Layoffs back? Weil cutting associates

(On Campus Interviews, Summer Associate positions, Firm Reviews, Tips, ...)
Forum rules
Anonymous Posting

Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.

Failure to follow these rules will get you outed, warned, or banned.

User avatar
2014
Posts: 5831
Joined: Sat Jun 05, 2010 3:53 pm

Re: Layoffs back? Weil cutting associates

Postby 2014 » Mon Jun 24, 2013 10:47 am

That's disconcerting...

rad lulz
Posts: 9844
Joined: Sun Feb 19, 2012 10:53 pm

Re: Layoffs back? Weil cutting associates

Postby rad lulz » Mon Jun 24, 2013 10:51 am

Notice the conspicuous use of the phrase "new normal"

User avatar
guano
Posts: 2268
Joined: Mon Feb 18, 2013 9:49 am

Re: Layoffs back? Weil cutting associates

Postby guano » Mon Jun 24, 2013 10:54 am

What a bullshit excuse. They're laying off staff to increase PPP. Greedy fucking boomers

Anonymous User
Posts: 273184
Joined: Tue Aug 11, 2009 9:32 am

Re: Layoffs back? Weil cutting associates

Postby Anonymous User » Mon Jun 24, 2013 11:00 am

http://www.americanlawyer.com/PubArticl ... 0524105951

PPP down and Revenue Flat is a recipe for this.

User avatar
jbiresq
Posts: 221
Joined: Wed Sep 08, 2010 1:52 pm

Re: Layoffs back? Weil cutting associates

Postby jbiresq » Mon Jun 24, 2013 11:02 am

"Right-sizing" is easily my least favorite phrase in the English language.

Anonymous User
Posts: 273184
Joined: Tue Aug 11, 2009 9:32 am

Re: Layoffs back? Weil cutting associates

Postby Anonymous User » Mon Jun 24, 2013 11:04 am

Have incoming Weil associates received starting stipends and start dates?

User avatar
hephaestus
Posts: 2385
Joined: Mon Jan 07, 2013 4:21 pm

Re: Layoffs back? Weil cutting associates

Postby hephaestus » Mon Jun 24, 2013 11:06 am

guano wrote:What a bullshit excuse. They're laying off staff to increase PPP. Greedy fucking boomers

And 7% of associates.

User avatar
legalese_retard
Posts: 334
Joined: Mon Feb 09, 2009 12:14 pm

Re: Layoffs back? Weil cutting associates

Postby legalese_retard » Mon Jun 24, 2013 11:06 am

Bad timing on Weil's part. Don't firms try to avoid news like these when they have summer associates?

User avatar
2014
Posts: 5831
Joined: Sat Jun 05, 2010 3:53 pm

Re: Layoffs back? Weil cutting associates

Postby 2014 » Mon Jun 24, 2013 11:06 am

legalese_retard wrote:Bad timing on Weil's part. Don't firms try to avoid news like these when they have summer associates?

Not to mention with OCI looming

rad lulz
Posts: 9844
Joined: Sun Feb 19, 2012 10:53 pm

Re: Layoffs back? Weil cutting associates

Postby rad lulz » Mon Jun 24, 2013 11:09 am

2014 wrote:
legalese_retard wrote:Bad timing on Weil's part. Don't firms try to avoid news like these when they have summer associates?

Not to mention with OCI looming

Summer's slow

You don't want to conduct layoffs when stuff is tryin to get finished

shutterbug
Posts: 115
Joined: Mon Dec 28, 2009 11:17 am

Re: Layoffs back? Weil cutting associates

Postby shutterbug » Mon Jun 24, 2013 11:11 am

And yet so many of you still want BigLaw.

NanaP
Posts: 298
Joined: Sat Mar 16, 2013 8:29 pm

Re: Layoffs back? Weil cutting associates

Postby NanaP » Mon Jun 24, 2013 11:12 am

shutterbug wrote:And yet so many of you still want BigLaw.



I think most want big law for the salary to be able to pay off the massive amount of debt, then maybe move inhouse if not partnership track....I could be wrong, but that seems to be the consensus.

rad lulz
Posts: 9844
Joined: Sun Feb 19, 2012 10:53 pm

Re: Layoffs back? Weil cutting associates

Postby rad lulz » Mon Jun 24, 2013 11:21 am

shutterbug wrote:And yet so many of you still want BigLaw.

Explain why the possibility of layoff would make you not want to work at a large firm

Anonymous User
Posts: 273184
Joined: Tue Aug 11, 2009 9:32 am

Re: Layoffs back? Weil cutting associates

Postby Anonymous User » Mon Jun 24, 2013 11:21 am

This is surprising. My best (relatively uninformed, random) guess is it has to do with the end of Lehman work (for which I'd imagine they staffed up majorly) and generally slow M&A markets.

I'm at a peer firm and lots (maybe most?) of our practices are brutally, relentlessly busy. Litigation is fast, most non-M&A corporate practices are slammed, etc. so I definitely didn't see this coming.

Weil was always in a somewhat shakier position, but I had assumed things had righted.

Any word on what class year(s) are affected? This isn't a "lathaming" is it?

gnuwheels
Posts: 122
Joined: Mon Jun 25, 2012 6:58 pm

Re: Layoffs back? Weil cutting associates

Postby gnuwheels » Mon Jun 24, 2013 11:25 am

Am I reading the memo correct in that the layoffs will be in Houston and Boston but not NY?

NYstate
Posts: 1566
Joined: Thu Jan 31, 2013 1:44 am

Re: Layoffs back? Weil cutting associates

Postby NYstate » Mon Jun 24, 2013 11:51 am

They have too many people to do the work. Obviously the firm isn't worried about recruiting. Part of me thinks that we will see this happening at more firms whose corporate practices aren't recovering and aren't expected to recover.

