The collapse of one of Wall Street’s most prominent law firms has left nearly 700 junior lawyers scrambling for new jobs, some of them only days into their careers.
Weil, Gotshal & Manges told partners on Wednesday that it plans to wind down its operations after a wave of partner departures, with a formal vote on the dissolution expected in the coming days. The 95-year-old firm employs around 1,200 lawyers across 16 offices in the United States, Europe and Asia, and generated more than $2 billion in revenue last year.
Unlike partners, who can usually take clients with them to a rival firm, associates are far more exposed. Recruiters say junior lawyers, particularly in litigation, may struggle to find open seats, and some who started as new associates only last week are now looking for work. Rival firms have already begun circling: Gibson Dunn is expected to hire 20 associates from Weil’s London private funds team as part of a 40-lawyer move, and an online job board, Lateral Hub, said 33 firms had signed up by Friday morning to receive applications from Weil associates.
Weil’s largest associate cohorts are in private equity, with 134 lawyers, followed by complex commercial litigation with 89, banking and finance with 76, and restructuring with 75. The firm has told associates and staff they will continue to receive pay for 90 days and receive bonuses at the end of 2026, according to a person with knowledge of the matter, and told associates it would do what it could to help them take the next step in their careers.
The firm’s unraveling followed a familiar pattern. Departures began as a trickle earlier this year as Weil prepared for a leadership change, then accelerated in mid-September when the head of its corporate practice, Michael Aiello, announced he would move to Cravath, Swaine & Moore with five other partners. Other teams left for Simpson Thacher & Bartlett and Paul, Weiss, merger talks with another firm broke down in late October, and private equity partner Ramona Nee backed away from plans to succeed longtime leader Barry Wolf.
Weil’s fall is striking because the firm was not in obvious financial distress. It reported profits per equity partner of nearly $5.6 million last year, and its clients have included Apple, Goldman Sachs and Dow Chemical. Experts say that is precisely what makes law firms fragile: their main assets walk out of the door each evening, and a loss of confidence can trigger a self-reinforcing rush for the exits.
There is some comfort in precedent. After Dewey & LeBoeuf collapsed in 2012, about half of its associates quickly found jobs at other large firms, according to a 2023 study, and many partners landed senior roles elsewhere. But recruiters caution that today’s market may be tighter, especially as firms adopt legal artificial intelligence tools, and that associates should not rely solely on departing partners to carry them along.
Law students headed to Weil face a particular squeeze. Large firms have largely filled their summer and first-year classes, leaving second-year students to look at mid-sized firms or government work, while law schools including Harvard, Columbia, New York University, Northwestern and Georgetown — which has 33 students and recent graduates at or headed to Weil — are helping students rethink their plans.
Weil intends to wind down out of court and has engaged restructuring advisory firm AlixPartners to advise on the process. What happens next for its lawyers, clients and cases will play out over the coming months, but for hundreds of associates, the search for a new home has already begun.
Sources: Reuters, “Weil’s meltdown sparks scramble for firm’s 700 associates” (https://www.reuters.com/legal/legalindustry/weils-meltdown-sparks-scramble-firms-700-associates-2026-10-30/); Reuters, “What’s next for law firm Weil Gotshal as it plans dissolution” (https://www.reuters.com/legal/litigation/whats-next-law-firm-weil-gotshal-it-plans-dissolution-2026-10-29/); Reuters, “Weil collapse shows the fragility behind Big Law’s billions” (https://www.reuters.com/legal/litigation/weil-collapse-shows-fragility-behind-big-laws-billions-2026-10-29/).
