Key facts
- Weil Gotshal is exploring options including winding down the firm.
- The firm hired advisers from Davis Polk & Wardwell.
- Merger talks with Willkie Farr & Gallagher recently collapsed.
- Co-head of private equity Ramona Nee declined the leadership role.
- Many lawyers are sending out resumes amid the uncertainty.
Weil Gotshal & Manges, a prominent law firm known for advising companies on the brink of collapse, is now facing its own existential crisis. The firm has hired advisers from Davis Polk & Wardwell to explore options, including the possibility of winding down operations. This comes after a failed succession plan and the collapse of merger talks with rival Willkie Farr & Gallagher. The firm's struggles reflect broader industry shifts where larger firms dominate talent and business. Founded in 1931, Weil Gotshal was once a leader in bankruptcy and restructuring, but now faces challenges competing with larger firms offering lucrative pay packages.