Weil, Gotshal & Manges LLP is a New York-based law firm founded in 1931 that has expanded to 20 offices and 1,300 lawyers in the U.S., Europe, and Asia/Pacific region. Despite the separate offices, Weil takes a "one-firm" approach and has five main departments that encompass 24 practice areas. The five departments are corporate, litigation, restructuring, tax, and trusts and estates. The firm's restructuring department is one of the largest and most prestigious in the world, and Weil is also well known for its private equity and litigation practices. Lateral Link Members describe Weil as a firm with "excellent" training, "prestigious work," "nice people," and "lots of partner interaction." However, Members also believe that Weil is "too hierarchical," "very intense," and that associates should "expect that [their] lives will not be [their] own." Despite the toll the economy has taken on many law firms, Weil's profits per equity partner were up 7.5 percent in 2008.
Antitrust (#1), Bankruptcy/Restructuring (#1), Corporate/M&A (#2), Investment Funds: Private Equity: Buyouts (#2), Investment Funds: Private Equity: Fund Formation (#2), Tax: Corporate & Finance (#2), Wealth Management (#2)
Weil pays market salaries for associates. Bonus levels are lock-step and were paid at a half-Skadden Arps level in 2008. Weil generally matches the market for bonuses, "but they always wait for [other firms] to announce" first. Billable hours do not affect bonus amounts, but fourth-year and senior associates are eligible for merit bonuses.
New associates go through extensive firm and departmental orientation programs to assist with firm integration. The firm offers in-house training programs, trial advocacy training, observation opportunities, and a formal mentoring program. In addition, Weil encourages associates to take part in various firm committees. Associates feel "there is a considerable amount of training," but "many people miss [them] for billable requirements." Associates are given work through an assignment system within each practice group. Some associates feel the assignment system is "too rigid" and that the firm has the "difficult task of trying to balance what [associates] want to do with the business needs of the firm." In addition, associates "are limited in [their] development by [their] class year...even if [they are] capable of taking on a higher level of work," according to one Lateral Link Member. Associates are reviewed twice a year, but some associates feel the reviews are not always candid.
Weil does not set a minimum billable requirement, but Lateral Link Members indicate that there is an expectation that associates will bill between 1,800 and 2,100 hours. Billable hours do impact bonus amounts.
Weil provides four weeks of vacation, and attorneys can roll over up to 10 days of unused vacation each year. Some Lateral Link Members state that there is "no face time requirement," but "people notice if you're not around." However, other Members observe that "face time is strongly required" and "some [partners] are big on face time."
Weil offers a broad range of pro bono projects and acts as Pro Bono General Counsel to several not-for-profit organizations. The firm has a Pro Bono Committee and requires its associates to do a minimum of 50 hours of pro bono work. Pro bono work counts towards billable hours and bonus consideration, but since there are no minimum billables at Weil and bonuses are lock-step, some associates claim the pro bono requirement has very little impact.
Weil has a one-tier partnership track, and associates are eligible between their eighth and tenth year. However, Lateral Link Members indicate that partnership "is a long shot no matter how hard you work" and that "[i]t is so hard to make partner here [that] most people think it will never happen."
Incoming associates receive a $10,000 salary advance and relocation expenses. Weil also covers bar review courses and fees associated with the exam. In addition, Weil has a subsidized cafeteria in its New York office, and attorneys are given $750 a year to subsidize gym memberships. Weil provides 18 weeks' maternity leave and 10 weeks' paternity leave. The firm formerly provided attorneys with a technology stipend but eliminated that perk recently.
Summer associates in Weil Gotshal's 10-week summer program have the option of working exclusively in one practice area or rotating through different departments. Work assignments are made by an attorney summer coordinator, and summer associates are expected to complete 10 to 15 assignments. Although work product is generally reviewed by the assigning attorney, some Lateral Link Members complain about the "lack of clarity" on how they will be reviewed. Summer associates are expected to be in the office during normal working hours, which Lateral Link Members say usually means until 7:00 p.m. The firm provides summer associates with BlackBerrys, although Lateral Link Members report that is not common to work weekends. Summer associates can attend an unlimited number of attorney lunches, budgeted at $60. After-work events are held several times a week and include happy hours, picnics, and dinners with partners. In 2008, the firm hired 14 first-year associates from Columbia, more than from any other law school. Start dates for 2009 summer associates are being deferred until January 2011 or January 2012 (start dates for the upcoming class of new associates have been deferred to January 2010 or January 2011).