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Weil, Gotshal & Manges recommends orderly wind-down
The management committee of the 95-year-old law firm Weil, Gotshal & Manges has recommended an orderly wind-down of its operations to its partners. The firm, which employs approximately 1,200 lawyers and generated roughly $2.1 billion in revenue last year, is expected to hold a partner vote on the recommendation in the coming days.
The decision follows a period of significant internal instability, including a mass exodus of high-profile partners and the collapse of merger negotiations with Willkie Farr & Gallagher. Notable departures include corporate department chairman Michael Aiello, who moved to Cravath, Swaine & Moore, as well as several other partners heading to firms such as Paul Weiss, Davis Polk, and Sidley Austin.
Despite the proposed closure, the firm remains debt-free with relatively few liabilities. Leadership stated that the firm intends to continue serving its clients throughout the wind-down process and remains committed to supporting its staff during the transition. The firm is reportedly announcing its closure without filing for bankruptcy.
Entities
Barry Wolf · Davis Polk · Enron · General Motors · Lehman Brothers · Michael Aiello · New York · Paul Weiss · Ramona Nee · Skadden · Weil, Gotshal & Manges · Willkie Farr & Gallagher
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 13 SOURCES] Partners are expected to vote on the wind-down recommendation in the coming days. offthepress.com · www.haberaktuel.com · keyt.com · krdo.com · localnews8.com · +7 more
- [● 14 SOURCES] The firm has approximately 1,200 lawyers. offthepress.com · www.haberaktuel.com · keyt.com · krdo.com · localnews8.com · +8 more
- [● 15 SOURCES] The management committee of Weil, Gotshal & Manges recommended an orderly wind-down to its partners. offthepress.com · www.haberaktuel.com · www.juve.de · keyt.com · krdo.com · +9 more
- [● 13 SOURCES] The firm has handled major bankruptcies for Lehman Brothers, General Motors, and Enron. offthepress.com · www.haberaktuel.com · keyt.com · krdo.com · gestion.pe · +7 more
- [● 8 SOURCES] The firm is announcing its closure without filing for bankruptcy. www.haberaktuel.com · keyt.com · krdo.com · localnews8.com · kvia.com · +3 more
- [● 4 SOURCES] The firm generated approximately $2.1 billion in revenue last year. offthepress.com · gestion.pe · www.europesays.com · www.lawfuel.com
- [● 3 SOURCES] The firm is debt-free and has relatively few liabilities. offthepress.com · gestion.pe · www.seznamzpravy.cz
- [● 12 SOURCES] The decision follows an exodus of partners and failed merger talks with Willkie Farr & Gallagher. offthepress.com · www.haberaktuel.com · keyt.com · krdo.com · gestion.pe · +6 more