Weil Gotshal and Manges Faces Closure After 90 Years of Operation
Weil Gotshal and Manges, a prominent law firm based in New York, is facing an impending closure after more than 90 years in operation. This development follows a series of partner exits, unsuccessful merger discussions, and ongoing leadership uncertainty.
The firm’s management committee has recommended an orderly wind down, with a partnership vote on the proposal expected in the coming days. The committee stated, “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 to the partnership that the Firm pursue an orderly wind down.”
As part of the wind down process, associates based in London have been informed that they will receive a 90 day payout, with the London office anticipated to close by 31 December. This office employs approximately 200 lawyers, including around 45 partners, along with more than 120 business services staff.
The situation is particularly uncertain for the firm’s junior lawyers. Weil typically recruits about 15 trainees annually in London, meaning there are around 30 trainees currently in the two year training programme. First year trainees earn £60,000, which increases to £65,000 in the second year, and £170,000 upon qualification.
The proposed closure leaves trainees in the middle of their training contracts and students with offers for future intakes facing an uncertain future. The firm has not yet responded to inquiries for clarification regarding the situation.
Weil’s global presence includes approximately 1,200 lawyers and 15 offices across six countries. The firm has reported a profit per equity partner of £3.6 million and revenues around $2 billion, highlighting the magnitude of its decline.
This development follows a turbulent period for Weil, characterised by a series of senior departures, failed merger negotiations, and uncertainty regarding its leadership succession. The firm had recently been exploring options to remain independent or merge with another firm before restructuring advisers were engaged to evaluate its position.