Explainer-What’s next for law firm Weil Gotshal as it plans dissolution

By Mike Scarcella and Sara Merken Oct 29 (Reuters) Prominent US law firm Weil, Gotshal Manges is planning to wind down amid a partner exodus, setting the stage for complex decisions involving its lawyers, their clients and rival firms looking to capitalize on its downfall. Here are some of the ​next steps facing Weil in what would mark one of the largest-ever law firm dissolutions. HOW DID ‌WEIL COLLAPSE? In an abrupt turn, Weil said that its management committee recommended to partners that the firm wind down in the coming months. The partnership must formally vote on the plan. The 95-year-old Manhattan firm had long been a leading player in major corporate bankruptcies, deals and litigation, employing around 1,200 lawyers and generating more than $2 billion in revenues last year. But Weil faced mounting departures by key ‌partners in ​recent months to rival firms, creating a spiral of defections. Its situation ⁠worsened after merger talks with another ⁠law firm broke down in late