Weil Gotshal Asks Some Summer Associates to Defer Start Date to 2012
Updated: Being one of the biggest names in corporate bankruptcy practice hasn’t prevented Weil Gotshal & Manges from having to deal with some fallout from the dismal economy.
Because junior associate classes are large and attrition has dropped to an unusual low, the firm continues to have an over-supply of attorneys, the firm explains in a statement provided to Above the Law. So current summer associates who get offers of post-law-school employment will have the option of voluntarily deferring their start date from January of 2011 until January of 2012.
A $75,000 stipend will be paid to those who do public service work during the deferral period, and the firm will provide medical coverage to everyone who is deferred.
This is the second time in a week that a major firm has pushed back until 2012 the start date for at least some incoming associates expected to graduate from law school in 2010, notes the Am Law Daily. (The other firm to defer start dates to 2012 was Orrick Herrington & Sutcliffe.)
Meanwhile, as the Am Law Daily also notes, Morgan Lewis & Bockius has completely eliminated its 2010 summer associate program.
Related earlier coverage:
ABAJournal.com: “Weil Gotshal Lays Off 79 Staff, Says Firm ‘Must Do More With Less’”
ABAJournal.com: “Weil Earned $54M from GM Before Bankruptcy Filing”
Updated at 3:30 p.m. to include information from subsequent Am Law Daily post.
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