Weil Gotshal, Wall Street law powerhouse, to shut down
Summarised from 3 outlets · 4 reports · Updated 28 Oct, 21:10 · Archive
Weil, Gotshal & Manges, a 95-year-old Wall Street law firm with $2.1 billion in annual revenue, is shutting down after a mass exodus of partners.
Weil, Gotshal & Manges, a 95-year-old Wall Street institution, is set to pursue an orderly wind-down after its leadership recommended dissolution. The firm announced the decision after a companywide meeting on Wednesday afternoon led by longtime leader Barry Wolf. A vote by the firm's partners on the matter is expected in the coming days.
The shutdown represents a dramatic reversal for one of America's most prestigious law firms, which ranked among Wall Street's largest and advised clients on some of the country's most consequential matters, including major corporate bankruptcies. The firm employed 1,200 lawyers worldwide and generated $2.1 billion in revenue last year.
Despite its financial performance, the firm has faced a mass exodus of top partners and failed merger negotiations, forcing the leadership decision. The New York Post reports that Weil remains debt-free with relatively few liabilities, allowing it to close without entering bankruptcy. The firm's largest liability is its lease at Manhattan's General Motors Building, covering roughly 380,000 square feet. According to real estate experts, the space should be relatively easy to lease to a new tenant, potentially at higher rates than Weil currently pays.
How it is being reported
- Legal powerhouse Weil Gotshal votes to liquidate after 95 yearsUS legal giant, Weil Gotshal and Manges’ partners have voted to liquidate the firm. This year, Weil has seen an exodus of heavy partners across the US as well as London, including former corporate co-managing partner Michael Hickey and private equity co-head Christopher Machera, who left the firm for US competitor Paul Weiss in August. [...]City AM · 28 Oct, 21:00
- Storied Wall Street law firm Weil Gotshal moves to shut down after mass exodus of top partnersStoried Wall Street law firm Weil, Gotshal & Manges is poised to shut down, with its leadership recommending the drastic move following an exodus of top partners and failed merger negotiations.New York Post · 28 Oct, 20:53
- Weil leadership to tell partners firm should be dissolvedDecision marks stunning downfall for near-century-old law firm that was among America’s largest and most prestigiousFinancial Times · 28 Oct, 19:17
- US law firm Weil readies restructuring as options dwindle and partners exitLegal powerhouse working with Davis Polk to assess options including a possible wind-downFinancial Times · 27 Oct, 16:51
In this story: Weil, Gotshal & Manges · Barry Wolf · Wall Street · Manhattan · General Motors Building · Davis Polk
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