Partners at storied law firm Weil, Gotshal and Manges have voted to wind the firm down after almost a century, putting an end to months of speculation over its future.

On Tuesday, partners at the US-based company agreed to dissolve the company, formalising its closure after the board told partners the firm should be closed on 28 October.

A three-person strong committee will oversee Weil’s dissolution, including the firm’s general counsel Robert Carangelo, chairman of the tax department, Paul Wessel, and Patricia Ferrari, an independent director who serves as a board member for firm’s going through bankruptcy, the New York Times reported.

The vote will give control of the firm over to the committee. Weil was eyeing a merger with another US law firm before agreeing to wind down.

Bloomberg Law first reported on the wind-down vote.

Weil was approached for comment but did not immediately respond.

The rapid fall of the prominent Wall Street law firm has sent shock waves through the legal industry, after the firm brought in over $2bn in revenue last year.

However, speculation grew over its future after an exodus of top partners in the US and in the City, including former corporate co-managing partner Michael Hickey and private equity co-head Christopher Machera, who left the firm in August for US competitor Paul Weiss.

The ‘white-shoe’ company also recently lost a cohort of top London talent, including co-managing partner David Avery-Gee, a renowned M&A dealmaker, who left for Sullivan & Cromwell in September.

A former Weil partner described the downfall of Weil as “a Titanic situation” to on 29 October and said it was “probably the worst succession planning in legal history.”