Even non-lawyers are asking me about the implosion of the Weil Gotshal law firm. It’s not every day that you see law firm business on the evening news.
It’s been non-stop schadenfreude-laden think-pieces all over my LinkedIn feed.
Weil was founded in 1931, had more than 1,200 attorneys, offices all over the globe, and the annual revenue of a third world country.
Despite all that, after a bunch of rainmaker partners left, it slowly and then all of a sudden fell into a death spiral, shutting down faster than a Spirit Halloween in November.

Could that happen to any law firm? Probably.
Law firms are funny businesses. Sure, they can be wildly lucrative businesses, but, at the time, have no significant assets. A lavish (leased) office full of used office furniture and computers. Some account receivables. But real assets? Those are the lawyers’ brains and their book of business, which are highly mobile assets.
We are seeing this in Nashville . Nearly every day, the Nashville Post writes about a lawyer or an entire practice group, jumping to a new (big) law firm. The press release talks about “bigger platforms” and “client services,” but, generally, the lawyer got a little bit more money and felt flattered by the recruiting.
“Partner for life” is as antiquated as “dictaphone” or “martini lunch.”
Remember this post about Memphis’ Apperson Crump law firm (founded in 1865), which filed bankruptcy for a number of reasons, including losing 8 lawyers and a dozen staff members in 2025, and being crushed under the weight of an expensive office lease and lots of empty offices?
Remember when the Harwells left their nationally famous law firm (literally named after them) to go to a rival firm?
At my old law firm, the boss had a thing he’d often say when one too many lawyers asked one too many questions about the law firm: “Nashville has lots of law firms. If you don’t like how we do it, you can go work at one of the other ones.”
He always said it in a half-joking way, but, about 11 years ago, the people asking the questions got the message. The firm started losing superstars and entire practice groups. Now, that law firm doesn’t exist any more.
More than anything, all this shows how fragile and loose of an association a law firm can be. Working at a huge law firm is the goal for most law students, but just because it’s all they’re shown at law schools. “Life as a new lawyer is miserable, you grind out 2,200 billables, including nights/weekends/holidays, navigate a byzantine social, political, and cultural maze, and, maybe, you’ll make partner someday.” Sounds awful, right?
Nobody foresees that, once you finally make partner, maybe the firm shuts down because some of the other partners no longer liked the vibes.
The legal industry runs on a centuries-old business model. We are learning in real time that “the way things have always been done” can be bad business.
As this generation of lawyers are approaching retirement, they’re holding on tight to the ownership of firms. They aren’t retiring, they aren’t succession planning, and they aren’t sharing. It’s chasing away the next generation of leaders.
At the same time, artificial intelligence is changing the way lawyers work and manage their practices. This new generation of lawyers, raised on remote work and technology, is embracing AI and a new way to practice law. These mindsets are about to collide, and we haven’t even seen the beginning of what is coming next.
Nashville is going to see this trend play out in a number of ways.
Partner defections will continue, as new Big Law Firms enter the market and poach existing rainmakers with the promise of a little bit more money. In many cases, that same lawyer will just move again in a few years, when the next firm offers a “bigger platform” (i.e. more money).
Rather than change, struggling firms will either shut down or try to sell to a Big Law Firm.
Micro, Small, and Medium Law Firms will embrace the new technology and be really competitive for about a decade, maybe longer. (Based on my 6 years running a tech-forward firm, it’ll be a great decade.)
What’s next? The ones who refuse to embrace innovation will, instead, look for outside money. I predict that we’ll see an influx of management services organizations (MSO), which use funds from outside investors to finance law firm technology, operations, and, yes, payroll/recruiting. This will introduce concepts of “private equity” into the law profession. Of all the ways that the legal profession fights against innovation, this development will tickle the industry’s weak spot (money), and we’ll let the wolves be in charge of the sheep.
The sales pitch to clients will be about how much better the client services and technology will be, but the private equity directive will, also, lead to higher hourly rates, more billable hours, and a focus on profits. Profits above everything else.
TL;DR: It will be awful to be a lawyer and to be a client in this new world.
For years, I had a thing I’d say, when people asked me if I enjoyed being a lawyer. “No,” I’d tell them, “but I’m good at it and the money is good. It’s my hope that I can do well enough in the law that my kids can find a job that they enjoy.”
Then, when I started my own firm, I realized that I had started encouraging my kids to became lawyers. I had started loving the job.
It’s the best of times, it’s the worst of times. To the old guard, I’d recommend that they simply let go of the strident resistance to change and listen. The profession is changing, faster than ever before. But change doesn’t mean the end.
Maybe, in 10 years, the private equity funded associates will blog about all the ways that I’m just an old-fashioned lawyer, holding the profession back.




