Appoints Wind-Down Committee to oversee the process, maximize value, and meet the Firm’s obligations
Continues to support clients and employees through the transition
NEW YORK, November 13, 2026 -- International law firm Weil, Gotshal & Manges LLP (“Weil” or the “Firm”) announced today that its partnership has approved an amended Partnership Agreement and Plan of Liquidation (the “Plan”). Effective today, the Firm will begin an orderly wind-down under the oversight of a newly appointed three-member Wind-Down Committee (the “Committee”), which has assumed responsibility for the Firm’s governance and will oversee implementation of the Plan.
The Committee’s members are Robert Carangelo, the Firm’s General Counsel; Paul Wessel, Chair of the Firm’s Tax Department and a member of its Management Committee; and Patricia Ferrari, an independent member with extensive legal, business, and restructuring experience. Mr. Carangelo will continue serving as the Firm’s General Counsel throughout the wind-down. The Committee will focus on preserving and maximizing value, protecting clients’ interests, meeting the Firm’s obligations, and managing an efficient and responsible wind-down. This includes the collection of outstanding fees, liquidation of the Firm’s assets, resolution of remaining obligations, and office closures. Barry Wolf will serve as a special consultant to the Committee through December 31, 2026. Mr. Wolf has been with the Firm for more than 40 years, including 16 years as Executive Partner and Chair of the Management Committee, and has deep knowledge of the Firm’s operations, people, and client relationships. As a consultant, he will advise the Committee but will not participate in its decisions.
Ben Schrag, Chief Strategy Officer at C Street Advisory Group, and James Mesterharm, Global Co-Head of AlixPartners’ Turnaround and Restructuring Services Practice, will serve as Co-Chief Restructuring Officers. Mr. Schrag brings more than 20 years of experience spanning restructuring, legal services, and strategic advisory. Mr. Mesterharm brings more than three decades of experience managing complex restructurings, financial obligations, and stakeholder negotiations.
“This is a profoundly difficult and emotional moment for everyone who has been part of Weil,” said Mr. Carangelo. “For 95 years, our colleagues have helped build a Firm that has made lasting contributions to our clients and the legal profession. We approach the work ahead with a deep sense of responsibility to that legacy and to our clients, colleagues, retired partners, associates, and staff.”
The Firm continues to serve its clients during the wind-down and will work with its partners and professionals to support the orderly transition of client matters and continuity of legal services. Throughout this process, the Firm remains committed to supporting its colleagues as they pursue new opportunities.
Advisors
Davis Polk & Wardwell LLP is serving as legal advisor, Epstein Becker Green is serving as labor and employment counsel, AlixPartners is serving as financial advisor, and C Street Advisory Group is serving as business, strategic, and communications advisor to the Firm.