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Storied Wall Street law firm Weil Gotshal moves to shut down after mass exodus of top partners
New York Post • • general
Key Points:
- Weil, Gotshal & Manges, a 95-year-old Wall Street law firm with $2.1 billion in revenue last year, is considering an orderly shutdown following partner departures and failed merger talks.
- The firm's leadership, led by longtime leader Barry Wolf, recommended winding down after a strategic review, with a partner vote expected soon.
- Despite the turmoil, Weil remains debt-free with manageable liabilities, including a large Manhattan office lease that experts believe can be re-leased easily.
- Key setbacks included the departure of top dealmaker Michael Aiello to rival Cravath and the collapse of a merger with Willkie Farr & Gallagher, prompting more partners to leave.
- Internal disputes over growth strategy and leadership succession contributed to the firm's instability, ending the tenure of leader Wolf after 16 years and the withdrawal of successor Ramona Nee.