There is nothing in this article that doesn't reflect the market realities that have been discussed constantly here.

We all know that most firms do stealth layoffs continuously. At least these people are being let go with 6 months of a large salary and a good excuse for losing their job. Being stealthed is much worse because you can't explain why you were fired.
Last edited by NYstate on Mon Jun 24, 2013 11:59 am, edited 1 time in total.

NYstate
Posts: 1566
Joined: Thu Jan 31, 2013 1:44 am

Re: Layoffs back? Weil cutting associates

Postby NYstate » Mon Jun 24, 2013 11:54 am

rad lulz wrote:
shutterbug wrote:And yet so many of you still want BigLaw.

Explain why the possibility of layoff would make you not want to work at a large firm



Not getting another job?

All these 0Ls are making their budgets for their hypothetical future biglaw jobs as justification for going into huge debt from law school. They aren't calculating the risk of losing that job or not getting a job after leaving biglaw.
Last edited by NYstate on Mon Jun 24, 2013 11:57 am, edited 1 time in total.

Anonymous User
Posts: 273184
Joined: Tue Aug 11, 2009 9:32 am

Re: Layoffs back? Weil cutting associates

Postby Anonymous User » Mon Jun 24, 2013 11:57 am

Is Weil still worth bidding after this? They already had the triple-defferals going on before. I just wonder how many summers they'll actually take on given these layoffs.

rad lulz
Posts: 9844
Joined: Sun Feb 19, 2012 10:53 pm

Re: Layoffs back? Weil cutting associates

Postby rad lulz » Mon Jun 24, 2013 11:58 am

NYstate wrote:
rad lulz wrote:
shutterbug wrote:And yet so many of you still want BigLaw.

Explain why the possibility of layoff would make you not want to work at a large firm



Not getting another job?

All these 0Ls are making their budgets for their hypothetical future biglaw jobs as justification for going into huge debt from law school. They aren't calculating the risk of losing that job or not getting a job after leaving biglaw.

Your criticism is a really good criticism. Entirely fair

But I don't know how much this really says "Oh big firms do layoffs, hence I don't want to work at any big firm"

NYstate
Posts: 1566
Joined: Thu Jan 31, 2013 1:44 am

Re: Layoffs back? Weil cutting associates

Postby NYstate » Mon Jun 24, 2013 12:01 pm

Anonymous User wrote:This is surprising. My best (relatively uninformed, random) guess is it has to do with the end of Lehman work (for which I'd imagine they staffed up majorly) and generally slow M&A markets.

I'm at a peer firm and lots (maybe most?) of our practices are brutally, relentlessly busy. Litigation is fast, most non-M&A corporate practices are slammed, etc. so I definitely didn't see this coming.

Weil was always in a somewhat shakier position, but I had assumed things had righted.

Any word on what class year(s) are affected? This isn't a "lathaming" is it?


No this doesn't seem to be a lathaming. I think you are correct that after Latham there is too much staff. Announcing partner salary cut is another major move. They are working to be a sustainable firm.

redbullvodka
Posts: 166
Joined: Mon Oct 24, 2011 9:51 pm

Re: Layoffs back? Weil cutting associates

Postby redbullvodka » Mon Jun 24, 2013 12:01 pm

Anonymous User wrote:Is Weil still worth bidding after this? They already had the triple-defferals going on before. I just wonder how many summers they'll actually take on given these layoffs.


If you're hell-bent on Restructuring, absolutely. If you're unsure, probably still a yes. If you have another job choice when offers start rolling out, that's when you decide to pass on Weil. But an offer from Weil > zero offers at OCI.

BeenDidThat
Posts: 704
Joined: Thu Feb 03, 2011 12:18 am

Re: Layoffs back? Weil cutting associates

Postby BeenDidThat » Mon Jun 24, 2013 12:01 pm

Anonymous User wrote:Is Weil still worth bidding after this? They already had the triple-defferals going on before. I just wonder how many summers they'll actually take on given these layoffs.


If you have a realistic shot at better options in the bidding, then do those. But if it's either Weil or nothing in hand...

User avatar
Old Gregg
Posts: 5413
Joined: Thu Sep 01, 2011 1:26 pm

Re: Layoffs back? Weil cutting associates

Postby Old Gregg » Mon Jun 24, 2013 12:06 pm

NYstate wrote:
Anonymous User wrote:This is surprising. My best (relatively uninformed, random) guess is it has to do with the end of Lehman work (for which I'd imagine they staffed up majorly) and generally slow M&A markets.

I'm at a peer firm and lots (maybe most?) of our practices are brutally, relentlessly busy. Litigation is fast, most non-M&A corporate practices are slammed, etc. so I definitely didn't see this coming.

Weil was always in a somewhat shakier position, but I had assumed things had righted.

Any word on what class year(s) are affected? This isn't a "lathaming" is it?


No this doesn't seem to be a lathaming. I think you are correct that after Latham there is too much staff. Announcing partner salary cut is another major move. They are working to be a sustainable firm.


"Latham-ing" is not just the laying off of associates, but the laying off of first years..

Anonymous User
Posts: 273184
Joined: Tue Aug 11, 2009 9:32 am

Re: Layoffs back? Weil cutting associates

Postby Anonymous User » Mon Jun 24, 2013 12:14 pm

Seems to be the case that they avoided the harshness of 2008 economy because of their restructuring work. They're just facing the same problems that all the other firms did, just a few years later, because that work is drying up.




Return to “Legal Employment”

Who is online

The online users are hidden on this forum.