https://www.youtube.com/watch?v=86URGgqONvA&t=68s

https://news.bloomberglaw.com/business-and-practice/weil-practice-head-tells-lawyers-to-find-jobs-as-firm-struggles

The leader of a Weil Gotshal & Manges practice group told his junior lawyers to look for employment, underscoring the firm’s perilous state as it consults with a restructuring lawyer.

Alex Lynch, who leads Weil’s capital markets group, communicated the news to associates in a group meeting Tuesday, a person familiar with the announcement said. He said the associates will remain employed for the time being and will continue to work on client matters, though he offered no specific timeline on their tenure, said the person, who requested anonymity to describe Weil communications.

Lynch and Weil did not respond to a request for comment.

The firm’s future existence is uncertain after a litany of partners fled, at least in part because of a lack of confidence in Weil’s leaders. Last month powerful corporate department chairman Michael Aiello moved toward an exit for rival Cravath, and a wide set of firm partners learned last weekend that incoming Weil leader Ramona Nee has decided not to take the job.

Davis Polk & Wardwell lawyers, including restructuring partner Brian Resnick, are advising Weil as it assesses its future, two people familiar with the matter said Tuesday. Resnick is head of Davis Polk’s liability management and special opportunities practice.

The storied New York-based firm, with more than 1,200 lawyers and $2 billion in revenue, has long been one of the US’s premier legal operations. It is renowned for its bankruptcy practice, acting as lead debtors counsel to Lehman Brothers Holdings Inc and Enron Corporation. It also was an M&A powerhouse, led by Aiello, who represented Fox Corp.on its $22 billion acquisition of Roku Inc.

Aiello’s departure along with others prompted the firm to explore its options, including a possible merger with another Big Law firm. But merger talks with Willkie Farr & Gallagher fell through last week, raising questions as to whether a dissolution is the inevitable option.

(http://www.autoadmit.com/thread.php?thread_id=5915620&forum_id=2#50209992)

https://news.bloomberglaw.com/business-and-practice/weil-gotshal-to-wind-down-in-stunning-fall-for-heavyweight-firm

Weil Gotshal & Manges plans to wind down its operations, its leaders told partners on Wednesday, according to a source briefed on the decision.

The move marks a staggering collapse for the nearly century-old law firm, once a corporate powerhouse whose lawyers advised Microsoft, General Motors and Lehman Brothers. It follows a raft of prominent partner exits and failed merger talks with New York’s Willkie Farr & Gallagher that triggered a scramble to keep partners on board and find a path forward.

Weil was among the country’s 30 largest firms last year, bringing in nearly $2.1 billion in revenue. It saw a run on the partnership as its longtime leader Barry Wolf set to relinquish their control after a protracted process that raised questions about the firm’s direction.

Michael Aiello, Weil’s powerful and polarizing corporate department leader, in September announced he would leave for Cravath, Swaine & Moore. News spread to a broader group of partners in the last week that Ramona Nee — slated to take over for Wolf as executive partner in January — decided against taking the job, prompting wide speculation that she would leave the firm.

Wolf has steered Weil Gotshal since shortly after the Great Financial Crisis, even as its financial trajectory fell behind peers who later raided the partnership for talent, including Simpson Thacher & Bartlett, Paul Weiss, and Davis Polk & Wardwell. The firm was said to have struggled to hire rainmakers and invest in crucial growth areas as competitors surged pass them, thanks in part to their work for leading private equity clients.

At least seven management committee members have left the firm or were reported as planning to leave since late 2024, around the time Weil began publicly signaling it would seek a successor for Wolf.

The Willkie merger talks were called off after the two sides had signed a non-disclosure agreement to discuss a tie up and some leading Weil partners tried to drum up internal support for the combination. The firm then engaged an outside restructuring partner amid marathon strategy discussions.

At least one Weil practice group leader on Tuesday told associates to look for jobs elsewhere while they remained employed at the firm.

(http://www.autoadmit.com/thread.php?thread_id=5915620&forum_id=2#50210076)