If some law firms are not willing to invite members of the class of 2010 to work for them over the summer, why should banks?
We just received word that Citigroup has decided to cancel its 2010 Summer Program for 2L summer associates. A tipster sent us this email that students at Penn Law School received this morning:
I regret to inform you that Citigroup is not having a summer class for the Summer of 2010 and has cancelled all of it on campus interviews. Your bid will not be lost as we will consolidate it before we process the interview schedules. I apologize for any inconvenience this cancellation may cause you. Please do not hesitate to contact me if you need further assistance.
All the best,
Did you know that Citigroup got legal talent fresh off of the law school tree? Well, they don’t anymore.
Let’s look at what the program used to be after the jump.
As of this writing, Citigroup still advertises its CitiSelect program on its website. In reads like a pretty standard summer program for those who want to be in-house counsel without putting in the soul crushing years of due diligence at a law firm:
CitiSelect is much more than just another summer- or first-year associate program. We’re looking to groom our next generation of legal executives by investing in them from day one. Each summer associate who is offered and accepts a permanent position will receive compensation comparable to that of the law firms associated with the program. Selected participants will also receive an incentive payment post-graduation.
We know things are tough for in-house lawyers trying to hang onto their jobs. In April, we reported that Wells Fargo laid off 15%-20% of its in-house legal department.
With all of the laid off transactional talent out on the street panhandling for derivatives, it’s not entirely surprising that a bank like Citi doesn’t need to build the “next generation of legal executives” right out of law school. But it is just another option that is being closed down on the class of 2011.
Good luck guys. Citigroup may not be hiring, perhaps City Wok could use some help?
Earlier: In-House Counsel Layoff Watch: Wells Fargo Could Be Making Cuts