I applied through university. The process took 1+ week. I interviewed at Davis Polk
Interview
I found out about the position through my college's Career Services website and they only asked for a resume in order to apply. The interview itself was quick and easy, was mainly asked about my resume and interests by a panel of 3 interviewers! I was called a week later and offered the position!
The process took 1 day. I interviewed at Davis Polk in Dec 2009
Interview
Submitted resume and cover letter. Then went into the office for an interview. Was a basic fit based interview. We walked through my resume and they asked me why I wanted to work there. Know your resume cold.