Gibson Dunn Lays Off 36; Weil Gotshal Cuts Summer Program, Defers 1st-Years
In the latest of a continuing stream of law firm cutbacks, two well-known law firms have announced new economy measures.
Gibson Dunn & Crutcher will be eliminating 36 staff positions throughout its nine offices, the firm says in a written statement provided to Above the Law today. “While this is a modest reduction in staff relative to many peer firms, it was nonetheless made reluctantly and with great regret.”
Weil Gotshal & Manges is both shortening its summer program by two weeks and deferring the start date for incoming first-year associates until January 2010, reports the Am Law Daily, hat-tipping Above the Law for the news.
Although the firm’s business remains strong, reduced associate attrition has contributed to a situation in which there isn’t enough work to keep young lawyers and summer associates busy, Weil says in a March 26 internal memo (PDF) posted by the Am Law Daily.
In the memo, Weil Gotshal details the new plan: Summer associates who had planned to work for the full 12 weeks will immediately be paid a $1,500 stipend to help them defray expenses. And incoming first-years will get $15,000.
Additionally, those who are willing to defer their start dates another year until January 2011 can up the ante to a total of $75,000, the memo continues.
And for those seeking to keep busy during this period, there’s a more lucrative option: “Alternatively, any incoming associate electing this option who chooses to work in a firm-approved public service or pro bono position during the deferral period will receive a $75,000 stipend (in addition to the initial $15,000 stipend).”
