It’s official: Weil Gotshal & Manges is shutting down.
Weil’s leaders told partners on Wednesday that the firm plans to wind down its operations, Bloomberg Law reports, citing a source briefed on the decision. Earlier this week, as word spread that the firm had brought in restructuring counsel to weigh its options, a Weil spokesperson told the Wall Street Journal, “No decision has been made to dissolve the firm.” Now one has.
Founded in 1931, Weil spent most of a century as one of the most recognizable names in Biglaw. It brought in $2.1 billion in revenue last year. It built the modern Biglaw bankruptcy practice and steered Lehman Brothers, General Motors, and Enron through Chapter 11. And now it’s the one being wound down, with Davis Polk bankruptcy lawyer Brian Resnick advising on the process.
The collapse came fast. Weil was fielding merger rumors in September, insisting it was “not engaged in merger discussions with any firm.” A month later, it was negotiating one with Willkie Farr, and then those talks died. Days after that, the firm’s incoming leader, Ramona Nee, said she wouldn’t take the job. By the end of October, partners were “frantically sending résumés” to rivals, leadership was discussing a possible wind-down, and at least one practice head was telling his associates to find new jobs.
The obvious comparison is Dewey & LeBoeuf, which filed for bankruptcy in May 2012 in what was then the largest law firm collapse in U.S. history. The parallels are hard to miss: a steady stream of partner exits, a failed search for a merger partner, and an internal memo urging partners to seek “alternative opportunities,” which isn’t far from a Weil practice head telling his associates to look for work elsewhere. But Dewey ended in Chapter 11, and its former leaders ended up facing criminal charges. There’s also an irony in the cast. Mike Aiello, the corporate chair whose September exit to Cravath started the slide, rejoined Weil in 2007 from Dewey Ballantine. He left that firm during its merger troubles too.
In September, Weil sniffed that Aiello was leaving for “a smaller platform,” and seven weeks later, now they’re the ones left with no platform at all.
Earlier: Weil Practice Head Tells His Associates To Start Looking For Work Elsewhere
Weil Gotshal Is Now Discussing A Possible Wind-Down
Weil Partners Are ‘Frantically Sending Résumés’ As Leadership Weighs Its Options
Weil’s Successor Walked Away, And Now The Firm Has A ‘Run On The Bank’ Problem
Weil’s Incoming Leader Won’t Take The Job, And Might Take One At Simpson Thacher Instead
Weil’s Merger With Willkie Is Dead, But Its Partner Exodus Is Very Much Alive
Weil Gotshal Is Reportedly Negotiating A Merger, About A Month After Saying It Wasn’t In Merger Talks
Cravath And Weil Are Just Trading Partners At This Point
Weil’s Revolving Door Now Spins In Both Directions
Weil Seeks To Strengthen Its ‘Platform’ As Merger Rumors Swirl
Weil Is Relieved To Lose Its Biggest Rainmaker. Cravath Is Thrilled To Get His ‘Values.’
The Cravath Shade Wasn’t A One-Off: Weil Insiders Line Up To Say Good Riddance
Weil’s Corporate Chair Decamps For Cravath, Which Weil Would Like You To Know Is ‘A Smaller Platform’
Top Biglaw Firm Announces Its First Female Executive Partner In History
Dewey Think This Former Biglaw Leader Is Sorry His Firm Crashed And Burned In A Historic Collapse?
Holy Crap! Dewey Know Who Was Convicted Of Felony Charges?
Was The Dewey Trial Fair?
Partial Verdict Announced In Dewey & LeBoeuf Criminal Trial
Dewey & LeBoeuf Criminal Trial Kicks Off With Jury Selection
Dewey Know What Led To The Collapse, And What Lessons Can Be Learned?
Boy, Dewey Have A Reading List For You
Dewey File For Bankruptcy? Yes — It’s About Time
Dewey Have Plans To File For Bankruptcy? Sources Say Yes
Dewey Have Any Shot Of Surviving? Internal Memo Urges Partners To Seek ‘Alternative Opportunities’
Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Bluesky @Kathryn1
The post After 95 Years, Weil Gotshal Is Winding Down appeared first on Above the Law.
