Weil Gotshal Is Now Discussing A Possible Wind-Down

Yesterday, we told you Weil Gotshal & Manges was panic mode, and now we know just how bad that is.

The Financial Times reports that Weil has brought in Brian Resnick, one of Davis Polk’s top bankruptcy lawyers, to advise on a potential restructuring. A wind-down is on the list of options, alongside a last-minute merger or carrying on as a slimmed-down standalone firm. Weil is also interviewing financial consultancies to go through its books, including obligations like pensions and office leases. As the FT’s Sujeet Indap put it on X, Resnick is now on the scene at Weil, and a wind-down is “now being actively discussed among options.”

A wind-down, for a firm that brought in $2.1 billion last year. That escalated quickly. A spokesperson for the firm told the Wall Street Journal, “No decision has been made to dissolve the firm.”

Meanwhile, the flood of Weil résumés is warping the lateral market itself. With legal recruiters reporting they are seeing a ton of Weil résumés right now, and rival firms are responding with quickness. Other lateral searches are getting pushed to the back burner, so if your process suddenly stalled, Weil may be the reason. And if you’re a Weil lawyer, well, your best bet is to move fast.

Because Weil’s Biglaw rivals aren’t exactly waiting for a merger. Law.com reports Simpson Thacher is recruiting in Weil’s Boston office, and Simpson and Paul Weiss are both eyeing Weil’s bankruptcy practice. Why merge with Weil when you can wait and pick up the pieces?

So, how’d we get here? A timeline of key events:

Ninety-five years of building one of Biglaw’s great names, and it only took a few months for the rest of the market to start shopping for the parts.

Earlier: Weil Partners Are ‘Frantically Sending Résumés’ As Leadership Weighs Its Options
Weil’s Successor Walked Away, And Now The Firm Has A ‘Run On The Bank’ Problem
Weil’s Incoming Leader Won’t Take The Job, And Might Take One At Simpson Thacher Instead
Weil’s Merger With Willkie Is Dead, But Its Partner Exodus Is Very Much Alive
Weil Gotshal Is Reportedly Negotiating A Merger, About A Month After Saying It Wasn’t In Merger Talks
Cravath And Weil Are Just Trading Partners At This Point
Weil’s Revolving Door Now Spins In Both Directions
Weil Seeks To Strengthen Its ‘Platform’ As Merger Rumors Swirl
Weil Is Relieved To Lose Its Biggest Rainmaker. Cravath Is Thrilled To Get His ‘Values.’
The Cravath Shade Wasn’t A One-Off: Weil Insiders Line Up To Say Good Riddance
Weil’s Corporate Chair Decamps For Cravath, Which Weil Would Like You To Know Is ‘A Smaller Platform’
Top Biglaw Firm Announces Its First Female Executive Partner In History