Weil Gotshal & Manges, one of Wall Street’s most prominent law firms, is preparing to wind down its operations after nearly a century of advising some of America’s largest corporations, a stunning collapse that reflects changes roiling the legal industry.

In a statement, Weil said that its senior leadership team had recommended to dissolve the firm after a “careful review of alternatives” and that the firm’s partners would vote on the matter in the coming days.

Weil’s dissolution would be a dramatic downfall for one the country’s most prominent white shoe law firms, delivering a painful blow to the firm’s 2,000 employees, including its roughly 1,200 lawyers, who will have to find work elsewhere.

Weil in recent weeks hired advisers from the law firm Davis Polk & Wardwell to help it with a range of options, which this week turned to discussions about the possibility of winding down the firm.

Weil said it would continue serving clients during the process, which would take place over the coming months.

Once…