Video Large Language Models (VideoLLMs) excel at video understanding tasks where outputs are textual, such as Video Question Answering and Video Captioning. However, they underperform specialized embedding-based models in Retrieval tasks, such as Text-toVideo Retrieval and Moment Retrieval. We introduce ViLL-E (Video-LLM-Embed), a unified VideoLLM architecture endowed with a novel embedding generation mechanism that allows the model to "think longer" for complex videos and stop early for easy ones. We train this model with a three-stage training methodology combining generative and contrastive learning: initial large-scale pre-training with video-caption pairs; followed by continual training on a smaller, detailed-caption dataset; and concluding with task-specific fine-tuning on a novel multi-task dataset covering Video QA, Temporal Localization, Video Retrieval, and Video-Text Matching. Our model significantly improves temporal localization (on avg. 7% over other VideoLLMs) and video retrieval (up to 4% over dual encoder models), achieving performance comparable to state-of-the-art specialized embedding models while remaining competitive on VideoQA tasks. Furthermore, our joint contrastive-generative training unlocks new zero-shot capabilities, significantly outperforming state-of-the-art methods in composed video retrieval (+5% over SotA) and retrieval from long text (+2% over SotA).