The leader of a Weil Gotshal & Manges practice group told his junior lawyers to look for employment, underscoring the firm’s perilous state as it consults with a restructuring lawyer.

Alex Lynch, who leads Weil’s capital markets group, communicated the news to associates in a group meeting Tuesday, a person familiar with the announcement said. He said the associates will remain employed for the time being and will continue to work on client matters, though he offered no specific timeline on their tenure, said the person, who requested anonymity to describe Weil communications.

Lynch and Weil did not respond to a request for comment.

The firm’s future existence is uncertain after a litany of partners fled, at least in part because of a lack of confidence in Weil’s leaders. Last month powerful corporate department chairman Michael Aiello moved toward an exit for rival Cravath, and a wide set of firm partners learned last weekend that incoming Weil leader Ramona Nee has decided not to take the job.

Davis Polk & Wardwell lawyers, including restructuring partner Brian Resnick, are advising Weil as it assesses its future, two people familiar with the matter said Tuesday. Resnick is head of Davis Polk’s liability management and special opportunities practice.

The storied New York-based firm, with more than 1,200 lawyers and $2 billion in revenue, has long been one of the US’s premier legal operations. It is renowned for its bankruptcy practice, acting as lead debtors counsel to Lehman Brothers Holdings Inc and Enron Corporation. It also was an M&A powerhouse, led by Aiello, who represented Fox Corp.on its $22 billion acquisition of Roku Inc.

Aiello’s departure along with others prompted the firm to explore its options, including a possible merger with another Big Law firm. But merger talks with Willkie Farr & Gallagher fell through last week, raising questions as to whether a dissolution is the inevitable option.

— With reporting by Roy Strom