A management committee of Weil, Gotshal & Manges, the long-time Wall Street law firm, has recommended that its partners wind down operations, the firm said Wednesday.

The recommendation came after an exodus of partners and the reported end, days ago, of talks with Willkie Farr & Gallagher about a potential merger.

Weil, which has about 1,200 lawyers, in 2025 reportedly had more than $2 billion in revenue across multi-national operations.

"For more than 90 years, Weil, Gotshal & Manges has had the privilege of advising clients on some of their most consequential matters," the firm said in a statement to CNBC.

"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," the firm said. "The partners are expected to vote in the coming days."

Weil said that during the wind-down process in coming months, the "firm will continue serving clients with the dedication and excellence that have defined it since its founding and will remain committed to supporting its colleagues."

Over the years, Weil had been involved in major bankruptcy filings, including for Lehman Brothers, General Motors and Enron.