It’s hard to believe that a company as large as Weill, Gotshall & Manges, one of the top 20 law firms in the United States and estimated to have revenues of more than $2 billion in 2025, would cease operations in such a way. But sometimes, recessions like Weill’s or failures like Lehman Brothers, Silicon Valley Bank, and FTX always happen.
And now we’re seeing major law firms move toward closure in real time.
Weil, Gotshal & Manges announced Wednesday that its management committee has recommended that its partners prepare to go out of business after more than 90 years in business. “After careful consideration of strategic alternatives, our management committee has recommended to our partners that we pursue an orderly winddown,” the company said in a statement to CNBC on Wednesday. “Partners will vote in the next few days.”
As a legal recruiter and former colleague at a major law firm, I’m here to provide practical insight for employees, lawyers and non-lawyers alike, who have just learned they are going to lose their jobs and fear that their firm will be next.
First, let me be clear that, from my perspective, Weil is an anomaly. But when companies make headlines when they downsize or fail and close, it’s rarely the employees who are in the spotlight. These are people whose careers are on the rocks, whose insecurities are through the roof, and whose business decisions they didn’t know were being made until it was too late.
For both lawyers and non-lawyers, here are my top tips to help you when your company announces or is heading toward dissolution. In Weil’s case, this is advice he hopes the firm’s approximately 1,200 attorneys and staff will keep in mind over the next 90 days.
1. Don’t wait for the dust to settle
Yes, it’s okay to worry. Yes, you can grieve. But we also need to take action now.
Many of Vile’s employees are currently in a holding pattern. They’re either waiting to see where their favorite partner is going and hoping they’ll take them, or they’re thinking they have 90 days to start looking, given that they’ll get 90 days’ pay, as reported by Reuters.
Although many employees end up following their partner, it is advisable to look for a new job on your own while you wait. Currently, the market is overwhelmingly flooded with Weil-related people, and even though the company has not been disbanded, some are already considering horizontal expansion. The last thing you want is to be late to a party and find out that all your co-workers are ahead of you in line.
Your partner has no obligation to take you with him and you have no say in where he goes. There is no guarantee that it will be right for you. It’s best to have options, and especially in uncertain times like these, it’s comforting to feel like you have some control over those choices.
I would like to give similar advice to people who are not lawyers. Don’t wait too long. Options are always good. Be proactive. Those who tend to be the least vulnerable to such situations are those who begin searching for information before the announcement is made. The situation is such that everyone is still hoping for last-minute relief.
2. Don’t act out of fear
Try to be cautious even if you are moving fast. I don’t want to be taken advantage of.
Just this week, I advised about a dozen Weil employees to do their homework quickly before sending their resumes to companies and hiring managers. Some recruiters (especially in the legal industry) will take your resume as a blanket consent and ask you to submit it anywhere.
But from what I’ve seen working in legal recruiting, if multiple recruiters send your materials to the same company, the chances of hearing from that company again are very low. They think it’s sloppy, bad form and too much of a headache to manage the inevitable fights over who’s entitled to the virtual fee for your placement.
So always make sure you know where your resume is. You need to know exactly which company has it and who got it from. If you plan to use a recruitment agency, choose one that has a good reputation and is reliable. Don’t rush to the first recruiter who calls or the last one left in your inbox. Instead, get referrals from friends, set up introductory calls with multiple recruiters to get a feel for them, then choose one and send your resume to only that person.
For illegals, recruitment may not be as tough. However, we recommend that you be careful about how and where you share your information. Focus on trusted connections, such as verifiable human resources professionals at your target company, referrals from friends and colleagues, your university’s career services office, and known job sites. Be careful when responding to communications from questionable sources.
3. Don’t worry too much about resume gaps or job changes now
A short period of unemployment won’t ruin your career, nor will multiple job changes in quick succession.
When unexpected events occur and the job market is disrupted as a result, even if you act early and wisely, you may not be able to find a new job right away. Perhaps the only good thing about such a sudden breakup being so well publicized is that future employers will take one look at your resume and understand why you’re unemployed. They won’t care what you did wrong, if you were fired, or if you are qualified.
However, these favorable assumptions will not last forever. I think it will take about 1 to 6 months. This is another clue to start your job search without waiting until the breakup date, especially in today’s job market. According to the Bureau of Labor Statistics, as of September, 27.1% of unemployed people had been looking for work for more than six months.
Also keep in mind that if you make work decisions in haste or with your back to the wall, you are very likely to end up in disagreement. Most people will accept the first offer they receive. Some people accept unsustainable commutes and tyrannical bosses to secure short-term employment. And if it’s your only option, it might be the right decision for you. We all have bills to pay and mouths to feed.
In that case, it’s okay to move on immediately. I don’t begrudge people who make career decisions out of necessity and then change course when they come out of survival mode. And in my experience as a recruiter, most future employers will be the same way.
4. Be kind to yourself and others
None of this is your fault and it’s all horribly unfair. It’s okay to feel angry, scared, overwhelmed, petrified, defeated, or even a little relieved. What you are feeling is completely valid, both immediately and in the weeks and months that follow. Whatever happens, give yourself enough space and grace, and ask for help and support.
On the contrary, lend a hand in any way you can. I’m sure you’ll do that, especially if you find a job. Give back by helping those who are still searching or searching again. Share great resources, connect with trusted recruiters, and connect with job opportunities you may have missed or heard about.
Companies have no feelings or loyalty towards specific employees. But people do. We can’t do anything without empathy and community. Difficult times are when we need both the most.
Daniel Thompson is a Bay Area-based legal recruiter and former leading law employment attorney. Managing Director of Damato Search Group, she holds a J.D. from Columbia University School of Law and a BA with honors from the University of California, Santa Barbara.
