Layoffs back? Weil cutting associates

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peter2009
Posts: 55
Joined: Fri Aug 26, 2011 5:06 pm

Re: Layoffs back? Weil cutting associates

Postby peter2009 » Tue Jun 25, 2013 1:32 pm

Georgia Avenue wrote:
Desert Fox wrote:
c3pO4 wrote:bankruptcy work related to Lehman is done? isn't this a sign that the hangover from 2007 is over? shouldn't we be encouraged?


Lol. They are firing complex commericial lit people, not BK.

Bad sign bro.


This is actually not true. According to someone at Weil, several BK associates in NYC and almost everyone outside of NYC are gone.


WSJ said most of the associates were in litigation in Houston: http://online.wsj.com/article/SB1000142 ... 87410.html.

You seem to be saying most? were in bankruptcy?

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

Re: Layoffs back? Weil cutting associates

Postby Anonymous User » Tue Jun 25, 2013 1:47 pm

peter2009 wrote:WSJ said most of the associates were in litigation in Houston: http://online.wsj.com/article/SB1000142 ... 87410.html.

You seem to be saying most? were in bankruptcy?


I'm not sure about the proportions, but there were several corporate and bankruptcy associates in NY let go, along with a significant number of staff. This is according to a friend at Weil.

Also, I am not the previous poster - independent data point.

c3pO4
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Re: Layoffs back? Weil cutting associates

Postby c3pO4 » Tue Jun 25, 2013 1:58 pm

i think the most interesting aspect of this is that in corporate america, regular layoffs are business as usual. law firms maybe moving from the 1970's to the 1980's and no longer retaining even low performers "just 'cause." this "new normal" is actually 30 years old in every other industry. i can't help but think firms adjusting to reflect longstanding structural changes is a welcome sight and long overdue. weil is probably accurate to say they are doing this from a position of strength and it will probably help them moving forward relative to all these other firms whose management doesn't know how to run a business and choose to stay willfully ignorant...

jitsrenzo
Posts: 120
Joined: Thu Sep 11, 2008 10:48 am

Re: Layoffs back? Weil cutting associates

Postby jitsrenzo » Tue Jun 25, 2013 2:08 pm

What does this mean for Restructuring groups at other firms?

Anonymous User
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Re: Layoffs back? Weil cutting associates

Postby Anonymous User » Tue Jun 25, 2013 2:17 pm

2014 wrote:Sort of related question to this. Going into OCI, for bros interested in bankruptcy, should we worried enough to consider getting interested in some other practice area?


I would say no, but there is a bias there because I'm on my way into a major restructuring practice (not Weil, think Kirkland/Davis Polk/Jones Day). Restructuring has slowed somewhat, but it's not clear that the situation is any better in other practice areas, especially corporate. I suspect Weil's situation is somewhat anomalous because the size of Lehman's chapter 11 was completely unprecedented. It was also a long-lasting case. It must have really inflated the firm's ranks.

AllTheLawz wrote:Serious question.... are law students ACTUALLY interested in bankruptcy/how the hell do you know you are interested in bankruptcy?


I knew I wanted to do bankruptcy. I have a finance background, read the financial news and understood the kind of deals that go on, worked in the practice area 1L and 2L year, took three bankruptcy courses in law school plus secured transactions, etc. There are people in law school that are reasonably tuned in to finance and business such that they can make an educated guess as to what practice area would suit them.

jitsrenzo wrote:What does this mean for Restructuring groups at other firms?


Not much I hope, but we'll see.

Anonymous User
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Re: Layoffs back? Weil cutting associates

Postby Anonymous User » Tue Jun 25, 2013 2:20 pm

Entire lit department in Boston is gone from what I've heard

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hyakku
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Re: Layoffs back? Weil cutting associates

Postby hyakku » Tue Jun 25, 2013 2:34 pm

dixiecupdrinking wrote:
hyakku wrote:
stuckinthemiddle wrote:This thread is making me sad. :(

[img]quote]

At least it's not right before your OCI -_-.

It's actually pretty good timing for you. Would you rather get this news:

1. Before OCI
2. During your summer at Weil
3. While waiting to start at Weil
4. As an associate at Weil

if you catch my drift. You're actually in a position to do something with this information.


Very true, shouldn't be complaining like I just lost my job. Good looking out providing some much needed perspective.

Edit: Also is it just me or are my words really small?