Weil, Gotshal and Manges plans to close after a series of major partner departures. The move marks another major change in the US legal industry. It could also add one of the country’s best-known firms to the list of defunct law firms.
Weil is nearly 100 years old. The firm earned more than $2 billion in revenue last year. It also reported nearly $5.6 million in profits per equity partner. However, strong profits could not prevent the firm from facing serious problems.
Weil’s management committee has recommended an orderly closure. The move follows failed efforts to secure the firm’s future. As a result, the decision raises questions about partner retention and leadership at major law firms.
The situation also shows how quickly a successful law firm can fall apart when key partners leave.
Key Takeaways
- Planned closure: Weil’s management committee has recommended an orderly wind-down.
- Strong revenue: The firm earned more than $2 billion in 2025.
- Partner profits: Weil reported nearly $5.6 million in profits per equity partner.
- Partner departures: Several prominent lawyers have left the firm.
- Merger talks: Discussions with Willkie Farr and Gallagher ended without a deal.
- Jobs at risk: About 1,200 lawyers work at Weil, including nearly 700 associates.
- Industry impact: Weil could become the first top-25 US law firm by revenue to close without a merger since Dewey and LeBoeuf in 2012.
Why Weil Gotshal Plans to Close
Weil has faced months of problems involving its leaders and partners.
Several prominent lawyers have left for other firms. These departures have raised concerns about the firm’s future.
Leadership changes have added to the pressure. Longtime leader Barry Wolf was preparing to step down after many years at the firm.
Ramona Nee was expected to take over his role. However, she later withdrew from the succession plan. This added more uncertainty at a difficult time.
Meanwhile, Weil explored other ways to keep the firm together. These efforts included merger talks with Willkie Farr and Gallagher. However, the talks ended without a deal in October 2026.
As a result, Weil’s management committee recommended an orderly wind-down.
The recommendation does not mean the firm has already closed. The partnership must still address the formal process. Weil must also manage its clients, employees, and other business duties.
Strong Revenue Could Not Save Weil
Weil’s financial results make its planned closure even more surprising.
The firm earned about $2.1 billion in 2025. It also reported nearly $5.6 million in profits per equity partner.
These figures show that Weil was still a major player in the legal market. However, high profits do not always mean a firm is stable.
Large law firms depend on their partners to bring in clients and new work. They also rely on them to lead key practice groups.
Therefore, losing several top partners can cause serious problems. The loss can affect revenue, client ties, and future growth.
Weil’s case shows that even wealthy law firms can face collapse when their partnership becomes unstable.
How Partner Departures Hurt Weil
Keeping top lawyers has become a major challenge for BigLaw firms.
Large firms compete for partners who bring clients, skills, and new business. These lawyers can play a key role in a firm’s success.
Weil has lost several well-known partners in recent months. Their departures have weakened parts of its business.
Corporate dealmaker Michael Aiello announced plans to leave for Cravath, Swaine and Moore. Other lawyers have also looked for jobs at rival firms.
Leadership changes have added to these concerns. As a result, more partners may have started to question the firm’s future.
This can create a difficult cycle. When key partners leave, others may lose trust in the firm’s plans. That uncertainty can lead to even more departures.
Weil’s situation shows why partner retention matters. A law firm needs strong lawyers and stable leadership to compete.
Major US Law Firms That Have Closed
Weil could join a growing list of major US law firms that have shut down.
At least seven US law firms with 100 or more lawyers have closed in the past 15 years.
Each firm faced different problems. However, many dealt with partner exits, debt, failed merger talks, or leadership disputes.
Stroock and Stroock and Lavan
New York-based Stroock and Stroock and Lavan voted to close in October 2023.
The firm’s problems grew after a major restructuring group left for Paul Hastings in 2022. That group had brought in about 29% of Stroock’s revenue in 2021.
As a result, the firm lost a major source of income.
Stroock later explored merger deals with other firms. These included Nixon Peabody and Pillsbury Winthrop Shaw Pittman. However, neither effort led to a deal.
The firm had about 222 lawyers and $250 million in revenue in 2022.
In 2025, Stroock reached a deal with major creditors. The settlement helped resolve parts of its closure and asset sale process.
LeClairRyan
Richmond-based LeClairRyan voted to close in August 2019. The firm filed for bankruptcy the following month.
Several partners had left the firm. At the same time, debt added to its financial problems.
LeClairRyan had also failed to repay a $15 million loan from 2017.
The firm tried a new business model through a deal with legal services company UnitedLex. However, the plan did not save the business.
Before its decline, LeClairRyan had about 270 lawyers. It also earned $122 million in revenue in 2018.
Its bankruptcy case shows how difficult a law firm closure can become. Creditors and former partners may continue to fight over money long after a firm shuts down.
Dewey and LeBoeuf
Dewey and LeBoeuf is one of the best-known law firm failures in US history.
The firm once had nearly 1,400 lawyers. However, it filed for bankruptcy in May 2012.
One major problem involved the high pay promised to top partners. These deals placed heavy pressure on the firm’s finances.
The collapse also led to a criminal investigation. Prosecutors examined claims that executives changed financial records to hide problems from bond investors.
Several employees pleaded guilty. The firm’s former chief financial officer was also found guilty of defrauding investors.
Dewey’s failure remains an important lesson for large law firms. Strong growth cannot last without sound financial plans.
Howrey
Washington, DC-based Howrey voted to close in March 2011.
