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I can hear it with two syllables if I enunciate, although the last two syllables come together as Liam.

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Otherwise, it's will-yum.

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My parents are sticklers for clear enunciation (HUT-ton, not hutt-in, li-bray-re, not li-berry) and they've never made me say William multiple times until I got the three-syllable pronunciation. But I am familiar with it, having heard it on the East Coast, influenced by New England.