Proskauer Rose announced start dates yesterday. Incoming associates have got some time to kill and some money to spend, says a tipster:
Proskauer [is] pushing their new associates back to March 2010. They’re offering a $20K stipend, or the option to get a public interest job, start Jan. 2011 and get a $60K stipend. They’re also still honoring a $10K salary advance they had previously offered.
Most firms, like Proskauer, have offered baby associates deferral stipends when pushing back start dates. However, a few disgruntled 3Ls have written to ATL saying that stipends are not forthcoming at their firms. Here are reports from tipsters:
Locke Lord Bissell & Liddell not offering any stipends [not even salary advances] to deferred Class of 2009 associates. Deferred Associates are still receiving their graduation bonuses ($1500), I guess that’s supposed to carry them through until January 2010.
You guys got to say something about the fact that Shearman, unlike most of the other firms, isn’t paying any kind of a stipend to those it is deferring until January ’10.
King & Spalding, all offices, has been pushed to January 19, 2010. Incoming associates were informed in late March. No stipend, and the salary advance is also not an option anymore.
Goldberg Kohn gave their incoming associates a $7500 bar stipend (which was reduced from the originally promised $8,000); they paid for Bar Exam fees; and they gave them a hand wave goodbye. As for their reported “pushing back start dates”, Goldberg Kohn has told their incoming associates that their start date was INDEFINITELY deferred. They said that March 2010 was a possibility but that the date was arbitrary and they are making no promises at all….They have offered no deferral stipend.
We would like to note that Shearman is paying a $65,000 stipend to those deferred to September 2010.
We wanted to call this post “The Final Round-up,” but that seemed overly optimistic. Check out the newest additions to the nationwide start date watch, after the jump. This time around, we’ve included firms (that we know of) that have not yet announced start dates.
This list is mainly based on reports from tipsters, and so we consider it an “unofficial” round-up. Feel free to send us corrections at firstname.lastname@example.org with the subject “Nationwide Start Date Watch.” We prefer e-mail to receiving tips in the comments.
Here are the dates incoming associates (hope to) start. We’ve only noted deferral stipend amounts, not “normal” stipends or other extras, like bar exam fees.
We are continually updating this list with new information. LAST UPDATE: April 10, 2009April 13, 2009 April 14, 2009
Akin Gump – January 2010 ($10,000 stipend), or March 2010 ($15,000 stipend); September 14, 2009 for some Houston associates
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: email@example.com.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.