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Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 10:36 am
by PMan99
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 10:47 am
by 2014
That's disconcerting...
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 10:51 am
by rad lulz
Notice the conspicuous use of the phrase "new normal"
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 10:54 am
by guano
What a bullshit excuse. They're laying off staff to increase PPP. Greedy fucking boomers
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 11:00 am
by Anonymous User
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 11:02 am
by jbiresq
"Right-sizing" is easily my least favorite phrase in the English language.
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 11:04 am
by Anonymous User
Have incoming Weil associates received starting stipends and start dates?
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 11:06 am
by hephaestus
guano wrote:What a bullshit excuse. They're laying off staff to increase PPP. Greedy fucking boomers
And 7% of associates.
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 11:06 am
by legalese_retard
Bad timing on Weil's part. Don't firms try to avoid news like these when they have summer associates?
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 11:06 am
by 2014
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
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 11:09 am
by rad lulz
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
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 11:11 am
by shutterbug
And yet so many of you still want BigLaw.
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 11:12 am
by NanaP
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.
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 11:21 am
by rad lulz
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
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 11:21 am
by Anonymous User
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?
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 11:25 am
by gnuwheels
Am I reading the memo correct in that the layoffs will be in Houston and Boston but not NY?
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 11:51 am
by NYstate
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.
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 11:54 am
by NYstate
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.
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 11:57 am
by Anonymous User
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.
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 11:58 am
by rad lulz
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"
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 12:01 pm
by NYstate
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.
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 12:01 pm
by redbullvodka
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.
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 12:01 pm
by BeenDidThat
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...
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 12:06 pm
by Old Gregg
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..
Re: Layoffs back? Weil cutting associates
Posted: Mon Jun 24, 2013 12:14 pm
by Anonymous User
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.