Partners at Weil, Gotshal & Manges have voted overwhelmingly to dissolve the firm, with 97% approving the wind-down plan. This decision follows a series of significant partner departures and unsuccessful merger discussions.
Founded in 1931, Weil has been a prominent player in corporate law, notably handling major bankruptcy cases such as those of Enron, General Motors, and Lehman Brothers. Despite reporting revenues exceeding $2 billion in 2025, the firm faced mounting challenges in recent months.
The dissolution process will be overseen by a three-member committee comprising General Counsel Robert Carangelo, Tax Partner Paul Wessel, and Independent Director Patricia Ferrari. Barry Wolf, the firm’s longtime executive partner and chair, will serve as a special consultant to the committee through the end of the year.
In recent months, Weil experienced notable departures, including Corporate Department Chair Michael Aiello, who left for Cravath, Swaine & Moore, taking several partners with him. Additionally, merger talks with Willkie Farr & Gallagher collapsed in late October, further destabilizing the firm.
Weil’s restructuring team, led by Matt Barr, is currently in discussions with Skadden, indicating potential moves for key practice groups as the firm winds down its operations.
The firm’s dissolution underscores the competitive pressures within the legal industry, where aggressive talent acquisition and compensation strategies have intensified. Weil’s closure marks a significant moment in the legal sector, reflecting the challenges even established firms face in maintaining stability amid evolving market dynamics.