Weil Asked Partners to Wind Down a 1,200-Lawyer Firm. The Vote Is Ahead.

Weil, Gotshal & Manges told Fox Business on October 29 that its management committee has recommended an orderly wind-down. Partners are expected to vote in the coming days. The New York-based firm employs about 1,200 lawyers worldwide and generates more than $2 billion in annual revenue. A closure would not be complete until that vote and the months-long wind-down the firm described actually happen.

The spokesperson said the firm will keep serving clients and supporting colleagues during the process. Fox Business, citing Reuters, reported that partner departures had pressured the business, that merger talks with Willkie Farr & Gallagher failed, and that AlixPartners is advising on a wind-down intended to finish outside bankruptcy. Those points come from Reuters’ reporting. No bankruptcy filing was announced.

For clients and employees, the immediate fact is a recommended closure, not a finished one. No change to legal fees, and no count of how many jobs would end, was disclosed. Work and lawyers may move to other firms if the partnership votes to close. That possibility is not the same as every job ending on the day of the recommendation.

Does the October 29 recommendation mean Weil has already closed? No. Partners had not yet voted. The firm said it plans an orderly wind-down over the coming months and will continue client work during that process.