- U.S. & Americas
- Mergers & combinations
Weil Gotshal & Manges and Willkie Farr & Gallagher have ended merger discussions, while another senior Weil partner is preparing to leave, Bloomberg Law reported, citing people familiar with the matter who spoke to Law360 Pulse. The firms ended the talks on the night of Thursday 22 October 2026, days after signing a non-disclosure agreement, The American Lawyer reported.
The combined firm would have generated more than $4 billion in annual revenue and ranked among the five largest US-based firms, according to Bloomberg Law.
Weil confirmed merger talks to practice chiefs days before they ended
Weil told its practice group chiefs on 19 and 20 October that it was negotiating a memorandum of understanding for a merger with an unnamed firm. That confirmed talks the firm had previously denied, Bloomberg Law reported. Barry Wolf is the firm's executive partner. Ramona Nee was designated as his successor, with Jonathon Soler as managing partner.
Willkie was not Weil's first approach. Weil had quietly contacted other firms over the past year, including Vinson & Elkins, but those talks went nowhere. Skadden, Cleary and Linklaters publicly denied discussions, Legal Business reported. Weil generated $2.077 billion in revenue last year, with profits per equity partner of $5.593 million, placing it among the top 30 US firms, according to Xira. A merger would have moved it closer to the top 10.
Michael Aiello has left and Caroline Zalka is leaving Weil amid nearly 40 partner departures since early 2026
The merger search followed a year of departures. Corporate chair Michael Aiello left Weil in September 2026 for Cravath, Swaine & Moore with a team of M&A partners, Xira reported. In August, private equity co-head Christopher Machera moved to Paul Weiss with five partners, while US private funds co-head Stephanie Srulowitz joined Simpson Thacher, according to The American Lawyer.
More departures followed as the merger talks ended. Lyuba Goltser, co-managing partner of Weil's corporate department, plans to join Sidley Austin. Securities litigation partner Caroline Zalka is leaving for Paul Weiss, Bloomberg Law reported. Management committee members Drew Tulumello and Chantale Fiebig are both leaving for Davis Polk & Wardwell, according to The American Lawyer. In London, Weil City co-managing partner David Avery-Gee and M&A partner Sarah Flaherty left for Sullivan & Cromwell, while finance head Tom Richards moved to Simpson Thacher, Legal Business reported. The firm has lost almost 40 partners to rivals since early 2026. Ramona Nee, who was scheduled to become sole chair in January 2027, declined the role and is in talks to join Simpson Thacher, according to Semafor.
Private equity and M&A drove Willkie's growth and Weil's departures
Willkie's latest revenue rose nearly 16% to $2.06 billion, passing $2 billion for the first time as M&A and private equity work increased, The American Lawyer reported. The firm has more than 600 private equity lawyers. It opened a third German office in Hamburg in 2025, adding around 25 lawyers across restructuring, litigation and private equity, Willkie said.
Those are the same practices Weil is losing. The departures have centered on private equity, M&A, corporate, restructuring, securities litigation and appellate work, Xira reported. Those areas are also where competition for laterals is sharpest at elite firms.
Simpson Thacher, Paul Weiss and Davis Polk are recruiting Weil partners
Weil's financial performance fell behind its peers under Barry Wolf. Simpson Thacher, Paul Weiss and Davis Polk are now actively recruiting Weil partners, Bloomberg Law reported. Legal scholars have warned that continued exits could trigger a talent run, with departures accelerating because of concerns about the firm's stability, not pay alone, according to Bloomberg Law.
The merger search is part of a broader wave of consolidation. Citi research found that firms are increasingly considering mergers amid weak demand growth. Deal size reached historic highs in 2026 even as the number of deals fell, Bloomberg Law reported. Herbert Smith Freehills completed its merger with Kramer Levin on 1 June 2026, creating HSF Kramer, with more than $2 billion in turnover, 2,700 lawyers and 630 partners. The deal was part of the same wave that produced A&O Shearman, The Global Legal Post reported.
Weil pursued a combination that would have moved it toward the top ten while losing partners in the private equity and M&A practices at the centre of the talks. The firms that denied or ended merger talks with Weil, along with the firms now hiring its partners, are largely the same elite US names competing for private equity and M&A work and for the partners who lead it.
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