Weil Gotshal & Manges recommends orderly wind-down after 90 years

Leaders of Weil, Gotshal & Manges, a law firm founded in 1931 that has handled high-profile corporate matters such as the Lehman Brothers bankruptcy and General Motors' restructuring, said on Wednesday that its Management Committee has recommended an orderly wind-down of the firm. > "Following a careful review of strategic alternatives, the Firm’s Management Committee has recommended to the partnership that the Firm pursue an orderly wind-down," a Weil spokesperson said in a statement. The partnership is expected to vote on the recommendation in the coming days. Equity partners, who hold stakes in the firm, are responsible for such decisions. Weil has advised major transactions, including Microsoft’s $68.7 billion acquisition of Activision Blizzard and AT&T’s purchase of DirecTV, and guided debtors such as Enron during its 2001 bankruptcy. The firm’s recent challenges include the departure of several prominent partners and a failed merger attempt with Willkie Farr earlier this year. The firm announced its closure without filing for bankruptcy and did not provide details on plans for its roughly 1,200 lawyers or its offices worldwide.