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Why Weil collapsed and what it means for Big Law with Yale Law School professor John Morley
Weil was still generating more than $2 billion a year when its partnership unravelled. Yale Law School professor John Morley says that its collapse was driven not by financial distress, but by a decline in profitability relative to its closest rivals and a failure to choose between scale and a smaller, more elite model.
Morley’s paper Why Law Firms Collapse examined around three dozen failures and identified a recurring “run on the partnership”. Because partners own the business and can leave with their clients, the departure of one productive partner reduces the profits available to everyone…
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