Law firm Weil Gotshal prepares to wind down

By the numbers: Weil Gotshal ranked No. 9 among global deal advisors in 2022, per LSEG, but by last year had fallen outside the top 25.

• It has around 2,000 global employees — including around 1,200 attorneys, some of whom are first-year associates who just joined.
• Weil Gotshal generated around $2 billion in revenue last year. That's double a decade earlier, but well behind the revenue of top peers.

Behind the scenes: The shutdown decision is being recommended by firm leadership, but still needs to be voted on by the full partnership.

Go deeper, via the WSJ: "The roots of the crisis at Weil date back more than a decade. The firm raked in business during the chaotic aftermath of the 2008-09 financial crisis but failed to reinvest those profits and even cut lawyers when many of its competitors were in growth mode. It has fallen behind industry leaders in head count, revenue and profit—leaving it vulnerable to poaching from rival firms."