Weil, Gotshal & Manges said Wednesday that its management committee had recommended partners pursue an orderly wind-down of the nearly century-old New York law firm, with a partnership vote expected in the coming days^1,2,3.

The firm told CNBC that after a review of strategic alternatives, leadership proposed winding down operations and that it would keep serving clients in coming months¹. The committee "has recommended to the partnership that the Firm pursue an orderly wind-down," Weil said in a statement to CNBC¹.

The recommendation followed a run of partner departures and reports that merger talks with Willkie Farr & Gallagher had ended^1,2,3. Weil has about 1,200 lawyers, CNBC and Reuters reported, and 2025 revenue was reported at more than $2 billion^1,3. The Times put the broader headcount, including staff, at about 2,000².

Reuters named several recent exits, including corporate chair Michael Aiello moving to Cravath, Swaine & Moore with five partners, private-equity partner Christopher Machera joining Paul, Weiss, Rifkind, Wharton & Garrison, and London mergers partners going to Sullivan & Cromwell, with other lawyers leaving for Simpson Thacher & Bartlett³. The Times also described a failed succession plan for the next firm leader².

Weil hired Davis Polk & Wardwell as an adviser as options were reviewed, the Times and Reuters reported^2,3. Reuters, citing a person familiar with the matter, said restructuring firm AlixPartners had been brought in to advise on a wind-down that Weil intended to complete outside bankruptcy, and that associates and staff were told they would be paid for 90 days and receive bonuses at the end of 2026³. Those staffing details were not in the CNBC account¹.

Weil was founded in 1931 and became known for large bankruptcy mandates, including Enron, General Motors and Lehman Brothers^1,3. Reuters, citing The American Lawyer, said average profits per equity partner were about $5.4 million, below figures it cited for Kirkland & Ellis and Wachtell, Lipton, Rosen & Katz³.

Partners still must vote on the recommendation^1,2. What the wind-down would mean for remaining lawyers, staff and creditors was not fully spelled out in the firm's public statement^1,3.