US-headquartered law firm Weil, Gotshal & Manges is facing a potential wind-down after its management committee recommended that partners vote on ending the firm’s operations. The move follows a series of high-profile departures and unsuccessful merger discussions.
The 95-year-old firm, which reported profits per equity partner (PEP) exceeding $5 million last year, has asked its partners to vote on the proposal in the coming days.
In a statement, the firm said its management committee had recommended an orderly wind-down following a review of strategic alternatives. It added that it would continue serving clients throughout the process and remain committed to supporting its colleagues.
The proposed wind-down would mark a significant development in the international legal sector. Weil Gotshal has a substantial London presence, with 45 partners and approximately 200 solicitors based at its Fetter Lane offices, near the Rolls Building.
Several prominent lawyers have recently left the firm for competitors. Last month, M&A specialist Michael Aiello joined Cravath, Swaine & Moore. A finalist in the American Lawyer 2026 awards, Aiello had advised on mergers and acquisitions transactions valued at more than $110 billion.
New York-based partners Chris Machera and Stephanie Srulowitz also departed for Simpson Thacher & Bartlett, while David Avery-Gee, co-managing partner of the London office, moved to Sullivan & Cromwell.
These departures come amid growing competitive pressure in the market for lucrative private equity transactions.
A merger had emerged as a preferred alternative to a wind-down, with Weil Gotshal holding discussions with at least one potential rival, Willkie Farr & Gallagher. However, the talks did not result in an agreement.
The firm’s incoming executive partner, Ramona Nee, subsequently informed the management committee that she would no longer take up the position.
According to The New York Times, Weil Gotshal also engaged advisers from Davis Polk & Wardwell to explore potential strategic options. Those discussions reportedly shifted towards the possibility of winding down the business this week.
Despite Weil Gotshal’s relatively low debt levels and established market reputation, competing firms have gained ground in terms of headcount, profitability and their share of private equity work.
The firm generated approximately $2.1 billion in revenue last year, compared with $3.6 billion at Simpson Thacher & Bartlett. Simpson Thacher also reported profits per equity partner of approximately $7.7 million, while Sullivan & Cromwell recorded PEP of around $6.7 million.
The figures highlight the competitive pressures facing Weil Gotshal, even as the firm continues to command a significant position in the legal market.
The partnership’s forthcoming vote will determine whether the firm proceeds with an orderly wind-down. In the meantime, the firm has indicated that it intends to continue serving clients while the process is considered.
