New York —

Leaders at Weil, Gotshal & Manges, the nearly century-old law firm that worked for companies from the Lehman Brothers to General Motors, recommended on Wednesday that the firm shut down.

“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 Weil spokesperson said in a statement Wednesday.

The firm’s partners are expected to vote on the recommendation “in the coming days,” according to the statement. Equity partners hold stakes in law firms and can vote on company matters.

For over 90 years, the law firm was well-known through Wall Street for steering high-profile corporate litigation such as bankruptcies and mergers. Weil advised the Lehman Brothers during the 2008 financial crisis, and the firm claims it brought General Motors out of bankruptcy in “just 40 days.”

The firm said it guided debtors such as Enron, whose 2001 bankruptcy filing was the largest in American history at the time. It also advised Microsoft’s $68.7 billion acquisition of Activision Blizzard as well as AT&T’s acquisition of DirecTV.

The firm had been mired by an exodus of prominent partners, largely driven by competition from rivals, legal news outlet Law.com earlier reported. And a potential merger with another law firm, Willkie Farr, fell through this year.

Weil is announcing its closure without filing for bankruptcy.

The news sent shockwaves through the Big Law industry, which has been going through its own changes. Big mergers and acquisitions have led to more competition for top talent – and then there’s the looming dread of artificial intelligence.

Weil was founded in 1931 and employs approximately 1,200 lawyers in offices from New York to Munich to Hong Kong, according to its website. The firm did not announce plans for its employees or office spaces on Wednesday.