Weil, Gotshal & Manges Announces Firm Wind-Down
The firm’s closure will vacate 830,000 square feet of office space across 10 U.S. markets.
Updated on Oct. 29, 2026 in Commercial
Live Poll
Should commercial landlords require tougher lease security from law firms following major firm closures?
Law firm Weil, Gotshal & Manges has announced a full wind-down of its operations. The closure will release 830,000 square feet of office space across 10 U.S. markets, including significant holdings in New York City.
Why it matters
The firm's exit places substantial pressure on major commercial landlords and creates significant office vacancies. This move follows failed merger talks with Willkie Farr & Gallagher and raises concerns about potential shifts in commercial leasing security requirements.
The firm occupies 830,000 square feet across 12 leases, with 390,000 square feet located at the General Motors Building in New York. The firm currently serves as the ninth-largest tenant for both BXP and Hudson Pacific Properties.
The players
Weil, Gotshal & Manges
A global law firm with 1,200 lawyers that announced its wind-down in October 2026.
Willkie Farr & Gallagher
A law firm that engaged in merger talks with Weil, Gotshal & Manges earlier in October 2026.
Davis Polk
A law firm retained by Weil, Gotshal & Manges to advise on potential restructuring.
BXP
A real estate investment trust and major commercial landlord that counts the firm as its ninth-largest tenant.
Hudson Pacific Properties
A commercial real estate company that counts the firm as its ninth-largest tenant.
The details
Following unsuccessful merger negotiations with Willkie Farr & Gallagher, firm leaders engaged Davis Polk to manage a formal restructuring before finalizing the decision to close. The firm currently employs approximately 1,200 lawyers and holds significant office footprints in major cities including Dallas, Washington, D.C., and San Francisco. Landlords may now face increased financial pressure, particularly given that the General Motors Building, which houses the firm's largest office, has a $2.3 billion mortgage due in June 2027.
Timeline
2012: Dewey & LeBoeuf filed for bankruptcy.
January 2025: Earliest start date for recent firm lease signings.
H1 2026: Law firms signed 12.2 million square feet of leases.
October 2026: Weil, Gotshal & Manges announced its wind-down.
June 2027: General Motors Building mortgage is due.
The Home Front
The wind-down of Weil, Gotshal & Manges follows a pattern of large-scale professional firm closures reminiscent of the 2012 bankruptcy of Dewey & LeBoeuf. This sudden release of nearly a million square feet of premium office space marks a notable shift in the current commercial real estate landscape.
While this is a commercial matter, households in areas with significant firm offices should monitor local vacancy trends as they can influence neighborhood commercial property tax bases and local business activity. Consult a local real estate professional to understand how shifts in your city's office market might affect nearby commercial developments.
The takeaway
Large firm closures create sudden shifts in urban commercial space that ripple through local real estate economies. Homeowners living near major office districts should keep an eye on how these vacancies are repositioned to avoid impacts on neighborhood commercial vitality and property values.
Further reading
Learn more about local impacts on the commercial sector in our Commercial section.
Source note: This article includes information reported by Bisnow.
Live Poll
Should commercial landlords require tougher lease security from law firms following major firm closures?
