Whether Barry Wolf still retires at year's end as planned, and who would replace him, is unresolved. Wolf has run the firm since shortly after the financial crisis. The FT reports that more than two dozen partners have decided to leave since spring and that merger efforts have produced no deal. Weil's financial performance also fell behind peers including Simpson Thacher, Paul Weiss and Davis Polk during the later part of Wolf's tenure.
For partners and recruiters, the immediate questions are who leads the firm through the transition and whether departures continue. Watch for further partner exits, any renewed merger talks, and whether Nee's talks with Simpson Thacher lead to a move. Two federal items also warrant attention. The SEC said October 23 it will examine how financial firms use artificial intelligence to withstand cyberattacks, but the scope and timing of those tests have not been disclosed. A Federal Reserve analysis identifies third-party service providers as a hidden cyber fault line, so vendor contracts and cyber-resilience reviews are the practical place to start. On tariffs, President Trump signed proclamations under Section 338 of the Tariff Act of 1930 imposing an additional 50 percent tariff on specified Canadian products. Energy, potash, Section 232 products and certain other goods are exempt. A suit in the Court of International Trade argues the statute exceeds presidential authority, and the Supreme Court held in February 2026 that IEEPA does not give the President power to impose tariffs.