The leadership of Weil, Gotshal & Manges has recommended winding down the law firm, putting the future of a business with approximately 1,200 lawyers before its partners. A vote is expected in the coming days; the proposal is not yet a final decision.

Founded in 1931, Weil became known for handling major corporate bankruptcies, litigation and mergers. Its management committee announced its recommendation on Wednesday after examining alternatives.

“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,” a spokesperson said.

Equity partners, who own stakes in the business, can vote on firm matters. The statement did not set out plans for employees or office premises. Weil has offices stretching from New York to Munich and Hong Kong, and is pursuing the proposed closure without filing for bankruptcy.

The recommendation follows reported departures of prominent partners, attributed largely to competition from rival firms. A potential merger with Willkie Farr also fell through this year. Those developments provide context for the proposal, although the statement did not explain in detail why management had chosen a wind-down over other options.

Weil’s work placed it at the centre of some of the largest corporate upheavals of recent decades. It advised Lehman Brothers during the 2008 financial crisis and says it brought General Motors out of bankruptcy in “just 40 days”. It also guided Enron through its 2001 bankruptcy, then the largest in American history.

Its dealmaking work included Microsoft’s $68.7 billion acquisition of Activision Blizzard and AT&T’s acquisition of DirecTV.

The proposed wind-down comes as mergers and acquisitions intensify competition for leading lawyers across the industry, alongside concerns about artificial intelligence. For Weil’s staff, the immediate uncertainty is more concrete: whether partners will approve the recommendation and what arrangements would follow.