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.
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.Make a comment