bloomberg Law reported. Corporate head and co-managing partner Lyuba Goltser is joining Sidley Austin, appellate litigator Drew Tulumello and litigation partner Chantale Fiebig are moving to Davis Polk, securities litigation partner Caroline Zalka is joining Paul Weiss, and London finance head Tom Richards is moving to Simpson Thacher, according to Above the Law.
Corporate and M&A have taken the hardest hits, with private equity at the center. Litigation partners are leaving too. These are the practices elite firms are expanding. Paul Weiss, Cravath and Sullivan & Cromwell competed for the partners who lead them.
US law firm mergers slowed in 2026 as consolidation pressure rose
Industry analysts described consolidation in 2025 and 2026 as "no longer optional" for firms lacking scale, The American Lawyer reported, amid rising costs and slowing demand growth. Herbert Smith Freehills' acquisition of Kramer Levin Naftalis & Frankel was the largest completed merger of 2025. It was one of roughly 47 US combinations in the first nine months of that year.
Even so, the first nine months of 2026 saw fewer US combinations than any year in a decade except 2020. Large US players were largely absent, Law360 Pulse reported. Rival firms have been "flooded with résumés from Weil lawyers," Above the Law reported, and further departures are expected.
Weil's revenue places it in the Am Law 50. Its future now raises the question of whether a firm of that size can remain independent after Paul Weiss, Cravath and Sullivan & Cromwell recruited its corporate and private equity leaders, Bloomberg Law reported. The merger that would have reset its scale has fallen through. The partners who anchored its highest-value practices have moved to those competitors, while the wider market offered few large US combinations to join.
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