Prestigious Wall Street law firm Weil Gotshal plans to wind down

Weil, Gotshal & Manges, one of the US’s leading law firms, is shutting down as its client base, partnership, and revenue shrink. It has around 1,200 lawyers.

Despite posting $2.1 billion in revenue last year, no debt, and few liabilities, the venerable firm—founded in 1931—succumbed to a rapid partner exodus fueled by $20 million-plus pay packages offered by rival megafirms.

Over 30 partners, including several major client earners, have left Weil Gotshal this year, taking valuable business relationships with them.

The firm had been in merger talks with rival Willkie Farr & Gallagher to strengthen its business, but the deal reportedly fell through last week as more partners left.

The multinational law firm is dissolving without filing for bankruptcy, relying on advisers from Davis Polk and AlixPartners.

Ranked among the US’s 20 most profitable law firms, it became an early leader in corporate restructuring. The firm advised on some of history’s biggest bankruptcies, including Lehman Brothers, General Motors, Enron and WorldCom. It has also built a strong presence in public M&A and private-equity transactions.

However, competitors began to pull ahead of Weil Gotshal after the recession. While its revenue doubled to $2 billion between 2015 and 2025, Kirkland & Ellis recorded a fivefold increase, with revenue reaching $10 billion.