Weil, Gotshal & Manges, a Wall Street-based firm with more than 90 years of history, is moving toward closure. Its management committee has advised an orderly wind-down and will present the plan to partners for a vote in the coming days.
The firm issued a statement: “For more than 90 years, Weil, Gotshal & Manges has had the privilege of advising clients on some of their most consequential matters. Following a careful review of strategic alternatives, the Firm’s Management Committee has recommended the Firm pursue an orderly wind-down.”
London-based associates were informed they would receive a 90-day payout, with the office expected to wind up on 31 December. The location houses roughly 200 lawyers, including about 45 partners, and more than 120 business-services staff.
In London, the firm trains about 15 trainees each year, meaning roughly 30 junior lawyers are currently in the two-year program. First-year salaries stand at £60,000, rising to £65,000 in the second year and £170,000 upon qualification.
Globally, Weil operates 15 offices across six countries with roughly 1,200 lawyers. Profit per equity partner is £3.6 million, while revenues are understood to sit at around £1.5 billion. This figure highlights the scale of the firm’s recent decline.
The closure follows months of senior departures, failed merger talks, and uncertainty over leadership succession. Earlier, the firm explored staying independent or joining a rival before bringing in restructuring advisers to evaluate its options. They considered various alternatives before deciding on the wind-down.
The firm’s situation led to the decision to bring in restructuring advisers. They evaluated the firm’s options, and the management committee recommended the wind-down.