It’s official: Weil Gotshal & Manges is shutting down.
Weil’s leaders told partners on Wednesday that the firm plans to wind down its operations, Bloomberg Law reports, citing a source briefed on the decision. Earlier this week, as word spread that the firm had brought in restructuring counsel to weigh its options, a Weil spokesperson told the Wall Street Journal, “No decision has been made to dissolve the firm.” Now one has.
Founded in 1931, Weil spent most of a century as one of the most recognizable names in Biglaw. It brought in $2.1 billion in revenue last year. It built the modern Biglaw bankruptcy practice and steered Lehman Brothers, General Motors, and Enron through Chapter 11. And now it’s the one being wound down, with Davis Polk bankruptcy lawyer Brian Resnick advising on the process.
The collapse came fast. Weil was fielding merger rumors in September, insisting it was “not engaged in merger discussions with any firm.” A month later, it was negotiating one with Willkie Farr, and then those talks died. Days after that, the firm’s incoming leader, Ramona Nee, said she wouldn’t take the job. By the end of October, partners were “frantically sending résumés” to rivals, leadership was discussing a possible wind-down, and at least one practice head was telling his associates to find new jobs.
The obvious comparison is Dewey & LeBoeuf, which filed for bankruptcy in May 2012 in what was then the largest law firm collapse in U.S. history. The parallels are hard to miss: a steady stream of partner exits, a failed search for a merger partner, and an internal memo urging partners to seek “alternative opportunities,” which isn’t far from a Weil practice head telling his associates to look for work elsewhere. But Dewey ended in Chapter 11, and its former leaders ended up facing criminal charges. There’s also an irony in the cast. Mike Aiello, the corporate chair whose September exit to Cravath started the slide, rejoined Weil in 2007 from Dewey Ballantine. He left that firm during its merger troubles too.
In September, Weil sniffed that Aiello was leaving for “a smaller platform,” and seven weeks later, now they’re the ones left with no platform at all.
Earlier: Weil Practice Head Tells His Associates To Start Looking For Work Elsewhere
Weil Gotshal Is Now Discussing A Possible Wind-Down
Weil Partners Are ‘Frantically Sending Résumés’ As Leadership Weighs Its Options
Weil’s Successor Walked Away, And Now The Firm Has A ‘Run On The Bank’ Problem
Weil’s Incoming Leader Won’t Take The Job, And Might Take One At Simpson Thacher Instead
Weil’s Merger With Willkie Is Dead, But Its Partner Exodus Is Very Much Alive
Weil Gotshal Is Reportedly Negotiating A Merger, About A Month After Saying It Wasn’t In Merger Talks
Cravath And Weil Are Just Trading Partners At This Point
Weil’s Revolving Door Now Spins In Both Directions
Weil Seeks To Strengthen Its ‘Platform’ As Merger Rumors Swirl
Weil Is Relieved To Lose Its Biggest Rainmaker. Cravath Is Thrilled To Get His ‘Values.’
The Cravath Shade Wasn’t A One-Off: Weil Insiders Line Up To Say Good Riddance
Weil’s Corporate Chair Decamps For Cravath, Which Weil Would Like You To Know Is ‘A Smaller Platform’
Top Biglaw Firm Announces Its First Female Executive Partner In History
Dewey Think This Former Biglaw Leader Is Sorry His Firm Crashed And Burned In A Historic Collapse?
Holy Crap! Dewey Know Who Was Convicted Of Felony Charges?
Was The Dewey Trial Fair?
Partial Verdict Announced In Dewey & LeBoeuf Criminal Trial
Dewey & LeBoeuf Criminal Trial Kicks Off With Jury Selection
Dewey Know What Led To The Collapse, And What Lessons Can Be Learned?
Boy, Dewey Have A Reading List For You
Dewey File For Bankruptcy? Yes — It’s About Time
Dewey Have Plans To File For Bankruptcy? Sources Say Yes
Dewey Have Any Shot Of Surviving? Internal Memo Urges Partners To Seek ‘Alternative Opportunities’
Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Bluesky @Kathryn1
