The Firms

March 27, 2009 12:09 PM

Weil Gotshal Slashes Summer Program, Introduces Deferrals

Posted by Brian Baxter

In a memorandum sent to associates on Thursday, Weil, Gotshal & Manges announced it was reducing its summer program from 12 weeks to ten weeks and deferring its incoming associate class to January 2010. Associates deferred until January will receive a $15,000 stipend in September from the firm.

News of the firm's decision first appeared on Above the Law.

Two weeks ago Skadden, Arps, Slate, Meagher & Flom tweaked its 'Sidebar' program to include its incoming associate class, thereby giving them the option of taking a one-year deferral.

According to a copy of the Weil memo obtained by The American Lawyer, the firm is also extending to associates the option of taking a one-year deferral at a "firm-approved public service or pro bono position."

Associates choosing that option will be paid $75,000 in addition to their $15,000 stipend. Those that choose to defer for a year and do something else--Grand Theft Auto: Chinatown Wars, anyone?--will receive $60,000 plus their stipend.

Weil brought in $1.23 billion in gross revenue in 2008, an increase of 4.75 percent from the year before. Profits per equity partner increased 7.5 percent to $2.3 million, although Weil's number of equity partners shrank for the second year in a row.

The firm declined to comment.

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