Weil, Gotshal & Manges, one of the most prominent law firms in the United States, has announced plans to wind down its operations after losing several senior lawyers and failing to find a way to stabilize its business.
The firm’s management committee recommended an orderly dissolution during a meeting with its partners on Wednesday. The proposal follows weeks of discussions about the firm’s future, including an unsuccessful merger effort and restructuring measures that failed to resolve its problems. Partners are expected to vote on the recommendation in the coming days.
“Following a careful review of strategic alternatives, the firm’s management committee has recommended to the partnership that the firm pursue an orderly wind-down,” Weil said in a statement. “The partners are expected to vote in the coming days.”
The firm said it would continue serving clients during the transition.
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“During the wind-down process over the coming months, the firm will continue serving clients with the dedication and excellence that have defined it since its founding and will remain committed to supporting our colleagues,” Weil added.
The firm has brought in restructuring advisory firm AlixPartners to help manage the process. The wind-down is expected to take place outside bankruptcy proceedings.
The collapse comes amid growing pressure on major law firms as competition for high-profile lawyers intensifies. In recent years, leading firms have offered substantial financial packages to attract partners who bring in lucrative corporate transactions, private equity deals and litigation work.
Departures by senior lawyers can weaken a firm’s revenue base and prompt further employees to leave. Weil has faced similar challenges in recent months, as several prominent partners moved to rival firms. Michael Aiello, the firm’s corporate department chair and a leading mergers and acquisitions lawyer, joined Cravath, Swaine & Moore, taking five partners with him. Two London-based mergers and acquisitions partners also joined Sullivan & Cromwell, while other lawyers moved to competing firms.
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Leadership uncertainty added to the firm’s challenges. In March, Weil announced that private equity partner Ramona Nee would succeed longtime Executive Partner Barry Wolf, but the planned transition did not take place. The firm’s possible merger with Willkie Farr & Gallagher also failed to produce an agreement. Weil subsequently sought assistance from Davis Polk & Wardwell as it evaluated its options.
Despite its difficulties, Weil remained a significant player in the legal industry. Founded in 1931 by Frank Weil, Sylvan Gotshal and Horace Manges, the firm built a strong reputation in bankruptcy, corporate restructuring, mergers and acquisitions, and private equity. It generated more than $2 billion in revenue last year and had approximately 1,200 lawyers and 1,000 non-lawyer employees.
According to Reuters, associates and other staff were told they would continue receiving pay for 90 days and receive bonuses at the end of the year.