The unravelling of one of the world’s most prestigious law firms, Weil, Gotshal & Manges, has shaken its London lawyers, with one partner describing it as “a Titanic situation.”

“This is probably the worst succession planning in legal history,” a former Weil partner told . “I’m shocked about this…It’s crazy to me this is the path they chose.”

They explained they think the management committee may have decided “they wouldn’t be in a position to weather the storm”, adding: “I did think people would still be committed to the firm, such as the long-standing partners who I thought might step up and try to resize or restructure the firm.”

On Wednesday, Weil’s board recommended winding down the 95-year-old firm, a move expected to be at the centre of a partnership vote in the coming days. If given the go ahead, the move would put thousands of jobs at risk, including 50 partners, 200 solicitors, and roughly 120 business services staff at its City office, which has operated since 1996.

“When you see the very leadership of the firm crumble, and they all start leaving, you know it’s game over,” the former partner said. They added they “don’t think the firm sorted out a leadership situation properly.”

“I got out before I was aware it was going to be a Titanic situation,” they added.

Speculation had grown over the future of the firm after the $2bn legal powerhouse saw 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’ firm has 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.

John Bringardner, head of financial analytics firm Debtwire, said it “has seen Weil’s share of restructuring work diminish in recent years, as partners have left for other big shops like Kirkland & Ellis.”

“This slow decline led Weil to seek a merger earlier this year in an attempt to regain its scale, but when talks collapsed, there was a further crisis of confidence among Weil’s top partners. Ultimately, it is this crisis of confidence that has caused the liquidation, rather than the debt or overspending seen in other large firm collapses, such as Dewey & LeBoeuf,” Bringardner added.

Jobs in the spotlight

On Wednesday, a Weil spokesperson confirmed in a statement: “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.

“The partners are expected to vote in the coming days. During the wind-down process over the coming months, the firm will continue serving clients with the dedication and excellence that have defined it since its founding and will remain committed to supporting its colleagues,” the spokesperson added.

A partner at a London-based legal recruitment firm told that “there will be a mad scramble” among those facing redundancy. 

“Decent, as in humane, partners will take associates with them,” they said, adding that “some may have to take pay drops.”

“Not all partners will find something, especially if they are lacking a following,” they said. 

In addition to partners and associates affected by Weil’s pending decision to dissolve, business services staff such as personal assistants, marketing staff, and HR teams will also be hit. 

The recruitment specialist said “people tend to unkindly forget about them” and “many will struggle to find new jobs.” 

This comes as the City’s legal professional body, the City of London Law Society, told on Thursday it is on standby to support Weil Gotshal and Manges trainees if the firm votes to wind down.