The firm had about 750 lawyers at its peak in 2008. However, partner departures and money problems led to its decline.
The closure soon became a complex legal matter.
Creditors tried to force Howrey into bankruptcy after the firm voted to close. Howrey later filed for bankruptcy on its own.
The firm reported about $49 million in debt to Citibank. It also owed $12.7 million in unpaid rent.
Its long liquidation process shows that closing a law firm does not end all its legal duties.
What Happens to Weil’s Lawyers?
Weil’s planned closure creates concern for about 1,200 lawyers and other staff.
Many associates may need to find new jobs. They will also compete with lawyers from other firms.
Nearly 700 associates could enter the job market as Weil winds down. Many will need to find new positions at other law firms or legal organizations.
The firm has said that associates and staff will receive 90 days of pay. It has also promised year-end 2026 bonuses. In addition, Weil plans to help employees find new jobs.
However, job prospects will vary. Practice area, work history, and seniority will all matter.
Corporate and private equity lawyers may attract interest from rival firms. These firms may want to grow their deal teams. Meanwhile, junior lawyers and some litigators may face fewer options.
The closure could also create new work for legal recruiters. Rival firms may seek to hire Weil partners and entire practice groups.
However, lawyers must review each offer with care. They should consider pay, client conflicts, and other work duties before making a move.
Why Law Firm Closures Can Take Years
Closing a large law firm takes more than shutting its offices.
The firm must deal with unpaid bills, client work, staff pay, leases, and debts.
Partners may also disagree about money and their share of the firm’s assets. These disputes can delay the process.
Weil plans to close in an orderly way rather than file for bankruptcy right away. The firm has hired advisers to help manage the process.
An out-of-court closure may help Weil avoid a long court case. However, the firm must still meet its debts and other duties.
It must also finish client work and settle staff matters.
The cases of Howrey, LeClairRyan, and Stroock show how long these steps can take. In some cases, legal and money disputes continue years after the firm closes.
What Weil’s Closure Means for BigLaw
Weil’s planned closure could have a wide effect on the US legal market.
Large firms compete for partners who bring in major clients and new work. As a result, firms often offer high pay to attract top lawyers.
This competition can help firms grow. However, it can also make them more fragile when key partners leave.
The Weil case also shows why leadership plans matter. Firms need strong leaders who can guide the business through change.
They also need to build strong teams and keep good client ties. Relying on a few top partners can create risks.
For legal recruiters, Weil’s closure may bring new hiring chances. Rival firms could use the move to add skilled lawyers and grow their teams.
For associates and law students, the case offers another lesson. A firm’s name and strong profits do not always mean job security.
Meanwhile, clients will need to review their legal needs during the change. They may also need to find new lawyers if their current teams move elsewhere.
Weil Gotshal Closure FAQs
1. Is Weil Gotshal closing?
Weil, Gotshal and Manges has announced plans to wind down its business. Its management committee has recommended an orderly closure after several major partners left.
The formal process must still be completed. The firm plans to keep serving clients during the transition.
2. Why is Weil Gotshal closing?
Weil’s planned closure follows major partner departures and leadership changes. The firm also held merger talks that failed to produce a deal.
These events raised concerns about its future. As a result, its management committee recommended an orderly wind-down.
3. How much revenue did Weil Gotshal earn?
Weil earned about $2.1 billion in revenue in 2025. It also reported nearly $5.6 million in profits per equity partner.
These results make the planned closure more surprising. The firm remained highly profitable before the announcement.
4. How many lawyers work at Weil Gotshal?
Weil had about 1,200 lawyers before the planned closure.
This includes nearly 700 associates. Many of them may need to find new jobs as the firm winds down.
5. Will Weil Gotshal file for bankruptcy?
Weil has said that it plans an orderly closure outside bankruptcy court.
This approach could help the firm settle its debts without a formal bankruptcy case. However, it must still meet its financial duties.
6. What other major US law firms have closed?
Several major US law firms have closed in recent years.
They include Dewey and LeBoeuf, Howrey, LeClairRyan, and Stroock and Stroock and Lavan.
These firms faced different problems. Common issues included debt, partner exits, failed merger talks, and money disputes.
7. What will happen to Weil Gotshal’s associates?
Weil’s associates will need to consider jobs at other law firms and legal groups.
The firm has said that staff will receive 90 days of pay and year-end 2026 bonuses. It has also promised to help them find new jobs.
However, job options will depend on each lawyer’s skills and work history.
8. Can other law firms hire Weil Gotshal lawyers?
Yes. Rival firms may seek to hire Weil’s partners and associates.
Some may also try to recruit full practice groups. This could help them grow their corporate, private equity, and litigation teams.
However, lawyers must review client conflicts and work duties before joining another firm.
Weil’s Closure Signals BigLaw Shakeup
Weil’s planned closure marks a major change in the US legal market. The firm’s strong profits make its situation even more striking.
The case shows that high revenue cannot always protect a law firm. Strong leaders and loyal partners are also vital.
As Weil prepares to wind down, rival firms may seek to hire its lawyers. Meanwhile, staff and clients must prepare for major changes.
The wider legal industry will be watching closely. Weil’s story is a clear reminder that even top law firms must adapt to survive.
Explore new legal career opportunities with
LawCrossing. Find attorney jobs, associate positions, and openings at top law firms.
See Also:
Weil Gotshal Breakup: What Happens to the Law Firm?The post
Weil and the Growing Crisis of Defunct Law Firms first appeared on
JDJournal Blog.
