Weil, Gotshal & Manges to Wind Down Operations After Partner Exodus

Weil, Gotshal & Manges plans to dissolve its operations, its leadership told partners on Wednesday, ending a near-century-old New York law firm after it failed to halt an exodus of partners. "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 firm said it will continue serving clients during a wind-down process expected to take months. The dissolution leaves unclear the fate of roughly 1,200 lawyers, staff and creditors. Weil's lawyers have guided landmark bankruptcies, corporate takeovers and litigation for decades. The collapse reflects a legal-industry talent war in which aggressive compensation packages lure top partners toward lucrative private equity, merger and litigation work, leaving even large, storied firms financially vulnerable when rainmakers depart and remaining lawyers seek their own exits.