Last month, we brought you Open Thread: Nationwide Start Date Round-up. After a flood of tips in response to that, we brought you an Expanded Nationwide Start Date Round-up. After that post, we got another deluge of tips. So now we bring you the latest and greatest round-up: more firms, more 2010 start dates, more pro bono deferral opportunities, more great taste, less calories…. whoops, wrong post.
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 tips@abovethelaw.com 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
Baker Botts – not yet set, but “no earlier than October 1, and no later than November 12″ per a January e-mail to Houston associates
Baker Hostetler – October 15, 2009
Baker & McKenzie – January 2010 (no stipend)
Bingham McCutchen – has not yet announced
Bryan Cave – January 19, 2010 ($10k stipend)
Cadwalader – October 5, 2009
Cleary – staggered options: September 14/ October 12/ November 9, 2009 or January 11, 2010
Clifford Chance – 20 incoming associates will start in January 2010 ($10,000 stipend); About 30 others will start in October 2010 (stipend of $3,335-$5,000 per month).
Chadbourne & Parke – January 2010
Cooley Godward Kronish – January 4, 2010. ($25,000 stipend, including bar stipend)
Cravath – October 2009, November 2009 or January 2010
Debevoise – 2009, baby! September 21, October 12, October 26, or November 16
Shearman & Sterling – December 2009 at the earliest, or September 2010 with a $65,000 deferral stipend
Sidley Austin – November 2 or November 16, 2009
Skadden – October 2009
Sonnenschein – 20 associates have start dates between September 2009 and January 2010 ($5,000 stipend), but nine have been deferred to January 2011 (a paltry $10,000 stipend!)
Sullivan & Cromwell – October 2009, but incoming associates haven’t heard anything from the firm lately November 2
Troutman Sanders – January 2010
Venable – January 2010
Vinson & Elkins – November 2, 2009 or January 4, 2010
Wachtell – September 14 or October 12, 2009; November 2, 2009 for clerks only
Weil Gotshal – January 2010 ($15,000 deferral stipend); January 2011 for others ($75,000 stipend)
White & Case – November 2009 for 40% of new associates; 2010 for the rest (with a $45,000 stipend, or a $75,000 stipend if they pursue volunteer or community service during the deferral period)
Wiley Rein – January 11, 2010 for some; October 2010 for others with $5K/month stipend
Willkie Farr – September, October, or November, 2009
WilmerHale – January 20 or March 17, 2010 ($10k stipend for Jan,; $15k stipend for March); also offering $75,000 stipend with fall 2010 deferral option
Wilson Sonsini – January, 2010 ($10,000 stipend)
Winstead – February, 2010
Winston and Strawn – January 19, 2010 ($15k stipend + health insurance)
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
LexisNexis and OverDrive®, the digital library solutions provider chosen by 22,000+ libraries, schools and colleges worldwide, have joined forces to provide a library management solution that suits evolving legal research requirements mobility, simplified library management, and space and budget reductions.
Reduce your library costs and extend the budget.
With LexisNexis® Digital Library, overhead and administrative costs for maintaining a print library are reduced dramatically. Adopt an easy-to-use platform that requires minimal staff resources so your organization can make the most out of your library budget. Plus, multi-year purchase options let your library lock in savings.
Empower your librarians.
Your firm’s librarians will have more time to conduct value-added research. They’ll have greater insight into what resources the staff actually uses so they can make adjustments to the collection quickly using a single website. Librarians can gain greater control, which can lead to better library utilization and increased strategic value to the firm.
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: asia@kinneyrecruiting.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.
Last month, we brought you Open Thread: Nationwide Start Date Round-up. After a flood of tips in response to that, we brought you an Expanded Nationwide Start Date Round-up. After that post, we got another deluge of tips. So now we bring you the latest and greatest round-up: more firms, more 2010 start dates, more pro bono deferral opportunities, more great taste, less calories…. whoops, wrong post.
