Weil Gotshal & Manges Approves Liquidation Plan and Begins Shutdown

International law firm Weil, Gotshal & Manges has approved an amended partnership agreement and an official liquidation plan. The firm has immediately initiated an orderly process to wind down its global operations.

A three-member committee has assumed governance of the institution to oversee the transition. Robert Carangelo, Paul Wessel, and Patricia Ferrari comprise the group responsible for implementing the dissolution plan. Their primary focus is the preservation of value and the fulfillment of outstanding obligations.

The process includes collecting unpaid fees and liquidating firm assets. The plan also covers the closure of offices and the resolution of remaining commitments. Barry Wolf will serve as a special consultant through the end of 2026 to assist with the operational transition.

Restructuring experts have been hired to serve as co-chief restructuring officers. Ben Schrag and James Mesterharm are leading negotiations with stakeholders and managing complex financial obligations. The team aims to ensure an efficient exit while maintaining client support during the transition period.

The dissolution of a major global law firm may increase the perception of systemic risk in credit markets and impact the liquidity of financial assets. The closure of operations of this magnitude often generates volatility in the dollar due to the reassessment of institutional and counterparty risks.